Profile picture for Courkyowelle26

Where would a first time home buyer start?

My husband and I both have steady jobs, bringing in roughly $2,400/month. I have excellent credit, am a first time home buyer, hoping to qualify for an FHA loan, to buy a foreclosure/short sale. Down payment will be a gift. We live in the greater Los Angeles Area. Where do we start???
  • April 19 - Mission Hills
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Answers (9)

Profile picture for Dunes ..
Start at the beginning

I'd suggest doing some self-educating first to be better informed/prepared for the important selection of which Lender/RE Agent/RE Agency that is selling services is best suited for you and your goals
Agents/Agencies are selling services...shop smart

Becoming as informed as possible about options, the process, whats available, what to watch out for is exactly what you need at this point
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 so make use of them in preparing for your Lender/Agent choices, Financial decisions and Business Transaction might be a good idea

First Time Home Buyer Info (From HUD/FHA) 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.gov

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

Be Informed...Shop Smart
Best of Luck
  • April 22
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If you are interested in buying a home then the first steps to buying a home would be to speak with a lender that best fits your situation to get pre-qualified. Then when you do apply for a loan, lenders like myself will need to look at several different things if you are trying to get pre-approved for a loan. We will need to analyze your assets, credit, expenses, income, debt, employment, down payment, etc. Connecting with a lender is a great way to kick start your home buying process. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • April 22
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Profile picture for aracz
Hi,

The best place to start would be with a great loan agent. Please let me know if you need any referrals.

Kind regards,

Arpad

 
  • April 21
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Hi,

While a foreclosure may sound like a great deal, many times foreclosures may not be available for FHA buyers due to the condition of the property, and FHA's requirements.  With that said, there are many great properties for a first time buyer, so that are turnkey, and others that can use some work.

Either way, to answer your question of "where do we start?," the first step in the home buying process is to get preapproved with a lender.  Once preapproved, you'll have a preapproval letter in hand so that you can confidently make offers within your price range.

I'll be happy to help answer any questions and to help you get preapproved.

Please contact me to get started.

Best wishes,

Robert
  • April 21
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I am so excited for you! Taking the steps that lead to homeownership need to be done thoughtfully. You've gotten some good advice so far herein. I agree that you should first interview then team up with a reputable local real estate agent as they regularly work with lenders and a variety of service providers and can guide you through the steps you need to take. Once you select a lender, they will work with you to determine precisely what you can afford (pre-approval) and which loan products may or may not work for you. And, you should keep an open mind. While short-sales and REOs may be perceived as "bargains", wetdawgs is correct. Many times they're not, and depending on your price range, there could be standard sale properties out there for you to make an offer on. Anyone here would be more than happy to further answer your questions. Good luck!
  • April 20
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You start in the neighborhood you want to purchase in. Then go to your bank and speak to the loan officer there about a loan Pre-Approval. You can also contact a local active Realtor who can help you with your loan Pre-Approval. Your Realtor will guide you and help you find the right property within your budget, They will explain the process as you go along.
  • April 20
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Hi,
 
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 one day.

The home buying process can be overwhelming at times, 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 the escrow process. 

Let me know if you have any questions and good luck!
  • April 19
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Profile picture for Katyna Bunn
I suggest starting with meeting with a lender that comes highly recommended from someone in the real estate industry.  Ask for someone that works with a lot of first time homebuyers.  They can explain FHA rehab loans and how your gift needs to be documented/supported to be allowable.  
  • April 19
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Profile picture for wetdawgs
May I suggest start with Zillow's home buyer's guide.

Many people think foreclosures are a bargain, but many are not bargains therefore, don't look only at foreclosures.

  • April 19
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