Home Buying in Canton>Question Details

marissanicol…, Home Buyer in 30114

Question about when to start the home buying process?

Asked by marissanicole1989, 30114 Sun Nov 10, 2013

Hello there,

My fiancee and I are currently renting an apartment in Canton and we are planning on buying a home once our lease is up at the end of July 2014. We were curious to see if we would be prequalified for a mortgage so we checked with our bank and they prequalified us for $135,000. However, since then, we have decided to apply for downpayment assistance and will likely go with a different bank. I was wondering when we should actually start the process of applying for DPA and getting preapproved so that we would be able to move into a home at the end of our lease? From my research it typically takes 45-60 days to close but I was not sure if doing the DPA would make that even longer? I would love to hear from someone who has experience with DPA! Thank you in advance!

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Answers

5
Hi, Marissa,

It is great that you are preparing wisely for your big investment! FHA offers wonderful programs with as little as 3.5% down too! It is true about DPA programs having requirements to remain in the property for a certain period of time (or you have to repay the down payment) and requirements for properties being in certain areas. I encourage you to check ALL your options and I can give you a great mortgage referral to help you through it if you like! Please feel free to contact me at your convenience and I will share a great resource along with a "Hot Sheet" of new properties coming to the market. I am here local in Canton and am happy to assist you along the way if you need.

Happy Home Hunting!

Kim Smith, Assoc. Broker
Solid Source Realty GA LLC
770-789-1394 direct
http://www.KimSmithProperty.com
KimSmithProperty@gmail.com
0 votes Thank Flag Link Mon Nov 11, 2013
Now is a great time to start thinking about your home purchase! You are definitely on the right track by getting qualified first. We work with several lenders that can help you get a better understanding of the lending process and we will be the ones to help find the right home for you considering your preferences and also looking at the market conditions and investment opportunities

Please feel free to call with any questions.

Jodi Rand
770-573-3157
http://www.randrealtyllc.com
0 votes Thank Flag Link Mon Nov 11, 2013
DPA is not available in every location, it also requires for you to qualify income-wise. Focus on location rather than on "free things" if you want to protect your investment. Btw, there are limits on how long you should keep that property, otherwise, you have to pay DPA back.

Veronika Barash, Realtor® via IPad
Top Agent, Honorable Mention, KW
Outstanding Customer Service Recognition, KW
Certified Skilled Negotiator
Certified Relocation Specialist
Member of Institute for Luxury Home Marketing
http://www.AtlantaSelectHomes.com
678.230.4235 c
678.287.4800 o
404.410.6983 f
0 votes Thank Flag Link Sun Nov 10, 2013
Keep your eyes peeled for new programs and products as they can pop up weekly. The DPA should not make the process measurably longer. Start your search online and talk to a realtor to narrow down your must haves and would like to haves now. Your realtor can also put you in touch with lenders to show you the various products and programs available to you. Congratulations and Happy Hunting!
0 votes Thank Flag Link Sun Nov 10, 2013
Excellent idea to start to look into things now so you have all your ducks in a row when the time comes to start looking! I am both a real estate broker as well as a mortgage loan originator, so I would be happy to discuss both sides of the real estate questions you have presented. DPA does add some complexity to your timeframe so we can go over this part of the equation when we talk. Please feel free to give me a call tomorrow on my cell and I will answer your questions and help you map out a plan toward your goal of finding a home to buy next summer.

Rick Musto, Realtor®, ABR®, SRES®
Managing Broker
Buckhead Home Realty & Buckhead Home Loans (NMLS: 989741)
Serving the Atlanta Metro Area
Cell: 770-480-7699
Work: 404-419-1004
Fax: 770-783-3119
rmusto@BuckheadHomeRealty.com or rmusto@BuckheadHomeLoans.com
http://www.SearchInNorthAtlantaGA.com
0 votes Thank Flag Link Sun Nov 10, 2013
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