Q: We are recently engaged and looking to find a home. What should our first step be? Also we would like to know how much of a down payment is required or if there are cases where a down payment is not required. We do not have any sort of savings right now so if there are any cases of no down payment that would be best for us. Also since we are young we don?t have much of a credit record yet, how will this affect us?
?Anonymous, Barnegat, NJ
A: Dear Engaged, Congratulations! Life is always an adventure and sharing it certainly helps. I suggest you talk to friends and associates and ask for their recommendations for a GREAT Realtor. This Realtor (and it is appropriate to interview, if you wish) can be sure you talk to a reputable and trustworthy lender who can give you ALL the options for your situation. Loans change almost hourly these days, so definitely speak to a professional lender, even the best agent doesn?t have time to keep up with their business and all loans too! Then start yourself a little notebook. List things you would like in a home and must-have?s. Note the 3 things you cannot live without, and even if you have to save for a little while, this will help you make solid choices when you are ready! And best wishes for your new life!
Ginny Ollis is a Realtor? with Coldwell Banker Residential Brokerage ? San Diego Mission Hills in San Diego, CA.
A: I am an exclusive buyer agent and the first place I send my new clients is to a good local lender. A good buyers agent will have a name for you to call-no obligation to use that person. Just for information. That person will be able to answer all of these questions. Including whether you have any programs in your area that help you when you do not have a downpayment. Lending rules are tight now so this is not a great time to buy without some savings.
Linda Walters is a Realtor? with Sage Realty LLC in Wayne, PA.
A: Your first step should be getting pre-qualified through a bank or mortgage broker. They will be able to tell you about your credit and your options. There are properties out there called USDA properties. These are rural properties that usually require no down payment. If you go to their website, follow the prompts, it will direct you USDA homes in your area. http://www.resales.usda.gov/sfhdirect/sfh_prop_main.cfm Your next step would be to get a realtor who help you with all these steps and be your advocate in finding your home.
Teresa Parker is a Realtor? with Coldwell Banker Bain in Kent, WA.
A: First contact a lender or loan broker. They can answer most of your questions about down payment or if there are programs in your area to help you. Also, contact a Realtor who may also help with some of those questions. But I wouldn?t start looking until you get your finances in order. This will help the Realtor when writing up your offer. Maybe asking the seller to pay some of your costs could be an option.
Beverly Houlier is a Realtor? with Hilltop Chateau Realty in San Diego, CA.
A: I would first speak to a mortgage broker so that your financials can be gone through to determine if you qualify for a mortgage. If you do qualify for a mortgage then find a Realtor that will help you find a house in your price range.
Ninfa Valella is a Realtor? with Coldwell Banker Residential Brokerage in Wilton, CT.
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Source: http://rock-n-rollrealestateagent.com/how-do-we-get-started-buying-a-home-2/
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