I do believe that you would be able to start looking for a home based on what you have stated so far.
I do have a program that you may quite interested in.
If interested, please contact me.
If not, good luck with your search.
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask For Renee
After you have this done, or during, you can search for an agent who will work for you and search for all homes in your price range whether they are in the Multi List, for sale by owner, or even those no longer on the market (recently expired).
Hope that helps, please give me a call or email if I could be of any service to you.
Terrence Charest, e-ProÂ®
Century 21 Associates
905 Easton Road
Willow Grove, PA 19090
Cell (Preferred): 877.614.1494
â€œCentury 21 is the number one franchise site on the Internetâ€
A question I have is how much money do you have for a down payment and closing costs? Another question is how is both of your credit? Those are the most important factors which many people forget about. Your income is a huge factor as well as your debt.
You said it may be a few years until you are ready. Nobody knows how the market will be in a few years. If you both have money saved, your credit is good and you both have good income, now is an amazing time to get out there.
You should also find a buyer agent who will represent you both and who will look out for your best interests. Feel free to read my blog on buyer agency at http://www.reneeporsia.com
Also, you should speak with a reputable mortgage consultant to see exactly what you qualify for. Usually your buyer agent can give you a few names if you do not know of someone.
I'd love to answer all of your questions, feel free to contact me either via email or phone.
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
First talk to a couple of mortgage lenders, find one you trust and get a mortgage preapproval. This will let you know what your comfort zone is and whether or not that $20,000 is enough for what you want to spend on your home. It may be that an FHA loan where you can get up to 6% assist from the seller for your closing costs is the way to go. Then find a hardworking Realtor who you are comfortable with and go for it.
In my opinion, you'd really be pushing it to be buying quite so fast. There are closing costs to factor in, as well as all sorts of ongoing maintenance that must be considered. Please take a gentle step back and make sure that you two know exactly how the number will work. Otherwise, you two can end up in a house and working hard just for the house instead of yourselves.
Once you are ready to pull the trigger on a home, you really need to have at least 6 months of living expenses covered as a buffer. Get good and ready, get your credit as high as you possibly can (740 or better is preferable). and the housing market will still be here waiting for you. Prices are NOT about to start jumping up left and right. This wasn't merely a major correction, it was a return to normalcy, where buyers need to be well-qualified and prices will only go up at a much more normalized rate.
Another option could be a Lease Option (aka Rent-to-Own). Below is a quick explanation:
A Rent-to-Own is a basic lease agreement used with an Option to Purchase contract. A Tenant/Buyer leases the property from the Seller/Landlord for a certain amount of time at a certain price with monthly lease payments. On or before the end of the lease, the Tenant/Buyer has the option to buy the property at that certain price (usually agreed upon prior to the start of the lease). The Tenant/Buyer typically gives the Seller/Landlord money upfront which is usually non-refundable (called option consideration) for the right (but not the obligation) to purchase the property and to take it off the market.
Therefore, you start out renting and when your income increases you can qualify for a loan and purchase the property. You will not get the tax credit if you wait until after you graduate and your income increases. However, after dismal December and January existing homes sold numbers, it would not surprise me if the Government extended the home buyers credit again.
If you are interest in learning more about rent-to-own feel free to contact me.
The first thing you should do is to talk to a lender .If you have not purchased a home and are a first time home buyer, you may qualify for the first time buyer's tax credit. look up info at http://www.irs.gov
The very best of luck to you!
Michael D Delp
4802 Old Bethlehem Pike,
Telford Pa. 18969
It really wouldn't hurt to talk to a well known lender and get a pre-approval. or to see what the bank would lend you guys. I think you should start there. Than I would call a Buyer agent that works in your area.
serving Bucks,Montgomery,Philly, Delaware Counties
As I said in my question, we currently bring in about 48,000 a year. We will be making $70,000 a year in May or June because I'll be done grad school. I have grad school loans in the neighborhood of $50,000. I will look into a local lender, but any thoughts on if getting a house is even a possibility would be helpful.