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Ahebert91, Home Buyer in 15147

First time home buyer, where do i start?

Asked by Ahebert91, 15147 Fri Dec 7, 2012

My fiance and I are currently renting and our lease has been up for quite a while. We want to start our quest for buying our first home. Will only have money that we can save from our tax return. All 3 of my credit scores are in the 654 range, and I am not sure what my fiances is but it is lower then mine, perhaps around 530. We have no idea where to start, who to meet with or what to do. We have looked into the USDA home loan and the FHA loan as we currently have no money for a down payment, but know that we will have some in the months leading up to our income tax retun. Everyone i have contacted does not seem to take use seriously. So my question is where do we start? Do we go to a bank first? A mortgage company? A real estate agent? Is this even possible? I am looking for a little guidance, and hopefully someone who is kind and considerate and willing to help a younger couple with 2 children reach their dream of home ownership. Any advice or insight would be greatly appreciated.

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Virginia M. Stump’s answer
If you are interested in a no-down payment loan through USDA, call Jim Morris at Somerset Bank. He will pre-qualify you and tell you what price range to look in. Go to http://www.rurdev.usda.gov to find a link to eligible areas. A good Realtor will sort listings and show you only homes that meet your guidelines. I have several affordable homes that you can look at through Realtor.com: 807 Maple Street, White Oak; 460 Colt Drive, North Huntingdon; 61 Observatory St, Manor; 517 Locust Valley Rd, Greensburg; and 517 Pittsburgh Street, Scottdale. The ones in Scottdale and Greensburg are in USDA-eligible areas. To see them, you can email me at Virginia.Stump@remax.net, or if you want a buyer's agent, any agent can show them to you.
0 votes Thank Flag Link Fri Dec 7, 2012
As a first time home buyer, the best thing to do is work on your pre-approval with either a bank or a mortgage broker. Broker's tend to be a little bit more personable and allow more time to your individual application. If your fiance's credit score is too low, lenders will usually only use the income for the borrower that has sufficient credit to qualify for the proposed mortgage loan. Most lenders are advertising a 620 avg credit score to qualify for loans like FHA, VA and USDA...however there may be lenders that will make exceptions to that score.

Once you have obtained your pre-approval, sellers and Realtors will recognize you as a qualified buyer and you shouldn't get the "run around".

I hope this helps.
0 votes Thank Flag Link Fri Dec 7, 2012
Ahebert91
I am happy to help you in your home search. Are you looking to buy in Verona or would another area work best for you. As long as you are looking is South western PA I recommend you call Jon Tebay at ENG. His number is 724.776.4100, ext. 213 He will always be helpful but tell him I recommended him again. He did my loan as well as several of my clients. Jon is not one to lead a person on. He will tell you if you are not ready. That may be the case. Unlike some agents, I will not help someone buy a home if I feel they are not ready. Your lack of cash is a concern but it should not prevent you from contacting a great loan officer. This earlier the better. I recommend a year out but six months is enough to ensure your good points are included as well as mistakes removed. After you get home much you qualify for I recommend putting together a budget to make sure you buy a home that will not make you house poor. Best of luck and I hope you call Jon.. At least then you can plan the best time for your home purchase and how it will effect your upcoming marriage
Benny Smtih 412-498-7868.
0 votes Thank Flag Link Fri Dec 7, 2012
Congrats on the engagement! I recently got engaged myself. I would be more than happy to help. Usually, the first step is to get preapproved by a lender. Once we find out how much you are preapproved for, we can start our search. Please feel free to reach me at (312) 624-9440 or Sean@atproperties.com.
0 votes Thank Flag Link Fri Dec 7, 2012
Everyone i have contacted doesnt seem to take us seriously, i feel. I had a car loan i paid off early by 2 years, and my name is currently on a second car loan that will be paid off in about 2 years. Everyone i have contacted said i had no credit history and when i suggested having my bank send them my payment history the never replied and have ignored me since. I am very upset and feel as though my dream of owning a home for my children to grow up in will never happen.
0 votes Thank Flag Link Fri Dec 7, 2012
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