Rent vs Buy in Dallas>Question Details

Meghood, Home Buyer in Dallas, TX

I am 24 y/o and trying to move out of my parents' house in the next 4-5 months or so. I am saving money and

Asked by Meghood, Dallas, TX Thu Jun 11, 2009

hope to buy instead of rent, but i'm a little lacking in the credit department. I love the North Oak Cliff/Bishop Arts District and am looking for something small, funky/eclectic, with washer/dryer hookups at least......anyone have an idea of where to start? Also i don't really have much of a down payment if buying.

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You have very valid questions:

You need the following qualify for a loan:
a) 2 years employment
b) 620 credit score or better
c) 3.5% as down payment
d) 2 years of bank statements or tax returns

NOTE: Your mortgage payment, interest rates are based on personal info confirmed by mortgage broker.

Area you specified great little area I was over there several weeks ago enjoying an evening out with friends.

Direct Link assist in home search:
http://sites.google.com/site/dallasbankforeclosureslistings

CONTACT OUR OFFICE TODAY
972-699-9111
Lynn A. Crosby ~ National Featured Realtor
"...Specializing in Residential, Commercial Properties and Loans..."
Dallas Realtor, and Credit Repair Consultant -
The Michael Group - "Dallas Business Journal 07’ & 08' list top realtors"
Dallas Loan Officer -
Dallas Real Estate Office: (972) 699-9111
Dallas Real Estate Website: http://www.lynn911.com 60,000 listings Dallas homes for sale
1 vote Thank Flag Link Thu Jun 11, 2009
Do you have some bad credit? Or just very little credit?
http://dallasloanguy.com/docs/about_credit.pdf

I have linked you to a free book about credit. If you read it, I will offer you a free one-on-one credit consultation. I can coach you into a better credit picture for a mortgage down the road.

Please feel free to follow up with questions.
1 vote Thank Flag Link Fri Jun 12, 2009
I appaude your thinking about buying a property instead of renting. At your age you have the time value of money as well as appreciation of your property. Assuming you qualify for a loan, an FHA loan requiring 3 1/2 % down payment would be your best bet. Between the $8000 home buyer credit and asking the seller to pay your closing cost, you would be able to get into a home for little money.

As my collegues have suggested, you need to talk to a lender first to establish if you can qualify for a home and how much home you qualify for, If your credit is not where it needs to be at this time the lender can tell you exactly what you need to do to get it there and time frame for accomplishing it.

I work with a lot of first tme home buyers and would welcome the opportunity to guide you through the home buying process.

MaryBeth Harrison
The Harrison Group
214-365-6500 office
214-535-8377 cell
mbh@dallasnative.com
Web Reference: http://www.dallasnative.com
1 vote Thank Flag Link Thu Jun 11, 2009
Your first step is to select a lender who can help guide you through the loan process. They will be able to help repair your credit if needed and teach you the steps needed to be able to purchase your first home. We wish you luck.
0 votes Thank Flag Link Tue Feb 24, 2015
My recommendation is for you to contact a local realtor and a local lender. They will best be able to advise you on what you will be able to afford and can help you plan better. Your best bet is likely a FHA loan which requires 3.5% down and it is common for buyer's to request at least some closing cost assistance.
0 votes Thank Flag Link Tue Feb 24, 2015
So glad you got great advice here...good luck to you.
0 votes Thank Flag Link Tue Feb 24, 2015
Have you established any kind of credit yet?
0 votes Thank Flag Link Tue Feb 24, 2015
Everyone is right, contact a professional loan officer to get good, quality advice on where things stand for you. Good luck! :)
0 votes Thank Flag Link Wed Feb 18, 2015
The 1st step is to call a loan officer to find out what price range you need to be looking at and that will determine your down payment and other related cost of buying a home.
0 votes Thank Flag Link Tue Feb 17, 2015
You definitely need to contact a professional mortgage broker to get you through the process.
0 votes Thank Flag Link Tue Feb 17, 2015
I got my house 3br/2bath 2 car garage huge backyard with $1000 down & my payments are only $888/month, & my interest was kinda high at 6% but i got a greattttt deal plus my insurance was paid for, for the 1st year..... & im only 26, i think buying young is better plus if u make an extra payment at the end of the year u'd pay it off way faster!
0 votes Thank Flag Link Mon Jul 5, 2010
thanks everyone for your answers! i really appreciate the advice, that gives me some clear goals to work towards (3.5% down, 2 yrs employment, etc) so i will keep saving money and just rent an apartment in the meantime. thanks again!
0 votes Thank Flag Link Wed Jun 17, 2009
Start by renting and saving. Home ownership is a terrible idea for someone in your situation. Don't let a lender/agent convince you otherwise.
0 votes Thank Flag Link Wed Jun 17, 2009
Meghood, thank you for marking my answer as best I appreciate it. Contact me with any further questions you may have.

"Lynn911"
972-699-9111
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Fri Jun 12, 2009
The best place to start for any home buyer in today's market is to sit down with a mortgage lender and go over all of your finances. This way you will find out what you can afford. Find out what the homes in your desired area are going for and if you can't afford them, also ask the mortgage person if there are any steps that you can take to fix up or build your credit, so maybe you can.
0 votes Thank Flag Link Thu Jun 11, 2009
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