Zillow Advice: Buying Process - 1st time buyer questions... http://www.zillow.com/advice-thread/1st-time-buyer-questions/390558/ Zillow Advice | Zillow Real Estate Some need to know answers ... http://www.zillow.com/advice-thread/1st-time-buyer-questions/390558/ Some need to know answers that will usually get overlooked in the rush to provide you with the "see a lender...see a realtor" chorus call, which actually do have merits, are below:<br/><br/>Closing costs: These can almost always be 'wrapped' into your loan. If you are buying a $200,000 home and you have $5,000 in closing costs like transfer taxes and title insurance and a handful of other rip-off fees, you'll have an actual purchase price of $205,000 and you're loan will be based off this amount. Your lender will almost always allow this (within 3% of purchase price).<br/><br/>Taxes: If you do not put 20% down, a bank will require you to escrow this amount, therefore accomplishing what you want, a monthly payment that includes your pro-rated monthly bill for property taxes.<br/><br/><strong>Realtors</strong> / <strong>Buyer's agents</strong>: Shop for them like you would any other service. Talk to a few of them. Read up on what they have online, and definitely meet with them before beginning the process. Buying a home can be a cumbersome process, and the biggest asset a realtor can provide is making your transaction smooth, from start to keys. If you don't feel a bond with your agent-to-be, take a walk. Thu, 15 Nov 2012 06:18:00 GMT http://www.zillow.com/advice-thread/1st-time-buyer-questions/390558/ 2012-11-15T06:18:00Z First of all congrats on ... http://www.zillow.com/advice-thread/1st-time-buyer-questions/390558/ First of all congrats on your decision to possibly purchase.&nbsp;<br/><br/>You NEED to get set up with both an agent and a reliable lender. Every market is so different that you need to get your information from a local source. You can ask all of your questions to your local experts and they can provide you with current information about your specific market place. There could be options available to you that only a local agent may know of. There is no harm to you by getting in touch with a local expert. There are no gimmicks, typically we don't get paid until closing and don't charge up front fee's and you need someone consistent helping you rather than hearing multiple things from different agents around the country. Have an agent do the work for you because thats what we are here for. Also getting good reliable information at the beginning can save you time and heartache once you get to the transaction part of the process.&nbsp; Wed, 14 Nov 2012 22:29:00 GMT http://www.zillow.com/advice-thread/1st-time-buyer-questions/390558/ 2012-11-14T22:29:00Z [Promotion and website removed ... http://www.zillow.com/advice-thread/1st-time-buyer-questions/390558/ [Promotion and website removed by Zillow moderator. Please see our&nbsp;<u><a style="text-align: right;" href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a></u>&nbsp;for posting guidelines.] Tue, 13 Nov 2012 10:36:00 GMT http://www.zillow.com/advice-thread/1st-time-buyer-questions/390558/ 2012-11-13T10:36:00Z Any single-family home or ... http://www.zillow.com/advice-thread/1st-time-buyer-questions/390558/ Any single-family home or multiple home can be purchased with an <a href="http://www.zillow.com/fha-loan/">FHA loan</a> as long as it falls withing a certain price range. The limit has changed over the past few years.&nbsp;It is only on condos that you have to worry about whether a particular unit is FHA-approved or not. Sat, 03 Dec 2011 20:55:00 GMT http://www.zillow.com/advice-thread/1st-time-buyer-questions/390558/ 2011-12-03T20:55:00Z In addition to the great ... http://www.zillow.com/advice-thread/1st-time-buyer-questions/390558/ In addition to the great information provided by Debra, Dunes and Joseph keep in mind that not every property is qualified for an FHA loan.&nbsp; Property condition is a key element in obtaining an appraisal that is not subject to property repairs.&nbsp; If you are buying from an individual, these items may be able to be negotiated with the seller to be corrected in order to obtain a final inspection from the appraiser (and at that point, clearance to close), but if you are buying a foreclosure...these are typically sold strictly as-is.&nbsp; There are numerous foreclosures on the market now in poor condition (yet priced accordingly&nbsp;with the possibility of obtaining for even less than list price) that can be purchased using the FHA 203K loan program that allows repair escrows to be added.&nbsp; Speak to the lender about the process of financing using this renovation loan which may be the only possibility for some homes.<br/><br/>You did not mention if you are considering attached housing.&nbsp; Not all condominuims are approved for FHA loans.&nbsp; The owner-occupied ratios of a community, delinquency factors on the current POA dues for that community and other factors can take condos, PUDS, etc off the approved list for buyers to be able to obtain FHA financing.&nbsp; Once you have selected a realtor to work with they will have that information in addition to being able to assist in&nbsp;determining property condition for appraisal purposes.<br/><br/>Goof luck!<br/> Sun, 13 Mar 2011 12:28:00 GMT http://www.zillow.com/advice-thread/1st-time-buyer-questions/390558/ 2011-03-13T12:28:00Z Hi Ceez!Buying&nbsp;your ... http://www.zillow.com/advice-thread/1st-time-buyer-questions/390558/ Hi Ceez!<br/>Buying&nbsp;your first&nbsp;home can be an overwhelming experience, but your anxiety will be reduced if you follow Dunes's advice and educae yourself as much as possible on the process. His links are&nbsp; good places to start.<br/><br/>As part of this education process, you can also speak to a few agents (come prepared with a written list of questions)&nbsp;- you don't have to, nor should you, &nbsp;sign with anyone or pledge loyalty to anyone at this point, but you can ask to meet,&nbsp;&nbsp;sit down&nbsp;.....and discuss the process. <br/><br/>When you're ready to begin looking, you can select someone you had a comfort level with. <br/>You can also follow the same advice with a loan officer. This way you can familiarize yourself with the mortgage products out there, as well as FHA loans and seller-paid closing costs options.<br/><br/>You also need to formulate a <strong>budget</strong> for yourself, as you need to feel secure in what your payments&nbsp;will be. Just because you may qualify for a loan, doesn't mean you need to, or should, borrow that much money!! <br/><br/>Take a deep breath, and begin learning about the process.&nbsp;All&nbsp;of your questions will be answered along the way!<br/><br/>All the best........and.... good luck! Sun, 13 Mar 2011 07:26:00 GMT http://www.zillow.com/advice-thread/1st-time-buyer-questions/390558/ 2011-03-13T07:26:00Z The First thing you need ... http://www.zillow.com/advice-thread/1st-time-buyer-questions/390558/ <br/>The First thing you need to do is understand you are talking about perhaps the Largest Financial Decision you will ever make..A long Term Financial Decision..<br/><br/>You need to Understand RE Agents are SELLING SERVICES as are Mortgage Brokers/Lenders...Some are Good, some are Bad and some are just Disastrous Financially for any who use them.<br/>You need to know how to tell one from the other in order to protect yourself Financially and to achieve the goals you set for yourself...<strong><br/><br/></strong><br/>I would recommend you begin by looking at this Fed Gov site (HUD/FHA) which explains the Home Buying Process Step by Step...Choosing a Lender is Step#3 according to them and choosing an RE Agent is Step #5..<br/>Learning your Rights as a Buyer/Consumer is Step #1<br/>Give it a Look..<a href="http://portal.hud.gov/portal/page/portal/HUD/topics/buying_a_home" rel="nofollow">Link</a><br/><br/>Check out this Gov Site which has all the Fed Gov Loan Programs currently Available. (FHA/USDA ect) You can get specific information, compare options, or take a short questionnaire to determine your eligibility for each program. <a rel="nofollow" href="http://www.govloans.gov/loans/type/6">GovLoans.gov</a><br/><br/>Check out the Fed Gov Home Buying Programs, view the Properties they have available and learn about the options they provide/make available..Hud, Fannie Mae, Freddie Mac, Vet, USDA..all here<br/>Give them a look..<a href="http://portal.hud.gov/portal/page/portal/HUD/topics/homes_for_sale" rel="nofollow">Link</a><br/><br/>The Banks have also created Web Sites for the Public to view their available Properties and learn about the options they have..Sites like<br/><a href="https://servicing.chase.com/reo/property/FeaturedProperties" rel="nofollow">Chase</a>...<a href="http://bankofamerica.reo.com/search/PropertySearch.aspx" rel="nofollow">Bank of America</a>...<a href="http://www.pasreo.com/pasreo/public/propertySearch.do" rel="nofollow">Wells Fargo</a><br/>Give them a look and you'll find the links to Bank Sites here..<a href="http://www.biggerpockets.com/bank-reo.html" rel="nofollow">Link</a><br/><br/>Become informed about the Process of this Large Financial Commitment and then choose who YOU feel will best assist YOU from those who are Selling Services if you decide to move Forward<br/>&nbsp; Sun, 13 Mar 2011 05:10:00 GMT http://www.zillow.com/advice-thread/1st-time-buyer-questions/390558/ 2011-03-13T05:10:00Z You obviously have a lot ... http://www.zillow.com/advice-thread/1st-time-buyer-questions/390558/ You obviously have a lot of questions.&nbsp;<br/><br/>First let's tackle the financing part:&nbsp; Before you can buy a home, you have to know how you are going to pay for it and what it will cost.&nbsp; There are numerous financing options available, but the most common (and sounds like your situation) is an FHA insured loan.&nbsp; With most FHA loans, you will require 3.5% for your Down Payment.&nbsp; You will also need some additional cash for items like Appraisal and Inspections, better figure another $800-1000.&nbsp; This is the CASH that you will need at a minimum.&nbsp; There are additional Closing Costs required, but depending on the home you choose you may be able to get the Seller to pay those.<br/><br/>In order to know exactly how much cash you will need you need to interview some mortgage lenders.&nbsp;Talk to 2 or 3 to compare costs.&nbsp; This is your FIRST step.<br/><br/>Once you have spoken with a lender and are approved for financing,&nbsp; contact a couple of REALTORS in the area you are looking for homes.&nbsp; Talk with them about your desires and listen, let them know you are a 1st time Buyer and TELL them you expect them to handle the transaction through to closing.&nbsp; If they do not want to take the time to help you move on.&nbsp; Their job is&nbsp;not to&nbsp;SELL you a home, but to help you buy a home.&nbsp; Choose the agent that you feel most comfortable with.&nbsp; It does not matter if they have sold 1000 homes or 2, pick the one that will work for you.&nbsp; Do not pay any up front fees!&nbsp; If they ask for money up front, move on.<br/><br/>If you have a good lender and good agent the rest will be easy. Sun, 13 Mar 2011 02:59:00 GMT http://www.zillow.com/advice-thread/1st-time-buyer-questions/390558/ 2011-03-13T02:59:00Z