Conventional loans will allow up to a 3% seller contribution and FHA loans up to 6%. I would be glad to calculate a buyer's net sheet for you which will show you the total cash needed to close based on your different choices. We will put together a plan, then negotiate a contract based on that plan. My office is located in the middle of zip 75052 and buyer services are free. We have a very knowledgeable loan officer in the same building who can counsel you as well. Glad to help!
Allen Robison, e-Pro, Realtor
Century 21 Judge Fite Co.
4136 S. Carrier Pkwy. #540
Grand Prairie, TX 75052
C21 Outstanding Customer Service Award
2012, 2009, 2008
The seller can contribute towards your closing costs but not your down payment. If you choose an FHA loan, your down payment would be 3.5% of the sales price. On a $150K home, that is $5,250. The state of Texas offers a first time home buyers program. Qualifications are based on number of occupants that will live in the home and income. I would love the opportunity to earn your business and assist you with purchasing your first home. Please feel free to contact me at your convenience. I look forward to hearing from you!
Make it a Great Day!
Tamika A. Goree
Broker | Owner
The DFW Property Shop
Keller Williams Realty
Real Estate Consultant
3x US Army Veteran
Conventional Loans: If you bring a minimum of 20% for the closing cost, then you would eliminate the PMI for your loan and you will maximize your buying power back to your pocket. This means, you most likely be paying lower mortgage loan and are not required to pay the PMI. That can mean thousands of dollars back to your pocket and not to the loan.
You can still obtain conventional loan with less than 20%; however PMI will be added to the mortgage loan until the loan amount goes to 78% before it automatically drops and your monthly premiums would be lowered significantly.
Conventional loans are often used when it does not qualify for an FHA or Fannie Mae Loan, such as in the example of an INVESTOR. Investors are not permitted to obtain FHA loans.
FHA Loans; Typically are applicable for your primary residence and not investment property. There is a 3.5% down payment. Most first time homeowners utilized the FHA due to low down payment they would have to bring at closing. Mortgage Insurance Premiums will remain for the life of the loan (MIP).
VA/USDA Loans: The VA and USDA are both 100%, which means your down payment requirements are substantially lower than FHA Requirements. VA for military veterans and retirees (there are other qualifications to VA for dependents of combat spouse who died while in war.) uses residual value as your front end and 41% is the general rule of thumb for back end ration after all your expenses have been tabulated. The USDA Loans are often found in rural areas, depending on the size of the city and the median income level average for the rural city. For example: Rural cities under 80,000 population may qualify for USDA loans. You may also google USDA Loans, to get more specifics to your requirements.
For more information: Call 214-715-4198 and make an appointment or go to http://www.sandramanglona.com for list of required documents for mortgage loans.
HARD MONEY LOANS: Hard money loans are loans by investors that are generally higher interest rate than most loans and expect short amount of turn around.
Have you selected your mortgage company? your Realtor? I can help you through the process of buying your first home. Call me or email - glad to help.
C21 Judge Fite.
Grand Prairie, Tx. 75052
Welcome to Texas! You've received some excellent advice from the previous agent posts here. Your next best step would be to interview around and select an agent to exclusively represent your buying interests (any licensed agent can do this), and guide you through the entire process step by step.
Being that you are new to the state, you probably need some additional information on where exactly to start. I can provide you with some excellent referrals for lending, inspections, and more. I also know of some down payment assistance programs with both the city of Grand Prairie (75052) as well as the state of Texas.
Please feel free to contact me, I'm happy to help you get started and provide a smooth buying process from the start, and have you in your new home ASAP! I look forward to hearing from you.
Diane Briggs, REALTORÂ®
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.
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!
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