Zillow Advice: Buying Process - First time homebuyer - nervous, scared for the process http://www.zillow.com/advice-thread/First-time-homebuyer-nervous-scared-for-the-process/468406/ Zillow Advice | Zillow Real Estate Having "skin in the game"is ... http://www.zillow.com/advice-thread/First-time-homebuyer-nervous-scared-for-the-process/468406/ <p>Having "skin in the game"is important to mortgage lenders so having some money to contribute is&nbsp;necessary.&nbsp; Why don't you contact your landlord to see if he/she will&nbsp;do a Lease Purchase or a Lease with an Option to buy.&nbsp;&nbsp;Work out a price you will pay and then ask the&nbsp;Landlord to credit back $300 toward your purchase at the end of a year or two.&nbsp; After one year, you will get a $3600 credit or $7200 that you cn use toward down payment and or settlement costs.&nbsp; If your Landlord won't, find one that will!&nbsp;</p> Wed, 28 Nov 2012 15:15:00 GMT http://www.zillow.com/advice-thread/First-time-homebuyer-nervous-scared-for-the-process/468406/ 2012-11-28T15:15:00Z With FHA financing you will ... http://www.zillow.com/advice-thread/First-time-homebuyer-nervous-scared-for-the-process/468406/ With FHA financing you will need a minimum of 3.5% down payment. Unless you were in the military then you may qualify for a VA loan with no down payment necessary. Wed, 28 Nov 2012 15:00:00 GMT http://www.zillow.com/advice-thread/First-time-homebuyer-nervous-scared-for-the-process/468406/ 2012-11-28T15:00:00Z Generally I would say about ... http://www.zillow.com/advice-thread/First-time-homebuyer-nervous-scared-for-the-process/468406/ Generally I would say about 2.5 times your gross income.<br/>We need to get you with a lender though and see exactly your situation.<br/>It may depend on your debt, income, and other personal assets.<br/>Getting you with a lender now to get prequalified will also let us determine not only how much home you can buy, but if you need to improve your credit rating for a better interest rate or loan program. &nbsp;Also the loan officer can help you set goals regarding down payment and closing costs. &nbsp;Typically now you will need a minimum of 3.5% for your down payment, and you may need approximately another 3% for your closing costs.&nbsp;&nbsp;&nbsp;&nbsp; Wed, 28 Nov 2012 00:24:00 GMT http://www.zillow.com/advice-thread/First-time-homebuyer-nervous-scared-for-the-process/468406/ 2012-11-28T00:24:00Z - 1st of all the Credit score ... http://www.zillow.com/advice-thread/First-time-homebuyer-nervous-scared-for-the-process/468406/ - 1st of all the Credit score are they FAKO or real FICO that the banks use.<br/>- you can get FHA loan with 620 or conventional loan with 640+ (look it up)<br/>- They take 3 credit scores ie. 700 610 660, so they'll use the median which is 660 of the 3 bureaus.<br/>- Everything comes down to DTI (Debt to income ratio) which has a limit of 45%. so if you make 38000 a year.<br/>38000/12=3166 your house payment should be under 1425.00 a month. this includes&nbsp; your mortgage payment + PMI( if downpayment less than 20%) + Property Taxes + HOA and your monthly debt that shows on your credit report. ie. minimum credit card payment + car payment. that's all.<br/>- now find a house price that will give you over all payment of 1425 including your monthly recurring debt. you can use zillow calculators.<br/> Tue, 27 Nov 2012 20:57:00 GMT http://www.zillow.com/advice-thread/First-time-homebuyer-nervous-scared-for-the-process/468406/ 2012-11-27T20:57:00Z I suggest a lot of background ... http://www.zillow.com/advice-thread/First-time-homebuyer-nervous-scared-for-the-process/468406/ I suggest a lot of background reading and studying before reaching out to professionals.<br/><br/>A rough estimate of how much you can afford can be found by using an <a href="http://www.zillow.com/mortgage-calculator/house-affordability/">affordability calculator</a>.&nbsp; <br/><br/>Zillow has a lot of guides on the process.&nbsp;&nbsp; to find the guides, go to the section of interest (on the left) and uncheck the options besides guides below the heading listing <br/><br/>Examples (there are many others)<br/><br/><a href="http://www.zillow.com/wikipages/The-Home-Buying-Process--Step-by-Step/">The home buying process - step by step</a>. <br/><br/><a href="http://www.zillow.com/wikipages/Selecting-a-Buying-Agent/">Selecting a buying agent.&nbsp;</a> (interview rigorously, not all are the same)<br/><br/><a href="http://www.zillow.com/wikipages/Home-Inspections-are-they-Important/">Why inspections are important</a><br/><br/><a href="http://www.zillow.com/wikipages/How-to-Determine-an-Offer-Price-for-a-Home/">How to determine the offer price on a house</a><br/><br/>There are also many other real estate websites offering such guides, and the old stand by - the library!<br/><br/>After some reading, it doesn't hurt to talk to a lender or two for some in put.&nbsp;&nbsp; As you don't have a down payment, closing costs and slush fund for the $$ realities of home ownership, you do have time to study.&nbsp; <br/><br/>When you get to selecting an agent, your background studies will help you take the right steps to make an excellent&nbsp; selection.&nbsp;&nbsp;&nbsp; There is nothing wrong with talking with a dozen or more in the selection process,&nbsp; as there are some great agents, many average agents and some awful agents out in the real estate world.<br/><br/><br/><br/><br/><br/><br/><br/><br/> Tue, 13 Nov 2012 21:01:00 GMT http://www.zillow.com/advice-thread/First-time-homebuyer-nervous-scared-for-the-process/468406/ 2012-11-13T21:01:00Z probably 160-200k and with ... http://www.zillow.com/advice-thread/First-time-homebuyer-nervous-scared-for-the-process/468406/ probably 160-200k and with FHA you need very little down. Let me help you with a pre-qualification at no cost to you. You can look at my reviews and see that I work hard to make my clients happy.<br/><br/>Thanks, Tue, 13 Nov 2012 20:50:00 GMT http://www.zillow.com/advice-thread/First-time-homebuyer-nervous-scared-for-the-process/468406/ 2012-11-13T20:50:00Z First, I suggest that your ... http://www.zillow.com/advice-thread/First-time-homebuyer-nervous-scared-for-the-process/468406/ First, I suggest that your talk to a loan officer at 2 local banks.&nbsp; They can tell you&nbsp;if you can qualify for a mortgage loan now, or, if not, what you need to do to qualify.<br/><br/>If you qualify for a loan, obtain a Loan Pre-Approval Letter.&nbsp; <br/><br/>Next, you need a Buyer's Agent to represent your interests.&nbsp; Buyer's Agents are at no chare to you.&nbsp; The Seller pays the commission for the Seller's Agent and Buyer's Agent.&nbsp; Ask you friends, family, co-workers, neighbors, etc. for recommendations for a Buyer's Agent. Tue, 13 Nov 2012 20:39:00 GMT http://www.zillow.com/advice-thread/First-time-homebuyer-nervous-scared-for-the-process/468406/ 2012-11-13T20:39:00Z