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SVTPerformance's Chain of Restaurants
Road Side Pub
First-Time Home Buyer Advice
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<blockquote data-quote="ACESCOBRA" data-source="post: 2353452" data-attributes="member: 31258"><p>What I would do if you are ready to buy in the next 90 days is:</p><p>- Find a Realtor in your area</p><p>- Ask him to take you to a good lender in order to get pre-approved</p><p>- The lender or Morgage broker is going to pull out your Fico score and will show you the programs that you may qualify for (FHA, VA, Coventional fixed- ARM- Interest only etc)</p><p>- Is up to how much house can you afford and how much loan you qualify for</p><p>- Once you have your pre-approval letter go see houses with the realtor</p><p>- Houses, townhomes, condos are the best investments regardless of the market. If you can buy now... buy now. There is nothing worst than wasting your money in rent.</p><p>- After you've found you property the Realtor is going to put an offer. Plan on saving some money for the Ernest deposit (1% of purchase price)</p><p>- If you can get Closing cost for the seller so you wont have to put any more money unless you are bringing money down to lower your monthly payments.</p><p>- After 30 days the home is yours. </p><p></p><p>Bottom line. You dont need to wait a year if you can get off your lease now and qualify for a loan. The lender can pre-qualify you for 30 days only since your Fico score may change by the next month. Once you have a Contract to Purchase, the lender can "Lock" rate for 30-45 days (sometimes more), but only if you have a Contract.</p><p></p><p>I'm not a lender but by experience you may take my .02 cents of advice. If you decide to wait a year then pull you credit score an work on getting it to the 700 mark. That way you'll be able to get what ever you want at the best rate possible! :beer:</p><p></p><p>Ace</p></blockquote><p></p>
[QUOTE="ACESCOBRA, post: 2353452, member: 31258"] What I would do if you are ready to buy in the next 90 days is: - Find a Realtor in your area - Ask him to take you to a good lender in order to get pre-approved - The lender or Morgage broker is going to pull out your Fico score and will show you the programs that you may qualify for (FHA, VA, Coventional fixed- ARM- Interest only etc) - Is up to how much house can you afford and how much loan you qualify for - Once you have your pre-approval letter go see houses with the realtor - Houses, townhomes, condos are the best investments regardless of the market. If you can buy now... buy now. There is nothing worst than wasting your money in rent. - After you've found you property the Realtor is going to put an offer. Plan on saving some money for the Ernest deposit (1% of purchase price) - If you can get Closing cost for the seller so you wont have to put any more money unless you are bringing money down to lower your monthly payments. - After 30 days the home is yours. Bottom line. You dont need to wait a year if you can get off your lease now and qualify for a loan. The lender can pre-qualify you for 30 days only since your Fico score may change by the next month. Once you have a Contract to Purchase, the lender can "Lock" rate for 30-45 days (sometimes more), but only if you have a Contract. I'm not a lender but by experience you may take my .02 cents of advice. If you decide to wait a year then pull you credit score an work on getting it to the 700 mark. That way you'll be able to get what ever you want at the best rate possible! :beer: Ace [/QUOTE]
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SVTPerformance's Chain of Restaurants
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First-Time Home Buyer Advice
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