Profile picture for pulap

need buyer's agent.

I'm planning to buy a SFH in the range of 150000 to 175000 in the next 2-3 months. What is the possibility of the tax credit being extended ? I'm also searching for a buyers agent in fairfax, VA. Is it possible to find a 3 bedroom SFH in this price range I have seen a few sites which do show SFH in the price range but I'm sure the agents will have a bigger Database with more houses. Also Is this the best time to buy a house ? Or should I wait for some more time before proceeding ? I have 5-7K for down payment. I'm looking for someone who can help me in buying my dream house keeping my interests intact. I was looking for someone who can forgo the closing costs which I'm sure is not impossible.

To add to it I have a credit score of 710 and a steady income of 60K per year. I'm planning to get pre-approved loan in the days to come. Can you suggest which would be the best way to get pre approved apart from the checking account  bank.
  • February 11 2010 - Fairfax
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Answers (14)

What is not mentioned is the fees that Quicken charges lenders for the "leads" they provide, in many cases, adding over 1000 dollars to costs for some lenders quotes. Not sure it is fair to send folks to Quicken or Trulia when they are direct competitors to all of us here at Zillow...but may the best quote win!!  Jim
  • February 13 2010
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Profile picture for rockinblu
You really should talk to Don. I've been following his posts for over a year now. Seems really honest, and not self serving with his answers. Obviously if he is an investor as well, he's sharp and knows how to buy. I would use him in a heart beat. Good luck.
  • February 12 2010
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Quicken is HORRIBLE!   And one of the last remaining national boiler room lenders.  Really feel sorry for your client Linda if you are sending them there..
  • February 12 2010
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Quicken is excellent...they pick up a lot of the fees that some other lenders like to charge buyers...if you need a direct contact...just let me know.
  • February 12 2010
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Profile picture for nwhome.us
Then I'd still focus on a lender who fully understands the visa issues.  If you had not been fluent, I would have steered you towards a bilingual.
NAR (the National Association of Realtors) has a designation which focuses on international investment.  There are 4 Realtors in Fairfax who have completed the designation and 1 who has only completed the education.
Here is link to the CIPS search page.  Search for designees in  Fairfax, VA.  There is more information about the designation there.  Their study should have sensitized them to your interests.  You should be ale to ask them about any lenders they have who know visas and when you find one who has an answer....bingo; you have an introduction.
Let me know if you have any problems with the search.
  • February 11 2010
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I see that you should start by getting a pre approval from your bank and right now it is hard for a small downpayment to get accepted in mutliple offers. I would try to save up as much as you can and get a loan officer to tell you what price you would qualify for.
So you shoul start looking right away and make as many offers as you can until you get accepted because in that price range it is very competive right now we have many investers that are offering 50% down or cash to snatch up the foreclosure market. It will take a good search on your part, You need to find an agent that will set you up on an auto search andget you listings on a daily basis. I just made offers in Palmdale all cash and we are getting beat out for a 20a5 down uer that is 20K higher so the banks are unpredictable right now as to what they will take but 3% down is a hard task to pull off in this market. Especially due to appraisal values and the lenders are nervous right now with small downpayments..
So you will need lots of patience and time. I can help you if you would like.

  • February 11 2010
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Profile picture for pulap
Yes, English was my first language in school.
  • February 11 2010
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Profile picture for nwhome.us
You might want to post this in the mortgage section first because your first hurdle will be the lending.  Not all lenders have access to programs that will accomodate your status with the H1-B visa and you need to get that completely out of the way before you start working with an RE agent.  There are lenders who specialize in this and will make things go much more smoothly.
Similarly, not all agents understand how to work with foriegn investors.
Is English your first language? 
  • February 11 2010
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Profile picture for pulap
Then again I forgot to mention that I'm not a citizen or a GC holder. I'm on H1-B so I don't think I'm eligible for VA loan as mark said.
  • February 11 2010
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Repeat buyers do not have to sell their existing home, but all buyers must occupy the property they purchase as a primary residence to qualify for the tax credit.  Buyers who have a contract in place by April 30, 2010, have until June 30, 2010, to finalize the transaction to get a credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.
  • February 11 2010
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Pulap, home prices are way down from the highs, but no one can really say if this is the best time to buy or not. Personally, if you can own for the same money as your rent payment, you should do fine. As to whether or not your bank where you have your checking can get you the best rate, I bet they cannot offer you the best rates and terms. Post a loan request here on Zillow, and many great lenders will give you a quote. The FHA downpayment is 3.5% presently...NOT 3%. As far as the tax credit being extended, again, no one knows!

I can also recommend a great real estate agent or two, one that is not only an agent, but a full broker as well. Feel free to email me for the referral, my nick here at hot mail dot com. I hope these comments help, Jim

  • February 11 2010
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Profile picture for Mark Novak

A good rule of thumb is to multiply your gross annual income by 3 for a maximum purchase price. Also, count on needing at least 3.5% unless you go with a VA Loan or a USDA Loan both of which offer 100% financing especially for someone with such a good credit score. Most of these loan programs will allow you to have the seller make a maximum contribution towards your closing cost of 6%. I have some great lenders that I work with that would be happy to provide you with some estimates and explain your options to you. Feel free to contact me anytime.

  • February 11 2010
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Pulap,

FHA loans require 3.5% down.

Soon borrowers with less than 580 credit rating may be required to have 10% down. Also sellers will be allowed to contribute only 3% (vs. 6%).

Are you looking to purchase in Fairfax County or Farfax City?
It might be somewhat hard to find a SFH in that price range in Fairfax County (or City). Would you be willing to purchase a fixer-upper?

You are welcome to visit my website (see my profile for address ) and to search all area MLS homes by county, town, zip code, or individual listing number. Let me know when you find a home you would like to preview.

Good luck!
  • February 11 2010
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Hi Pulap,

It looks like your are going to be looking for an FHA loan.  That would require a 3% down payment and you can ask the seller to contribute to your closing cost.  That would keep you in the 5-7k range for your down. You can always use your W2 info to try to qualify but the lender is going to need to see account balances to make sure that you have enough to cover the reserves that they require.

If you would like me to refer a great agent in the Fairfax VA area I would be happy to do so. Just let me know if I can help.

You can reach me at TLee@TLeeRealty.com or through my web page www.tleerealty.com
  • February 11 2010
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