I am trying to figure out about FHA loans and what is required to purchase a home?

Asked by Amanda The Mom, Queen Creek, AZ Sun Oct 28, 2012

I am a first time home buyer and have no clue where to start, I know I need to fix a few things on my credit but what do I do?

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11
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Mon Oct 29, 2012
Hi Amanda,

Let's start by getting you into the right mortgage. Queen Creek is an area that's eligible for the no money down USDA mortgage.

One of the best things about this mortgage is the monthly mortgage insurance is substantially less than an FHA or conventional mortgage and that's with no money down.

Here's an example: An FHA mortgage of $155,000 is going to have a monthly mortgage insurance payment of $161.45 but on a USDA mortgage it's only going to add $51.66 to your monthly payment.

The other nice thing is you can actually roll your closing costs into the loan as long as the appraised value supports it.

As far as fixing things on your credit go, please do not do anything until you talk to a mortgage professional. You want someone to give a step by step plan on what to work on so you get the most bang for your buck. I've actually worked with clients that attempted to fix their credit before speaking to me and they made things worse.

Please feel free to contact me for more information or help. You can also find info on my USDA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust
(877)228-9069
1 vote
Kim Carnagey, Agent, Cedar Park, TX
Fri Mar 6, 2015
Contact a loan officer as there are many different aspects that go into determining the price range you should be looking at and how much down payment that will be needed for the type of loan your qualify for.
0 votes
Jan Pickering, Agent, Florence, AZ
Fri Mar 6, 2015
A good, reputable loan officer should always be your first step.
0 votes
Rebecca Kall…, Agent, Gilbert, AZ
Fri Dec 21, 2012
Congratulations!! FIRST Go to a good loan officer that knows the business. I have a couple I work with that will help with all credit repair FOR FREE. DO NOT PAY for Credit repair if needed. Please let me know if you need any questions!
0 votes
Jennie Miller…, Agent, Phoenix, AZ
Mon Oct 29, 2012
A great credit repair company that my clients have worked with in the past is Credit Absolute and you can ask for Derrick.
Office: 480-478-4304
Mobile: 480-371-4225
Fax: 866-877-7959
Email: dvogel@creditabsolute.com
Web: http://www.creditabsolute.com

A lender that my clients have used in the past is
Korene L. Clopine-Seaman
Senior Mortgage Originator / Team Leader / Mortgage Lender
NMLS# 218520
AZ License # LO-0916745
CA License # DOC-218520
Direct Phone: 623-340-0934
Fax: 623-218-1807
eMail: korene@klcsloanteam.com
Referral site: http://www.klcsreferralpartners.com
Mortgage Website: http://www.klcsloanteam.com
0 votes
Doug McCowan, Agent, Gilbert, AZ
Mon Oct 29, 2012
Hi Amanda,
Your best course of action would be to talk to a lender that actually does FHA loans.
They know specifically what is required for an FHA loan and how your particular circumstances will need to be molded to fit an FHA loan.
I have a lender that would be very helpful in that regard. His name is Jim Passamonte 602-909-0862.
Call him and I am sure he will be able to help you.
Thanks,
Doug
0 votes
Doug McVinua, Agent, Gilbert, AZ
Mon Oct 29, 2012
Amanda

Welcome to the world of home buying, lets make sure you have a great experience in this process.

You are on the right track in thinking that the loan is a good starting point. I would like to open your thoughts even further, we have lenders that have special money available that is Zero Down Payment as well as FHA. Great programs for first time buyers that don't have a lot of resources and the lower closing costs are a big help.

We might also think about requesting the seller pay some or all of your closing costs to reduce that for you as well.

Lets begin your path together, determine the best path and put a time line in place to accomplish your goal of home ownership.
0 votes
Maria Cipoll…, Agent, Coral Springs, FL
Sun Oct 28, 2012
Start by shopping around for an experienced mortgage broker, they have access to many banks, private lenders and different programs. Choose one that can asnwer all your questions on the first meeting and give you at least two financial options and a pre approval letter for the amount that you can afford.

Best of Luck,

Maria Cipollone
Century 21 Tenace

http://www.Flahomespecialist.com
0 votes
Scott Caldwe…, Agent, Gilbert, AZ
Sun Oct 28, 2012
Hello Amanda,

That's exciting you are in the market looking for a home!
One of the first big questions is in obtaining financing for a home purchase is, which one is best for me! Finding a great lender is the first place to start.
They will walk you through the loan process and help you in 2 areas:
1 - getting preQualfied for a loan
2 - how much home can you afford
Both are necessary and better to have upfront before you start looking for a home.

I would highly recommend Amy Simmons with OnQ Financial.
Amy.Simmons@onqfinancial.com 480-353-9140
http://onqfinancial.com/streamline-experience/client-first-s…
Amy will walk you through what is required - documentation, paystubs, tax return, and bank
statements

Once you are preQualified, you should then get a Realtor that can sit down with you and find out what you are looking for, what your expectations are and answer any questions you have about the Buying Process. (having a good Realtor on your side is important to look after and negotiate for you ... and having a Buyers agent won't cost you ... call me for more information!)
Please let me know if I can be of further assistance as you begin your home search.
My office is located in the San Tan Village Mall in Gilbert.
Take care!
0 votes
Stew Keene, Agent, Scottsdale, AZ
Sun Oct 28, 2012
I can recommend you speak to a professional lender that knows FHA lending and can help you with your credit. If you would like to speak to someone I can recommend Angie Keene with Starboard Financial. She lives in Gilbert and would love to help you. 480-220-5627
0 votes
Karen Berg, Agent, Queen Creek, AZ
Sun Oct 28, 2012
Hi Amanda,
The easiest place to start is with a good lender that loves working with first time home buyers and doesn't mind taking the time to help you repair a few things. A great one in the Queen Creek area is Laura Sylvester with OnQ Financial. She can be reached at Laura.silvester@onQfinancial.com
602-451-2844.
While you are doing that, I would be honored to meet with you and help you get started on the home search/real estate side of things. I live , work and volunteer here and am the rare full time Realtor.
Please don't hesitate to call if I can answer any questions.
0 votes
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