Home Buying in Yonkers>Question Details

Vianneyaceve…, Home Buyer in New York, NY

What do you need to buy a house?

Asked by Vianneyacevedo, New York, NY Mon May 20, 2013

How can you buy a house? Is it possible to own a hiuse young

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So, the 1st thing you need is to meet face-to-face with a Loan Officer and see if you qualify for a mortgage. This is just a meeting you'll have with the loan Officer were he/she will review your credit, 2011 & 2012 tax returns and W-2s, recent pay stubs and bank statements. This will allow the Loan Officer to determine what you qualify for, and if you don't qualify, they can let you know what you need to do so that can qualify. Sometimes this could be as simple quick as paying off something in your credit, or something as difficult as needing to find a co-borrower or having to wait until your income is higher. In this meeting you're also able to go over estimated payments and different scenarios and questions you may have. This isn't just an opportunity to get pre-approved but to also become educated in the home buying process.

In either case, this is step #1. Once you're pre-approved you can then link up with a good Realtor who can guide you and help you find the right house.

I'm always available to meet in one of our NYC offices. Good luck!

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
1 vote Thank Flag Link Mon May 20, 2013
Please call me David S Castro Licensed RE Salesperson Grand Lux Realty 428 Main St
Armonk NY
0 votes Thank Flag Link Wed May 22, 2013
Good morning Vianneyacevedo,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

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0 votes Thank Flag Link Tue May 21, 2013
First and foremost is to be credit worthy, Here in Virginia I have had some young first time buyers qualify with no money down through VHDA. If you are a beginning homeowner check with a local lender about local programs in your area.
0 votes Thank Flag Link Tue May 21, 2013
If purchasing with a mortgage, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore for a personalized answer regarding qualification visit with any licensed loan officer....
0 votes Thank Flag Link Tue May 21, 2013
In order to buy a house you will need to have a job, good credit and some savings. You will want to meet with a lender to determine how much you will be able to borrow. It is also an opportunity to see if you need to spend some time and effort on repairing your credit to get a better rate.

If you meet the bank's requirements you will be issued a pre-qualification or pre-approval letter .

You will then want to consult with a real estate agent to determine your needs and to make a plan.

The home search is next.. The agent will walk you through the process.
0 votes Thank Flag Link Mon May 20, 2013
Please fee freel to call me. 914-304-4320.
As a Broker and an Attorney I am sure I can answer many of your questions.

"$1,500.00 Cash Back at Closing when you Buy or Sell with R I G Realty"
0 votes Thank Flag Link Mon May 20, 2013
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