Profile picture for user3799678

Want to buy my first house but unsure if I can or no

I am currently building up my credit so if i wanted to get a house would I have a chance to get approved? even If i put a certain amount down for down payment?
  • September 11 2012 - Hamtramck
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Answers (7)

The best advice as already answered here is to talk with a mortgage lender or two.  They will tell you what you are elligible to borrow. Be sure to get a prequalified letter from the lender you choose which some brokers ask for when a offer is submitted.
   When you have money at your disposal hire a good agent and let them know you are a first timer and they will know to be patient with you in making your big decision.  Another thing to do is educate yourself as much as you can as to the market in your area and where and what your hard earned money will buy.  Go to open houses, sign up for a property finder system that your agent will probably have at their disposal.  
  Once you find a property and have done your homework put your best foot forward and make an offer.
 Happy House Hunting.
  
  • September 11 2012
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Profile picture for Pamela Shemet
I would recommend contacting your local mortgage broker. Good luck!
  • September 11 2012
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Hi User,
Getting approved depends on several factors as well as having good credit. Good credit being just one of the many factors in getting approved for buying a house.
Please contact me at my information below so that I can better direct you in the right direction.

Best regards,

Patty H. Sokoloff
Sokoloff Real Estate Group
[deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • September 11 2012
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Profile picture for Ofe Polack
Have a word with two mortgage brokers and ask them to check your financial profile to purchase a home.  Good luck!
  • September 11 2012
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Profile picture for wetdawgs
Here's a link to a step by step guide from Zillow.   I'm not sure why, but they don't mention saving up a down payment.  

  • September 11 2012
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The best advice I can give you is to talk to a mortgage lender. They can advise you on what you need to qualify for a mortgage and how to correct or build your credit.

Good Luck!!
  • September 11 2012
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Profile picture for Matt Hiatt
Most lenders like to see a minimum credit score of 640, although I have had clients get bought with a strong 600. Job time ia also important, lenders want to see two years in the same field of work (doesn't have to be with the same company). As far as down, FHA loans require 3.5%, there are USDA loans for rural areas where there is no down, but not sure how much longer that is going to last. You will also need money for closing costs (here in Arizona, figure 3-4%), unless the seller will agree to pay them. Hope this answers your question.
  • September 11 2012
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