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: Home Buying
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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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Asked by: Consumer
Posted: 1 month ago
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Yvonne Chauvin
about 1 month ago
Hi Jignesh,

There are first time buyer assistance programs available, and I’d recommend you reach out to couple lenders to see if you qualify. They will look at your loan to income, credit score and employment. However, I can tell you- with 80K income, 2 car payments, personal loans and student loans, it may not give you enough money to work with, and they may end up qualifying you for homes that don’t even exist (i.e. 70K purchase price).

Your neighbors mortgage payments are irrelevant, as each situation is different- they may have had higher down payments, low interest rate, or they may have purchased their homes for lower prices.
Please shoot me an email and I will forward you information to couple lenders who offer first time home buyer assistance programs.

Thank you,
Yvonne Chauvin- REALTOR®
MCNE, CNE
Better Homes & Gardens Real Estate Gary Greene
YvonneChauvin@yvonnechauvin.com
Cell: 281-686-0143


about 1 month ago
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Laura LoGiudice
about 1 month ago
You need to speak with a lender who can advise you on your options. Credit score, income, and debt to income ratio all come in to play regarding your qualifying for a home loan. I'm happy to provide you a couple of names of lenders who can advise you.


about 1 month ago
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James Cook
about 1 month ago
You definitely need to contact a reputable lender . There are maybe be options in regards to Downpayment Assistance Programs a good place to start if you would like to see option is TDCHA (Texas Deparment of Community Housing Affairs) you can find different programs and qualifying criteria for many Downpayment Programs . I’m Happy to help lead you the right direction. Most importantly explore your options.


about 1 month ago
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Vipan Arora
about 1 month ago
Hi Jignesh, If you are serious about buying please do yourself a favor talk to a Lender who can see your debt to income ratio and overall your credit. There are some lending programs with down payment assistance if you qualify for them. But you still need to be able to make monthly payments. And there is always rental option too.
Please let me know if you need any further assistance.


Source:


Har

about 1 month ago
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Jorge Gonzalez
about 1 month ago
yes there is, it depends where the home is located. You will want to apply with a trusted lender to review all programs available for you


about 1 month ago
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Malia Mims
about 1 month ago
Hi Jignesh,

All of the above answers are right on point. If you are a first-time home buyer and meet certain qualifications you could qualify for an FHA 203b loan. One great thing is that If you qualify, the minimum down payment requirement is only 3.5%. I'm happy to assist you. Feel free to reach out anytime!

Malia Mims
Realtor
Malia.mims@exprealty.com
281-943-9450



Source:


https://thetexasmortgagepros.com/fha-loan-requirements/

about 1 month ago
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Persis Behramsha
about 1 month ago
Hi Jignesh, sorry you are having so much trouble with the apartment. Since you are on a time crunch it may be a good idea for you to rent a house since it may take a while for you to figure out your finances with a lender.

What area are you looking at to live around? There may be some rental options that might be a good fit for you for your immediate need.

If you have specific questions please feel free to call or email.

Persis
713-294-7747
persis.realtor@gmail.com


about 1 month ago
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Dionne Randle
about 1 month ago
You can call me I will guide you to a few reputable lenders that can assist with finding you the right down payment assistance program. If you wish to live in the City of Houston they have programs that offer $30,000 for a down payment. Feel free to call me and I can guide you in the right direction.

Dionne Randle, Broker Associate
RE/MAX Fine Properties
713-259-0523


about 1 month ago
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Rosa Burk
about 1 month ago
First, your current owner must provide you with an apartment where you can have clean and safe living conditions. When it comes to buying a house, your first step will be to contact a loan officer, to have an idea if you could be pre-qualified to buy a house now. They will also suggest you how to organize your finances, so realistically, you will know if you can buy or continue renting for a little longer time. Considering that you do not have enough for a down payment; hyes there are organizaion tht can provide that for you. I worked on the pass with an association called NACA. After an interview, they will work with you on a plan to buy a house. It could take 3 months or a year, but my clients have always ended up buying the house of their dreams through them. ...Good luck. If you need more information I am at your order.


Source:


Work experience.\nAnd NACA site

about 1 month ago
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Purvi Shah
about 1 month ago
Hello Jignesh

As all other realtors mentioned, there are home loans available for first time home buyers with minimal closing costs and downpayment. I can connect you to reputable lender specializing in first time home buyer loans. There are several other factors you should consider for home ownership. I can help

Thanks

Purvi Shah
Realm real estate professionals
8325610691


about 1 month ago
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Hiren Patani
about 1 month ago
Without looking all your payments it’s hard to say anything. But as a first step I will start from getting an pre-approval from a bank or mortgage company, that will at least tell you the limit on how much you can afford. I’m a realtor and would be more than happy to assist you. Feel free to call me, text me or email me at hirenpatani@gmail.com


about 1 month ago
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Cathy Bethea
about 1 month ago
1st what is your crefit score? Did you know you can build your credit score up by paying your rent. Report 1 year or two year it’s simple. What’s your budget for monthly payments toward rent. Get Preapproved 713-540-0081


about 1 month ago
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Asmitaben Bhavsar
about 1 month ago
Hi Jignesh, yes all above answers are right and you can get help from a lender first so that you know where you stand rather wasting your time as your lease is ending soon. I don’t know your preferred area but call me on 2818514078 and will provide you with few lenders number same day.


about 1 month ago
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Carol Knott Tefft
about 1 month ago
You asked where you should start and by far the first thing to do is speak to a reputable lender. I highly recommend a local lender with a track record of personal service. If you would like some specific names you may certainly reach out to me and I will help you with that. There are various programs that are available for first time buyers. Of course you may or may not qualify for these but you want to find a lender who can help you find the right loan for your home. Everybody’s situation is a little bit different. Be as honest and upfront as you possibly can when you speak to a lender.


about 1 month ago
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Jennifer Allen
about 1 month ago
There are so many questions for a first time home buyer. The best place to start is with a thorough buyer consultation so that you understand the process and know what to expect. In a buyer consultation, I review my client’s desires to buy a home, discuss their needs and wants, and thoroughly explain the process. We discuss financing, up front costs, timelines, inspections, insurance, and create a plan for their home buying journey. The next step is securing your financing. This is important to know exactly what homes are in the right budget for you. You’ll want to know what payments are comfortable for you and your family. These are important first steps. If you would like more help, I would be glad to discuss.
Jennifer Allen
Keller Williams Houston Preferred
281-733-1351


about 1 month ago
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Selina Ponniah
about 1 month ago
Please call me ....Selina Ponniah, 281 352 4712 for direct help. Homewise Realty was on Univision Radio 45 Houston and on facebook live to answer such a predicament as yours! We are here to help.


about 1 month ago
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Ginger Delahoussaye
about 1 month ago
Get with a REALTOR and they can help guide you in the right direction. Good Luck!


about 1 month ago
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Chandler Hanson
about 1 month ago
Hi There!

I would love to help you if you have not found a Realtor yet. You can email me directly at chandler.hanson@kw.com or call me at 832.392.4895

Have a blessed day!
Chandler Hanson


about 1 month ago
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StaceyNikole McCabe
about 1 month ago
Hi JigneshTapase,

A lender that can provide all available options would be the 1st Step. You may contact me 281-925-8998, for referral options and also help you and your family find the perfect home.

I look forward to speaking with you
Stacey Nikole


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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Amardeep Gill
about 1 month ago
Hi Jignesh,
There are lot of programs for First time home buyers or if you haven't owned a home in last 3 years then also you can qualify. With some of the Govt. assisted programs you can own a home with 3-5% of down payment. It all depends upon your credit score and your debt income ratio. City of Houston has its down payment assistance program. My lender partners can help you with the best interest rate with minimal down payment programs. Feel free to call me and I can give you their contact information.
?Thank you,
Amar Gill | REALTOR
Keller Williams Realty, The Woodlands & Magnolia
832-868-5641 | 2201 Lake Woodlands | The Woodlands, TX 773801

Download my FREE Home Search App


about 1 month ago
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about 1 month ago
My advice is, make enough money beforehand. I've worked 3 jobs for the last 5 years, also my wife is a professional player. She earns money at websites like this one https://?????.jp/ , I barely make the same amount as she does.


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about 2 weeks ago
Diamond
Cagdas Acar
about 1 week ago
Hi Jignesh,

It is best to consult with a loan officer as he/she can give you a certain answer. Saying that, there are different type of loans "no down-payment, down payment assistance, government assisted or city grants" that you might be eligible. For instance City of Houston has a Home-buyer Assistance Program which gives grant upto $30k.
Each type of loan or grant has it is terms and conditions that needs to be satisfied first. And a loan officer will direct you on that.

Contact me if you want contacts for my favorite loan officers.

Regards,

Cagdas Acar
Msc PSA CPE VLB
www,homeswithcagdas.com
acarster@gmail.com
832-283-1091


about 1 week ago
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about 8 hours ago
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about 8 hours ago
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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