Profile picture for user8829973

First Time Home Buyer Seeking House

Hello All; I only clear $700.00 monthly, and can only give $500.00 as a down payment. I have good credit, and do not owe on any bills. I'm not a fussy millionair, but will need running water and electricity. Is there a savvy broker out there who can work with these numbers? I live in NW Indiana. Thanks.
  • September 29 2013 - US
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Answers (6)

Profile picture for sunnyview
A pro would work on their credit, save for a down payment and cut their current bills to the bone until they had enough to buy a house. That means reducing debt effectively/not incurring new revolving debt, making a saving plan and giving up cable/phone packages/extras until you meet your goal.

Anyone who sells you a fast way to buy is selling a dream or charging top dollar interest. Make a smart plan, be patient, work toward your goal and you will be able to buy.
  • September 29 2013
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Profile picture for wetdawgs
A pro would follow the steps in the buyer's roadmap.      Is there something you'd expect that would be different?     The roadmap may give you some guidance about things you may be able to change so that you can achieve your dream

  • September 29 2013
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Is there a family member who step up and be a co borrower with you?
  • September 29 2013
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Profile picture for user8829973
Thanks Folks; After reading the road map, it does'nt look too good out there for me, clearing only $700.00 a month, even with good credit, and no other bills.. I wonder though, what a pro would do, if they were in my shoes, and really wanted to buy a house for their family? . .
  • September 29 2013
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Profile picture for JoshBarnettREIB
Click on the "Mortgage Rates" tab above and type in your zip code.  Then speak with a couple lenders that show up on that page. 
  • September 29 2013
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Profile picture for wetdawgs
It may be worthwhile to work through Zillow's buyer's roadmap.   It will help with some background on the steps required to qualify for a home mortgage and how much you may be able to afford.  

Here's a link to "what can I afford?" calculator.

You can find lenders in your area as well as real estate agents by clicking on the words 'find a pro" in the top line.   Interview carefully, there are great ones and lousy ones in all professions.
  • September 29 2013
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