Zillow Advice: Buying a Foreclosure - Where would a first time home buyer start? http://www.zillow.com/advice-thread/Where-would-a-first-time-home-buyer-start/537184/ Zillow Advice | Zillow Real Estate You will need to be pre-approved ... http://www.zillow.com/advice-thread/Where-would-a-first-time-home-buyer-start/537184/ <p>You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs.</p><p>You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program from a minimum 640 fico score up to 417k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 417k.</p><p></p><p>If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment you are looking to achieve you can be emailed listings to study and compare. Lower fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.</p><br/><br/><br/><br/><p>It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare.</p> Mon, 21 Sep 2015 16:47:00 GMT http://www.zillow.com/advice-thread/Where-would-a-first-time-home-buyer-start/537184/ 2015-09-21T16:47:00Z You have definitely come ... http://www.zillow.com/advice-thread/Where-would-a-first-time-home-buyer-start/537184/ <br/><br/><p>You have definitely come to the right place. Zillow is a great resource - do your research and you will be rewarded.</p><p><br/></p><p>Despite the lengthy and sometimes tedious process, in my experience and opinion, Short Sales turn out to be a better option to first time buyers (both in process and being more lucrative) vs. foreclosure and REO inventory. There is very good reasoning for this statement, but it can get lengthy and I'd like to stay on topic of your question.</p><p><br/></p><p>1) It is absolutely crucial to find the right real estate agent who is both knowledgeable and experienced in distressed sales (short sales and foreclosures). 2-5 prior transactions does not really qualify. You need someone with the extensive knowledge of several mortgage servicers and hands on experience of their process, documentation and negotiation parameters.</p><p><br/></p><p>2) Being pre-approved for a mortgage is necessary; however, as a first time buyer it is advised to have your loan looked at by the underwriter prior to placing the offer. That is called getting a fully underwritten commitment letter. It goes without saying that you need to shop around for mortgage financing with several different lenders &ndash; do not limit yourself to just one or two.</p><p><br/></p><p>Here are some key factors to consider when selecting a lender&nbsp;&ndash;</p><p>&nbsp; a.&nbsp; &nbsp;Competitive rates</p><p>&nbsp; b.&nbsp; &nbsp;Great Service</p><p>&nbsp; c.&nbsp;&nbsp; Pre-Approvals With Weight (Fully Underwritten Commitment)</p><p>&nbsp; d.&nbsp; &nbsp;Full Service lender is a big plus</p><p>&nbsp; e.&nbsp;&nbsp; Extensive Products and Programs</p><p>&nbsp; f.&nbsp;&nbsp; Money wired 1 day prior to closing</p><p>&nbsp; g.&nbsp;&nbsp; Sincerity, Honesty, Speed &amp; Support</p><p><br/></p><p>&nbsp;Good luck with your search! There are plenty of great opportunities out there.</p><p><br/></p><br/><br/> Fri, 18 Sep 2015 00:27:00 GMT http://www.zillow.com/advice-thread/Where-would-a-first-time-home-buyer-start/537184/ 2015-09-18T00:27:00Z Home buying can be &nbsp;exciting&nbsp;.&nbsp; ... http://www.zillow.com/advice-thread/Where-would-a-first-time-home-buyer-start/537184/ Home buying can be &nbsp;exciting&nbsp;.&nbsp; The first step&nbsp;is &nbsp;to start&nbsp; by getting a&nbsp;Mortgage Loan Officer &nbsp;to help you with a &nbsp;pre-approval. Once you have your pre-approval in place, call a realtor so they can help you find a property within your price range. You don't want to waste time or money on properties that you can't afford.&nbsp; Thu, 17 Sep 2015 20:18:00 GMT http://www.zillow.com/advice-thread/Where-would-a-first-time-home-buyer-start/537184/ 2015-09-17T20:18:00Z Find a good Realtor first ... http://www.zillow.com/advice-thread/Where-would-a-first-time-home-buyer-start/537184/ Find a good Realtor first who can recommend a lender who might be best for you and your situation. I have had many Buyers who don't fit neatly into a "Box" and therefore needed a Lender who was more flexible. FHA Loans are not well suited for Foreclosures that need work since most are sold in an As-Is condition. Your Realtor should be able to direct you to a Lender who would be best with Foreclosures&nbsp;with a&nbsp;possible rehab needed. Thu, 17 Sep 2015 20:06:00 GMT http://www.zillow.com/advice-thread/Where-would-a-first-time-home-buyer-start/537184/ 2015-09-17T20:06:00Z Home buying can be an overwhelming ... http://www.zillow.com/advice-thread/Where-would-a-first-time-home-buyer-start/537184/ Home buying can be an overwhelming experience. &nbsp;Your first place to start is by getting a loan company to help you with pre-approval. &nbsp;Once you have your pre-approval in place, call a realtor so they can help you find a property within your price range. &nbsp;You don't want to waste time or money on properties that you can't afford. &nbsp;Good luck with this. &nbsp;It's a very exciting step in your life.<br/><br/>Courtney Craig<br/>JohnHart Real Estate<br/>Glendale, CA Thu, 17 Sep 2015 00:20:00 GMT http://www.zillow.com/advice-thread/Where-would-a-first-time-home-buyer-start/537184/ 2015-09-17T00:20:00Z Hi,A good start would be ... http://www.zillow.com/advice-thread/Where-would-a-first-time-home-buyer-start/537184/ Hi,<br/><br/>A good start would be to meet with a local loan agent to review your particular loan scenario.<br/><br/>Kind regards,<br/><br/>Arpad Sat, 25 Jul 2015 01:57:00 GMT http://www.zillow.com/advice-thread/Where-would-a-first-time-home-buyer-start/537184/ 2015-07-25T01:57:00Z First step in Buying is always ... http://www.zillow.com/advice-thread/Where-would-a-first-time-home-buyer-start/537184/ First step in Buying is always to get pre approved so you know what you can afford to purchase. Consult with a Realtor, he/she will be able to guide you step by step!<br/><br/>Good Luck!&nbsp; Fri, 24 Jul 2015 17:41:00 GMT http://www.zillow.com/advice-thread/Where-would-a-first-time-home-buyer-start/537184/ 2015-07-24T17:41:00Z Start at the beginningI'd ... http://www.zillow.com/advice-thread/Where-would-a-first-time-home-buyer-start/537184/ Start at the beginning<br/><br/>I'd suggest doing some self-educating first to be better informed/prepared for the important selection of which Lender/RE Agent/RE Agency that is selling services is best suited for you and your goals<br/>Agents/Agencies are selling services...shop smart<br/><br/>Becoming as informed as possible about options, the process, whats available, what to watch out for is exactly what you need at this point<br/>A lot of those decisions are gonna be based on the market/area you intend to spend a sizable hunk of money in....might be good to get out and check it out<br/><br/>In case you're interested here are some excellent resources, places of info imo...<br/>Lots and lots of info available, Forums to cruise to see who says what so make use of them in preparing for your Lender/Agent choices, Financial decisions and Business Transaction might be a good idea<br/><br/>First Time Home Buyer Info (From HUD/FHA) about the Process &amp; Excellent Info/Resources for any Buyer..<a rel="nofollow" href="http://portal.hud.gov/hudportal/HUD?src=/topics/buying_a_home">Buying a Home</a><br/><br/>Provided by the Federal Gov......Info on their Loans/Programs<br/>Find the Right Loan, you can search for 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">GovLoan.gov</a><br/><br/>Department Of Justice<br/>Anti-Trust Division Web Site about all the options Consumers actually have<br/><a rel="nofollow" href="http://www.justice.gov/atr/public/real_estate/index.html">New business models are emerging that allow consumers to save thousands of dollars when they buy or sell a home</a><br/><br/><a rel="nofollow" href="http://www.consumerfinance.gov/">Consumer Financial Protection Bureau</a><br/> Well worth a look imo<br/><br/>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, Programs<br/>Sites Like..<a rel="nofollow" href="http://realestatecenter.bankofamerica.com/pages/map-search?Partner=reo&amp;DestinationUrl=http://rec.informationlogix.com/search/SearchResultsByState.aspx">Bank of America</a>...<a rel="nofollow" href="http://reo.wellsfargo.com/">Wells Fargo</a>...<a rel="nofollow" href="http://www.citimortgage.com/Mortgage/Oreo/SearchListing.do">CitiMortgage</a> <br/><br/>You can find links to Bank sites here...<a rel="nofollow" href="http://www.biggerpockets.com/bank-reo.html">Link</a><br/><br/>The Fed Gov has Sites for its Properties for sale/Info on programs/loans<br/><a rel="nofollow" href="http://hudhomestore.com/HudHome/Index.aspx">HUD Homes</a>...<a rel="nofollow" href="http://www.homepath.com">HomePath.com</a> (Fannie Mae)...<a rel="nofollow" href="http://www.homesteps.com/">HomeSteps</a> (Freddie Mac)<br/><br/>You can find the links to Gov sites here...<a rel="nofollow" href="http://portal.hud.gov/hudportal/HUD?src=/topics/homes_for_sale">Link</a><br/><br/>Be Informed...Shop Smart<br/>Best of Luck<br/> Tue, 22 Apr 2014 20:25:00 GMT http://www.zillow.com/advice-thread/Where-would-a-first-time-home-buyer-start/537184/ 2014-04-22T20:25:00Z If you are interested in ... http://www.zillow.com/advice-thread/Where-would-a-first-time-home-buyer-start/537184/ If you are interested in buying a home then the first steps to buying a home would be&nbsp;to speak with a lender that best fits your situation to get pre-qualified. Then when you do apply for a loan, lenders like myself will need to look at several different things if you are trying to get pre-approved for a loan. We will need to analyze your assets, credit, expenses, income, debt, employment, down payment, etc. Connecting with a lender is a great way to kick start your home buying process. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home.&nbsp;If you need additional assistance, feel free to reach out. Good luck! Tue, 22 Apr 2014 19:38:00 GMT http://www.zillow.com/advice-thread/Where-would-a-first-time-home-buyer-start/537184/ 2014-04-22T19:38:00Z Hi,The best place to start ... http://www.zillow.com/advice-thread/Where-would-a-first-time-home-buyer-start/537184/ Hi,<br/><br/>The best place to start would be with a great loan agent. Please let me know if you need any referrals.<br/><br/>Kind regards,<br/><br/>Arpad<br/><br/>&nbsp; Mon, 21 Apr 2014 23:23:00 GMT http://www.zillow.com/advice-thread/Where-would-a-first-time-home-buyer-start/537184/ 2014-04-21T23:23:00Z