How do I know if I qualify?

Asked by Becca, Onalaska, TX Fri Sep 11, 2009

I am a single mother with two children at home and I am interested in buying a home. How do I start?

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Chris Tesch, Agent, College Station, TX
Fri Sep 11, 2009
Becca, you've gotten some great advice about using a local lender, also, depending on your income, many cities have a downpayment assistance program. Talk with your lender and Realtor about the potential there. I don't know about Onalaska, but here in Bryan and College Station each of the cities have $7,500 downpayment assistance programs that work well for income challenged people so that they can get into a great home. I've helped lots of single moms utilize this. In our cities that $7,500 is in the form of a forgivable loan. After you've lived in the house a certain length of time that loan no longer needs to be repaid. If you sell the property before the time is up you typically have to pay a prorated portion back out of the proceeds.
Good luck!
Web Reference:  http://www.ChrisTesch.com
1 vote
Voices Member, , Benton County, OR
Fri Sep 11, 2009
Becca

I would recommend reviewing the info on these Government sites on the Homebuying process and the steps involved. They also provide many resources and free counseling if needed..

http://www.hud.gov/buying/index.cfm .... http://portal.hud.gov/portal/page/portal/FHA_Home

This site contains all the current Fed. housing loans programs, you will find 18 Housing loan(s). You can get specific information, compare options, or take a short questionnaire to determine your eligibility for each program.

http://www.govloans.gov/govloans_en.portal?_nfls=false&_…

Good luck, Dunes
1 vote
Kathy Fisher, Agent, Decatur, TX
Fri Sep 11, 2009
As stated below, your first step is to sit down with a LOCAL Mortgage Company/lender. One that knows your local area, trends, property types & location (the fact that it is rural is something that Big City Lenders just don't understand). So stay local. Get pre-APPROVED before you get started. This will give you a more realistic picture of exactly how much you need for down payment, closing costs, etc...before you even start to look at properties. You don't want to go and look at something that you may not qualify for OR you don't want to wind up looking at something LESS than what you were looking for.
Next step, contact a LOCAL Realtor. Again, one that is an expert in your area and knows the market. I have a great point of contact for you. Her name is Debra Brooks (Brooks Prime Properties). Deb is VERY knowledgeable of the Onalaska area...she lives and works there. Please give her a call at 936-661-2624. You could even give Deb a call right now and she could recommend a Lender that she is familiar with locally for you. She would know those that do the job or just string you along. Tell her Kathy Fisher sent you her way.
Good Luck and God Bless!
0 votes
Steve Fergus…, , Austin, TX
Fri Sep 11, 2009
The first step in the process is to determine if you qualify to purchase a home and how much home you can afford. You do this by contacting a lender that will walk you through the loan application and credit pulling process. I work with borrowers and realtors all over the state and I would be more than happy to help. If you are willing to contact me then I can email you information that explains who we are and how we operate. I wish you the best of luck on your home search and I hope to hear from you very soon. Have a great day.

Steve Ferguson
0 votes
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