Home Buying in 33563>Question Details

Cj, Home Buyer in Plant City, FL

Whats the chances of me getting a home as a first time home buyer...I make 45 k per year, I pay child

Asked by Cj, Plant City, FL Thu Jan 24, 2008

support, single not married, I have 10 k cash to use as down payment, Im a veteran, my credit is low average and want a decent 3 bed 2 bath home that costs around 180k. Any advise out there for me? appreciate it.

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AFirst CJ...Thank-you for your service. (I am at 21+ years and about to pull the plug now)

CJ, I have never used my NOBE. As a Veteran, I always thought that I would use it to buy my dream home, and never again...but now I wish I had used it prior. Your Credit score is fine and with Cash and in your price range, you can Qual just fine. My VA lender is writing VA re-fi's under their new program almost weekly, (which is why I wish I had gone VA on my primary residence) The VA has a program that basically, just drops your interest rate. If you have a VA loan, and have made all of your payments on time for twelve months, then you are going to be in for a savings. Pretty good program!!!

As for your area, Plant City has a lot less inventory than other areas and I would locate a good REALTOR quick. I can send you a link to the stats for that area if you like and you will see what I mean.

So, your homework is...

1) find a Lender. VA Mortgage Broker.
2) find A REALTOR
3) find a deal

Thanks again and soon, I will be among the ranks of the folks, taking my boots off for the last time.. (Can't wait, but I am going to miss my troops)


Gary De Pury
Broker-Owner
Bay Vista Realty & Investments, Inc.
Chairman, Communications Committee
Director, Florida Association of REALTORS®
1 vote Thank Flag Link Sat Feb 16, 2008
Just to clear things up....VA loans DO NOT have a minimum credit score requirement. CJ, The first thing I would do would be to speak to a mortgage consultant who is familiar with VA loans. Veterans can finance 100%, the seller can pay all costs and they are the most lenient with debt to income ratios. Once you have the financing in place, you can shop with confidence and find the home of your dreams. I would be happy to talk with you and discuss your options. I have 14 years experience processing and underwriting FHA and VA loans. Please feel free to contact me at 386-882-5699 or by email at jennifer.r.powers@us.hsbc.com.
1 vote Thank Flag Link Fri Jan 25, 2008
If you are a veteran, you might be eligible for bond money available through a "hero" assistance program. There are homes in that price range, but before you go looking, I would recommend working closely with a bank that is well acquainted with bond money programs in which the funds are replenished on a regular basis. If one bank doesn't know much about it, call another until you find someone who is knowledgeable and interested in assisting you. Once you've got your financial act together, the interest rates are low, and prices are continuing to drop some, so it is a GREAT time to buy a home!
Web Reference: http://www.MykeTriebold.com
1 vote Thank Flag Link Thu Jan 24, 2008
CJ, I'd like to clarify something in Ian's response. I don't want you to be discouraged if your credit score is lower than 700! Because if so, you are in the same boat as most buyers! FHA loans have very low credit score criteria... I will be closing on a home tomorrow for a buyer who had a credit score of somewhere around 550. Call me because if there is any way possible to make this happen for you, I will find it.
1 vote Thank Flag Link Thu Jan 24, 2008
Cj
You seems in good shape, if your credit is anywhere close to 700 and you're a Veteran, 180k house in this market will get you a NICE house.
Veterans are subject to a 3% fee..... which can be incorporated into the mortgage and no money down depending on the income/debt ratio.
My best suggestion is to get the numbers straight, and I past a VA calculator that you can use to see what is in your range: http://www.hothomespot.com/qualified.php?PHPSESSID=66ba5ff11…
Go ahead and get qualified, define your needs and goals, don't disregard foreclosures: http://www.hothomespot.com/search_result.php?mode=foreclosure
Last but not least search the MLS here: http://www.hothomespot.com/advance_search.php
......and don't forget to call me! 813-785-7529
1 vote Thank Flag Link Thu Jan 24, 2008
Hi CJ.. There are some very good mortgage programs out there that you may qualify for that could make home ownership affordable for you. I'm not sure what kind of payment you are wanting but a good mortgage broker should be able to help you. If you don't have one I would be happy to refer the mortgage broker that I work with to you. He is very knowledgeable and ethical. Some programs that I know right off that you may qualify for are VA financing and bond programs that offer down payment assistance. There is one program that is a zero closing cost program with 5% down and no PMI. And right now many sellers are paying the closing costs for buyers as incentives. What you need is a good realtor to help you find the right home and to give you guidance with getting pre-approved. I would really like to help. I am a Plant City Keller Williams agent and you can reach me at (813) 716-3997 or Lorraine@MyHappyRealtor.com. I hope to hear from you soon. Please don't wait too long to purchase because this is really a good time, prices are low and interest rates for a 30-year fixed are at 4.875% which is incredible!
1 vote Thank Flag Link Thu Jan 24, 2008
CJ - you have received some very good advice from the folks here - keep us posted as to how you make out.
0 votes Thank Flag Link Fri May 23, 2008
Cj,
You have been given some great advice......please let us know how things are proceeding for you home search.

The "Eckler Team"
0 votes Thank Flag Link Sun May 18, 2008
You've heard it from others - your first step should be to see a lender. A great program for you may be the HOP Program - when used in conjunction with an FHA loan, you should be able to get a loan (your credit score will influence the rate you get) and the HOP program will provide you with additional monies to use to purchase a home. The program typically gives you 25% of the cost of the home in the form of a deferred-payment, no-interest loan. You don't pay it back until the home is no longer your primary residence. This should help you get into a new construction, well-built nice home and have very manageable payments. Call a local lender and inquire about this HOP program in conjunction with an FHA. The assistance is based on your income and how many people will live in the home. You'll only have to put $500 down, but you can put more. My suggestion would be to put a little more down and use some of the leftover $10k to repair your credit if you have debt. I've helped dozens of buyers with this in the Tallahassee area and we've had great success. If you need any personal assistance, feel free to contact me directly. Good luck to you! Buying a home is a great move right now! Lisa Carey, Realtor, Tallahassee
Web Reference: http://www.careycottage.com
0 votes Thank Flag Link Mon Feb 11, 2008
With a credit score over 700 there are many opportunities. Under 700, maybe harder to get the loan, but find a loan officer who can work with you to find possibly a VA loan, or similar product.
Web Reference: http://iansellsnola.com
0 votes Thank Flag Link Thu Jan 24, 2008
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