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I am a future first time home buyer. I just relocated to Charleston from Memphis, TN. I was informed that I should wait until I started building clientele. My business is growing at a steady rate and it will continue to grow until I stop the marketing.
I have been looking online at foreclosures and properties for sell. I would like to find a realtor who cares about helping me find the right home for my money.
I have been thinking about starting the home buying process as I continue buying my home or waiting until I reach my income goal. What do you think?
All first time home buyers or current home buyers advice would be great.
I would recommend what Dave Ramsey recommends, have 6 months worth of expenses banked be debt free and take out a 15 year mortgage that is no more than 25% of you monthly income....
I agree with OTC - good advice. Also, be sure you're figuring in your 'other' costs of home buying - HO insurance, flood if you need it, property taxes, home maintenance (amazing how often 'surprises' pop up that empty your pocketbook!).
On the other hand, if you want to just start looking now to get an idea of what's out there, go right ahead! Just realize you might get your heart broken if you find just the right house, and aren't ready to make a move on it.
I'd sit down with a mortgage company and see what they have to say. They can give you feedback on what you qualify for, how much you'll need down (% down and closing cost expenses), and note any credit issues you may have so you can repair them. Use that as a baseline and then figure out how much you can really afford. Look into FHA loans and other loans with low down payments (but try to put down as much as you can afford but having some put away for home owner expenses). We really liked our realtor and if you feel like you want to contact a realtor, I'd be happy to give you the information.
definitely get a prequal letter first, this will give you the license to shop - then, figure out our budget on a home, and work with a realtor to guide you.
definitely get a prequal letter first, this will give you the license to shop - then, figure out our budget on a home, and work with a realtor to guide you.
But also keep in mind that a prequal is not a promise to loan, and plan for that possibility. The lending world is a different animal now, and I have heard of plenty of people who were risky purchasers who were able to get pre qualified, but then were not able to secure a loan.
Pre approved is the only way to go...especially now. You will know exactly what is needed to close the deal
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