Home Buying in Claymont>Question Details

Tiffany, Other/Just Looking in wilmington, de 19703

i am a first time home buyer, no money and jsut started a great job, how long until I can actively start

Asked by Tiffany, wilmington, de 19703 Thu May 8, 2008

I want the norht wilmington area... NO condos!

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You are at a good postition to buy by going out to see open houses every Sunday afternoon and ask dozens of questions. As soon as you uncover a vacant home you like or senior seller, you could find out if the seller willing to financing. If the seller willing to carry 20% of the sale price and you can borrow 80% from the bank; this is one form of no downpayment investment.

For vacant home, you may as if seller willing to do "lease with option to buy", so that your rent can become all or part of the downpayment and you can close in 6 to 12 months.
1 vote Thank Flag Link Thu May 8, 2008
It is great to work with first time homebuyers. As for the time frame, for FHA and the Home Opportunity programs, if you have been working continually and you have imporved your income, lenders will start with the 30 day pay stubs with a good credit score, usually above 620 or so. There are some other programs out there also. I work very closely with Wells Fargo and they have excellent programs and are great to work with. It is always best to be pre-approved or pre-qualified before looking.
Web Reference: http://www.DeRe4u.com
1 vote Thank Flag Link Thu May 8, 2008
I am not a Delaware licensed agent, but I recently referred one of my PA clients to an agent in Bear, Delaware. He talked to an experienced mortgage consultant that I had used in PA and quickly discovered just what he could do and what his limitations were. He has recently written me a thank you note for helping him with this Delaware transaction. You need to have a similar conversation with a loan officer before you start driving around to look at signs and burn your gas.

Unlike real estate agents who do much of there work on weekends, bank folk tend to disappear on weekends-just at the time you are ready to do something. Before you start to look get a pre-approval. There should be no charge for this letter and if you shop around and decide to use different financing-your credit union for example-getting the approval letter does not lock you in with any mortgage company. You need to find out a realistic price range BEFORE you start looking. If you settle for a house that you cannot feel comfortable in you will be calling an agent in a few years and paying a commission. In the market we had two-three years ago, you could make out selling a house after two years, I am not sure that this is now possible. On the other hand if you look at houses you cannot afford, the ones you can will not look so good. Get an agent using a co worker or friend's recomendation, then ask the agent to recommend a loan officer.
1 vote Thank Flag Link Thu May 8, 2008
There are a few variables to tackle in your home purchase equation. First, the knowledge of what you can afford is best answered by a mortgage professional. Once you have determined the correct budget for your home investment, you should speak with a Realtor who has great knowledge of the area you wish to live. North Wilmington is a wonderful area to live - I spent the first 20 years of my life there - with many mature neighborhoods varying in size and amenities. The larger pieces of land that you may desire are found further south in New Castle County so you will need to decide what is more important - location or land size. Once you have narrowed your wants and needs , set the plan of your home buying goals in motion. Good luck!
1 vote Thank Flag Link Thu May 8, 2008
This is a great time to purchase a home. Depending on where you currently live you might want to check first for what the county may offer you in terms of lending you money to buy your first home. They're some wonderful programs that are being offered to first time home buyers these programs might be called by Affordable House or Ships Houseing Programs. Check with your County Government to see if this would be available to you.

Your Agent will also be a great resource to you. Make sure that they have the experience to help you find different mortgage lenders that have special programs available to help you. Good Luck in your New Home!
0 votes Thank Flag Link Thu May 8, 2008
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