When to start looking for a house when lease is up in may?

Asked by Tabitha Wendy Smith, Yukon, OK Sun Oct 21, 2012

My boyfriend and I are expecting a baby in jan. we rent a really slummy house that I would so not let a baby crawl on this carpet. The lease is up in may and we're not even sure if the new leasing company that bought the house 2 months after I rented it will let me renew or not, I just get told we'll review closer to may. We want to see if we can take our tax return and use it towards a house. We're looking in the low range for houses and not afraid to do work on it if its not serious problem. When should be talk to our banks and start looking before may?

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8
Josh Barnett, Agent, Chandler, OK
Fri Apr 19, 2013
In case you have not started, GO!!!!!!!!!!!
0 votes
Christopher…, Agent, Tarrytown, NY
Sun Dec 23, 2012
Hi, I would start getting used to what the market has to offer now. Jan and Feb will see many new listings in preparation for the spring as well. If you start looking at what your money will buy you now, you'll have ample time to modify where needed in order to buy.

Chris
0 votes
My NC Homes…, Agent, Chapel Hill, NC
Sun Dec 23, 2012
I would suggest speaking with a lender to see if you're able to get a mortgage now. This way if there are any minor issues that need to be cleared up you have some time to do so. I would not waste my time speaking with any of the larger banks (BoA, Wells Fargo, Suntrust, etc) as they all put additional requirements that are not required by the Government making borrowing from them much harder.

I would suggest contacting frist a Credit Union if you have access to one, if not I'd focus on small local banks or a mortgage broker such as New American Mortgages all of these will be easier to work with.

At this point all you really need to do is find one lender to qualify you, it's a little too early to ask for a full pre-approval and you don't need to shop rates at this point you can start doing that in March.

The next step after speaking with a lender and finding out if you can get a mortgage and if so what your price range is would be to find yourselves an experienced Buyer Broker who enjoys working with first time buyers. I've attached a link below on how to interview potential Realtors.

Congratulations to you and your boyfriend and best wishes for a Merry Christmas and a healthy and happy New Year to come.
0 votes
Josh Barnett, Agent, Chandler, OK
Sun Dec 23, 2012
Mrs. Olson,

Great question, contact your lender around the beginning of February if your lease expires in May. It will only take about 30 to 60 days to find the right home and then 30 days after contracting that home to close on your new home.

Best of Luck,

Josh Barnett, Realtor
Metro First Realty
Web Reference:  http://www.1ListingFee.com
0 votes
Terry & Jack…, Agent, Norman, OK
Wed Dec 5, 2012
Tabitha,

We have helped many young people in your situation buy a home. Feel free to call us, we will be happy to give you some names and numbers of Lenders in the area that will get you started in the right direction in buying a home. We look forward to hearing from you.

Terry Saxon/Metro Brokers of Oklahoma
(405) 361-3380
0 votes
Kalyn Ringwo…, Agent, Cary, NC
Mon Oct 22, 2012
I would say to start the process now, but in a very small way. Go talk to the loan officer now and make sure that you would qualify for a loan. If you don't this gives you a chance to follow his instructions on what you need to do in order to improve your credit so that you can qualify in May. Aside from that there isn't much to be done until about Feb/Early March. I've found that if you have a good agent and you two have discussed what you want in a home vs what you don't want; it typically doesn't take that long to find a home. The longest part of my process is finding homes that best match your criteria on the backend. I spend a lot of time searching the system for the best homes that meet your criteria. We then go through them and they narrow it down further for what they want. Then we head out from there. Normally by the 4th home my buyer has picked the one they want. Sometimes it takes a little more, some people a little less. After that depending on your loan your looking at about 30-45 day close. So be sure to schedule in time for that.

We aren't in the same location but on my blog ( http://www.RealEstateWonderWomanBlog.com ) and at my site ( http://www.RealEstateWonderWoman.com ) there are some good articles for buyers and sellers that you might find useful when starting out your search.
0 votes
Larry Minson, Agent, Norman, OK
Mon Oct 22, 2012
Time to start the process. First thing you do is talk with a loan officer, so we'll know exactly what type of financing you will need, and if there is some "first time" home buyer programs we can take advantage of for you. I can help get you started with a good, trustworthy lender.
I would love to sit and visit with you about the buying process and see which direction we need to go. Please call anytime if I can help you.
Larry Minson
Old Town, Realtors
Cell 405-820-9506
Email: lminson@cox.net
0 votes
Stratos Group, Agent, Oklahoma City, OK
Sun Oct 21, 2012
My suggestion is to begin right now. The first thing you should do is to get prequalified. If there is something that may need to be taken care of on your credit, that will gives you about 6 months to do so. Oklahoma has some great down payment assistance programs, so you will most likely not be out much money at all initially.

I would go ahead and start looking at a few as well so you can learn what is out there in your price range so when you are ready, you'll have everything all figured out already.

I specialize in finding the best deals for first time homebuyers. Many times, you can buy a house with only about $100 out of your pocket. That's cheaper than paying a deposit on another rental property.

Let me know how I can help you.

Trent Rhodes, Senior Real Estate Consultant
Metro Brokers of Oklahoma
Call or TEXT: (405) 831-5543
Email: info@trentrhodes.com
0 votes
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