Realtor- Realty World Bay Area Group
Don't forget you can ask the sellers to help you with your closing costs and prepaids so you can focus on your 3.5% down payment. If there is money left over from the sellers that could be applied to the 1.75% mortgage insurance premium. Depending on your credit score FHA is at times the best way to go. Also depending on where you want to buy USDA Rual Development loans might be another option and you can finance up to 100% of the sales price. This is a great time to buy. Feel free to contact me should you have any further questions. Good luck in your search!
It is my understanding that true first question is going to be centered around your credit score...my sources tell me that anything below a 620 FICO score is going to require a little work on your part to clean up your credit history. The second question is going to be...do you have 3.5% of the total value of the house (you want to purchase) to put as a down payment towards your next home. These two questions are a good starting point.
Although I am not a lender, I am a real estate agent...so my true concern is always "what I can do to help you" & "why you think you would like to work with a Realtor"? Once you have an answer for the four questions I referenced previously...you are off to a good start, let me know if you have any additional questions I can answer for you...have a wonderful weekend.
Listen - let's say that your credit is "good enough" to get an FHA right now - but not "good". It will be to your benefit to wait - build your credit up over the next 5-6 months - you CAN increase it a great deal in that time if you work hard.
Then - you will get a MUCH better rate when you buy a home in Sep - Nov. So you take advantage of the $8000 first time home buyers, and other programs - and your RATE will be better than it is now from a better credit score.
Email me , I can send you details on this and property listings in Metairie.
Hope they do, Dunes