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: 494
Asked by: Consumer
Posted: 1 month ago
Topic: General
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Kristina Stewart
about 1 month ago
Hi Jignesh,

I’m sorry you’re going through flooding at your current residence. My advice would be to start with speaking with a reputable and knowledgeable lender. Please reach out to me if you need a referral. They will be able to assess your situation in detail and will let you know what sort of buying power you have. Good luck! Home ownership is an amazing accomplishment.


about 1 month ago
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Zelda Cain
about 1 month ago
rent may possibly be a stretch. The actual principle and interest may be $700 or less per month, however, you will also have to account for taxes and insurance as well. I’m not sure the house payment of $700 will cover the Principle, Interest, Taxes, and Insurance. Which means taxes and insurance will be an added expense for you and your husband. however 1) we have no down payment Based on the income you and your husband have on an annual basis it looks like you will qualify for several different down payment assistance programs. Each program have different qualifications and so a bit more information regarding your income, household size, credit scores, and where you are looking to live will be needed in order to direct you to the program that will work best for you. and 2) we have no idea where to start. There are homebuying classes that are offered throughout the City that will walk you through the process. In addition, I recommend you find a Realtor that works with first time home buyers and is also familiar with down payment assistance program options who can make sure you get the attention and assistance you need during your process. Not every Realtor and not every Lender has a history of the information you need in order to make your homebuying experience pleasurable. 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. This means a lot. The lender is going to look at your Debt To Income Ratios in order to approve you for a home loan. Your monthly payments can cause you to have to wait a bit longer than planned to purchase your new home. Student Loans can potentially be a deal breaker all by themselves if you have not properly prepared. Unfortunately I do not have the time and/or space to fully explain. Based on your student loan balance, you may need to go the Conventional Loan route instead of an FHA Loan. If this is the case the Conventional Loan will require you


about 1 month ago
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about 1 month ago
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about 1 month ago
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about 1 month ago
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about 1 month ago
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Vanessa Esma
about 1 month ago
Hi Jignesh,

I understand your situation and I'm sorry you are experiencing this. My advice to you is get in touch with a lender. They will be able tell you exactly how to move your money around so you can get qualified for a mortgage for a house given your current situation. It may take a little time, it may not. If you would like some suggestions for lenders, please send me a text at 281-607-6760 or an email to vanesmarealtor@gmail.com and I can point you in the right direction. I wish you the best!


about 1 month ago
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Glenda Farley
about 1 month ago
Dear Jignesh,

I am so sorry to hear you are having a such a difficult time at your current residence. Without giving you legal advice, if you haven't already done so, take a minute to read the maintenance request section of your lease agreement. Many leases require written requests for maintenance. It's always good to have a paper trail if you need it.

There are several opportunities for first time home buyers! I'd be honored to help you navigate the system by referring you to a couple of lenders. This process won't cost you a ton of money and if you aren't financially ready to buy, a lender can get you on the right track.

Glenda Farley
Infinity Luxury Home Realty
powered by Insight Realty Network
713-501-1634


about 1 month ago
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Brielle Luna
about 4 weeks ago
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about 4 weeks ago
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about 4 weeks ago
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Lauren Creed
about 4 weeks ago
I know this can be a pretty tough problem since Im still going through finding a new place. I wish you get through it. These folks here are pretty willing to help. It may be a bit over your budget but their suggestion in owning a new house will be helpful!


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about 4 weeks ago
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Luan Zhou
about 4 weeks ago
the best way is actually talk with a lender. now with just one month and no down payment maybe a little bit stretch, but you never know unless you speak with a lender about financial approval.


about 4 weeks ago
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about 4 weeks ago
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about 4 weeks ago
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Wan No
about 3 weeks ago
First off I hope you found you a new place, if not then I hope they fixed that problem so you can live there.

First before you talk to a lender you might want to do your due diligence to make sure you are getting the right information from your bank so when you are having a conversation with your lender or bank you know they are not stirring you in the wrong direction. Finding the right lender who you trust and for them to genuinely have the best interest out for you is the key.

But talking to a lender is the most important part of buying a home and home buyers should always contact a lender before they reach out to a realtor.

Good websites you can go to would be:
Fanniemae.com for all the guidelines in buying a home and https://www.consumerfinance.gov/ making sure banks, lenders, and other financial companies treating you fairly.


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about 3 weeks ago
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Stephen Stoelinga
about 3 weeks ago
I also have an inquiry about the same thing. I plan to move to a new home because I am reassigned to that place. Any help? Thanks!

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about 3 weeks ago
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about 2 weeks ago
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about 2 weeks ago
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about 2 weeks ago
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Jose Hidalgo
about 5 days ago
Good Afternoon,
Sorry to hear about your difficulties with your current property. l have specialize in first time home buyers and grants since 1983. Due to your income you may not qualify for a majority of the Grant programs. I do have a 100% financing program with no PMI. This is a low interest rate program. Depending on the Zip Code, some areas have a no income limit to qualify for this program. I have builders that will pay your closing cost so you may get in cheaper than renting a property. Please contact me a jose@homegrantworkshop.com


about 5 days ago
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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