How can I prepare myself to buy a house?

Asked by Hillary Davis, Defuniak Springs, FL Wed Aug 1, 2012

Do I have to have 20% to put down? What is a desirable credit score? How long should I have been with my current employer? Are there any other basic things I need to have squared away before I speak to a realtor?

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9
Bobby Nahoom, Agent, Tallahassee, FL
Thu Aug 2, 2012
Hillary,

Here are also 3 good articles I wrote about how to prepare for buying a home. There is some good information in these articles that should help you out. I hope these help.

http://bobbynahoom.blogspot.com/2012/03/3-steps-to-smooth-an…

http://bobbynahoom.blogspot.com/2012/03/3-steps-to-smooth-an…

http://bobbynahoom.blogspot.com/2012/04/3-steps-to-smooth-an…
0 votes
Bobby Nahoom, Agent, Tallahassee, FL
Thu Aug 2, 2012
Hi Hillary,

When you are preparing to buy a home, there are a few things that you can do to prepare for buying a home. The first thing that you should do is go and speak with a reputable mortgage lender. When you meet with the lender, they will be able to run your credit score, evaluate your income and expenses and check your assets to see how much of a home loan you can qualify for. If there is something that is holding you back from getting a mortgage such as a low credit score, the lender will let you know and could also offer some advice on how you can fix whatever it is that you need to fix in order to qualify for a mortgage. If the lender determines that you are qualified for a home loan, you should get a prequalification letterfrom your lender that states how much of a loan you can get, and than you should start working with a Realtor to find you a home.

If you are buying a home as your primary residence (not a second home or investment property) you can find a loan that will require only a 3.5% less actually. Also, there are down payment assistance programs available as well that will offer you money to cover your down payment as well as closing costs.

You can find more information about preparing to buy a home on my blog in a few articles I wrote about this subject. The link is http://bobbynahoom.blogspot.com/2012/03/3-steps-to-smooth-an… You can also checkout my home buyers packet at http://www.bobbynahoom.com/106/--Home-Buyers-Packet which will walk you through the entire home buying process.

If you have any other questions or would like the names and numbers of a few good lenders here in town that you can call, I would be glad to provide you with that information. I would also be glad to help you with finding a home once after you have talked to a lender. Please feel free to contact me with any questions or real estate needs that you might have.

Sincerely,

Bobby Nahoom
(850) 567-0037
nahoom1171@yahoo.com
http://www.bobbynahoom.com
0 votes
Lee Bridges,…, Agent, Tallahassee, FL
Wed Aug 1, 2012
Hi Hillary, you are wise to be asking a question like this before you really start looking. All of the previous answers have been good answers. Most are similar in content. However, there are a couple of things that really make a difference in your ability to make a purchase. You want to sit down and look at all of your finances. Take a piece of paper and write down all of your owed money. This is all credit cards, loans, car payments, etc This means everything that is a monthly bill. This does not include your utilities or rent or food. The main purpose is to see where you can get rid of any small monthly bills. Do not go out and buy any large purchases such as a new car, new television, new expensive anything that will add to your monthly payments. Always wait until after your home purchase. And then do not burden yourself with more than you can easily handle. You must leave room for an emergency, because they will always happen. Once you have done the above, then see a loan officer and get qualified. If you go in prematurely, before you see if you can lower some of your monthly payments, you will not qualify for as much house as you can. once you can get rid of some of your payments. I hope this has been of some help to you. Please feel free to give me a call if I can be of additional help. Lee Bridges, GRI (850-566-6344)
0 votes
Jules Straker, Agent, Tallahassee, FL
Wed Aug 1, 2012
Hi, Hillary,

I understand your questions and concerns about homebuying, Aric is right about doing some sort of homebuying edcuation... Usually our real estate institute, focuses on educating other REALTOR's, however we also hold classes for the public as a community service. However, I offer a free no obligations private home buying consultation as well... that provides a strong foundation on the homebuying process & also helps to answer any questions you may have. I do this generally when an individual ask a real estate question. Feel free to write down and compose your questions, and take advantage of this free opportunity. Call me at anytime to schedule a time that is right for you!

Take care,

Jules Straker
Broker/Owner of
Milestone Real Estate Institute
& Milestone Real Estate Professionals LLC.
850-841-0097
0 votes
Hilton Hight…, Agent, Tallahassee, FL
Wed Aug 1, 2012
Your lender at the bank will answer all of your questions regarding your loan and qualifications. This is a part of the process that you cant ignore. That is why I suggest meeting with the lender before doing anything else. Lots of your questions will get answered. Then, give me a call and we can start looking for houses based on your qualifications.

Hilton Hightower
realtor/owner
Assist-2-Sell Buyers & Sellers Expert Realty, Inc.
422-0008
hiltonhightower@hotmail.com
homes4tallahassee.com
0 votes
e e, Agent, Tallahassee, FL
Wed Aug 1, 2012
In my opinion. Education is a good way to start before you purchase. Go to a first time homebuyers class. That way you can learn about the process. They will be able to explain the different types of financing and how much down payment is associated with each. Once you feel comfortable setup appts with lenders and get pre-approved before meeting with a realtor. That way you know your price range. Then work on you needs and wants in a property. Then go shopping once you find a realtor. Close and get the keys.

Aric Anderson
Milestone Affiliates
FL Lic. Sales Associate
0 votes
Beate Rodrig…, Mortgage Broker Or Lender, Sunrise, FL
Wed Aug 1, 2012
Hello Hillary,

the first thing you should do is to contact a lender. Your Loan Originator will inform you about all loan programs and their requirements.

After determining what loan program and the actually loan amount you qualify for, you will be receiving a Pre-Approval Letter.

With a pre-approval letter in hand you can start your shopping for homes - real estate agents and sellers will take you much more seriously when they see you have your mortgage funding in place.

If there is anything I can do to pre-approve you for the homes of your dreams, please feel free to contact me at your earliest convenience.

Best Regards,

Beate Rodriguez
Lic. Loan Originator
NMLS# 299244

Beate.Rodriguez@HGFLoans.com
Cell: 954.695.4849
0 votes
Voices Member, , Denver, CO
Wed Aug 1, 2012
Hello Hillary,

How smart of you to ask these great questions before starting your house search! There are several types of financing available with varying down payment requirements... FHA with 3.5% down, USDA 0% down, and Conventional with as low as 5% down... and the minimum credit score requirements with depend on the type of financing. Generally speaking it is best if you are in the same line of work for at least 2 years and as long as you are not on a probationary period with your current employer you should be fine. If you would like to contact me directly, I would gladly review your individual circumstances with you, let you know the amount of home you could qualify for and provide you with a pre-approval letter for your realtor.

Alice Barker
Licensed Mortgage Broker
Ameritrust Mortgage Associates LLC
Cell: (904) 614-7312
Email: AliceB@ameritrustmortgage.info
Website: http://www.ameritrustmortgage.info
0 votes
Hilton Hight…, Agent, Tallahassee, FL
Wed Aug 1, 2012
First thing you need to do before starting your home search is to find out your qualification level from a local lender. Let me know if I can supply any names for you.

Hilton HIghtower
Owner/Realtor
Assist-2-Sell Buyers & Sellers Expert Realty, Inc.
homes4tallahassee.com
422-0008
0 votes
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