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My husband and I own a home that was giving to us that we paid off now.Never bought a home before?

We are trying to buy a home and sell the one we live in now. What will we have to do to go about buying a home and selling the one we live in now? We have never gotten a loan to try to purchase a home before. How do we know if we can get a FHA loan?
  • August 27 2013 - Bellefontaine Neighbors
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Answers (2)

When buying a new home there are several things you will want to cover. But none are more important than securing financing for the new home purchase.

The first thing I would suggest when selling and buying new is to make sure you have secured mortgage financing for the purchase of the new home. This will require a credit check as well as a verification of your income and assets. I would urge you to locate a lender/broker you trust to help guide you through this process.

While going through the process you and your lender will be able to discuss all your financing options. This will cover things like term and loan options. Whether FHA is really the best choice or not. How much you qualify for? And whether or not you need to sell your current home in order to qualify for the new home.

Once completed the lender should also be able to provide you with a comprehensive mortgage pre-approval package that you can provide to any agent or property seller. Now you are now in a much better position to talk with realtors about placing your current home on the market and begin searching for a new home.

  
  • August 28 2013
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Profile picture for GMerino
There are many questions that would need to be brought up when purchasing an FHA or even a conventional.  The best thing to do is talk to a loan officer in your area or just like your doing here on Zillow.  Never give any personal information on here, try the professional tab and see who is in MO that could help you out. 

FHA home loan would require 3.5% down from the purchase price and for a conventional loan depending on credit 3% to 5% down payment, this does not include your closing costs. 

How is your credit, you probably want to be in the 640 range for an FHA and a 680 to 700 for a conventional loan. 

How is your income, are you self employed, W2 . .  how are you paid. 

How are you assets, where is the down payment and closing costs coming from? 

Do you have any BK's, collections, etc.  How is your overall credit?

What is a payment that your most comfortable with? 

All these questions a loan officer will go through to get you qualified.

Contact an agent in your area, get some comps to see what your house may be worth and interview your agent do not settle.  Once you have the comps discuss and prior to moving forward make sure you have all your ducks in a row and get a pre-approval for your next home. 

Best of luck.
  • August 27 2013
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