first time homebuyers

MY HUSBAND AND  HAVE BEEN THINKING ABOUT GETTING A HOME. WE BOTH HAVE FAIR CREDIT AROUND 640. WE HAVE BEEN RENTING FOR A LITTLE OVER 8 YEARS. WE CURRENTLY PAY $875 A MONTH AND I THINK WE ARE THROWING MONEY AWAY BY RENTING. LAST YEAR WE HAD CONTACTED SUMMIT FUNDING BUT NEVER GOT ANY HELP. WE NEED SOME ADVICE AND WE DON'T KNOW WHERE TO START FROM.
  • March 11 2014 - Indio
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Answers (5)

Best Answer

Contact me tomorrow and I will give you a start on a few different lenders to contact.  It is best to shop your loan with more than one lender to make sure you are getting the best rate and terms.  Once you know what you can/want to afford, we can start searching for a home for you.  You can reach me at 760-333-2134.
  • March 11 2014
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Go to a bank you deal with. Ask them to pre-approve you for a loan and have them walk you through the different scenarios and loan programs. and when you are ready to get a loan, always shop around!
  • March 13 2014
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Your credit scores are definitely acceptable for most loans. Lenders like myself can go as low as 580-620 depending on what type of loan you are seeking. With your current scores you have most lending options available to you such as FHA, conventional, VA, USDA, etc. There are other financial factors that would need to be analyzed including your income, expenses, assets, liabilities, debt, employment, down payment, as well as credit scores. If all of these factors are in place then you should be good to go.

One of 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 prequalify for a loan. So 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!
  • March 13 2014
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Profile picture for wetdawgs
Here's a link to Zillow's buyer's roadmap.    It walks you through the process, including starting at the beginning - can you afford to buy?

  • March 11 2014
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Profile picture for Brookstone Mortgage
Start by speaking to a California lender to get pre-approved.
  • March 11 2014
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