Profile picture for cassandra reveles

First time buyer. Where do u start when looking into buying a home?

I'm 26 and my long time boyfriend is 28. We aren't married yet but we are tired of renting and would like to buy a home together. We don't have the best credit score but we can afford to pay some things off to improve it. In total we make about 3000 a month before taxes. Where should we start if we wanna buy a home? Any advice is appreciated!!! What loans could we qualify for? Please help!
  • August 06 2014 - Colton
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Answers (9)

Profile picture for cassandra reveles
Thank you all for your great advice! I am in the inland empire colton area.. Can anyone recomend a good/trusted realtor and also recomend a lender? Preferably someone that will help with my questions and help out a newbie
  • August 07 2014
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Profile picture for Dunes ..
Start at the Beginning

The decisions you will make to buy or not to buy, a good buy, a bad buy, offer...accept..pass...inspector, this lender, that lender, agent ect. ect. are all important ones, very important ones.
Remember RE Agents...Mortgage Brokers ect. are trying to promote and sell their Services
Be informed and shop smart

According to the Steps first time buyers should take on the FHA/HUD website
Contacting a Lender is Step #3
Contacting an Agent/Agency is Step #5
Excellent info and advice on the FHA/HUD web site for consumers please check it out
Buying a Home

Excellent information on the Department Of Justice
Anti-Trust Division Web Site about all the options Consumers actually have available
Options like Buyer commission rebates..legal in 40 States...Legal in California
 Competing models of real estate brokerage

Compare properties, prices, options for the Market area of your choice..get to know that area well then get to know it better

Check out sites like this (Zillow) for listings..Realtor.com..Trulia...Local Agent sites
Get to know your Market Area...get to know it better (Was worth repeating ;)
and check out

REO-Bank Owned Properties
Many Banks have created Sites for the Public to use (For Free) to view and find Information about the Properties they have Listed for Sale...their loan programs...process
Sites Like..Bank of America...Wells Fargo

You can find links to some Bank sites here...Link

The Fed Gov has Sites for its Properties for sale, info on programs and loans
HUD Homes...Fannie Mae
You can find the links to the Gov sites here...Link

The importance of being an informed Shopper for your Home and for the RE Services you use cannot be stressed enough..this is a huge financial business transaction that can impact you positively or negatively in major ways.

Lots of info available so use it & Protect yourself...Be informed...Shop Smart
Don't buy into cheezy sales cliches or smoke or self promotional/self serving bs

Good Hunting
  • August 06 2014
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Hi Cassandra,  It sounds like the first thing that you need to do is call around and find out about the many different ways to get your credit where it needs to be. The right lender will be able to tell you how close you are to getting that first home sweet home. You might just need a few suggestions to bring your score up or you may need more assistance. You can call a Realtor and ask for suggestions on lenders, and then take it from there. Feel free to give me a call if I can help. Good Luck
  • August 06 2014
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Hi,
 
First of all, congratulations on deciding to become first time homebuyer!  Like I tell my clients, becoming a homeowner requires you to not just be financially ready, but emotionally ready as well. Learning as much as you can about the home buying process as well as where you want to live will help you feel confident that you can do this and will be holding the keys to your first home one day.

The home buying process can be overwhelming at times, after all it's probably the biggest investment you'll ever make. As for myself, I would have never made it through the process without my own realtor guiding me through every step of the way...Now that I am a realtor as well, I break it down for my clients into steps:

1.) Find a realtor you trust and communicate to them what you need/want in a home 
2.) Get a pre-qualified with a lender you (and your realtor trust) so you know how much home you afford
3.) Gather and bring in your documents (taxes, pay stubs, bank statements, etc.) to the lender
4.) Start seeing homes with your realtor
5.) Your realtor will take it from there in terms of writing offers, getting them accepted and navigating through the escrow process. 

Good luck!
  • August 06 2014
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Profile picture for ShawnChenRE

For first time home buyers, it's so important to get the right guidance through the process.  Buying a home can be a very nerve racking time, so get as much support as you need.

It doesn't hurt to select a local realtor to help you.  Find someone that understands what you need and start from there.  It's also good to take a look at a few open houses, get a feel for what you like and don't like.

In the meantime, definitely get your finances looked at by a lender, mortgage broker, or local loan officer.  They can tell you what your payments are, what you can afford etc based upon what a lender will loan you.  No second guessing here, just the straight facts from those folks.

Then you've got the starting points in your home hunt!  The agent you choose, if you want one, will then be able to narrow down your search and get you going.

  • August 06 2014
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Profile picture for wetdawgs
Have you found Zillow's buyer's roadmap yet?

First thing is to study up on the process, then and only then contact lender then agent(s)
  • August 06 2014
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Profile picture for BrianS122
Remember, when you buy a home, you are a customer. Customers = money. This means there are many people that will be willing to help you, but I would suggest you get involved with a mortgage company or lender and go through the prequalification process first (then, when you are ready to make an offer on the house, the process is much easier). Make sure you sit down with someone who can explain it all to you. If you don't like the number that you are prequalified for, consider talking to someone else.

We started first with a well-known bank in our area and were shocked at how conservative they were in what they would lend us. We then talked to a mortgage company that explained more options (USDA, FHA, etc.) and we were able to find a house we liked.

After you are prequalified, look to find a buyer's agent to help advocate for you and what you are looking for. Do not go it alone. If you deal with a seller and their agent, without your own agent, then you have no one with the know-how speaking in your behalf.

Good luck!
  • August 06 2014
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Start by finding a lender you like that is willing to work with you to get approved (Most will).  They will work with you and tell you what bills to pay and when.  Once they get you to a point that you will qualify for a mortgage than begin your search for a good real estate agent to help you find your home.
  • August 06 2014
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The first step is to talk with a mortgage lender and go through the pre-approval steps. You will know exactly what you can qualify for and if you need to clean up anything on your credit report. Then, you can start talking to Realtors. You may want to interview a few to find one that you click with, you trust and understands what you are looking for. Also, make sure no one pushes you past your financial comfort zone. That is the best way to prevent any future disasters. If I can help you in anyway, please don't hesitate to contact me.

I wish you all the best!
  • August 06 2014
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