Message Boards

Hi,

I am new to the forums and I have few questions that I would like to ask and hope to find good information here.

My husband and I got married about a year ago and we are planning to buy a house in 7 months thats when our lease on this apartment ends. I was wondering what are the steps to take from first to finish to save and purchase a house the right way and what things to avoid.

We are just starting to talk to banks , however we are a bit clueless of the process and as we have started doing some research, we need more information about the steps need to be taken from now until looking for houses.

The thing is my husband and I have great credit scores and we are looking to get a FHA loan as we dont have 20% to put down on a house. How is the process goes for getting that kind of loan ?

Thanks!

I recommend that you go buy "House buying for Dummies" - really!! I bought it, and I had already purchased a house before, but it had been a number of years earlier. It lays out everything about the process, and is a great way to get into the process - and helps you see the whole process laid out. Good luck!!

Get a good buyers' Realtor. They are everywhere, so don't thing you can't find one. Ask friends, shop keepers, the butcher, people at church who they recomend and had a good experience with.

FHA is easy 3.5 percent down payment. You can ask the seller to pay your closing costs, if they don't want to pay all you can ask for part. You Realtor and lender will let you know approx, how much that will be.


FHA qualifies the house just like you as a buyer. They want to know it is a good product,
and it will have to met FHA criteria. YOu will find that out through appraisal.

Start with a Realtor, and your bank as a lender or your Realtor can recommend a FHA lender.

Here are the steps.
Find a Realtor and lender, get pre-qualified
go shopping for a house
Offer on house
-acceptance which means contract
-apply for your loan
-get a home inspection
-accept reject or negotiate home inspection
-wait for appraisal - hopefully it appraies for SP
-loan approval/commitment
-completion of repairs to buyers satisfaction
-close

Those are the basics, but subject to change state to state. Check with your Realtor.

Oh, and don't call off signs -those Realtors work for the seller.

This message has been edited. Last edited by: real estate lady,

You should go to the real estate agent. he might give you full information about it.