My fiance' and I are looking to buy a home in Valley Ranch. Since this is our first home and our income is

Asked by Vicki Dillard, Sun Mar 30, 2008

90,000, what options are open to us. We have almost no dept.

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Jim Johnson’s answer
Jim Johnson, , 78233
Thu Apr 24, 2008
As suggested earlier, FHA may be the way to go. Though you will be required to put 3% down, there is no limit on the seller contribution for the remaining closing costs. A few agents have caught on to getting their sellers to commit to offering buyer incentives, and properties that are priced to reflect the buyer incentives are out there.

Be sure to get a good agent to represent you (enter into a buyer's agency agreement). Your agent will need to do a good CMA on the property to make sure you are not risking going over what the property might appraise for. Don't be afraid to look at properties that do not offer buyer incentives. Often, a full price offer (or near full price) coupled with a requirement that the seller pay closing costs will work out. Again, you need agency representation to be sure that the property is priced right in the first place.

As for the down payment, borrow the money from family if you are able--or ask that everyone just give you cash for a wedding gift, and send out lots of invitations. If not, and your credit is good, you may be able to take out a personal line of credit or other unsecured loan.

Your last option is to wait and $ave up.
1 vote
Terri Hayley, Other Pro, Dallas, TX
Thu Apr 24, 2008
Hi Vicki,

Exciting times, right?

When you say what options are open, what do you mean? How much home could you qualify for? You'll need to talk to your loan officer. If you don't have one yet, please let me recommend ours - Katie Sparkman - - - 817.807.5367. She can get you qualified and tell you how much you have to spend on a new home and give you a Good Faith Estimate that will break out all the charges and ultimately give you a monthly mortgage amount including taxes, insurance and everything that will need to be included in that amount. That way you and your fiance can decide how much you feel comfortable spending monthly. She can run it with just your income, just his, the two of you combined... whatever makes you feel most comfortable. Katie can also explain the tax benefits of becoming a home owner as well.

Like was mentioned before, since FHA has raised the limits, instead of being able to buy a $206k home under FHA with almost no down payment, FHA now allows $271k. Of course there are other options besides FHA. If the home appraises, you can roll in all your closing costs, too and come out of pocket with very little - as little as $500. And, if you qualify, there are down payment assistance programs as well in which Katie is very well versed.

If you'd like to keep an eye on what's going on in the Valley Ranch area (or any other area), you can go to our website below and click on power pages, then the area you are interested in and click on it daily and it will give you the latest homes that are available in that area and if there's been any change to them (price increase, decrease, under contract, etc.) Please let us know if we can help in any other way.

Terri Hayley
1 vote
Good Luck - Valley Ranch homes are quite expensive
Flag Sun Mar 30, 2014
Paul B. Perez, , Austin, TX
Thu Apr 3, 2008
How you take ownership is going to be the determining factor here. One of you could potentially qualify for a guaranteed loan & 5% down payment assistance to save a little money. You may not need it, but if everyone else can use it, then why can't you? Check out the link below to see what I'm talking about! There is a neat pre-qualifying tool that will tell you if you can use it. Good luck!
1 vote
Bruce Lynn, Agent, Coppell, TX
Mon Mar 31, 2008

I live in the area and think it is a great place to live. There are pros and cons to every location, but VR always seems to remain popular. There are some pecularities to the area and best to have an experienced agent on your side who knows the area well to assist in your purchase. Two common issues are schools and foundation problems. Another is the huge potential redevelopment of the TXU land behind VR and Wal Mart area. What we want to do first is get you prequalied with a lender. Another thing I would suggest is if you are not yet married is to see an attorney to decide how you will set up the purchase. Is it his name and loan and you pay rent or the other way around. If you buy jointly, then how will the partnership be disolved if you don't marry. Who gets the tax benefits. With a very substantial investment such as a house it is best to discuss these types of financial matters with someone who can put them in writing just in case everything doesn't work out as planned. I personally would use different parties for the loan and the real estate deal. There are just too many details for most people to be experts at both. We have a team of experts that we can refer you to for the prequalification. Once you know the financing costs and closing costs, then you can determine what you are comfortable spending and go shopping for a home. I would get prequalifed ASAP and then start shopping about 60-90 days before you want to move. Let me know if I can help you in any way.
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1 vote
Karen Shrock…, Agent, Dallas, TX
Sun Mar 30, 2008
Be careful choosing your first home. Even though you might be able to afford more on paper, leave yourself a lot of room for future needs or you might be sorry. You don't want your dream home to turn into an albatross around your neck. You'll want to furnish it after you buy it. Then there are all the tools you'll need for a house that you never thought of before you were a homeowner - a drill, a ladder, paint supplies, lawnmower, edger, shovel, rake, hoe, stud finder, etc.

There are some nice one story homes on the hill by the North Lake property and down by the Trinity River levy. They'll run in the low to mid $200's.

Another option in Valley Ranch is a condomium. It might be a good choice for a first home is you only plan to live there 3 or 4 years. You don't have yardwork and you get to see if you really like living in the neighborhood.
1 vote
Susie Reichl…, , Dallas County, TX
Fri Feb 4, 2011
Based on your price range you may h ve several options.

I know of program that offers no downpayment, no closing costs, and below market interest rate.

So, i would like to interview with you and help get you on your way to home ownership.

i will be waiting for your call.

0 votes
Mike Brasco, Home Seller, Jacksonville, FL
Wed Dec 9, 2009
FHA is the best way to go if you have little to put down on a home. FHA only requires 3.5% donw payment and you can borrower up to roughly 35% of your gross monthly income. 90,000/12= 7500x .035 = 2625 PITI that would include principal interest taxes and insurance.
0 votes
Van English &…, Both Buyer And Seller, Dallas, TX
Thu Apr 24, 2008
There are lots of great alternatives to Valley Ranch within the city of Irving. You'll find many neighborhoods with more affordable homes that have more character, that have their foundation problems resolved because they are older and more "settled," and where there's less traffic, congestion, and apartment complexes. Look at the quadrant north of 183, east of 161, south of 635 and southwest of 114.
0 votes
Marci, Les,…, Agent, Irving, TX
Thu Apr 24, 2008
I live in Hackberry Creek (very close to Valley Ranch) and sell lots of property in Valley Ranch. The mortgage market is changing constantly. From one day to the next, mortgage requirments, loan to value ratios, allowable seller contributions and the like continue to change also. In your favor is your income, your "almost no debt" situation and the enthusiasm you bring with you for purchasing your first home. In Valley Ranch there are several types of properties to chose from. You can go with a new single family home or townhouse, a preowned single family, townhouse or condominium or build with one of several builders who are currently building out the area. I have a number of suggestions for you as you look at property. Go into your search mode with a preapproval letter from your lender - not a prequalification letter. These are very different. Make sure you and your Realtor know exactly what you want. Have your agent check the comparable property that has sold very recently in the area before you make an offer and make absolutely certain you are comparing like to like (if a property backs to a utility easement you must compare the prices of similarly sold properties that also back to a utility easement to get a true picture of value. And above all, make this a fun experience. Buying a home - especially a first home- can be challenging but it can still be pleasant and rewarding.
0 votes
Dallas Texas, Agent, Dallas, TN
Sun Mar 30, 2008
1) I live in Coppell which "backs up to Valley Ranch" I know the area very well.
2) I am a realtor and a loan officer can assist in the purchase
3) You will need to be pre-approved via a loan officer prior to purchasing a property therefore it allows a Dallas real estate agent to effectively work with you in your home search
4) Valley Ranch is a wonderful central location, I have seen some great foreclosures in this area move in quality
5) Valley Ranch is mainly a 2 story community very few single story homes
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0 votes
Carlos Cavaz…, , Dallas, TX
Sun Mar 30, 2008
Well luckily the FHA loan limits have been raised so you may be able to get a great loan with very little to no down! They will simply use alternate credit as a way to qualify you.
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0 votes
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