I have some questions about the process of buying a home. I am 23, my husband is 28. We both have poor credit, though we are currently working on that.
Homes in the area we currently rent in are going for about 90,000 dollars ( 4 br 2 baths) although we could go with a 3 bedroom, as we only have two children and those are averaging 77,000.
We have about 5,000 saved and by next year at this time, (when we want to be buying) we will have about 12,000 saved.
I have a fabulous relationship with my bank. I've been with them since I was 16 (so 7 years) and I have only overdrafted once, by 17 dollars. They forgave that. My life insurance and my car insurance are both threw my bank.
How do we go about buying a home? Do we start looking now? Do we see if we can get pre qualified now? If not, when do we start the process if we want to be moving next July.
Do we find a house before getting pre qualified. My parents have always rented ( they still do) and I don't feel comfortable talking to his parents about it. The only person in my family that owns a home is my brother and he inherited it. Everyone in his family owns, but I don't feel comfortable talking to them, and I can't trust him to actually ask the right questions.
Any tips on home buying would be great!