When you purchase a home, the amount of money that you will need is determined by the home that you want to buy. Usually, its not a question of how much money you need, but of how much you can get. You need to know how much money you can afford to borrow, and then you can look for a home that is in that price range.Be sure to let your loan officer know if you have no money on hand for down payment or closing costs. Many times a good loan officer can structure your loan to require very little cash out of pocket.
Never assume that you cannot afford to get a home. Mortgage loan officers are in the business of finding loans for their clients. If I cannot find a suitable loan program for your needs, I will help you develop a plan to obtain your loan in the near future.
Your loan officer will look at your income to figure out what monthly payment you can afford. If you aren't comfortable with that payment, let your loan officer know what you are comfortable paying, and they will base your loan amount on that payment. From that payment amount, they will figure out the total loan amount that you can borrow. With that number, you can find an appropriately priced home.
The best first step is to contact a mortgage professional who can help you determine how much money you can afford to borrow to purchase a home. I can help you with that! Call me today at 888-418-4467 or email me at dave@gofirstsecurity.com and I will help you get pre-approved for a mortgage to purchase a home.
After you know how much home you can afford to buy, you should start working with a real estate agent who will help you find a home that fits your desires and price range. I may be able to help you find a real estate agent who can assist you in finding the right home - call me today at 888-418-4467! Working with an agent is also a good idea because they help you with all of the necessary paperwork involved in buying a home, and they help you figure out how much you should offer on a home. Part of their job is to keep you from paying too much for a home.
There is something called a seller concession where the seller will actually pay for all, most or part of the buyers closing costs, prepaid items, and or points. There are different limits and guidelines per each lender regarding seller concessions and how much is permitted based on the home mortgage loan programs that you choose. This can be a very effective way to buy a home without paying any money for a down payment or for closing costs out of your pocket at all.
There are loan programs available that will not only allow you to finance the entire purchase price of the home, they will also allow for financed closing costs or cash for needed repairs. There are loan programs that will allow you to borrow up to 124% of the homes value.
