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Quick question

My husband and I have started the home buying process. We have been pre- approved and can start looking at homes. When do you need to come up with that down payment? Should I get excited looking at homes or she we not look untill we have that down payment. We are approved for an FHA 3.5% down.

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Anonymous

Asked by Anonymous at 9:21 PM on Mar. 30, 2011 in Home & Garden

Answers (11)
  • i would get a down payment now in case you see something and want to grab it!
    zoejains_momma

    Answer by zoejains_momma at 9:22 PM on Mar. 30, 2011

  • The sooner everything is in order the faster and smoother the process will be.
    meooma

    Answer by meooma at 9:23 PM on Mar. 30, 2011

  • Should we even be looking at homes if we can't even put in an offer?
    Anonymous

    Comment by Anonymous (original poster) at 9:24 PM on Mar. 30, 2011

  • You will need a down payment when you submit a contract for purchase That's when you put the Ernest money down, also called the down payment. It show's the sellers your serious about buying. Your pre approval is only good for a set length of time. Usually 60 days. Ask the lender who approved you how long it is good for. You can look now but if you dont have the down payment your only going to drive yourself crazy when you find a home you want to buy but submit a contract with no down payment and the seller rejects your offer. Im in Real Estate, I know how this process works.
    vbruno

    Answer by vbruno at 9:28 PM on Mar. 30, 2011

  • Get that down payment. It would be such a bummer to not have it if you find a house you LOVE!!
    kimberlykuney

    Answer by kimberlykuney at 9:30 PM on Mar. 30, 2011

  • you can look at you want and hope that it doesn't sell first.. like looking at an animal, it's cute, it's sweet but it might not be for you..
    zoejains_momma

    Answer by zoejains_momma at 9:30 PM on Mar. 30, 2011

  • But looking is good. Helps you figure out what you do and don't want, and where you do and don't want to live.
    kimberlykuney

    Answer by kimberlykuney at 9:31 PM on Mar. 30, 2011

  • Here's the thing, You don't need the down payment til you close. What you do when you find your house and sign a contract is put down "Earnest Money" - meaning you are serious about buying that particular house - and that can be anything from $100 to $1000 dollars.
    twinsplus2more

    Answer by twinsplus2more at 10:10 PM on Mar. 30, 2011

  • You should already have the downpayment in your savings account. You won't need to present the downpayment until closing though, but you will need to make sure before then that you have that amount secure. Be excited that you're looking at homes and are starting the process, but stay calm when actually looking. Have an open mind and remember that no house will have everything you want. Every home was designed under someone else's ideals, so no house will fit your wants/needs exactly. Know what you can and cannot handle. If it's a fixer upper and you can't afford/handle that then don't buy it. Never buy a home that won't fit your family now as it is. Always buy a home that will work for you and work in the future for you. Don't have a huge list of "Must Haves", because again you'll only find yourself dissapointed later when there isn't a house out there that holds them all.

    All the best!
    JazzlikeMraz

    Answer by JazzlikeMraz at 10:22 PM on Mar. 30, 2011

  • have the down payment ready. be prepared to write a check for a few hundred when you bid (it is to show the buyer your serious) and be prepared to NOT get it back if things fall thru. Its an emotional time but worth it! Remember when you look at homes where someone still lives to look beyond their things.....look up at the ceiling to get a true idea of how big the room is if it still is occupied.
    brypmom

    Answer by brypmom at 10:48 PM on Mar. 31, 2011

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