Home Buying in Boynton Beach>Question Details

Deborah Ruff…, Home Buyer in West Palm Beach, FL

credit scores 653 639 and 677; $10,000 down; 50,000 gross annual income; want home at most 150,000; 1st time homebuyer? fha loan?

Asked by Deborah Ruffin, West Palm Beach, FL Tue May 8, 2012

Help the community by answering this question:


You can get an FHA loan with your scores I would recommend finding a broker or service to help you locate a reputable lender that can approve your loan at a decent rate. I have client's who have got approved and received a good rate at The Lenders Network with FHA and VA home loans. If anyone can find you a loan they can!
1 vote Thank Flag Link Tue Jul 16, 2013
Good afternoon Deborah,

First steps:

Meet in person 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. Your Mortgage Banker will discuss the various loan programs, closing costs, and most important of all, monthly payment.

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!

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Wed Jul 17, 2013
http://www.flhomescontractfordeed.com/owner_financing.html you browse this site for agents or information on mortgages-contract for deed ect YOur scores look good enough for FHA
0 votes Thank Flag Link Wed May 9, 2012
Dear Deborah, 

Good credit scores, money on hand for a downpayment and closing costs so the next step is locating a professional to help you put it all together and you have come to the right place here on Trulia. No doubt an FHA loan is your best bet. 

The very best thing that you can do is find a professional Realtor@ to represent you and there are a few things I would tell you. First is to not sign a buyer's broker agreement with anyone. This is a form an agent will use to tie you up and ensure any transaction you make will only be through them. Find an agent who is happy to perform their services with the knowledge that if they do not properly meet your expectations they will lose your business. 

Second, never call a listing agent about a home they have listed as their initial relationship with the seller will prevent you from working out the best deal. 

Finally, I would recommend that you interview at least three qualified agents in your area to assist you and select one who you feel will have your best interests work almost entirely as a buyers agent throughout Palm Beach and Martin Counties and certainly would be honored to be on the list of Realtors® you interview and happy to be of assistance in any way that I can.

I hope this information is helpful but if you need anything additional please do not hesitate to give me a call.

Always at Your Service,

Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
0 votes Thank Flag Link Wed May 9, 2012
Hello Deborah,

congratulation on planing on becoming a first-time-homeowner.

Based on the info you provided, you could have a good chance on getting approved for the FHA Loan product.

A FHA loan offers lower downpayments and are a good option for first-time homebuyers. Your down payment can be as low as 3.5% (based on your scenario…..$ 5,250) and the maximum seller contribution is 6% (based on your scenario…….$ 9,000) to be used toward your closing costs. This can help to either lower the amount of money you are required to bring to the closing table, or help you bring none at all.

Please contact me at your earliest convenience when you are ready to start the Mortgage Loan Application process. It would be my pleasure helping another first-time-home-buyer making the dream of home ownership come true.

Best Regards,
Beate Rodriguez
Lic. Loan Originator
0 votes Thank Flag Link Wed May 9, 2012
Hi Deborah,

It sounds like you in an excellent position to be a first time home buyer and considering today's real estate market and current interest rates, it's a wonderful time to be buying a home!

I would suggest that you discuss your financial options with a lender. Shop around a bit and find the best terms that suit your individual needs. Typically you will first pre-qualify for a mortage, then get get pre-approved. There are two advantages to be pre-approved for a loan as early as posible in your home-buying process: sellers will find any offer you make more attractive if you are pre-approved for a mortage and the lenght of t ime before closing can be shorter if you've completed the steps to secure mortgage approval prior to signing a contract on a property.

I'd welcome the opportunity to help you find your 1st home so when you're ready, please give me a call.


Joan Dembroski, REALTOR, ABR, CDPE
Realty Associates FL Properties
0 votes Thank Flag Link Wed May 9, 2012
Presently with those parameters, the FHA Loan is going to be your best bet. A conventional loan will also be an option, and if you have some time, I would be happy to discuss it with you. 954-729-4027
Web Reference: http://www.emortgageFL.com
0 votes Thank Flag Link Tue May 8, 2012
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