Home Buying in 80231>Question Details

Rus Cordova, Home Buyer in Glendale, CO

We are buying our first home and would like some advice on how to go about it and get the best deal possible?

Asked by Rus Cordova, Glendale, CO Wed Jan 11, 2012

Is CHFA the right place to start? Are there better options if we seek foreclosed properties? What are the first steps we need to take?

Help the community by answering this question:


CHFA has income restriction based on the area the property is located in so be sure to make sure you qualify for that program first before going out home shopping. If you are interested in low down payment programs for buying foreclosures here in Colorado I would recommend you looking into the $100 down payment incentive we are offering when buying HUD homes here in Colorado. It is a great program that can be used to buy HUD homes for very little down.

If you would like more informatiion feel free to send me a message at nnetherton@houseloan.com as I would be happy to help you learn more about the program.

Or just call at 970-590-5021

2 votes Thank Flag Link Wed Jan 11, 2012
The best place to start is to learn the process. There are lots of classes and books on the subject. I wrote
The Colorado Home Buyers Guide (published by Bradford Publishing in Denver) and I teach a class through CFU called ABC's of Home Buying. If you go to my website, you can also request a short handbook on the home buying process (and many other realtors have similar items).
If you feel you have a handle on the process, your next step is to find a realtor you can trust. Your realtor will hook you up with a trusted mortgage lender so that you can figure out what you can qualify for, and if there are steps you need to be taking now to be able to get a loan down the road.
Not sure what you know about CHFA or why it came up in your questions. CHFA is a resource if you need financial assistance. They have some great programs if you qualify, but that may or may not be for you.
I would be happy to help you. Of course, if there is a realtor you already know and trust, you should contact him/her.
Vicki Porter
Ideal Properties of Denver
1 vote Thank Flag Link Wed Jan 11, 2012
A lot of people already said to work with a real estate agent, so I won't repeat that, and I offer the following -

First, don't just look at foreclosed properties. They might be the best deal, but you don't know for a fact you won't find something better so keep all the options open.

Second, don't get emotionally attached to a home. You need to be able to make a thoughtful decision about what you would pay, so don't get overly excited and end up paying more than you should.

Third, look at several homes. I say this with a caveat - sometimes, your agent will find you the best home the first time out. You need to work with an agent you trust, and who will give you good advice. If your agent is 'wowed' by what a great deal a house is, even if it's your first time out, pay attention.

However, I feel it is better for buyers to see several homes, so they actually know the market. It's not long before buyers can walk through a house and know whether it's a great deal, or overpriced.

Fourthly - know what your needs are and stick to it. The buyers who are most likely to miss the best deals are the ones who can't make up their mind. Maybe this week they want one area, next week they want to look elsewhere. One week having four bedrooms is the most important thing, the next week a 3-car garage is the most important thing. If you do that to yourself, you never have the focus you need to find that best deal and grab it.

Lastly, be ready to write that offer when you find that best deal possible. Because you won't be the only one who's looking at it, you will need to move quickly. That's why so many of the previous answers advised talking to a lender right away.

I hope this helps - have fun in your search!
1 vote Thank Flag Link Wed Jan 11, 2012
the first step is to get pre-qualifed for a mortgage with a reputable lender.
0 votes Thank Flag Link Tue Jun 26, 2012
Rus - what did you decide to do as your first step?

Where are you now in the home buying OR Home Ownership process.

I see something like 9 zllion agents responded, so I'm really curious what the best advice was (so I can borrow it and give it to my clients in the future).

Best -

Bob Gordon
Re/Max Alliance
0 votes Thank Flag Link Tue Apr 10, 2012
Whether you are going to use CHFA,, other housing assistance programs, get FHA financing, etc. to purchase any home (be a foreclosure or not) you need to get pre-qualified with a mortgage lender. Sandy Levy with Universal Lending has the expertise to handle all of these options - She is an outstanding professional. Call her at 303-759-7402 or email her at slevy@ulc.com
0 votes Thank Flag Link Wed Apr 4, 2012
The first step in my opinion is to determine how you will finance your purchase and determine how much you can afford. Here is a blog I wrote about obtaining financing for a home purchase.
0 votes Thank Flag Link Wed Apr 4, 2012
Hi -- CHFA, which is the Colorado Home Finance Authority, is a good place to start for a loan. CHFA provides down payment to first time buyers but has income limitations for qualification. With CHFA, you'll need $1,000 of your own funds. Honestly, foreclosure properties are highly overrated. They CAN be a good deal, but most need a ton of work, so if you're short on cash, it's better to buy a regular sale. Once you are pre-qualified for a loan, contact a few Realtors who can recommend areas, neighborhoods, etc., Julie Montgomery, RE/MAX Masters, Inc., 303-906-3150, http://www.jmontgomery.com
0 votes Thank Flag Link Wed Apr 4, 2012
Hello Rus
The 1st step is to sign up with a competent Real Estate Agent. Family and friends maybe a good resource of information and referrals.

Good Luck!!!!!! Check back in with us to let us know how its going.
Kevin Connolly
Verde Denver Real Estate & Property Management
0 votes Thank Flag Link Sun Feb 12, 2012
First of all find a good quality Realtor. He or She should have a loan officer they work with that can help you apply for a mortgage. You shold be prequalified before you even go out to see any homes. You should know how much you can borrow and find out what payment you feel you can live with. If you don't do this first you don't know what homes you should even be looking for. If you have any other questions please give me a call at 616-826-4387
0 votes Thank Flag Link Sat Feb 11, 2012
Julie Montgomery need to stop laughing and get her facts straight. A property cannot be bank owed AND a short sale. A short sale is when the home owners still have possession of the house and, to sell the home to a buyer below what they owe their mortgage company, they must have the bank's approval. It's "selling short" but can take a long time (many times 6 months). Properties that have completed the foreclosure process are owned by the bank, HUD or Fannie Mae and they can sell it immediately. While some may need minor fix-up most are in move-in shape. The market for homes below $200,000 has gone up because of demand and low supply. That is why you should consider a Fannie Mae or HUD home where you get the price advantage as a owner/occupant. I agree with all the others, your starting point is to apply with some mortgage companies to find out what price range home you qualify for. If you are in the income range where you believe you will need downpayment assistance (such as through CHFA) make sure the mortgage lender has experience with these type of loans.
0 votes Thank Flag Link Sat Jan 28, 2012
I'm laughing at some of the answer you've received ... seriously, the LAST thing you need is to buy a bank-owned, short-sale mess!! However, before you do anything, you must contact a local lender to pre-qualify for a loan. Julie Montgomery, RE/MAX Masters, Inc., http://www.jmontgomery.com
0 votes Thank Flag Link Sat Jan 28, 2012
One of the best deals right now is Fannie Mae foreclosed homes. First, as a owner/occupant you will get to make an offer during the first two weeks the house is on the market before it's price is bid up by investors. Second, through their HomePath financing, you will only have to put 3% down plus they provide assistance with closing costs and have no mortgage insurance requirements. If you income qualify, CHFA can provide downpayment assistance. Go to their web site to learn their requirements and to complete their application: http://www.chfainfo.com/
0 votes Thank Flag Link Fri Jan 27, 2012
The first thing you should do is to meet with a good realtor to get advice. Make sure you feel comfortable with your agent and bank before you go any further. The bank will let you know how much money they will be able to lend you and what your payment would be.
Best regards,
Cynthia Butler
0 votes Thank Flag Link Wed Jan 25, 2012
I suggest you first speak to a local Realtor one who has experience working with foreclosed properties.

Best regards,
Cynthia Butler
0 votes Thank Flag Link Wed Jan 25, 2012
Just remember that if you are seeking foreclosed properties that the condition may or may not be good. Be certain you have a professional inspector look at the property. That way, you know what you're getting. The first step would be to affiliate with a reputable real estate professional who will help you understand the differences between various programs and properties and assist you in gaining the tools to make a good decision.
0 votes Thank Flag Link Wed Jan 25, 2012
This is an exciting time and it can be filled with ups and downs. A few suggestions.... shop for your lender. Talk to several. For example, talk to a couple of Brokers - people who can find loans with various providers, talk to someone who works for Wells Fargo, talk to a local banker or two. That way you have all your bases covered. You will learn something at each interview. DO NOT let them pull your credit "just to see" this is a hard pull which goes against your credit. You could go on line and sign up for a credit monitoring service for a month for a nominal fee and get all three of your scores to have a benchmark. Just remember to cancel the credit monitoring service within the introductory time period if you don't want to continue it - and pay monthly! Once you pick your lender, then and only then, let one person pull your credit in conjunction with your loan application. Same advice for REALTORS, shop around. Try different franchises - see if one office or one agent seems best. If you want to go for a foreclosure you must have your pre-approval letter to send in with your bid and earnest money. The first step always, is get your financing in place and then the rest is much more fun, less stressful and you know at the outset what you can and can not do! GOOD LUCK, Katherine the REALTOR who cares about YOU!
Web Reference: http://www.XTROV.com
0 votes Thank Flag Link Tue Jan 24, 2012
Oops! Pardon the omission of the letter O in hello. I tried to catch it. Oh well, I be sure to use spell check next time.
0 votes Thank Flag Link Tue Jan 24, 2012
Hell Rus,

The first and most important step is to educate yourself about the home buying process before interviewing and choosing an agent. I would suggest that you go to the HUD.gov website and look for "Buying a home" You'll find everything you need there.

Best wishes!
Web Reference: http://www.hud.gov
0 votes Thank Flag Link Tue Jan 24, 2012
I agree with most of the other agents, You first need to find an agent that you feel confident with, that has experience in dealing with short sales and forclosed homes, You should also get pre-approved for a mortgage with a bank you feel comfortable with or get some names from the realtor you are dealing with, this will help when it comes time to start looking, you will know what you can buy and make the process much easier.
0 votes Thank Flag Link Mon Jan 23, 2012
I suggest you first speak to a local Realtor one that has experience working with foreclosed homes.
0 votes Thank Flag Link Sun Jan 22, 2012
In my opinion, the best way to find the best deal on your first home is to partner up with a qualified/experienced professional that knows the area you're looking in very well. They should also be well versed in the type of loans available and can recommend lenders for you to work with. As far as getting the best deal, it's really all about discussing what your needs/wants, budget, neighborhood, etc. with your Realtor and they can help you not only locate properties that fit your needs best but they can also help negotiate a win/win deal. Their job is also to guide you and protect you through the entire home buying process from beginning to end. There are lots of great deals out there and they come in all shapes & sizes, but most important is addressing what you need in a home.. other details will fall in place after.

I used to live in Colorado and still have some Real Estate contacts there, I'd be more than happy to refer you to someone in my network that will be a good match for you and your needs. Feel free to contact me and we'll go from there.

Have a wonderful day!
0 votes Thank Flag Link Fri Jan 20, 2012
Your first step is to find yourself the right Realtor. You may have friends give you a recommendation on a realtor that they had a good experience with or you check with your local board for a recommendation. Be sure and interview the agent to make sure they know the area you are interested. The agent should consult with you on "steps to buying a home" as well as getting pre-qualified to purchase. Remember this is a free service to you so take advantage of it.
0 votes Thank Flag Link Thu Jan 19, 2012
Most programs put a dollar limit on the property you’re buying. You probably can’t use a first time home buyer loan to buy the more expensive properties in your area. Instead, you’ll be limited to properties on the lower end of the spectrum. Again, the idea is to benefit people who have the most need.

You also have to live in the home as your primary residence. If you're going to rent the place out, don’t use the first time home buyer loan. Finally, the home you buy most likely has to meet some physical requirements. It must be in good condition and free from any safety hazards (such as lead-based paint, for example).
0 votes Thank Flag Link Tue Jan 17, 2012
The first thing you do is to meet with a good realtor to get advice on a good Bank. Make sure you feel comfortable with your agent and bank before you go any further. The bank will let you know how much money they will be able to lend you and what your payment would be. Even though the bank gives you a letter that you are pre-approved for $200,000 you may want to buy a $150,000. Make sure your realtor has your best intrest in mind. You the buyer is in the drivers seat so don't offer to much on your first offer, let the seller compromise to your offer. Enjoy your experience and make sure you have an enjoyable well qualified realtor.
0 votes Thank Flag Link Tue Jan 17, 2012
Hi, If you haven't already been to a bank about purchasing a home, you may want to make that your first stop.
Knowing what price range when looking at homes and having a pre-approval letter ready for when you make your offer on that dream home is being well prepared and shows the seller you are a serious buyer. Gives your offer more weight if compared to a similar offer that has a contingency on financing.
Acknowledging what you need in a home, what you desire and where the best place to live before you talk with a realtor is another place to start. You'll have a more sucessful and quicker experience if everyone is looking for the same things before you visit the first house!
Foreclosed properties can be bargains expecially if you can do some work yourself. Be sure to have a good home inspector as the banks can provide no disclosures to inform you about the home.
Good Luck and much success in your search!
0 votes Thank Flag Link Tue Jan 17, 2012

The first place to start is obtaining an pre-approval letter for the amount to borrow. See your Bank or a Mortgage Broker for assistance. Secondly, find a REALTOR that you could have a good rapport with; and understands your needs. Also, you want someone who is educated of your market as well as the processes to submit offers efficiently and effectively. Thirdly, if you decided to focus on foreclosure homes, I suggest to narrow your focus to Fannie Mae foreclosures where you eligible to obtain a HomePath Loan. The huge benefit of this type of loan is no appraisal is required. Lately, bad appraisals have killed many deals, and instantly discourage you in the process of trying to appeal them if you need to. Lastly, if you are not on a time table to purchase a home quickly then you may consider looking a short sales in your area. Very often you get a great deal purchasing a short sale, if you go this route then focus on getting an FHA loan to finance it. Lastly, if your buying with CASH then congratulations!!!! Have a great experience-:)
0 votes Thank Flag Link Mon Jan 16, 2012
Go with a top professional in that area. Keep in mind the service is free to the buyer so take advantage of that.
If I can help in any way feel free to twitter me AMY PFISTER80
Web Reference: http://www.AmyPFISTER.COM
0 votes Thank Flag Link Mon Jan 16, 2012
Hello Rus,
Yes, do interview three to five agents and then select an agent you feel comfortable with - someone with whom you feel listens well and is well-spoken. Experience, how many listings they have and the rest are all secondary.

Here are some good guidelines that you will be helpful.


Foremost in your mind should be determining how much home you can afford. As many people discovered in 2007 and earlier, getting into a home is not even half the battle. As Ron notes, CHFA is a great information source.

You should shop for financing. There is no disagreement here. All of us keep several broker business cards on file. You're in for some really, really good news, too. Depending on your credit, you should be able to land a great rate.

Here are a few additional articles:


Best regards,
PML of Longmont, CO
720 810 0683
0 votes Thank Flag Link Mon Jan 16, 2012
Hi Rus:

CHFA has a lot of good information and some good programs for homeowners. It is certainly a great place to start. As others have mentioned, you should also talk to several agents. The local government where you want to buy may also be a source of information. Here in Boulder, for example, there is a very strong affordable homes program. Some other areas have similar programs. It also pays to shop for your mortgage. Some people assume that all lenders are the same. Nothing could be further from the truth. (And, when you shop for the loan, talk to at least one reputable broker. Brokers can compare a number of loan products and often seem more willing to give advice about improving your situation as a borrower so you get the lowest possible interest rates.) You may be able to save a lot of money over the life of your loan by shopping carefully for the loan that best meets your needs.

If you have any additional questions, please let me know!

Kind regards,
Ron Rovtar
Prudential Real Estate of the Rockies
Days: 303.981.1617
Evenings: 303.473.1926
0 votes Thank Flag Link Sun Jan 15, 2012
Buying a home is American dream. You are on your way to achieve the dream. You will be needing a good Realtor, lender, Title Company and home inspector. Once you decide on a Realtor, he/she will connect you to a good lender, inspector and the Title Company. Look for a Realtor who has ABR designation. You need a Realtor who helps first time home buyers, who can answer your questions over and over again.

Neeti Chauhan, ABR, ASP, GRI, CNE, eCertified®,
Relocation Certified
0 votes Thank Flag Link Sat Jan 14, 2012
Hello Rus,

Although I'm not in your area, I can tell you there are many great Real Estate Professionals who can make this process a smooth one, as you deserve!

First, seek out 3 reputable companies and interview their top agents. Don't be afraid to ask questions. That is what we are here for! Once you narrow down the one who best suits you and your family, then you can start the process.

You also need to get pre-qualified with a reputable lender as well. I believe the agency can also assist you with locating 3 lenders. On-line lenders won't be able to be right there with you. Sometimes they can get you "so-called" deals...check around the local companies first.

There are many great listings on the market. The foreclosures are not always the best deals. Many homeowners are in need of selling and doing so at rock bottom pricing. While foreclosures can be awesome deals, most are in need of major work. Just be careful. Again, your realtor will be able to give you all the tools, comparables, etc.

Take your time. That is key.

I wish you and your family the BEST!!!
Susi Yarbrough
OpenHouseAtlanta Realty
0 votes Thank Flag Link Sat Jan 14, 2012
Hello Rus
Buying a home is a very exciting time. The process can take you on a rolller coaster ride if you are not prepared.
First I think it is important to "build your team". Find a lender and real estate agent who is not only knowledgable but that you feel comfortable with. These two professionals will be your guides through the process so its important to fell that the three of you are a team.

After that, narrow down what your home needs are vs. your home wants. Be clear, make a list and make sure it makes sense for you and your family. This will help to narrow down your search and get the home you want that much quicker. Doing this will help narrow down t something that is just right for you. For example if you are handy and patient, a forclosure may be good. If you are looking for move in ready then this may not be a number one option.

I hope that helps get you started. If you need further assistance feel free to contact my self or any of the knowledgeable agents here. Godd luck and happy hunting.
0 votes Thank Flag Link Wed Jan 11, 2012
I am not a Realtor in your state, but what follows are my guidlines for choosing a Realtor and hiring the right person to assist you is well........huge. Good Luck

Picking a real estate agent; you should interview several realtors before making a decision. Do not solely rely on a referral! Do the work yourself and interview several. Here’s a short check list of questions to ask & things to consider:
1) The paperwork involved in this process is extremely complicated, having stated this It is important that a Realtor be “practiced at our trade” pick a Realtor which has completed 15+ transactions the previous year
2) Interview 3-5 full time realtors (very few part-time agents have the same skills as a person who works Real Estate on a full time basis)
3) Ask for a copy of the Realtors credit report before you hire them. This may sound bold but you would be surprised how many are below 600, and then ask yourself do you really want to accept consul on one of the biggest decisions of your life from someone who can’t manage their own financial future? (note: this is not common practice and may offend many, but you are about to spend hundreds of thousands of dollars, do your homework gather information)
4) Once you have interviewed your potential Realtors and if you are still unsure and want a “trail run” sign an exclusive buyers agency for 48 hours with the Realtor and explain if all goes well in the beginning then you will be willing to commit for 3 months.
5) Work with a Realtor which is local to your area. Meaning a 10-20 mile radius, they will know the schools, shopping and the growth potential of the area without having to go look it up!

Before you even start this process consider purchasing the book by Dave Ramsey “The Total Money Makeover” this will provide valuable information in regard to having a successful financial life & make a prudent home purchase!

That’s your list! Good Luck!
0 votes Thank Flag Link Wed Jan 11, 2012
Congratulations on your decision to purchase a home. I have to agree that the first place to start is to find a Real Estate agent that you feel will represent your best interest and a mortgage broker. I can provide these services take a minute give me call.
Verde Denver Real Estate & Property Management
0 votes Thank Flag Link Wed Jan 11, 2012
Dear Rus,

Congratulations on making the decision to buy your first home. I teach a seminar on "Buying you First Home" that CHFA regulates. Call me and I will give the presenttion privately to you and your wife. Call me at 303-856-8980.

Basically the first steps are to get a good realtor who knows how to work with first time home buyers and get pre-approved with a lender. I can also give you the name of some lender that I trust.

Foreclosure property can be good options also and having an expert in this area like myself is also important.

Cll me 303.856.8980.


Ethan Besser, CDPE, CNE, IMSD
Certified Distressed Property Expert
Broker Associate
Keller Williams - DTC

The Besser Choice in Real Estate!
0 votes Thank Flag Link Wed Jan 11, 2012
Shop around as much as you can. Experance Counts. do your homework.
0 votes Thank Flag Link Wed Jan 11, 2012
Hi Rus,

Congratulations on your home purchase. It is one of the best decisions you will ever make. There are 2 things you need to do first. First, Get a good realtor who works with first time home buyers. Second, get a good lender who knows all of the 1st time homebuyer programs and guidelines. That way you will know what you are getting into and the steps you need to take. The lender will pre-approve you for a loan at a certain amount according to your income, current debts and obligations. You will then be able to narrow down the price range, area, and type of home that will work for you with the help of the real estate agent. Once you have these things in place, you are ready to move forward to finding the home that is 'right' for you.

There are good deals on the market now although depending on the price range you qualify for the inventory of homes may be limited. I have access to all of the available foreclosures, short sales, VA foreclosures and HUD foreclosures as well. Sometimes these 'distressed' homes are a good deal and sometimes not. That is why you need an experienced agent to guide you through process. This way it can be a fun and rewarding experience that can go smoothly from the start to closing on your home. Please feel free to contact me with any other questions or concerns. We are here to assist you with your real estate needs.

Robert McGuire ASR
Your Castle Real Estate
1776 S. Jackson St. #412
Denver CO 80210
Direct – 303-669-1246
0 votes Thank Flag Link Wed Jan 11, 2012
I feel confident that the answers below will be very helpful.
Find a lender and Realtor you can trust and they will surely be able to move you forward, in the right direction toward home ownership/
Congratulations on making this monumental and very important decision and my best wishes for your success.

Chuck Strauss
Your Castle Real Estate
0 votes Thank Flag Link Wed Jan 11, 2012
This comes from someone who cannot solicit your business as I am not licensed in your State. Interview a couple agents to be your buyer's agent. They will have to and want to act in your best interest, negotiating on your behalf. Choose someone with some experience that you feel comfortable with. You will have to work with this person for the next couple months so make sure you feel comfortable with them and their abilities to get the work done. Talking to a couple different agents should give you an idea of what is customary in your area. If you are familiar with the area and have friends you can rely on for a good recommendation, that is usually an excellent place to start. Good luck with your search. If all goes well you should make a new friend and a trusted advisor for at least as long as you live in the area, but probably even longer.
0 votes Thank Flag Link Wed Jan 11, 2012
I'm not going answer your question because I can't get past your profile picture. I'll assume that's your wedding?! I love it. I just moved to the Cherry Creek school district and have 2 little girls. They typically have cake all over their face too. I help people buy homes and get financing. Let me know if I can help.
0 votes Thank Flag Link Wed Jan 11, 2012
Rus, call any agent you like and any one us will help you to get started : )

Marina Bay/Realtor
0 votes Thank Flag Link Wed Jan 11, 2012
Congrats on your choice of home ownership. My #1 piece of advice is to hire a strong and experienced Buyer Broker. In the right hands, you will get the best deal possible and avoid a lot of pitfalls along the way. Here on Trulia is a great place to start that search... as you can see from all the answers below!
Web Reference: http://www.jonrroberts.com
0 votes Thank Flag Link Wed Jan 11, 2012
Rus, that is a serious question and it deserves a serious answer. To start, you will need two recourses to help you in your quest for a great home and a good deal. The first and most important is a good and experienced Realtor who knows the area you looking in. It looks as though your wanting a home in the 80231 zip code is that correct? A good Realtor match is the most important element, because that is who will tend to rely on the most for advice and guidance. The second resource is a good lender who is on top of all of the changes and programs that coming are your way on a daily basis. A good Realtor/Lender team will make all of the difference for you. My advice is to make contact with at least three Realtors and spend some time visiting with them, find someone you feel good about and can trust, that person will also be able to put you in touch with some good Lender recommendations as well. Rus, since your posting indicated that you are interested in the 80231 zip code, I created a special search just for you, so you can get started. I wish you all the best, and please call me, I would love to speak with you.

Steve Matthews
The Morgan Group
0 votes Thank Flag Link Wed Jan 11, 2012
I specialize in helping first time home buyers, and have a web site dedicated to helping them. Feel free to check it out and learn as much as you can. The web site is myfirsthousedenver.com. Once you have learned a lot, and are ready to talk to a mortgage broker and a agent let me know, and I would be happy to help you out.
0 votes Thank Flag Link Wed Jan 11, 2012
1. The first step before you do anything is to find out how much money you can borrow from a bank/mortgage company. Check with different lenders to see who can get you the best deal. Once you know what you can afford, then you can begin to plan.

2. Determine what you need in a home, not necessarily what you want in a home. Make a list of those needs to give to your Realtor. When you are searching for homes you will find that it is very rare to find a home that has absolutely everything you are looking for. If you stick to what you actually need, you will have better success in your search.

3. Research areas/communities that are of interest to you. Determine what things are important such as schools, proximity to shopping, restaurants, and local activities. Drive through the communities to get a feel for what they are like.

4. Learn as much as you can about the process of buying a home. Some local Realtors or lenders will offer first time home buying seminars. If you can find one in your local area it would be helpful to attend. If you cannot attend a seminar, look on the Internet for a home buyers guide such as the one at Bankrate.com - http://www.bankrate.com/brm/news/real-estate/BuyerGuide2004/…

5. Select a local Realtor to help you begin your search for a home. You can search Internet sites such as Realtor.com or Homes.com, but a Realtor has access to all of the homes in the local MLS. They can provide you with information on the home, the area and answer any questions you may have. A Realtor can show you properties of interest.

6. Learn about the contract and what is involved. Your Realtor can take you through step by step the process of a contract. After it is signed by buyer and seller, it is called an executed contract. Then you would want to get a home inspection. If everything is fine with the inspection, then you can go forward towards closing.

7. Know what happens at closing. Again, a Realtor can walk you through what to expect at closing. You will need to have money for closing costs such as title search, processing fees, taxes, and insurance.

Buying your first home is an exciting and overwhelming experience. So make sure you are prepared.

Tammy Hayes, Realtor, Green Lion Realty, Port Charlotte, FL tammyhayesre@gmail.com
0 votes Thank Flag Link Wed Jan 11, 2012
Hey Rus,

Starting the process of looking for a home can be over whelming no doubt. The first step is to find a realtor that can explain the process in detail while also giving you some great literature to read. If you would like to speak about how to get the process started I would be honored to speak with you, no obligation. It's important to know what it is your looking for and what avenues are best suited for you as there are many. Congratulations on starting the process of buying your first home and best of luck!

In Service To You,

Jason Archuletta
Keller Williams Realty / Southlands
0 votes Thank Flag Link Wed Jan 11, 2012

The first step would be to speak with a lender. The first thing a real estate agent is going to want to know is, are you qualified for a mortgage and what is your price range.

Depending on the type of loan the lender recommends, CHFA may or may not play a part in your financing.

Since interest rates have come down so far in recent years, lenders I typically work with have been using CHFA less and less. Let me know if you need a recommendation on a lender.

KeyBank and Gateway Mortgage both have great portfolio loans up to $417K that come with no mortgage insurance (which can reduce your monthly payment by quite a bit). The Key loan has either income or location restrictions, but I believe you can use the Gateway product anywhere.

Best of luck,

John Keene
0 votes Thank Flag Link Wed Jan 11, 2012
First step is to find a good Realtor to work for you as a Buyer's Agent. He/she will help guide you through the whole process. Next step is to get prequalified with a lender or mortgage broker. Your agent can refer you to someone. CHFA offers a down payment assistance program (in the form of a 2nd loan), but isn't necessarily the best option for you. You and your lender will determine which financing option is best. As far as the property goes, don't focus on getting the "best deal". You could buy a cheap foreclosure, but it could cause lots of headaches in the long run. You want the best home for you and your situation. Your agent and lender are the best resources for helping you get there. I'm happy to help!
Web Reference: http://www.sallygrenier.com
0 votes Thank Flag Link Wed Jan 11, 2012
Mr. Cordova,
The first step is to contact a Realtor. Most of us have tons of info we can share with you. Too much to detail in this short amount of space. CHFA may be right for you but not necessarily. It depends on your financial status; credit rating and down payment funds, for example. You're about to undertake an enormous venture and really need an expert by your side. I'd be pleased for an opportunity to work with you.

Tim Klein
Metro Brokers - The Realty Werks
0 votes Thank Flag Link Wed Jan 11, 2012
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