Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 08-08-2010, 02:24 PM
 
37 posts, read 116,094 times
Reputation: 22

Advertisements

Hi,

I am going to puchanse my home (about 6 to 8 years old homes) in plano in next 6 months.

I don't know what to look for when I purchase my home ?...how much cash (home price range is is 200k to 350k) do I need to have ?....any other tips...

Where do I start ?....can someone please guide me

Thanks
Reply With Quote Quick reply to this message

 
Old 08-08-2010, 02:58 PM
 
13,194 posts, read 28,321,343 times
Reputation: 13142
You need to start by talking to several banks about qualifying for a mortgage.

Before going to the bank, you need to calculate how much you can afford to pay monthly for a home. Remember to include mortgage payment, insurance, property taxes, bills like electricity, water, cable, etc, and for home improvement/ repairs.

You will need to find the right loan that allows you to comfortably afford a home. To get that $250k home you want, you may need to put as little as $12-25k down in cash or over $50k (20%) to make the monthly payment manageable.
Reply With Quote Quick reply to this message
 
Old 08-09-2010, 04:59 PM
 
Location: DFW, TX
83 posts, read 360,016 times
Reputation: 32
What do you mean by 12K (it is only 5%); can you get a Home loan by paying 5% down? if yes, how do you do that? My bank is asking for 20 to 25% down.
Thanks.
Reply With Quote Quick reply to this message
 
Old 08-09-2010, 05:26 PM
 
Location: TX
1,096 posts, read 1,836,480 times
Reputation: 594
Depending on terms of the loan and your credit history you can still get loans with less than 20% down. Banks are definitely pickier now though - I just refinanced and one of the requirements was that I open a personal checking account with the lender and have the payments automatically withdrawn each month from that specific account only.

<correction> I forgot to mention that I have more than 20% equity in my home so my refinance experience doesn't really apply universally, plus I have titanium reinforced Kevlar credit.

Last edited by tyanger; 08-09-2010 at 05:57 PM..
Reply With Quote Quick reply to this message
 
Old 08-09-2010, 06:51 PM
 
Location: Dallas/Fort Worth, Texas
4,207 posts, read 15,265,821 times
Reputation: 2720
The minimum downpayment is 3.5% for FHA financing. Nobody can pay that for you so it should come from your savings. So for 250K, that's $8750. You will need at least that much. There are also closing costs associated with purchasing a home that would run about 6K although a lot of those can be negotiated to be paid for by the seller.

200K to 350K is a pretty broad range, so you do indeed need to speak with a loan officer and get pre-qualified to see what your buying power is and then decide what your comfortable range is.

I can DM you the contact for a couple of reputable mortgage companies if you want.

Naima
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2022 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
View detailed profiles of:

All times are GMT -6. The time now is 09:04 PM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top