[Robert34]

My fiance and I have been looking at several houses in Connecticut and we think we’ve found one that we love! The only problem is that we don't have a realtor or broker, so we need some advice.
The house we want has recently dropped to 190,000, and it may be possible that I get it for even lower. We both have very good credit scores, both at 710. However, after much calculation, it looks like we should be going for a home closer to 160,000. Even still, we want this wonderful home in Connecticut we’ve found. We are looking for someone who will allow us to get a loan for the 190,000 home. Any tips on what company will qualify us for that amount would be great! Thanks!

[Tofusensei]

Have you considered putting in a lower offer? There's never been a better time to buy than right now. However, there's never been a tougher time for getting a mortgage approval. May I ask what your financial situation is like?

[AmyBergquist]

If you're a first time homebuyer, I would strongly advise you to work with a real estate agent. Visit some real estate offices in the area where you live, or where the house is located, and talk to a few agents. Find one you feel comfortable with. They'll walk you through the process, from finding a mortgage broker, to writing a contract, conducting inspections, and finding a closing attorney. It's their job to be your advocate and help you ask the questions you wouldn't really know to ask. Working with an agent would probably make the process much easier for you.

[Lizzie007]

what town is this house in?
i agree - an agent would be in yoru best interest here.

[seymourct]

Get a broker! and sign the Buyer Broker agreement. Otherwise, standard business is that the broker wants to sell a house and the commission is paid by out of the selling price so without a Buyer Broker agreement - the agent works for the seller's interests (even if you contacted him/her). The Buyer Broker agreement means your agent works for you.

[jdhall1]

Get a good agent that works with first time buyers. The agent should show you sales of comparable homes in the neighborhood which sold similiar to that one. They should be able to recommend a few lenders. Good luck!

[seymourct]

One more thing, (any brokers out there please correct me if I'm wrong) I believe that the Buyer Broker agreement means you as the Buyer can't just end-run your broker. If you find a home you like while out house hunting, you are supposed to tell your broker about it and have them help you make contact with the sellers. Otherwise they spend time trying to find you houses and never get paid for their time. If a broker finds out you went around behind their back, they can then sue you for the commission you didn't let them get from the seller.

[JayCT]

You should also talk with a bank about a first-time home buyers mortgage. Many banks have them for people like you and they will be able to tell you what you are qualified for. I also agree that talking to an agent would be good. Jay

[evopuma]

You could look into CHFA (CT Housing Finance Authority) for a mortgage. It offers a lot for first time home buyers that have good credit (low interest rates, etc.) I also recommend using a Real Estate Agent, I used one when I purchased my first house and it made everything a lot smoother.

[Robert34]

Thank you, everyone, for all of your advice. I have heard before of banks casting favors for first time homebuyers, and I plan to look into that. The broker idea seems a bit too sensitive for me. I think I plan to go straight to the home loan company. I was thinking about looking into CHFA (thanks for the suggestion, evopuma), however I found a loan company that works with them. BCI Financial. Another thing I liked about BCI was that they are specific to Connecticut, which makes me think that they will have much insight into Connecticut lenders and thus will be able to grant the best rate for me. I found them at Connecticut Loans | BCI Financial - Better Credit Ideas . Has anyone heard of this company?