How do you begin the process of buying a home?

Asked by Arthur, Dallas, TX Sat Apr 6, 2013

We've decided renting isn't good for us. We're a new couple make around 47000 a year at least, together looking to purchase a 25000 home. Should we even try?

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11
Realtors of…, Other Pro, Dallas, TX
Fri Feb 5, 2016
We like to have a big pool of lenders to choose from for our clients. It gives us the best possible chance of our client getting approved. We will typically use one of our local lenders or we will send our clients to Home Loans For All. We've always had great success with them. I will post a link to their website on here if anyone wants to check them out.
2 votes
We also use Home Loans For All. Great company
Flag Wed Feb 17, 2016
C E Sebasti…, Agent, Richardson, TX
Sat Apr 6, 2013
I am hoping you left a 0 off of that price or you are in trouble.
1 vote
Monica Pineda, Agent, Dallas, TX
Tue Apr 9, 2013
Wow! You sure did get quite a few really good responses to your question already. The first step I would suggest you take is find a Realtor you feel comfortable with, and talk to them personally. Let them give you a step by step run thru of the home buying process, help you find a good loan officer, and figure out what you can afford. Then they can start showing you examples of whats on the market right now in your price range and preferred areas. You should ALWAYS try, you never know what you can do if you don't try to do it! If you haven't found a Realtor yet, I'd be happy to help you, just give me a call or shoot me an email. Good Luck!

Thanks,

Monica Pineda - REALTOR®
VIP Realty | Real Estate Consultants
The Premier Firm in Real Estate
Direct: (469) 348-4113
monica@viprealtyinfo.com
0 votes
Tamika Goree, Agent, Arlingon, TX
Mon Apr 8, 2013
Good Morning Arthur,

I definitely feel you should try! Interest rates are still low and $25K is a great down payment. I would highly recommend that you contact a few lenders to shop and compare. No two lenders are alike. I would be more than happy to earn your business and assist you two on purchasing your first home. I can also recommend some great lenders that would be happy to assist you on get pre-approved. Please feel free to contact me at your convenience. I look forward to hearing from you!

Make it a Great Day!

Tamika A. Goree
Broker | Owner
The DFW Property Shop
Cell: 972.697.1178
Fax: 972.665.7148
Email: tamika.goree21@gmail.com
0 votes
Leonard Coll…, Agent, Port St Lucie, FL
Sun Apr 7, 2013
$25k is a good down payment. A great place to start. Very few areas in the country can you buy a house entirely for that price and where you can you get what you pay for.
There are programs available for first time home buyers that require minimum down you may want to consider.
There is plenty of assistance available. Get pre-approved by a mortgage broker who can suggest a reasonable mortgage for you and then find yourself a good local agent to help you through your purchase.
0 votes
BeeBie Vidal, Home Buyer, 75214
Sun Apr 7, 2013
Arthur,
Why don't you find someone who can offer you owner financing? I love 75228.
- Dallas Native
0 votes
T.E. & Naima…, Agent, Dallas, TX
Sun Apr 7, 2013
$25,000 won't get you much of a house, although some townhouses are near that range but they have rather high monthly association fees.

Most lenders limit their loans to $50k or more and many require even higher. It just isn't worth the hassle imposed by Dodd-Frank to pursue small loans and if it were the interest rate would be so high that it might hit the 10% limit from OCCC.

You'll need a down payment unless you can get a VA loan or use the state's TDHCA program (at a higher interest rate). Count on having at least 5% of the purchase price for minimum down payment plus other closing costs.

If you have been working for 2 years and can prove your income, you should qualify for a loan of up to $200k with little down, provided your credit history is acceptable.

You can read our suggested steps in Buying a Home to get a better idea of the whole process http://www.Rowlett-Realty.com/for-sale/dallas-homes/ by reading the left sidebar. Plenty of other opinions are around.
0 votes
Jennifer Fiv…, Agent, Red Hook, NY
Sat Apr 6, 2013
You will need to find out what you can afford, a lender can assist with this. Find out if there are any special programs available for first time buyers.

Speak with a Real estate agent to discuss your needs and get an overview of the buying process.

I hope you will be successful in finding a home.
0 votes
, ,
Sat Apr 6, 2013
Yes, now is the time to try. Our company does a downpayment assistance through TSAHC.org that will give you 5% toward downpayment and closing costs.
The first step in buying a house is to talk to a lender (ME!) and we will figure out a game plan for you and how much house you can afford. Once we get you a pre-approval letter for up to a certain amount, then it is time to find a realtor. Typically, the minimum loan amount is $50,000, but even at that price point, I can show you how you would be in better financial shape than you would be renting. I am available on the weekends to discuss any mortgage-related questions you may have 972-854-3270.
0 votes
Bruce Lynn, Agent, Coppell, TX
Sat Apr 6, 2013
I would probably wait until you can save more money or make more.
It will be very difficult to find a $25,000 home to finance. You would need to pay cash.
So not sure that's what you have in mind.

Typically for financing the minimum loan is about $50,000 so you would want to target about $55,000 purchase price or more.

How did you come up with the $25000 number?

I'm guessing you can probably afford more, but we need to get you with a loan officer to check.
0 votes
Dallas Home…, Agent, Dallas, TX
Sat Apr 6, 2013
Hi Arthur,

I recommend that you contact lender first to get pre approval first and then go from there. Let me know if you would like a good loan officer referal.

Thanks
Mila
469 324 6344
0 votes
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