Looking to buy for first time

Asked by Holly Parker, Brooksville, FL Thu Oct 10, 2013

I am looking in the Brooksville area. i have never bought/rented a house before. I would like something with 2 bedrooms and ideally 2 bathrooms. I would be using inherited money for a down payment. How do I find nice foreclosures, bank owned, or cheap homes. My monthly payment is maxed at about the $350-$400 range. Any help is appreciated!

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Sabrina Robl…, Agent, BROOKSVILLE, FL
Thu Oct 10, 2013
Hi! In order to get accurate property details and availability I would suggest working with a Real Estate Professional. First step if buying through Finance is to get a Pre Approval Letter from a Lender of your choice. If you need a contact I can assist as well. Please feel free to contact me to further discuss your search and possibly schedule to look at available properties that might be of interest to you. Att, Sabrina Robles Weichert Realtors Land and Home in Brooksville Hernando County Fl. Tel. 352-942-8553
1 vote
, ,
Thu Oct 10, 2013
Hi Holly. Buying is going to be difficult, especially considering property taxes and homeowner's insurance alone could account for most of your budget. Taxes and insurance could easily cost $100-$150 a month or more, and in that case you'd probably be looking at a mortgage of around $35,000-$40,000 to keep within your budget.

You should speak to a lender first. Start with your bank or credit union or a small local bank. They are the ones most likely to deal in smaller mortgage amounts. Most brokers and a lot of banks aren't willing to make loans at $50,000 or less, which is where you may run into other problems.

The lender will consider your income and employment history (stable = good) as well as your credit and current debts in determining how much they will lend you.

One other thing to be aware of. If the homes you are looking at require extensive updates or repairs to make them safe and liveable, then banks generally won't lend on those either. So it's important to first find out how much of a mortgage you can qualify for, then from there you need to find a good realtor who is patient and can help find you a home that will fit your needs.

Good luck!
1 vote
Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Fri Feb 14, 2014
Have you been pre-qualified yet? One of the first steps in the home buying process is to get pre-approved. This is a key step because a pre-approval gives you an idea of how much you can afford. Also, offers from buyers with pre-approvals are taken much more seriously than offers without pre-approvals. I recommend you speak with a lender like myself. I would be glad to speak with you to help you get the loan that you need. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes
Holly Parker, Home Buyer, Brooksville, FL
Thu Oct 10, 2013
Thanks, sounds like I may end up renting then lol. I have never had a credit card so they consider me no credit/bad credit which I know isn't good. I just do not know any details on how or where to start. Thanks for all the replies
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