I don't know if you've purchased a home yet but I beleive the best place to start is with a lender. You need to know how much home you can qualify for. I would recommend that you do a pre-qualification to start off and convert that into a pre-approval.
If you have a Realtor in mind, great. If not, I can recommend one for you.
You've done the right thing by asking for help.Please feel free to contact me if you have any questions.
Certified Mortgage Advisor
Please call a couple of Realtors, since you are disabled they should be able to accmmodate you at your location. Spend a half hour with each and you will know who you want to work with! But by all means use a professional to help you!
robert lewis .
So first get pre-approved with a lender that offers FHA 203k renovation loans. Knowing what you qualify for is very improtant. Then find a realtor who will work with you looking for propertiets that can be made to fit your needs. Then make an offer on the property subject to you getting acceptable contractors bids for the renovations you are looking to make. Interview some contractors and pick the one you feel most comfortable with. Finalize you loan application. Close on the home and start the renovations. Then enjoy your new home.
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I work with a lot of first time buyers and I would be happy to share with you my home buyer's guidebook.
1.Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2.Develop your home wish list. Then, prioritize the features on your list.
3.Select where you want to live. Compile a list of three or four neighborhoods youâ€™d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4.Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, donâ€™t forget to factor in closing costs. Closing costs â€” including taxes, attorneyâ€™s fee, and transfer fees â€” average between 2 and 7 percent of the home price.
5.Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6.Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options â€” such as 30-year or 15-year fixed mortgages or ARMs â€” and decide whatâ€™s best for you.
7.Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
8.Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first- time buyers. Or, if you have an IRA account, you can use the money youâ€™ve saved to buy your fist home without paying a penalty for early withdrawal.
9.Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
10.Contact a professional real estate agent. Find an experienced professional who can help guide you through the process.