Home Buying in Pasadena>Question Details

Delores Sant…, Other/Just Looking in Houston Suburban Homes...

What is needed as a first time home buyer?

Asked by Delores Santos, Houston Suburban Homes, Pasadena, TX Thu Jun 21, 2012

Credit rating, financing, down payment

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6
You are doing it backwards:
You need to find out what you can afford,
based on your Income, Debts, Down Payment and Credit Scores.
Talk to a Bank or Mortgage Broker and get a Pre-Approval letter:
That will tell you where you want to go hunting.
I am sure that there are a bunch of good Realtors here on Trulia, who will help you with your search;
but you need to narrow it down first.

Good luck and may God bless
1 vote Thank Flag Link Thu Jun 21, 2012
Find out what your total monthly housing cost would be, including taxes and homeowners insurance. To get a feel for the maximum amount you should spend, including taxes and insurance,. In some areas, what you'll pay for your taxes and insurance escrow can almost double your mortgage payment.

Rafael Garcia
Lic Real Estate Agent
Only Way Realty Golden Star Group
12701 S John Young Pkwy, suite 201
Orlando, Fl 32837

407-468-7743

Website: http://mls4u.mfr.mlxchange.com
0 votes Thank Flag Link Thu Jun 12, 2014
You need all three. You need good credit history, good history of payment, a good downpayment helps, 10% or 20%, and the first thing you should do is ask your real estate agent to refer you to a good mortgage broker so he can determine your purchase power and get you pre-approved. There are several programs for first time home buyer, one that you just put 3.5% down payment that you may be able to obtain.
Sorangel@rutenbergrealtyny.com
New York Real Estate
Rutenberg Realty LLC
http://www.sorangel.net
0 votes Thank Flag Link Thu Jun 12, 2014
A willingness to go through the steps that your lender and realtor advise you, who should be trying to make the process as easy as possible.
0 votes Thank Flag Link Thu Jun 12, 2014
It's really the same as somebody who has bought a home before. You really want to have a minimum 640 credit score but you may be able to buy with one slightly lower. If you are close it makes sense to get your score there as your options will be much better. Financing depends on the program you want.

VA and USDA offer 100% financing if you qualify. For USDA you need to qualify income wise and the property needs to be in a USDA approved location. The typical FHA purchase requires 3.5% down but there are options where less is possible. There are also programs like homepath that allow for higher LTV financing on select properties.

So you have lots of options. Find a lender you trust and can work with and once you know what you can afford find an agent who will also work with you and educate you on the market.

Best of luck to you.

_______________________________________
Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | http://www.AustinListed.com
Web Reference: http://www.AustinListed.com
0 votes Thank Flag Link Thu Jun 21, 2012
600 - 640 credit scores.
3.5% down payment for FHA loan.

VA loans are 100% financing if you are a qualified veteran.
USDA loans are 100% financing for rural properties.... With income restrictions.

You should talk to a mortgage banker to get more specific.


Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes Thank Flag Link Thu Jun 21, 2012
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