First time home buyer question... Where to start?

Question

I've found a neighborhood wih newly constructed homes and I would like to purchase one. This would be my first home purchase and the problem is, I know nothing about real estate. Who should I talk to? A broker? How do I pick a good one? I want to see what I qualify for, what my payments may be, ETC. My credit is not real sharp, probably on the lower side of "ok", but I make a decent living. Any suggestions where I should start? Who I should contact?

Thanks in advance!

Answer 1

Call some lenders in your area and tell them you are a first time home buyer and ask what they have to offer.  Then pick one and tell that one that you would like to get pre-approved.  That way you will know how much you can afford.  If they are new construction homes then the builder might be offering financing as well so check and see what they offer so you can compare it to the other lenders.  Compare the interest rates, points, fees, closing costs, down payments, etc.  It is best to get pre-approved.  It makes the home buying process go through faster and you don't end up making an offer on a house you can't afford.  After you are pre-approved you can call whomever has the house listed.  If it is new construction then there are probably a couple of builders and usually they have open houses in the neighborhood that you can tour.

Answer 2

if you want to get one of those new homes then what you do is you have to go to the bank and get apporved for a loan then if that works you can go to the builders who make those homes and tell them ur interested in a home and that show them your amount that your approved from and go from there you first want to get approved be4 anything to save time

Answer 3

Call the builders and they will help you. Just tell them that you like one of their newly constructed homes and they should refer you to the lender they use most and you may even catch a deal on the closing costs if you go through their prefered lender, but I would start by calling them and they should have a sign with a number to call.

Answer 4

I would talk to a mortgage lender first. Here are some ones that people like:

http://www.viewpoints.com/Mortgage-Lende...

Good luck!

Answer 5

Ask around to your homeowning friends as to who they used in getting their loans in your area and if they had a good/bad experience. Ask more than a couple. Get a few options and call around. You need to go through a process to get preapproved for a loan and want an experienced loan officer to work with. Anymore, getting a home loan isn't as easy as it used to be. You will need to have some money to put down (bare minimum of 5% down, 10% is better) and have a good paying job with little debt. Loan products are still out there for first time homebuyers, but you need a good loan officer who can match you and your situation up with a good loan. They will also be able to tell you how much house you qualify for. Also very important. Once they have you preapproved for a loan, they can issue a preapproval letter that you and your realtor can present to the seller along with your offer. In this market, it helps the strength of your offer. I work in Colorado and only do loans in that state. If you are looking in CO, I'd be more than happy to help you find the right loan, if you are looking in another state, I can still help. Just email me and I can review what you're being told by your local loan officer to ensure they are giving you accurate info and aren't trying to rip you off. I'm sick of seeing good people get the run around and/or get bad info from a loan officer who is out for themselves moreso than their client. If this housing market is to turn around, we need homebuyers to be matched up with a loan they can afford and will put them in a solid situation. Let me know if you need a consultation. I'll tell you the way it is, for good or bad.

Answer 6

Start by getting a realtor that you really like, They will have the cloat and resources that you need to go from there. Good luck!