Need some advice on what to do in order to be a first time home owner.

Would like to purchase my first home by mid September of next year and since im new to this what should be my first steps, especially since our credit still being repair from previous debt.
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October 29 2013 - Victorville
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Answers (12)

Hi,

I would be happy to give you an overview of the process over the phone, though I do not work in your area. You would benefit from talking to a local professional in your area.

All the best,

Arpad

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December 02 2013

Hi Lucas,

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 soon.

It can be a confusing and nerve-wracking process, 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 and escrow. 

Repairing your credit is going to take a lot of hard work and diligence, but it'll pay off when you get those keys. Good luck and hope that at this time next year you own a beautiful Victor Valley home!
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December 02 2013
Wait until your credit is repaired then click on "Find a Pro" above and type in your area... I would say to find the area you like most then find 2-3 realtors in that area and interview them . You want a agent that knows the area and that is willing to put the leg work into helping you . Its sad to say ,but there are a lot of LAZY realtors out there . Find one that will work best for you and answer the phone when you call ..
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October 31 2013
Please read my most recently published article.  Feel free to contact me with any questions you may have.  http://nyrealestatebuzz.com/four-things-buying-home/
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October 31 2013
Wait until your credit is repaired then click on "Find a Pro" above and type in your area.  Interview 3 to 5 Realtors and choose the one you feel most comfortable with. 
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October 31 2013
Being a FTB is no doubt a confusing place to be in. You need to have the right information and guidance. First step should be getting your finances in order by paying down your debt. After this, save for a down payment and get preapproved by a lender. I encourage all FTB's to shop around for the loan the best suits they're needs. Next step would be to "interview" as many realtors that you have patience for! You will be amazed how much and how quickly you will pick up about the local landscape by spending time with "local agents" asking questions. Last thing would be to take your time and attempt to make the most informed decision possible. Good luck! 
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October 31 2013
Profile picture for Dunes ..
Important question
Big decisions ahead for a big financial transaction/obligation

Choosing a Lender or Agent are critical/important decisions
Get as informed as possible before choosing so you can wade thru the smoke ..they are selling services not doing you a favor

I would suggest becoming as informed as possible about options, the process, whats available, what to watch out
A lot of those decisions are gonna be based on the market/area you intend to spend a sizable hunk of money in....might be good to get out and check it out

In case you're interested here are some excellent resources, places of info imo...lots and lots of info available, Forums to cruise to see who says what..make use of them...you are not buying a pizza so preparing for your Financial decisions and Business Transaction might be a god idea

First Time Home Buyer Info from HUD about the Process & Excellent Info/Resources for any Buyer..Buying a Home

Provided by the Federal Gov..Info on their Loans/Programs
Find the Right Loan, you can search for specific information, compare options, or take a short questionnaire to determine your eligibility for each program. GovLoan.org

Department Of Justice
Anti-Trust Division Web Site about all the options Consumers actually have
New business models are emerging that allow consumers to save thousands of dollars when they buy or sell a home

Consumer Financial Protection Bureau
Well worth a look imo

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, Programs
Sites Like..Bank of America...Wells Fargo...CitiMortgage

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

The Fed Gov has Sites for its Properties for sale/Info on programs/loans
HUD Homes...HomePath.com (Fannie Mae)...HomeSteps (Freddie Mac)

You can find the links to Gov sites here...Link

Shop Smart...
Best of Luck
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October 31 2013
Brian, call me at 360-305-0207 and lets get connected with the correct data for FTBs today! Thanks David Schwab
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October 31 2013
If you haven't been pre-approved yet I recommend this be the first thing you do. So speak with a lender to apply for a loan and prequalify. When you apply for a loan, lenders like myself will need to look at several different things if you are trying to prequalify for a loan.

1) Proof of income for each person that will be on the mortgage which can be demonstrated through: one month of pay stubs, previous year's W-2 forms and tax returns, official documentation to demonstrate other forms of income (alimony, child support, etc.), and two year's tax returns if self-employed (all schedules, all pages)
2) Credit Report which they will pull
3) Employment History or Business Tax Returns if you're Self Employed
4) Personal assets such as: Recent balances and statements for bank accounts, most recent account statement demonstrating market value of any investments (stocks, bonds or certificates of deposit), documentation showing interest in retirement funds, face amount and cash value of life insurance policies, value of significant pieces of personal property, debt information, the balances and account numbers of your current loans and debts, including car loans, credit card balances and any other loans you may have.

These are just a few things you should have ready when you begin your buying process. There are also first-time buyer mortgages such as FHA that only require 3.5% down with competitive rates. Well I hope this helps, if you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps and good luck!
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October 31 2013
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Have you found the Zillow  buyer's road map?    
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October 29 2013
Keep working on repairing your credit. You will need a credit score of about 620 to qualify. (Yes you can qualify with lower, but it will cost more).

Also, reduce you debt.  Lower you monthly expenses.  While credit score is important, so is your debt-to-income ratio.  Don't go out and buy a bunch of stuff on credit.

Finally, save for a down payment.  The higher your down payment the lower your monthly payments and higher amount you can qualify for a mortgage.

Seems simple, but it will be tough. But if you can get your finances in top shape it will make buying a home easier.
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October 29 2013
Prior to making an offer to purchase a home, it is important to know that you will be able to qualify for a mortgage loan, and also what price range will be comfortable and possible for you. Rather than look for homes and have them sold out from underneath you before you are in a position to make an offer, it is best to get prequalified for a mortgage loan and then start your search process. Also, prior to starting your housing search, be sure to select a good REALTOR® to serve as your Buyer's Agent.
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October 29 2013
 
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