Home Buying in 38668>Question Details

Skylark, Home Buyer in Warroad, MN

just got out of school and got job making 35k

Asked by Skylark, Warroad, MN Wed May 2, 2012

hello. I just finished school and got a job in the field i was studying in making 35k working for the school district as a computer tech. Pay will go up to 40k after 6 months. Its a very secure job with very little chance of layoff or down size and they love my work. I have little on my report except a bankrupsy 8 and 1/2 years ago, my student loans totaling 9k, and a lowes card that I just got. I have been staying away from credit because of low funds and living well below my limits. Things are paying off for me now however people say I need to reestablish my credit. My score is 612. I live in northern ms. My income has been splotchy for the last 3 years and for the last year and a half i had to get the student loans to pay bills( the 9k). I know the word scrimp very well. I am looking to buy a property near me for 100k. The owner is willing if no choice to owner finance but would really like to get out of it alltogether. Also interest would be higher. is this a good situation?

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4
Some updates to my situation. They resided to just start me out at 40k.I had worked for them as a contractor for 3 months and they just counted that. We talked to a loan officer and found my score is 564.
0 votes Thank Flag Link Sat May 26, 2012
Skyler,
I can provide you with the with local loan officer, and a home inspector. You can reach me at 901-413-0563.
Thanks,
Saira
0 votes Thank Flag Link Tue May 22, 2012
First steps:

1. 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.


2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

3. 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.

4. 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!

Good luck!
Trevor Curran
NMLS #40140.
0 votes Thank Flag Link Thu May 3, 2012
also I have 5k for my downpayment.
0 votes Thank Flag Link Wed May 2, 2012
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