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.
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.
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!
*If you thought my answer was helpful, please give me a â€œThumbs Upâ€ or â€œBest Answer.â€ Thanks!
Your best deal would probably be from a credit union.
Thank you for your time,
It is no harder to get a loan for $40,000 than it is $400,000.
Step 1 - Shop some lenders. Let's find out where you stand right now. If you need help with your credit, a good loan officer can help you by guiding you on what to do to fix your credit, or they can usually help you locate a company to help you clean your credit. If your credit is good... they can pre-approve you on your loan.. you will know what rates they will offer, and how much money you will need out of pocket. If your scores are 620 or better, you will only need about $1400 down on a $40,000 FHA loan. * I can prove a few more details if you need them.
Step 2 - Go House shopping!! Easy as PIE!
Now for the shameless promotion: I can help you with all of that.. and it takes no more than about 15 to 20 min tops! Shoot me an e-mail.
Jason C Campbell
Realtor / Mortgage Loan Officer
Keller Williams Realty
The financing situation has changed a lot in 2 years. The details given that were right then are not longer valid.
Look at the recent replies, they are all saying contact me. That is the issue. People should not reply to an old post. They should wait for a new post asking a very similar question. Believe me, they will come.
I only have 2 questions about the recent posts.
Are they from people who never look at the dates questions are posted?
Are they helpful or just really a contact me soon so I can do some business kind of reply?
If the person who posted this 2 years ago is not going to be helped by any replies now, doesn't it look unprofessional to reply? I say yes.
It's all about the 4 C's baby!!
Now of course if you don't have any of those four "C"s, then you can always rely on the 5th "C"
But of course if you do rely on that 5th "C", then be prepared to be living in your new home that starts w/ a "C"
Cell as in Prison Cell...
Glad to have broken that down for ya. If you need help. Call a Realtor or Lender that can steer you in the right direction!
That's a quick down and dirty chief. Don't rely on it but try it youll like it....
Is this a single family home, condo or manufactured home. If it is a single family home and is only $40,000 you have done some great real estate shopping. Could the house use any updates or repairs. I think I would find a way to spend 20or so thousand on the house and getting a FHA 203K. That is if it is to be your place of residence. Otherwise the bank is your best bet.
You need to be pre-approved prior to submitting any offer on a property,
Before you start giving out personal information,be sure to contact a few different companies. You want to work with someone you trust and someone who will work hard for YOU. Start a conversation,do some research and choose someone that fits your needs.
The most important thing to know is that you (the consumer) have choices.
Feel fre to give me a call if I can be of any further assistance!