Residential Mortgage Loan Originator
3420 Executive Center Drive
The Livingston Bldg #300
Austin, TX 78731
lori a. bolton, realtor Â®
central metro realty
Typically you will need to have at least 3.5% saved for your down payment plus you will want to have reserves of at least 60 days but in reality you will want more than that. You will want to work on your scores. 600 to 680 is a broad range and if your mid score is on the low end of that range you will have a hard time getting financing.
Lenders will use the lowest middle score of both borrowers to qualify you. So if your spouse has an 800 credit score and you have a 640 then they will use the 640. You don't really want that to happen. If the spouse with the higher credit score can qualify on their own income and debt wise then you can just use one borrower. But the borrower will need to carry all debts on their one income. Basically there are a lot of options to discuss with your lender.
I am a Realtor and Mortgage Broker in the Austin area so please feel free to call me or email me anytime to discuss your situation. I would advise really find out what your scores are and put together a game plan as far as saving and making sure your credit is getting better. When you talk with somebody they can help you put together a timeline that will help give you an idea of when you will be ready to buy.
Best of luck to you both!
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
firstname.lastname@example.org | http://www.AustinListed.com
I guess some want to impress with long winded answers to a pretty easy question.
Plan for: 1) Down Payment Minimum 3.5% 2) Closing Cost, Inspections, Appraisal about 4% ~ Sometimes Contracts can be written to help with closing costs paid by the seller. 3) Minimum credit score 640 right now 4) Total debt not to exceed around 43% of income. 5) always a good idea to have some reserve 6) Consult with a Realtor & Lender 4-6 months out and make a plan of attack
Best wishes & if I ca be of assistance contact me directly. Best Wishes!
If you're not yet working with a Realtor, I'd be happy to talk with you a bit, determine which of my Preferred Lenders would be a good fit, and have one of them Pre-Approve you, at no cost mind you, and let you know exactly where you stand. I too would be happy to help you as your Realtor and Buyer's Representataive. I am one of the top rated Realtors in Austin and do NOT charge you for my extensive services. I have a great Team of Lenders, Inspectors, Title people and the like to assist us through every step of the process!
Feel free to click on my photo to review my Credentials and Client Testimonials, and call on me if I may be of assistance.
Joe Jarusinsky, Realtor/Master Instructor...(512) 261-4415
Keller Williams Realty, Austin's #1 Real Estate Co.
Ranked #1 by Buyer & Sellers!! (2012 JD Power & Associates)
I'd recommend sitting down with a Local Mortgage Banker. You'll find a much higher level of service than you would at a regular bank. Your Mortgage Banker can advise you as to the programs you are qualified for and down payment requirements.
As a general rule, today the minimum down payment is 3.5% under the FHA Insurance program. If you or your spouse are a Veteran of the Armed Forces then you should qualify under the VA Loan Guaranty program which allows for NO down payment. If the home you are purchasing is located within a US Census Bureau designated rural area then First Time Buyers qualify for NO down payment for a Single Family Home purchase.
Get a referral to a great and experienced Local Mortgage Banker to begin your journey to homeownership.
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
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Multimillion Dollar Sales Producer
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I often negotiate for the sellers to pay for my buyers closing costs. If you would like any additonal information on any home, referrals for lenders, or anything about first time homebuying, please feel free to contact me anytime without obligation.
Let them get you prequalified.
They can best advise you based on your entire situation what you need for down payment and what you will need for closing costs.
They may also be able to tell you how to improve your credit scores for better interest rates and lower fees.
If you can put down 20% you will avoid some costly Mortgage Insurance fees, but there are perhaps other alternatives as well.
I have a couple of really good folks that can help you with this. They will set out in detail and in understandable language what you need to save based on your circumstances. If you are a veteran, the VA has 0% down as do several other programs like USDA homes, plus some lenders have specials that they run from time to time to help with down payments and/or repairs. There are pluses and minuses to taking advantage of these types of loans - make the lender explain everything!
You will need somewhere between $300 to $500 for the home inspection fee and $80 and $125 for the pest inspection fees. These fees are typically paid within 10 days of entering into a contract and are above and beyond your downpayment, if you have one.
You are on the right track though, this is the first step, finding a lender. The lender should be able to give you at least a ball park answer and tell you which loans you may qualify for within a matter of of hours after filling out the applications, whether on line or in person. If you are just beginning to save, at least talk to a lender so you know which way you may wish to turn. Things may change in the future, even one month down the road, so check back with the one you like when you have saved most of what you will potentially need.
Being a first time homebuyer can be very exciting and worrisome at the same time. I have worked with many first time home buyers and have helped others out of bad situations because they were taken advantage of. Use the utmost scrutiny when picking both your lender and your realtor - it will only help you in the end.
Good Luck! Let me know if I can help in any way. Marsha 512-797-3903
Leslie NegrÃ³n, REALTORÂ®
Keller Williams Realty/Austin Northwest
12515-8 Research Blvd. #100
Austin, TX 78759
Generally speakng you should be able to go with a FHA loan and you will need 3.5% down plus your closing costs. However, many times closing costs can be negotiated intio the sales contract to be paid by the seller. It really just all depends on the neighborhood you are looking in (how many homes are on the market) and the specifics ofthe person selling (how motivated they are). There are some neighborhoods where you can buy for no money down, but they are going to be on the outside of Austin. Speaking with a good, knowledgable lender would really be a good place to start. I would be happy to help you with the specifics if you would like to contact me.
Have a wonderful day,
Premiere Team Real Estate