hi i have been at my job for one year and am looking into buying a house my credit is good enough that i got

Asked by Jessica, Cleveland, OH Mon Jan 26, 2009

a new car, i am 21 years old and want to get things rolling. whats your opinion, and how much do i have to put down?

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Linda Roby, , Cleveland, OH
Tue Jan 27, 2009
Hi Jessica - With the current market and credit requirements, you will most likely need 3-1/2% of the sales price for a down payment, plus closing costs. Or in some instances you can ask the seller to cover your closings costs. There are still some programs for first time home buyers such as a $7500.00 credit to the buyer but you will need to talk with a lender to get the details. That being said, I recommend you contact a realtor who can guide you through the process and look out for your best interests. I specialize in first time home buyers and would be happy to help you with your search. Thank you.
Web Reference:  http://robysellshomes.com
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David Wakeman, Agent, Strongsville, OH
Tue Jan 27, 2009
Hello Jessica,

Buying a house is a big step. It's great that you are responsible and have managed your credit wisely. Talking to a Lender will help you with understanding how much home you can afford, what your out of pocket expenses will be and what your monthly payments will be, based on the home you actually end up buying. Depending on where you are planning on living, there are still some no money down programs, but I wouldn't count on that being the case. More than likely you will want to use an FHA type loan. FHA requires 3 1/2 % as a downpayment and then there are closing costs. As an example, if oyu were to purchase a home for $100,000, you would need $3500 for a downpayment and then closing costs. The closing costs on a purchase like this could be as little as $3000 or as much as $4500 or even more depending on variables that a good lender will fill you in on.

There is so much more that goes into buying a home, then just how much it will cost. For more helpful information, please visit our website. We offer FREE industry reports for Buyers like yourself.

Also, for more insight and financial planning on your part, I would recommend that you visit http://www.daveramsey.com. He is a very good financial planner and advisor.

I hope this helps.


David Wakeman
RE/MAX Classic
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Heather Srod…, Agent, Strongsville, OH
Mon Jan 26, 2009

I'm both happy and impressed to see such a young woman so on the ball! Kudos to you for taking your credit seriously!

Your best bet would be to schedule a meeting with a reputable lender to assess your financial situation and purchase power. There should be no charge to you to get a pre-approval from a lender and it requires about a half hour of your time and some basic documents for a lender to find out where you stand.

I'd be happy to recommend you to a few I know of who are well versed in the many first time home buyer programs out there. Get your ducks in a row and the rest will fall into place!

Heather Wills
The EZ Sales Team
Keller Williams Realty
Web Reference:  http://www.ezsalesteam.com
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