Profile picture for adrey182

First time home buyer question

I don't have a clue on the process of buying a home, and I feel a little overwhelmed. My income is around 35,000 a  year my credit score is around 650. I'm just barley starting to build up my credit score. Looking to buy within a few months. Is it even possible for me to be able to buy? Or am I just wasting my time? 
  • February 11 2014 - US
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Answers (6)

Profile picture for wetdawgs
May I suggest the first step is studying up on the process.  here's a link to Zillow's buyer's roadmap.  Don't stop there, go to the library, research more on the internet, go to hud.gov. 

  • February 11 2014
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Buying a home for the first time can truly be overwhelming but there's a way for you to ensure that you get through the whole process with ease and without wasting any time. For starters, I suggest that you speak with a lender so that he or she can evaluate your current finances. This will determine how much you can afford and what type of down payment you'll need. I work with a lot of first-time homebuyers so if you need anything, don't hesitate to give me a call at [Phone removed by Zillow moderator. Please see our Good Neighbor Policy for more information.]
  • February 11 2014
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Hello, Audrey:

The best thing to do is to apply for a loan. A well versed on FHA loans loan officer will guide you in how to increase your credit. You will need down payment and closing costs. Start saving. Congratulations in wanting to buy a house, this is a great time to buy.. You will own your home sooner or later if that's what you are pursuing. Purchasing a house requires money, credit, and knowledge about the process. An expert Realtor in the area you are looking to  buy and a direct lender will guide you through the process. Good luck!!
  • February 11 2014
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Hi adrev

IMO Its never 'wasting time' when considering buying a home, even if your not ready at this very moment you can start the process and building your personal file to be better prepared down the road .
 
Start saving $$ for downpayment and closing costs..
Establish and build your credit scores
Job stability/employment
Keep your W2, Tax Returns, etc, etc

Its a process not a quick overnight 2 day 'thing' lol, keep this in mind, but YES its ok to start now and be proactive and getting everything in order to make the process easier/smoother

Hope this helped a little, please feel free to reach out and Good Luck..!!
  • February 11 2014
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It depends upon your location and what you will be able to qualify for in terms of a loan. I would speak to a loan officer about your goals and get guidance there. You can use the loan department of whatever bank you are currently using. As Realtors, we also have loan officers that can assist you,
  • February 11 2014
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Buying your first home is a daunting task.  Your credit scores and income are part of the qualifications that you would need to meet.  The first thing you want to do is talk to a nationally licensed lender who can take a look at your specific situation.

My bank is licensed to lend in all 50 states and I would be happy to see what you are able to do.

Contact me through my profile.


Thank you,
  • February 11 2014
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