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First time home buyer I need help ?

I am buying a home for the first time,not only me will be living there three of my friends I am looking for a house with a big back yard and isn't to far away from any colleges I haven't which college I want to attend or state it is between Los Angeles or New York maybe someplace else I am a first time home buyer well we are all first time buyers and we need help picking out houses for all 4 of us to live in 
  • August 28 2013 - Hollywood Hills
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Answers (7)

Profile picture for Travw777
It will be easy to pick a home once you find a location you will be living.
  • February 27 2014
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Los Angeles is a sprawl metropolis more spread out, amenities per neighborhood vary greatly. Whereas New York is more urban throughout. Find a great agent that is knowledgeable about relocation and knows the great niche neighborhoods of the cities you're interested in moving to. 
  • February 27 2014
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I'm a Realtor[self promotion and contact information deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • February 18 2014
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Decision 1
Where do you want to live?
All other advice will be based upon decision #1.
  • August 30 2013
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First thing you need to do is get qualified by a local bank or mtg lender. The areas you are picking are pretty expensive. You want to talk to a lawyer about how you will take title. Are you buying and freinds renting? Are you all buying together, how do you plan on taking title? Tenants in common? You need an attorney so if one of you wants to move you can determine how that will happen. If you buying together they will run credit cks on all of you so make sure there are not surprises by running a credit ck now. Do you have cash reserve for repairs and how will that be handled? Home ownership is a great idea and it beats renting. If you pool your assets and buy somethign that needs work, fix it up move in, go to school, graduat and sell you may make enough to off some of your loans. Happy House Hunting!
  • August 29 2013
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Determining the area you want to be in will be one of the first steps.  There is always something different between states, communities, condos because of HOA fees you may experience. I usually suggest to my first time home buyers is to think of obtaining 3-4 units, because the additional tenants will help with your mortgage and if down payment is an issue you can still obtain an FHA loan with minimum down payment. The first step is to speak to a lender and understand the amount you qualify for before you start looking at properties. If you have any additional questions and/or want to set a free consultation please do not hesitate to call.
  • August 28 2013
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One of the first steps in buying a house (after you figure out Los Angeles or New York) would be getting pre-approved for a home loan. The reason why you should get pre-approved first is so you can get an accurate idea of how much you can afford. Once you know this, you can start looking for houses in your price range. Also, offers from buyers who are already pre-approved are taken more seriously than offers without a pre-approval.For a pre-approval a lender will review your credit files to see if you are able to qualify you for a loan. Here is a list of documents you may want to have ready when seeking a pre-approval:

- W2 forms from the past 2 years
- Pay stubs from the last 2 months
- Tax returns for the past 2 years
- Checking or savings bank statements for the past 3 months
- Statements for all your other assets like stocks, bonds, retirement accounts for the last two months
- Business tax returns if you are self-employed

These are just some basic things you'll need for the first steps in looking for a home. If you choose Los Angeles you should talk to lenders, like myself, to see what we can do for you when it comes to getting you a loan for your house.

If you have any other questions or need a loan please contact me through the information on my profile page! Also, if you found this comment helpful please leave me a review on my profile page.Hope this helps and good luck!
  • August 28 2013
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