Profile picture for tamarra wallace

how can I own a home? I am starting with nothing so I know I can not get a loan. WHERE DO I START?

  • October 29 2013 - Laurel
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Answers (7)

 If you haven't been pre-approved yet I recommend this be the first thing you do. Pre-approvals are important because they give you an idea of how much you can afford. Also, offers from buyers with pre-approvals are taken much more seriously than offers without pre-approvals. 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. 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!
  • October 29 2013
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Profile picture for Dunes ..
user52200

The problem with responding to a question like this is we know nothing about your situation beyond living paycheck to paycheck and starting with nothing so you read what's said and possibly consider it irrelevant or harsh or or or..

Example...you say " I LIVE PAY BY PAY IM RENTING NOW FOR 1200 A MONTH. ITS JST HARD TRYING TO SAVE ANYTHING" and my first thought is find a place that doesn't cost $1200 a month.
But I/we don't really know your rental market or options or situation so I'm just automatically thinking downsize whatever and save..that's a logical thought but one based on not knowing your situation or even how much effort you are willing to commit to..
I hope you understand you started a discussion so you could hear different opinions/option then make up your own mind about what you wish to pursue or reject ;)

Anyway here's my opinion of what's really important for you to do
Get as informed as possible so you can wade thru the smoke

I would suggest becoming as informed as possible about options, the process, whats available, what to watch out for
A lot of the decisions you will be making are gonna be based on the market/area you intend to spend a sizable hunk of money in....might be good to learn as much about it as possible so you know what options might apply (Can you consider USDA? ect.)

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
Check out each of these links for a start and see what ya think
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
Sites Like..Bank of America...Wells Fargo

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

The Fed Gov has Sites for its Properties for sale/Info on programs
HUD Homes...Fannie Mae
You can find the links to all the Gov sites here...Link

Best of Luck


  • October 29 2013
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You may want to consider using a monthly budgeting program such as mint.com.  It's free so it won't add to your monthly fee costs and it will allow you to see EXACTLY where your money is going every month.  What's more important to you?  The $100 cable TV bill or use Netflix instead for $10/mo and sock away $90/mo towards the eventual purchase of your home.  This takes a bit of work but is ultimately well worth the effort.
  • October 29 2013
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Profile picture for wetdawgs
Here's a link to Zillow buyer's roadmap which will walk you through the process.   Everyone gets to the ability to buy a home step by step, well, almost everyone - an occasional person wins the lottery (but they don't post for help on Zillow).

"I can't save anything".    Starting thinking about this carefully, and rebudget by paying your savings account each month.   If you can't save now, you can't afford a home.  A house has lots of expenses that one does not incur when renting.  



  • October 29 2013
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You need advice of a good lender on what steps to take so you can purchase a home - if not now, in the future.  I would be happy to refer you to a local lender who specializes in first-time home buyer programs.  Send me an email and I can help you get started.

Jules Cole
RE/MAX Realty Group
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  • October 29 2013
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Profile picture for tamarra wallace
MY CREDIT IS OK. I CAN NOT SAVE ANYTHING BECAUSE I LIVE PAY BY PAY IM RENTING NOW FOR 1200 A MONTH. ITS JST HARD TRYING TO SAVE ANYTHING. I DNT WANT ANYTHING TO FALL IN MY LAP OR HANDED TO ME THATS WHY IM ASKIN DO I HAVE OTHER OPTIONS.
  • October 29 2013
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Profile picture for Outer Banks N C
1. Save money

2. Improve your credit

We all have to work up to what we want in life, it does not just fall into your lap. Work, save, make sacrifices to get where you want. It takes time.

good luck.


tim
  • October 29 2013
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