First time home buyer help?

We’re borderline desperate, and I’m simply not sure where else to turn for help. Our lease for our apartment runs out next month, and the apartment has been flooding for over a week now and we’ve been fighting with maintenance to fix it, so we really don’t want to renew. We’re paying $1100/month in rent right now, we both work full time making a combined 80k/year approximately. It seems like house payments in our area are at least $400 less than what we pay in rent, so it seems doable, however 1) we have no down payment and 2) we have no idea where to start. We’ve got two car payments each month as well as a personal loan we’re paying off and I have student loans, if that means anything. I’ve tried various google searches and keep getting different answers. We just want to be in a house. Any advice would be greatly appreciated,

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First time home buyer help?

By JigneshTapase JigneshTapase   
Posted on Jul 09, 2019 in Topic: General
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We’re borderline desperate, and I’m simply not sure where else to turn for help. Our lease for our apartment runs out next month, and the apartment has been flooding for over a week now and we’ve been fighting with maintenance to fix it, so we really don’t want to renew. We’re paying $1100/month in rent right now, we both work full time making a combined 80k/year approximately. It seems like house payments in our area are at least $400 less than what we pay in rent, so it seems doable, however 1) we have no down payment and 2) we have no idea where to start. We’ve got two car payments each month as well as a personal loan we’re paying off and I have student loans, if that means anything. I’ve tried various google searches and keep getting different answers. We just want to be in a house. Any advice would be greatly appreciated,

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Viewed: 328
Asked by: Consumer
Posted: 2 weeks ago
Topic: General
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Teresa Trueblood
about 2 weeks ago
#1 AWARDED - BEST ANSWER
Hello Jignesh,
I am so sorry you guys are having a really tough time right now. You may want to consult a real estate attorney to help you with the apartments deplorable conditions. I understand your situation. With several renting clients, I have heard so many similar stories. The good news is, I believe I have 2 very promising options for you that have equally been successful for previous clients. I would like to talk with you briefly to go over both options. You are welcome to call or text me 832-671-6833 or email me Teresatrueblood29@gmail.com. If you are more comfortable, send me your email and I will happily share with you a solid plan.
Please be careful in your situation.
If you would like a real estate attorney referral just let me know.
All the best,
Teresa Trueblood
Cell: 832-671-6833
CB&A, Realtors
12777 Jones Rd, Ste 300
Houston, Tx 77070
Office: 832-678-4770

about 2 weeks ago
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Kamaldeep Kaur
about 2 weeks ago
Hello Jignesh,

There are always options to buy depending on various factors including financial, even if you don't have down payment. It is an great idea to move into a house for cheaper rather than paying high rents. Give me a call at 832-326-9735 and I can definitely help you further for any real estate questions you have.
Thanks and Regards
Kamaldeep Kaur


about 2 weeks ago
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Priya Kurup
about 2 weeks ago
Hello, I would love to help you, and know many lenders that can help qualify you as well. Please contact me at KurupKeys.com. Thanks!


about 2 weeks ago
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Pius Dawson
about 2 weeks ago
Since it would be highly unlikely you would receive a mortgage in such a short time I can suggest the following; We have single family homes for rent in this price point in Clear Lake. You could try one of those and at the same time build your credit and work towards buying before your next move. SInce we specialize in asian/oriental buyers/sellers and investors, we can cater to your individually needs and requirements.
Feel free to reach out to me at anytime 281-610-4728


about 2 weeks ago
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Joel Arredondo
about 2 weeks ago
Hi there is ways to get the help for the down payment. Call me 7135453135 Joel Arredondo Re/max 1st Source Over 21 year experience.


about 2 weeks ago
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Mary Jackson
about 2 weeks ago
https://www.facebook.com/texaspremierrealtymaryjackson/


Hello I have lenders with First Time Buyers Programs to assist you with the home buying process.


about 2 weeks ago
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Rose Nava
about 2 weeks ago
Jignesh,

First let me commend you for realizing that buying is a better option for you. I would love to help guide you through the wonderful process of buying a home. I have a couple of Lenders that specialize in down payment assistance that will help you qualify for your down payment. You can contact me at RNava@jearealtygroup.com or call me at 832-766-0065. I look forward to talking and working with you!


about 2 weeks ago
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Frederick Richards
about 2 weeks ago
Jignesh,
Please give me a call so I can recommend you a lender. I can be reached at 281-782-6845. The lender will give you those options. Speak with you soon and stay encourage. Thank you


about 2 weeks ago
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Arfacxad Cabrera
about 2 weeks ago
Short term solution, I would recommend for you to get out of where you are and get into another lease. You will need to build up some money for a down payment, about 3.5% of the price of the home you want. Then you need to bring your debt to income ratio down by paying off some debt. Then also make sure your credit is good by getting it checked out. You can also get in touch with a loan officer who can point you in the right direction. I would love to help. Call me of you have any questions. 8324651692.


about 2 weeks ago
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Michelle Garcia
about 2 weeks ago
Majority of my clients are first time home buyers and would love to help you get started. You have a good amount of options here and have had clients in the same type of situation too. I would love to go over some options with you! Feel free to call or text me anytime. 832.455.9096

Michelle Garcia
RE/MAX Signature
michellemovesmillennials.com

Www.michelle


about 2 weeks ago
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Renee Suggs
about 2 weeks ago
You need a good Lender. One that works with first time home buyers. There are plenty of programs and loans out there with no money down. The reason you need to speak to a lender is you need to know what your options are and how much house you can qualify for. Also what your buying power is and what options are out there for first time home buyers with no money down. Then you need a Realtor that is experienced with first time home buyers. I have worked with many first time home buyers and lenders that deal with this. Please give me a call if I can help. 281-935-7337


about 2 weeks ago
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Tiffanie Harris
about 2 weeks ago
First of all, way to go realizing that renting is a losing game, those prices aren't going down any time soon! Secondly, you're not the only person intimidated and confused by all the information out there, it's a LOT and you need a REALTOR to help you through the process, especially the first time. I would suggest that the first thing you do is start googling "first time home buyer information" and weed through what's good info and what's a sales pitch so you don't get on a bajillion robocalls from potential lenders. A quick search brought me to this great link on NERD Wallet https://www.nerdwallet.com/blog/mortgages/texas-first-time-home-buyer-programs/ Once you've familiarized yourself with some terms, etc the next thing to do is get pre-approved for financing with a lender. The lender will tell you what you need to do to get approved, if there's anything you could pay down, strategies for saving, what a realistic time line is, etc. Once you have a clear handle on the numbers you're working with and a time line, talk to a Realtor ( I'm totally available btw ;-) and be prepared to engage with the marker and make an offer quickly! When you find something that will work go for it but remember, don't get too attached to any one house, there will ALWAYS be another one that will work. Generally speaking it takes about 30-45 days to close once the contract has been agreed upon. AND remember, everything is negotiable, it's not unusual to ask for money at closing from the seller to make up a short fall. A good lender and a good Realtor will guide you through every step of the way. This is doable for you in 60 days or so depending on what kind of financing terms you can arrange. Not only that, but the markets are favoring buyers right now, it's a good time to buy! Good luck to you! MsTiffanieHarris@gmail.com


Source:


https://www.nerdwallet.com/blog/mortgages/texas-first-time-home-buyer-programs/

about 2 weeks ago
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Danel Fielder
about 2 weeks ago
There are a lot of down payment assistant programs and 1st time buyer grants that you don’t have to pay back available. The SETH program can lower the down payment to a low low factor. As a REALTOR we are here to guide you through this process and get you taken care of. Give me a call and let’s see how we can get you on the right track. And we can talk to your management company to get that apt lease and situation taken care of.


about 2 weeks ago
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Kay Woods
about 2 weeks ago
Please consult a mortgage professional, preferably broker! There are so many available options that people do not know about. Feel free to contact my go-to lender Harold and HK Lending: 832-675-9803 or harold@hnklending.com. Their website is www.hnklending.com

He and his team are amazing. They really know the business! Many blessings to you and your family

Kay, The Realtor
832-775-6719
info@kayismyrealtor.com


about 2 weeks ago
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Zelda Cain
about 2 weeks ago
First, I would like to congratulate you on recognizing that owning your own home is always a great option. You gave a lot of information in your post and based on the tone, you seem very frustrated. I'm sorry to hear of all the issues you are having with your current home and hope for the time being, things are resolved quickly. I would like to address some of the issues and concerns you have addressed in your post.

We’re borderline desperate, and I’m simply not sure where else to turn for help. First of all you should never make a purchase out of desperation, especially when it comes to spending as much money as it will cost to purchase a home. When making a decision out of desperation, you are sure to select something that will not necessary meet the mid to long term needs of your family. I would like to encourage you to take some deep breaths and try to clear your mind so that you are seeing and thinking clearly in order to make an informed decision regarding your home purchase or next move. Our lease for our apartment runs out next month, and the apartment has been flooding for over a week now and we’ve been fighting with maintenance to fix it, so we really don’t want to renew. Having to deal with flooding in your existing home is stressful enough by itself and then to place moving into a new home on top of that can only add to your stress levels. Next, I recommend that you take a look at your existing lease and familiarize yourself with the terms for notifying your existing landlord about your intentions for renewal or moving out. Most leases will require a 60-day notice and some will report you to the credit bureaus for not giving proper notification. Once you determine that then give the proper notices so that it does not come up to harm you in the future. We’re paying $1100/month in rent right now, we both work full time making a combined 80k/year approximately. It seems like house payments in our area are at least $400 less than what we pay in


about 2 weeks ago
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Taszia Gainey
about 2 weeks ago
Hey I am an agent and I would love to help you out. Please email or call me.
347-886-1365
Tajsellshomes@gmail.com


about 2 weeks ago
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Lucy Alvarado
about 2 weeks ago
Hello, You can call me. I have a loan officer who I work with that can answer all your questions and he will tell you if you qualify for down payment assistance.

Thank you,
Lucy Alvarado
Realty Associates/Realtor
832-885-9198


about 2 weeks ago
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Elizabeth Gonzalez
about 2 weeks ago
Hi! I’d love to help you and will walk you through the process. Give me a call 281.773.3387 or email me atelizabethgonzalezkw@outlook.com. Elizabeth Gonzalez


about 2 weeks ago
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Sharon Miller
about 2 weeks ago
Jignesh, I hear your cry. You are not alone, many have similar issues when trying to decide weather to buy or lease. Call so we can get started on a plan. I
cannot make any promises but I would love to meet you and your husband to get a plan started.


about 2 weeks ago
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Hi,
As a first time buyer you can find a lot of options to buy a property. There are a lot of “programs” with down payment assistance. Usually the process of buying a house takes around 30 days but everything depends on everyone “characteristics/conditions”. I would recommend to contact to a lender and he/she would help you with the preaproval (first steps in the process). I would love to help you. Please feel free to contact me anytime. My email address is lolabp2002@yahoo.es. My phone number is 7138854115. Thank you!!!


about 2 weeks ago
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Logan Rogers
about 2 weeks ago
I am sorry that your landlord and maintenance people are not doing their due diligence in fixing the area that you are living in. With your current situation of not having a down payment. Normally we all would say to start with getting in contact with a lender. However, with your current situation needing to get out of that place ASAP, that is something you do not have the time for. What I would recommend is getting in contact with new construction and using their preferred lender while having a licensed professional REALTOR® with you so that the sales agents and personnel do not try to take advantage of you with offers and incentives that could potentially be charged on the back end.

I would love to meet with you in person as I have purchased our home with my VA loan benefit as well. Please let me know what I may do for you.

Logan Rogers
281-779-9514
CB&A, REALTORS®


about 2 weeks ago
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Joe Brothers
about 2 weeks ago
Problem is lack of discipline. You want to get out of the situation? Keep focused on getting debt-free moving towards financial independence. Get out of those car notes. Get into a good reliable cash car. Free up cash flow now start paying down that debt quickly for a LIFE STYLE CHANGE. Start saving the FIRST 20% of your paycheck. Then tithe half of that to your church or wherever you choose to tithe to. If you’re in your 20s you’re going to be a millionaire when you get to your 60s. Stop going out to eat. Drink water that saves $3. Write your goals down and stick to it.


about 2 weeks ago
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Tramaine Chatman-Rose
about 2 weeks ago
Your very first step is to contact a lender for a mortgage approval, the next step is locating a down payment program. If you are approved for down payment assistance, depending on your loan you will need anywhere between 1% to 3% out of pocket cost. Feel free to contact me and I will forward you some home buying resources.


about 2 weeks ago
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Mark Wong
about 2 weeks ago
Basically, in order to qualify for a mortgage to buy a property, you will need 3 things:

1. Stable income (it's perfect if you have been working for the same job for at least 2 years)

2. Minimal debt (the least you owe the better you are. Start paying off your existing debts and don't take on any new. Your goal is to get qualify for a new debt for a property)

3. Work on your credit (as you're paying off debts, or lowering your debt balances, your credit score increases. The higher your score the better interest you'll get for the mortgage. If there is any debt collection on you, resolve it. Collections need to be cleared)

The down payment to purchase a property is the last thing you worry about. Since you will be first time home buyer, ask SOME lenders about any "Down Payment Assistant Program" that you can leverage. In a good condition, you can be qualified for a Convention Loan with 3% down payment, or FHA Loan with 3.5% down payment, plus the Down Payment Assistant Program to cover part or whole of your down payment and closing cost.

Anyway, good for you to ask question on HAR. Now that you have many professionals lining up ready to guide and help you.

My last advise: Get out of that apartment!!!


about 2 weeks ago
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Stef Powers
about 2 weeks ago
Be frustrated, but don’t be desperate. Spend your effort looking into a new lease for now. Just because a lender is willing to work for you, or has a special program for you, does not mean you should engage. The terms of your loan, given the situation you described, are sure to be less than ideal. Get past the flood, lease something else for 6 months and deal with home buying when you are less stressed—-and less vulnerable. I would hate to see you jump from the frying pan into the fire.


about 2 weeks ago
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Gabrielle Davis
about 2 weeks ago
There are options for first time home buyers. I work with a new builder that does a zero down loan and only a small amount of closing costs which I have other options to cover that for you as well. I work with a great lender and we do first time home buyer classes together so you would be in good hands. My background is finance and you are making the smart move to put your hard earned dollars to work for you instead of throwing it out the window on rent. I would love to help you and my cell phone is 303-815-9455.
Home buyer guarantee: If you do not love your home, I will buy it back or sell it for free! (with conditions)
Give me a call and let's get you into your home!


about 2 weeks ago
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Doris Snipp
about 2 weeks ago
Your first step should be to obtain a prequalification letter to determine if you qualify for a mortgage and how much. Erin Merryman at Erin.merryman@ghloans.com has the best 1st time home buyers loan I know of and the down payment
can be rolled in. I have used her for years and
everyone loves her. She will stay in communication with you and tailor the mortgage to meet your
needs. Next you need to find an Accredited Buyers
Representative. That means the Realtor has taken the time to invest extra hours in in-depth education to learn and be able to handle Buyers needs specifically. They know the skinny on the
neighborhood they know the school ranking, they know the communities and their scuttleb, they know taxes, they know what’s coming to the area that might affect your investment, they know financing, they know builders and their quality. They do not cost you anything. The seller pays all commissions in Texas. You need a Specialist focuses on Buyers who has the in-depth knowledge of buying when you are purchasing the largest investment in your life. The Realtor will have the ABR initials behind their name. Also look for one that has a CRS as well behind their
name. Only 4% of the Nation’s Realtors has earned that status. They not only have taken many hours of in-depth education in all aspects of the real estate business they have to have completed a large number of transactions. You then will be ready to tour homes with your Realtor to find the right home for you. I believe location is the most important aspect. Loving your neighborhood and neighbors is
more important than the house or commute. Find
the community that most fits your lifestyle. Do you like to bike ride, do you want to be near parks and entertainment, do you prefer walking trails, school band opportunities. You get the picture. One last caveat- make sure the Buyer’s Representative knows and works in the area you are looking. Happy Hunting.


about 2 weeks ago
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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