Home Buying in 32127>Question Details

Staci Angel, Home Buyer in Port Orange, FL

Will we qualify for an FHA loan?

Asked by Staci Angel, Port Orange, FL Tue Feb 5, 2013

My fiance and I will have about 5k saved up for a down payment. What will we need for closing costs? How do we know what our budget is?

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Answers

6
I would contact your bank, that bank you are currently dealing with. Then contact a great local real estate Broker- ME! Anytime $ell 386-690-6546
0 votes Thank Flag Link Sun Feb 10, 2013
Hi,
My name is Rick Hose and I'm with Exit Martin. I would suggests getting a Great Realtor to walk you through this process.A Personal Home Buyer, is what I like to call it. I take pictures, share information, and make videos. I also enjoy working with first time home buyer. I also work with military and special needs families.

I also have a Great Mortgage Broker!!!!!

Hope to talk soon,
Rick Hose
386-527-5358
rick@exitmartin.com
https://www.facebook.com/ExitRealtyFl
http://www.hesellsflorida.com
0 votes Thank Flag Link Sun Feb 10, 2013
Find a great mortgage lender in your area. If you don't know where to look start asking friends and family and your real estate agent. Many communities have first time home buyer programs that you may qualify for and this will assist with a lower down payment and/or some of your closing costs. If you find a good lender they will help you to find the best way to finance your home and give you a very accurate idea of what you can afford!

Good Luck!
0 votes Thank Flag Link Tue Feb 5, 2013
Hello Staci,

Your closing cost are "about" 2% of the sales price give or take a few bucks.


FHA has some great programs for first time buyers.

I suggest you get with a direct lender, and get re approved for a mortgage.

Once you have a clear idea of how much home you can actually afford, get yourself a BUYER"S agent and begin your search!!!


Best of Succeaa to You!!!

Kawain Payne, Realtor
0 votes Thank Flag Link Tue Feb 5, 2013
call the fosgate team so I can sell you a home soon!
0 votes Thank Flag Link Tue Feb 5, 2013
The best place to start is to talk to a loan officer at your bank. FHA allows credit scores as low as 580 and allows as little as 3.5% of the purchase price for the down payment. Your closing costs will be approximately 2-2.5% which you can ask to be paid by the seller. Though in a competitive market you may want to pay these yourself. The loan officer will run your credit, review your income and debt. Based on this, you will receive your pre-approval for the amount you can purchase. The loan officer will also go over your monthly payment. This will help you decide whether or not you are comfortable with that amount. Good Luck!
0 votes Thank Flag Link Tue Feb 5, 2013
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