What do I need to buy a house?

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What do I need to buy a house?

Pat B

If your husband was honorably discharged, he might be eligible for a VA mortgage.

I would suggest you find a very reputable mortgage agent - ask your friends and relatives or even a real estate professional that you trust to recommend someone. Then sit down with that person with your tax returns and W2 and have them pull your full credit report. They should be able to tell you what you have to repair and how to do it. It may seem early to do this, but I have had clients (I am a RE Broker) work with their mortgage agent for a year to get things straightened out prior to shopping for a house.

There are first time homebuyer programs, but sometimes they aren't the best. And what is available varies by location. These are things that your mortgage agent can tell you about. You should have enough to put at least 3% down plus closing cost which can vary. You will also need to pay a year's homeowner insurance and bring the paid policy to closing.

There are a lot of things entailed with the purchase of your first home. And every area is different. Check with your local banks, libraries, etc. for workshops in homebuying. Sometimes local real estate companies hold these. Above all, educate yourself! You might even be able to find books in your local library on the subject.

daisy

you can go to the mortgage loan officer at your local bank and ask these questions. You can actually go to several banks, although of course the "deal" as to attractive interest rates and packages will change over the next year. Loan officers are well qualified to give this kind of advice without you having to sign for a loan. They are also looking for future business, so establishing a good relationship with a customer is always in their best interest, even though you aren't ready just yet. You can also ask the loan officer about the possibility of a VA loan (Veterans Administration) if they're still called that....bravo for thinking ahead!

towanda

The very first thing you need to do is get lots of reliable information. Buying a house is the biggest debt you will ever go into so you want to know EVERYTHING about what you are doing. Please remember these couple of things. . .don't buy more than you can afford and you figure out what you can afford. Remember, your kid will get sick, you may have another kiddo, the house may need major repairs and so may your car, taxes will always go up as will your insurance-especially ifyou have any type of claim. You must have a slush fund tucked away so that you can cover all emergencies and then still have lots of $ left over so that you can live nicely and do the things you want to do and provide all those extras for your baby. Without the money tucked back, you will lose your house much like everyone else these days. Unscrupulous lenders (they work on commission) tell people they can afford much more than they really can. You are ultimately responsible for deciding what you can afford.
There are many programs that can help you get into a house. There are VA loans that you probably qualify for. There are also first time home buyer programs that will forgive the down payment if you stay in the home for 5 years or so. You need to get all of that information first and see just what will work in your best interest. Also learn about the different types of loans out there and what the terms of the loan mean to you. Be sure to look at the difference in what you pay and how long you pay. A 20 year note only costs a few buck more a month and you pay for 10 years less than a 30 year. Learn about variable rates and balloon notes, etc. And last if you don't have the down payment there is insurance they charge you to insure it and it costs a lot of cash. And last suggestion is get out of debt-get all your credit cards & medical bills all paid off and pay down everything else you can. $30k a year is not much income and you really will not be able to afford much of a house. Last, I swear, shop around and don't fall in love with a particular house you just have to have. If you can't get a really good price on a house, move on to another until you get the buy of a lifetime. It is a buyer's market. Take your time and really look them over too. The more you look the better idea you will have of what you can afford and what you need. Don't buy a fixer up unless you know how to fix it up and be sure what is wrong with any house you buy. Never buy as is. Lots of luck.

x x

My husband and I are wanting to save up for a year and put the money we save together with our taxes and buy a house. Our credit isnt that good right now but we're going to spend the next year trying to repair it and since we dont have any other bills or credit cards other than basic household bills it should be easy. The cost for a pretty good house around here is about $90,000. He makes $30,000 a year (I stay home and take care of our baby). How much will we need to put down and what should our credit score be?

You can still get loans for 0% down, but your credit will have to be fairly high, 730 or above. If you can come up with 20% down just about any lender will give you a loan regardless of credit score. You will also get out of having to pay PMI (private mortgae insurance) on a new loan.

Is there a way to boost our credit score after everything is off of it (mainly we just medical bills)?

The easiest way is eliminate unsecured debt. i.e. credit cards, student loans, medical bills. Secured debt will not damage credit as bad because it is viewed as collateral.

And whats the deal with a first time buyers thing?

First time home buyers has become a thing of the past. There are a few banks still offering it, but big lenders like Citi or Wells dont offer these loans any longer.

Also my husband used to be in the army and I heard that could help us get a loan to...is that true?

Yes, and in some areas reduce property taxes.

paul h

Three per cent down and a 697 credit score got me my first home. Showing steady income, job history, bank statements and tax returns help. They want to see the last two years of your life on paper. Don't try to repair your credit. Pay a little to have a professional repair it. VA loans are no better than conventional loans these days. Ask a friend in your neighborhood who their lender was. Get pre-qualified so you know what price range you can afford.

Destinee

A home loan, or mortgage, is most simply described as a loan taken out so that you can purchase a home. Here weâ€™ll explain the very basics of home loans so that you can at least have a basic knowledge of mortgages and how they work.To obtain a home loan you willpayment will be based on the principal and interest rate. You may also find that some lenders require that your mortgage payment also include property taxes, insurance, etc. The interest rate for fixed rate mortgage loans tends to be higher than that of variable rate mortgage loans.

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i only know this cuz my mom is in relastate but u can get help on reparing your credit from people idk about the rest u should get a expert on that stuff dont trust people on the internet

Danny Lightning

10-20% is about what you will need to put down.

TBOOKA

insurance

Jewels

You are doing hte right thing by trying to re establish your credit, although you may want to get your outstanding bills payed off before trying to get a loan for a house. A reasonable down payment is around $2,500.

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