Going about buying a home(first time home buyer)

Asked by Babymama, Dearborn Heights, MI Sun Jan 22, 2012

We are looking at a home, and we are buying a home for the first time! We don't have good credit so we are have a family member who is going to co-sign for a loan for us. I am a stay at home mom and I don't have any credit right now. But my fiance has had a steady job for 4 years now and brings home about 25,000 a year not including tax returns. How do we get started? Also, would we have a problem with a co-signer? We are interested in a home right now listed on this site in Taylor, MI and there is no listing agent but its listed by RE/Max. How would be go about looking at the home? Thanks so much!

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Pam Bava’s answer
Pam Bava, Agent, Rochester, MI
Mon Jan 23, 2012
Hi there,

Spend some time speaking with a mortgage person who can give you a better idea with how you can finance your new home. There are many different loan options you may or may not qualify for. If you cannot qualfy the lender can help you get on the right path to home owner ship.

Good luck
0 votes
Jamie Hastin…, Agent, Canton, OH
Mon Jan 23, 2012
Hello Baby mama!!

First off, great question! Shows me that you and your fiance are off to the right step by asking questions. I have worked with first time home buyer since 2003 and I would love to help you with your home purchasing needs. I also work with a great Loan Officer who knows FHA loans inside and out. (He is a Gov. Trainer for FHA and VA loans) I am confident that together we can help you get into the home you desire.

Based on information from my loan officer...
You will need roughly about $4,000 to $6,000 for closing costs on a loan under 150k. Which includes your 3.5% down payment, appraisal, credit report and closing costs. However, we can ask for concessions from the seller to assist you with the closing costs, which will mean less money out of your pocket at closing.
The paperwork you will need is last 2 years W2's and most recent 30days of pay-stubs. Mortgages are qualified based on credit scores and your DTI (debit to income ratio) You said that you have been renting for past 2 1/2 years, if you paid by check we can use that as proof of ability to pay.

I would be happy set you up with an automated search in the area of Taylor you desire, sent daily to your email with current property information. Please do not hesitate to contact me with any questions, as side from being a realtor, I was loan officer from 1997-2006, so I can guide to with the basic information you will need to get started.

I hope that this has helped you with the basic information you will need to start the buying process. Again, I would love to speak more in depth with you and help get you ready to buy the home you want. Do not hesitate to contact me with any questions you may have - (734) 444-5323 direct line.

Jamie Hastings
Realtor - Vision Realty Centers
(734) 444-5323
Web Reference:  http://www.AgentHastings.com
0 votes
Lucy, Home Owner, Detroit, MI
Wed Aug 8, 2012
I am a retiree that has a home that has been paid off. However, because the area I currently live in now has a lot of blight, I am now looking for a home nice ranch stYle home in the Oak Park area. I am currently working a job in which I make $30,000 a year, along with a small pension I receive month. My monthly income totals around $3,500 a month and my monthly bills is roughly $1,800 a month. I would like to put my small bungalow home on the market but because of the neighborhood I don't think anyone would want to purchase. Last time I checked, about 6 months ago, my credit score is in over 650. What would be your suggestion?
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