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what if I am a first time buyer as a single woman & and what are the qualifications

  • September 16 2009 - Temple City
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Answers (7)

Mike, although I agree with you 100%, what I take away from Linda's statement is that she would like to "dictate" where her buyers get their financing. 
  • September 16 2009
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While it's true we're seeing REO and shortsale seller's (banks!!) often requiring a buyer to get preapproved by them (obvious as to why), it's not happening in the conventional resale market. So you should qualify your statement.

And in the REO and short sale environment, it's not a requirement that the buyer use the bank/seller preapproval. I would think that would be illegal.

So to blanket state that this is the rule of thumb now is misleading at best.
  • September 16 2009
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speaking of "not dictating what they want".....
  • September 16 2009
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That's rubbish Linda.  "Direct" lenders prequal letters are no better that a prequal letter from a mortgage broker.
  • September 16 2009
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The first step in buying a home is getting pre-approved not just pre-qualified for a loan with a direct lender.  Sellers are now looking for buyers who are pre-approved by a direct lender and not just a mortgage broker.  It is also very important that you work with an experienced, trustworthy loan consultant and real estate agent who will listen and not dictate what they want.  If you have not talked to a lender yet, I'd like to refer you to a really good one and his name is Kevin Fisher with Bank of America and can be reached at 714-514-3364.  He is very responsive and proactive.

Good luck!
  • September 16 2009
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- 2 year credit history with appropriate scores
- Enough income (employment, retirement, investment, or other) and history of such
- Enough funds to close, verified in your control or through a gift

Basically no different than any other buyer, first time or not, single or married. Co-borrowers are allowed. Lots of ways to make it work.
  • September 16 2009
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Good credit, a down payment and enough income to afford the payments.
  • September 16 2009
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