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Where do I start and how much money should you save to buy first home?

My husband and I are living with my inlaws right now to save up money and improve our credit. My question is how much is a good amount to save and whats available for first time home buyers? I am completely clueless in this process and don't know where to start. Any advice is welcome Thanks
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October 29 2012 - Yukon
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Answers (7)

To avoid any issues, be proactive. It is always best to find a lender and realtor you want to work with first. This will give them what they need to help you more accurately and efficiently. Even if you're a work in progress.

Your agent & lender will represent you in every aspect. They will both be on your side so, all 3 of you NEED to work together. Take advantage of that service so your representatives can always be on the same page with you from the beginning. Don't short yourself and leave them to pick up without knowing where you've been. 
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October 30 2012
Know your market. Do some window shopping now. Realtor.com is a good site to use. Look at the amenites that you want, beds , baths etc. Once you find one that suits your needs. Narrow your price. Then google a mortgage calculator. This will give you a projected principal and interest payment. Most loans are FHA 3.5% down. So use that as your downpayment. Input a suitable interest rate, depending on your credit. 3.5 - 5% interest maybe. They ae only ball park numbers and will only give you a generalization. But at least you have an estimate. Compare this with your income and adjust your house price accordingly.
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October 29 2012
Wetdawgs has given you lots of good sources for you to get your feet wet.  May I also add to his list that you should contact at least two mortgage brokers so that they can run a financial profile and let you know what will be your price range.  Once you have a discussion with the lenders you will know how much $$$ you need to save in order to purchase your first home.  the best of luck!!!
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October 29 2012
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The first place to start is to start reading from the library, guides on Zillow and other websites.   Agents are sales people, so while some are helpful for education you will strengthen your position by doing considerable reading before you contact an agent.

Home buying process step by step.

Home buying one step at a time


How to determine an offer price on a house.

How much can I afford calculator.

While one can purchase with a 3.5% down payment FHA loan, several percent will also be required for closing costs and it is prudent to have an emergency fund of several percent.  Therefore, I wouldn't start looking until you've saved up about 10%. 

Good luck! 





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October 29 2012
There are several loan options out htere for you to choose. The typical is an FHA loan which is 3.5% down. There is also a few no down programs that your community might be offering, or a no down USDA loan that is available in out lying areas. You also have to consider closing costs. Here in the Phoenix area, you would be looking at 3-4% on the average unless you can get the seller to pay them.  A good Realtor should be able to help point you in the right direction. Good luck on finding your home.
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October 29 2012
Hello again :)

Just a quick note - the area and type of home you are in search of could make a difference on the programs and downpayments in your situation.

Again, I'd love to discuss those options with you so please let me know if I can assist!

Sincerely,
Amanda Morrell
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October 29 2012
Hello! And congratulations on deciding to take the next exciting step in your life and becoming a homeowner! I'd love to talk with you on how to prep in the meantime (just helpful tips and things to be doing to make this as stressless as possible)!

You can contact me at your earliest convenience! 

Amanda Morrell
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October 29 2012
 
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