Home Buying in Wichita>Question Details

Sberumen89, Home Buyer in Wichita, KS

The wife and are interested in becoming first time home owners. We have $4000 down payment, the range we're looking at is 115000-130000

Asked by Sberumen89, Wichita, KS Thu Jul 11, 2013

My question is will more money be needed? Any advice on whom to go to? We have a credit score of 756

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Answers

5
Amanda Fletcher’s answer
As other people have posted you need to find a lender and a REALTOR® that you are comfortable dealing with and they can help walk you through the process.

If you put down 3.5% for an FHA loan, that is right at around $4,000 on a $115,000 home. Like one other person mentioned you will need to find another way to cover your closing costs, which are often negotiated on the contract with sellers. But depending on the type of financing you choose and other factors, those can be around $4,000 as well.

If you have a bank you are comfortable with I would start there first. That will give you an idea of if you are financially ready to purchase a home. Then pick an agent that you want to work with to find a home.

If you have any additional questions I'd be happy to help, just let me know. Good luck!
0 votes Thank Flag Link Thu Jul 11, 2013
With the information you provided, that down payment amount is right where you would need to be with FHA financing which only requires a 3.5% down payment. Now in this area there are many options including USDA (rural) financing as well. This program requires no down payment, so depending on where you want to buy, that can be an option as well. It is always important to work with a trusted individual. If you need to know more about buying a home, contact me at 316-617-2356. I have several good lenders to help you. If I can be of any further assistance please give me a call. Tammy Schmidt- Full time Realtor to better serve you!
0 votes Thank Flag Link Thu Jul 11, 2013
Hello,

Based on what I'm seeing in the information you provided, that down payment amount is right where you would need to be with FHA financing which only requires a 3.5% down payment. Now in this area there are many options including USDA (rural) financing as well, that yields no down payment requirements so depending on where you want to buy, that can be an option as well.

You can easily apply online at http://www.wichitahomeloans.com, using the "Apply Now" feature, and I can get you a pre approval for any of these options in a matter of minutes after submitting your information. I'm sure that here in a bit there will be a number of fine Realtors that would be able to point you in the right direction in finding that perfect home for you and your wife! Its always best to have your financing options in order before you begin to look around so please follow the link and we can get you all squared away! Good luck, and Happy Hunting. If you prefer to call with questions feel free to do so at 316.218.7948
0 votes Thank Flag Link Thu Jul 11, 2013
I'm going to choose the FHA loan, we're restricted with the USDA loan. I went ahead and applied on your site. Looking forward to hear from you.
Flag Thu Jul 11, 2013
You will need to pick a REALTOR you like and trust. The REALTOR will recommend you to a lender, whom they know and trust. The lender will look at your credit score, down payment, debt to income ratio, and give you a pre-qualification letter. The letter will tell you what you can spend on your first home. If you need to know more about buying a home, contact me at 316-214-1121. I have several good lenders to help you!
0 votes Thank Flag Link Thu Jul 11, 2013
With $4000 down 115k would be about tops. That's assuming we can find an alternative way to cover your closing costs. FHA financing requires 3.5% down. There is also a first time home buyer grant here in Kansas but has some restrictions.

If you want to discuss your situation further you can call me at 316-833-2677.
0 votes Thank Flag Link Thu Jul 11, 2013
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