Home Buying in Fort Worth>Question Details

Merkel.ed, Home Buyer in

We plan to move to Ft Worth in June. 1st time buyers. I have secured a job, she teaches, and will also.... Should we rent to est. in new job? or buy?

Asked by Merkel.ed, Mon Jan 16, 2012

We have about 10,000 in savings. We have a household income around 100,000. Fico Scores 680-700. Very little debt other than student loans....
I have heard that some programs exist for teachers...

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Hello there. Since you're coming to Cowtown, I guess I should greet you with a big, Fort Worth "Howdy, y'all!" I have a teachers heart, so working with first-time buyers is my forte'! I service the Fort Worth Metroplex, and would love be able to help you make your first purchase! Where are you moving from?

Yes, there are assitance programs for teachers, but there are certain eligibility requirements to determine if you will qualify. And depending on when you are ready to buy, the programs may or may not be available. But I wouldn't worry about that too much right now. We can look at what is available when the time comes.

My first response is to advise you that most all mortgage lenders will require you to be in your present position for a minimum of 6 months. Longer is better, of course, but many will work with 6 months. Next, I would ask if you have already started your job here, or if it won't begin until you move here in June. That would help to build your time. And if you want or need to include your wife's income to increase the amount of home you can purchase, she'll need to have at least 6 months under her belt, as well. Note that you can purchase a home in Texas as a married couple using only one spouse's income and financial data, if you want to go that route.

And if you need to lease until you can get a little more time in your jobs, that's okay too.

I would suggest that we set up an automated email notice system whereby you receive emails of all properties that are for sale that match your wants and needs. And I can change the criteria at any time. Although you're not moving here just yet, this will give you a good idea of what you can get for the money. Please provide me with your email address and your new home specifics....Do you already have a part of town you're interested in? Where will your jobs be located? How much square footage are you looking for? Do you have any children that will be attending school? Number of bedrooms and baths? You get the idea. Just let me know as many specifics as you can, and I'll set it up for you to begin receiving available properties in "real time" that match your search criteria.

Let me know the answers to these questions so that I can have a better idea as to how to approach, okay? I look forward to hearing back from you soon!

Ruth Crawford
Prudential TX Properties
972-689-0271
Web Reference: http://www.DFWTXRealtor.com
0 votes Thank Flag Link Mon Jan 16, 2012
Hi Ed,
I am a local lender and would love to help you with qualification. You don't always need 2 years of work history to find conventional financing. There are many factors that determine qualification. Having said that, if conventional financing isn't possible I have the ability to make a portfolio loan. Give me a call at (817) 367-4674 or (817) 980-4899 so we can discuss your options.

Thank You,

Jerry Thompson
Mortgage Loan Officer
OmniAmerican Bank
Web Reference: http://www.omniamerican.com
0 votes Thank Flag Link Tue Feb 7, 2012
Ed-
I know the area Vickie is talking about and she is correct, if your wife gets in to Eagle-Mountain ISD - you want to live in that area. That is probably the most important decision you need to make, location......After that I can find you the home you vision in a safe, secure neighborhood. If you will advise me as to what is important to you in a home, square footage, number of bedrooms/baths, size of backyard, amount of storage space you require, 1 story or 2 with a game room, do you need a study or formal dining room, do you like the combination of stone/brick exterior, color of appliances, laminet or granite counter tops, light or dark wood cabintry in kitchen, do you want an island in the kitchen with a breakfast nook....is HOA important with a community pool and activities for the family? You will be surprised at how smooth this process can be if you work with the a Realtor that understands your concerns and educates you along the way. If you move here in June and have purchased a home, that is one move, done! Once you live in the home January 1st of the tax year (taxes are paid in arrears) you will qualify for the Texas Homestead Tax Exemption on your property. In your case, you would need to live in the home January 1, 2013 to qualify for the exemption for that year.

Feel free to contact me and let's figure this out so I know where and what price point I should evaluate. I will send you information that will be extremely valuable in helping you determine if renting or buying is in your best interest. With 6 month "lead time: we will develop a trusting relationship and you will be able to call me whenever you need.

I look forward to hearing from you. Take care,

Lucy A. Puniwai
REALTOR®
(214)783-6416 - Cell/TEXT
(682)-224-8050 - Fax

puniwai@fathomrealty.com



In God we Trust
0 votes Thank Flag Link Sun Feb 5, 2012
Hi Ed,
I am a teacher as well. I have relocated to the Lubbock area to be near my daughter after the death of my son, but have my 2008 home for sale in Fort Worth. It is located off of 820, 15 minutes to downtown Ft. Worth. It is located in the Eagle Mountain/Saginaw school district, an excellant school system, which I encourage your wife to seek employment with. I am single and know that this home would make you a new home for low $, and I know it will qualify for FHA /low income financing. Let me know if you need any more info.
Thanks, Vickie
0 votes Thank Flag Link Sun Feb 5, 2012
That depends on several factors. Rent vs buy, there really is no contest buy is the best bet but with that being said finaning can be difficult if this is a completely new employer.
Best answer is to talk with a local mortgage banker before making any decision. I would happy to recommend a couple very qualified people. They can give you the information to make a good decision.
Web Reference: http://reatarealty.net
0 votes Thank Flag Link Wed Jan 25, 2012
I own a local Independent Insurance Agency. We represent Progressive, Chubb, Hartford, Safeco, Travelers among others. I can save approx 70% of the people we quote $ on their homeowners ins!! Give me a try. No obligation! Really!

Patrick Kevlin
All of Texas Insurance
972-333-4450
0 votes Thank Flag Link Wed Jan 25, 2012
For mortgage lending purposes a change in profession would require you to wait 2 years. However, if she is a teacher and remains in that line of work, then the 2 years looks back to when she originally started the line of work.

The other commenters mentioned getting familiar with the area in order for you to know where you'd like to be. That is a good suggestion but you may have someone who already lives in the area and can help you figure out where, especially in relation to your work, you should live.

Yes, a few lenders operate special programs for teachers. HUD offers a fraction of the foreclosed homes to teachers, firefighters and the like at 50% off the listed price. No, not all HUD homes are offered this way. Many qualified buyers in those professions bid - so your chances of winning one is not great. Most often they go to a buyer via a lottery among the bidders.

The state also offers a program, that has residency requirements, for first-time homebuyers. Funds for that are still available ($12M statewide), but income limits apply and unfortunately your gross is over that limit.

Otherwise, your savings, scores and income look great. You just need to figure out where to put down roots.
0 votes Thank Flag Link Tue Jan 24, 2012
Most lender will require a 2 year employment history prior to loan approval. Recommend speak with mortgage broker direct.

Fort Worth homes for rent
http://www.lynn911.com/Web/AR287090/CustomContent/index/5041503

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Mon Jan 16, 2012
Hi Ed and welcome to Texas!

Folks that relocate are hesitant to buy in a city they are not familiar with therefore consider leasing as an alternative. My question for you is, between now and the time you move would you have an opportunity
to visit Fort Worth and see the "lay out of the land" so to speak. Fort Worth encompasses a LOT of real estate.

You will find in Texas, there are no state employment taxes so schools and roads are subsidized with property taxes. Texas allows a Homestead tax exemption (which reduces the taxable amount of your home by $15,000) however you must live in the home on January 1st of the tax year.

A knowledgable realtor will gain information from you as to your preferences. These include first and foremost, location. Where will you and your wife work (location) Commutes are difficult at this point in time due to many of our main infrastructural arteries are under construction. This weighs heavy on a family especially if your children are interested in participating in after school activities.

With your savings, FICO and income, you are one of few that will determine where you want your house payment to be. This is important as we also consider utlities, gas prices, location of shopping, HOA fees (if you want to live in a planned community with a swimming pool, park and riding trails etc..not to mention HOA sponsored events such as garage sales, neighborhood watch groups, holiday activities etc...)

Texas does offer a Teacher's loan it is based on income. There is also a commitment to live in the home (latest on this is 8 years) before being able to purchase another residence.

My prior military experience has developed my ability to zoom in on a home buyer's "best fit". I have assisted 4 military relocations from overseas to the Joint Naval Air Reserve base. By getting to know my clients, their preferences and needs, I have succesffuly relocated these families and they were able to have all their household items shipped to their new address. Being overseas, they did not have the option of visiting their new assignment but as we developed our relationship, I earned their trust and loyalty.

The final decision will be yours. It is not unusual for Realtor to assist you in your home purchase without your ability to see where you will live. A fabulous Realtor will educate you on the area to the point you are looking forward to your new home.

Feel free to contact me: puniwai@fathomrealty.com. You may register on my website with a basic inquiry that will help me get to know your preferences.You will also be able to view the "Market Trends" to give you an idea of the "hot spots" in the metro area.

Please provide me with your best telephone contact. I will call you to introduce myself and we will take it from there. I would be interested in knowing how long you plan on living in Texas and if this is your first home purchase.


We can definitly find a fabulous home with 6 months "lead time".
Thank you for your inquiry.

Best Regards,

Lucy A. Puniwai
REALTOR®
(214)783-6416 - Cell/TEXT
(682-224-8050 - Fax
0 votes Thank Flag Link Mon Jan 16, 2012
Hello Ed,

First off, I want to welcome you and your wife to Fort Worth. You are going to find that Fort Worth and Tarrant County Texas in general is a great place to live and work. There are many factors and questions that go into a move such as yours, most of which you would be better discussed in a face to face meeting or over the phone versus an open forum such as this. However, I can raise some questions for you to consider.

If you are not familiar with an area, you may want to consider renting for 6 months to a year to get yourself familiar with your new city, and you will better be able to choose the area you would like to purchase a home in then. Another question to consider is time frame you plan to be here, is this a permanent move, temporary or what. In most cases though, depending on the time frame, anything over 3-5 years, it generally makes sense to purchase a home versus renting.

If you would like to familiarize yourself with the area, you can visit the Market Insider tab on my website below and put in various zip codes and even compare areas, and it will give you a multitude of information about the area, market conditions, community info, schools, local area, etc...

I would be happy to visit with you more over the phone, online or in person. Feel free to contact me via my site below or you can call me direct at 817-328-1400. I also have a mortgage lender I can refer you to as well, or you can find their information on my website under preferred vendors. And yes, there are several programs for teachers.

regards,
John Hrisco
Broker Associate
RE/MAX Heritage
817-328-1400
0 votes Thank Flag Link Mon Jan 16, 2012
Merkel,

It really depends. I would want to rent first but only for very few months especially with all the great deal available in the market still. Buying is one of the larglest, most important investment you will, probably make, so why rush into it. But again, don't wait too long.

Good luck,


Find a Realtor that will help you in the home buying process. If you do not know a Mortgage loan officer, your realtor will have a list for you to choose from. At no cost to you, your realtor will help you every step along the way.

I can write a book in the many reason as to why you should start the process with an agent. My colleagues already did as I skimed through their answers.

"To leave satisfied you must arrive prepared."

Albert Elhage
Broker/Associate
http://www.Albertelhage.com
aelhage@austin.rr.com
JB GOODWIN REALTORS®
(512)971-1773
0 votes Thank Flag Link Mon Jan 16, 2012
Welcome to Fort Worth!

Interest rates are low right now and homes here are competively priced, so this may be a great time to buy. I know an excellent mortgage loan officer whom I've worked with many times, and I would be happy to recommend him to you. He would be best able to advise you of what loan programs would best suit your situation and your needs. There are many factors to be considered when deciding where to live when you move to a new town. I have worked with many out-of-town buyers (and renters), and would like to assist you in this process.

Please call or email me, and we can get started on the process of finding you a home in Fort Worth!

Melina Morrison
Keller Williams Realty
Cell: 817-726-2109
melina.morrison@att.net
0 votes Thank Flag Link Mon Jan 16, 2012
Hello there. Since you're coming to Cowtown, I guess I should greet you with a big, Fort Worth "Howdy, y'all!" I have a teachers heart, so working with first-time buyers is my forte'! I service the Fort Worth Metroplex, and would love be able to help you make your first purchase! Where are you moving from?

Yes, there are assitance programs for teachers, but there are certain eligibility requirements to determine if you will qualify. And depending on when you are ready to buy, the programs may or may not be available. But I wouldn't worry about that too much right now. We can look at what is available when the time comes.

My first response is to advise you that most all mortgage lenders will require you to be in your present position for a minimum of 6 months. Longer is better, of course, but many will work with 6 months. Next, I would ask if you have already started your job here, or if it won't begin until you move here in June. That would help to build your time. And if you want or need to include your wife's income to increase the amount of home you can purchase, she'll need to have at least 6 months under her belt, as well. Note that you can purchase a home in Texas as a married couple using only one spouse's income and financial data, if you want to go that route.

And if you need to lease until you can get a little more time in your jobs, that's okay too.

I would suggest that we set up an automated email notice system whereby you receive emails of all properties that are for sale that match your wants and needs. And I can change the criteria at any time. Although you're not moving here just yet, this will give you a good idea of what you can get for the money. Please provide me with your email address and your new home specifics....Do you already have a part of town you're interested in? Where will your jobs be located? How much square footage are you looking for? Do you have any children that will be attending school? Number of bedrooms and baths? You get the idea. Just let me know as many specifics as you can, and I'll set it up for you to begin receiving available properties in "real time" that match your search criteria.

Let me know the answers to these questions so that I can have a better idea as to how to approach, okay? I look forward to hearing back from you soon!

Ruth Crawford
Prudential TX Properties
972-689-0271
Web Reference: http://www.DFWTXRealtor.com
0 votes Thank Flag Link Mon Jan 16, 2012
What an exciting, yet anxious, time for you and your family! It is definitely a good time to buy. Interest rates are at historical lows. Home prices in our area are good. Inventory is lower than a year ago and this indicates that the market is firming up. There are definitely some areas that have stronger sales than others. An experienced agent can help educate you on the different areas in Fort Worth. While renting may be your final decision, I believe that with the current interest rates, you would be remiss to not at least investigate the possibility of purchasing a property. Most rentals require a year lease and in that time many things can change to less favorable options for you.

An agent can put you in contact with a great lender that can let you know about the different programs available for your situation. Does your wife have a job yet? Are you new to the workforce or is your job in the same field that you had previously? Do you have a contract for your new job? These are questions that a lender will ask that will influence your approval.

I love working with First Time Buyers and would be honored to introduce you to Fort Worth and help you get all the information you need to make an informed decision on buying vs. renting. If you would like an Accredited Buyer Representative to help you with your real estate needs, please give me a call.
0 votes Thank Flag Link Mon Jan 16, 2012
Hi
We welcome you to Fort Worth. There are certain programs out there for teachers that require little down payment. I believe is based on income. I have a list of lenders that can help you find the right loan for you. It sounds like you will not have any trouble getting a loan but I understand trying to make the most of the money you have. Please call me when you can and I will get you the list of lenders. I would love to help you find a home. Where in Fort Worth are you looking to settle? Do you have kids? There are some great schools districts in the area if that is a factor in your search. Please call me if you have any more questions or concerns, I would love to help. Thank you Tricia Winters - RE/MAX Trinity-2600 W 7th Street, Ste 146-Fort Worth- 817-709-3367
0 votes Thank Flag Link Mon Jan 16, 2012
That's a great question,and the answer is "it depends". I really need more information from you which you shouldn't share here.
If you feel comfortable enough to give me a call I can recommend a extremely good mortgage person to help you. Armed with that information and guidance from the mortgage person then you'll have enough information to determine if it is in your best interest to buy or rent for awhile.
Cheers,
Donnie
Web Reference: http://reatarealty.net
0 votes Thank Flag Link Mon Jan 16, 2012
Congrats on your new job and relocation! It sounds like you are in a great position to be able to buy. If you plan to stay at least a few years, it should be a strong consideration. Rental prices are on the rise, and you may be able to own for less than renting. If you would like any assistance, please call or email me. Thanks! - Megan Phelps, RE/MAX Heritage
Web Reference: http://Soldbyphelps.com
0 votes Thank Flag Link Mon Jan 16, 2012
When you are moving to an area that you are really unfamiliar with I would recommend starting out renting. My advice may be unpopular with real estate agents but I believe it will be in you best interest to live in a new area without a long term commitment where you can move if you don't like the area. Later if you like the area or learn of better places you can look for a home to buy.

Regards,

Chris Hutchinson
REALTOR
The Michael Group Real Estate
972.809.0607
http://www.chrishutchinsonrealestate.com
Real Estate Made Really Easy.
Buy. Sell. Lease.
0 votes Thank Flag Link Mon Jan 16, 2012
I think it is a good time to buy if you plan on staying in that home for at least 3-5 years. If you can't commit to a location, then I would suggest renting. Interest rates are extremely low right now. Contact a mortgage lender to prequalify for a loan and find out what is affordable for you.

Here is a link to the Texas Association of Realtors Home Buyer Assistance Programs: http://www.txhomeprograms.org/
0 votes Thank Flag Link Mon Jan 16, 2012
Hi,

Congratulations on your new job. Do you know the Fort Worth area? If not find an experienced Realtor to help you locate a home or a rental. I as an agent can help with either type of property. I have lived in the Fort Worth area all my life. Give me a call or email me. I would love to educate you on purchasing your first home. I will educate you not just try and sell you a home.

I look forward to hearing from you. If you would like one of my Buyers Packets I would be glad to mail you the information.
0 votes Thank Flag Link Mon Jan 16, 2012
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