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CALLING ALL HOME OWNERS....

Please help.. We want to buy a home we live in MA. I have not even started the prosess. I know i need to go to the bank to see if i can even be aproved but i dont know anything else other than that. Please any advice will help.....Please

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Anonymous

Asked by Anonymous at 6:24 PM on Feb. 12, 2009 in Home & Garden

Answers (5)
  • Get a pre-approval, prepare to have money down, and shop carefully. RECOMMEND a house inspection on loved property.
    Also, offer 20,000. below there asking price and negotiate it back and forth.
    But I would for sure go through your bank first. Not a lending company that you can only chat with on the phone. GOOD LUCK!!!
    racingmomma

    Answer by racingmomma at 6:26 PM on Feb. 12, 2009

  • Thank you so much!!!!
    Wow 20,000.00 lower...wouldent that be so nice...for meee.
    Anonymous

    Answer by Anonymous at 6:33 PM on Feb. 12, 2009

  • Don't rely on what they pre-approve you for. Try to go for less than you are approved for by at least $10-20K (on top of the offering less that the previous poster said). Definately get a pre-approval. Banks are turning away people with spotless credit so be prepared. But when they do give you a pre-approval, they are still going higher than what you should buy for. Work out the figures, your monthly mortgage should be no more than 1/3 of your take home pay.
    Anonymous

    Answer by Anonymous at 10:50 PM on Feb. 12, 2009

  • You need to be able to show at least 2 years of a tax refund, prooving income. Your income has be at least 3 times the mortage. You have to have excellent credit, 700 or higher. You need have a have down payment, usually 10 to 20% is ideal. However, being a first time home owner you may quailify for a 0% down. With the housing market in the toliet, it is getting harder and harder to get a loan. Plus banks are less willing to loan money to anyone that does not meet higher requirements. Talk to several lenders first. If your credit is excellent, 2 years of a steady job, debts are low and you have no leins or bankrupies, you may be able to get a loan. Good Luck!
    Anonymous

    Answer by Anonymous at 11:30 PM on Feb. 14, 2009

  • Not to state the obvious here, but you should contact a real estate agent. He or she will walk you through the entire process and answer all of these questions for you. It's totally free to you--the agent will be paid commission by the seller of the house you end up purchasing. There is absolutely no reason for not to hire an agent now if you're serious about starting the process!
    Anonymous

    Answer by Anonymous at 2:50 PM on Feb. 16, 2009

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