NORTH DALLAS REAL ESTATE AGENT

With Realtor® Service in Frisco, Plano, Allen, McKinney, Prosper, Carrollton, Coppell, Colleyville, Southlake, Murphy, Sachse, Wylie, and all other North Dallas locations.

First Time Homebuyers

For First Time Homebuyers the process of buying a house is an exciting experience, but it can also be unnerving and stressful. Familiarizing yourself with the process in advance can help ease those buying jitters. As your Realtor I will guide you through the entire buying process from start to finish.


What you should know before you start.....

Know your Credit Score and Credit Report .....

Know your Borrowing Ability.....

Know How Much Available Cash you have for Closing and Reserves.....

First Time Homebuyer Basic information


Downpayment and closing cost.

The downpayment can ranger from 3.5% to as much as you would like to put down, and depending on the type of loan, normal closing cost will generally run about 3% to 3.5% of the purchase price. This applies to a typical conforming loan.
For those who qualify, some downpayment assistance programs will cover the required downpayment and part of the closing cost.

FHA allows for a down payment to be as little as 3.5% of the purchase price with a credit score as low as a 580, but keep in mind, most mortgage lenders still require a minimum 620 credit score before they will lend on a home purchase and some downpayment assistance programs require a credit score of 645.

The positive aspect of using an FHA loan is a small downpayment and lower closing cost, if you role in the up front MIP into the loan: the negative catch is the monthly mortgage insurance premium (MIP), which will slightly increases your monthly payment.
If you have good credit and can swing at least 5% for a downpayment, a conventional loan may be the better choice over all. Closing cost and monthly mortgage payments are usually less expensive. Have your mortgage lender do a comparison.
VA loans offer 0% downpayment loans and require some closing cost to be paid by the seller. This is great for the buyer but not as attractive to the seller.
For those who prefer a more rural place to live USDA still offers a 0% downpayment loan but closing cost will still apply.

Add the down-payment to the closing cost and that is your total. Some sellers will agree to pay part or all of your closing cost if you present them with a good offer but in todays market, that may not be a good negotiating strategy. The amount due at closing may sound high but consider this, it is now cheaper to own a house then it is to rent, your yearly tax deduction will pay the closing cost back to you in short order, and you now own an asset that can help secure your financial future....no more paying for the landlords future.

Determine how much house you can afford.

As a quick rule of thumb, if you have good financial stability and utilize normal financing, the typical purchase price of a house can range up to three times your yearly income.
You will need to examine your income and current debt to determine the amount you can spend every month on the mortgage payment. If you're paying rent, and that's the maximum payment you can afford, then your total monthly mortgage payment will need to equal that amount. Use this as a benchmark to determine the maximum amount you could comfortably afford each month for the mortgage payment. Just because a lender approves you for a $200,000 or $300,000 loan, doesn't mean you want to borrow that much. Make sure you have enough money left over for monthly utilities, entertainment, travel, or other various activities you have come to enjoy, and don't forget about home maintenance.

To find out how much the lender will agree to lend for your real estate purchase you will need to get pre-approved for a loan. The lender will examine your financial status including your credit, job history, your income and assets, the down payment you have, as well as your debts, liabilities, and other obligations.

Finding A Home

After formulating your budget and getting pre-approved, you'll need to select the area or neighborhoods you're interested in. Some buyers want to look for homes that are close to their work or their choice of schools, a location with active entertainment and dining, a newer build, or maybe a home with old neighborhood charm? Other homebuyers just want to buy within a certain city. These preferences are entirely up to you. As your Realtor I can help find the house you're looking for but keep in mind, the more specific your criteria, the fewer choices you will have. For instance, if you have children and want them to attend a particular school, the selection of available homes will already be limited to your price range, add on top of that your desire to buy only single story homes that have a minimum of four bedrooms with large back yards and you may be looking at less then a hand full of properties to choose from.

If you are a first time homebuyer and have no idea which subdivisions have homes in your price range, contact me with your general search criteria and I will survey all available prospects for you. As a real estate agent in Texas I have access to the entire MLS system. Utilizing a list of specifications created by you, the MLS can sift through thousands of listings to come up with a very specific group of possibilities. If you would like to investigate current homes for sale yourself, my site provides you with a variety of options to help you find real estate listings.
When you have determined the range of possibilities, it's now time to view potential properties.

With your pre-approval letter in hand and a list of your favorite properties, appointments will be set and then it's time to take a look.

If you're in the market to buy a house or just considering your options contact me at 214-336-7088 for more information.

Buying your first home is going to be exciting, and I am going to be with you every step of the way. One thing I like to do with my buyers is prepare them for what to expect. As an Accredited Buyer's Representative (ABR), helping buyers is my business. Please let me know if you have any questions. I look forward to working with you and getting you into your first home!


First time home buyer - Find a Real Estate Agent in Frisco TX
First Time Homebuyers and FHA loans.

First time buyers may want to consider using an FHA guarantied loan for their first purchase.

Some advantages are:
Lower Down Payment.....Your down payment can be as low as 3.5% of the purchase price.
Seller paid closing cost......Up to 3% of the closing costs and fees can be paid by the seller.
Easier credit qualifying.....Most lenders will allow a credit score as low as 620 to qualify.

CONTACT 
Find a Real Estate Agent in Frisco TX

North Dallas Realtor

Real Estate Office Address 8856 Coleman Blvd. Frisco Texas 75034

Find a Realtor 214-336-7088

Realtor websitewww.realestatedal.com

Real Estate Emailjay@realestatedal.com


LINKS

North Dallas Real Estate How to buy a house in Texas How to Sell a house in Texas Find a House to Buy in Frisco TX What is my house worth

 

Frisco Real Estate Loan Pre-qualification Information Frisco Real Estate Mortgage Information Real Estate Mortgage Companies lending to Frisco Texas Real Estate Mortgage Calculator Current Real Estate Mortgage Interest Rates

 

Credit Reporting Companies First Time Homebuyer Information Down Payment Assistance Programs North Dallas Real Estate City Information Frisco Golf

 

Texas School Ratings Foreclosure Information for Frisco TX Find Foreclosures North Dallas Real Estate Market Condition Texas Economy, Monthly Review

 

North Dallas Real Estate Transaction Service Providers Real Estate Home Inspection Companies Real Estate Insurance Companies Title Companies in Frisco TX Home Warranty Compamies in Frisco TX

 

Frisco Realtors Informatiom About Brokerage Services Frisco Realtors Listing Agreement Frisco Realtors Buyers Representation Agreement Buy A House in Frisco TX Find a Realtor to Buy A House or Sell A House





Jay A Hendrick
William Davis Realty
8856 Coleman Blvd
Frisco, Texas 75034
Cell: 214-336-7088
Fax: 972-248-5991
E-mail: jay@realestatedal.com
Website: www.RealEstateDal.com

Member: NAR TAR CCAR
Designations: ABR SFR TAHS SRES CPRES
Realtor®

Frisco Real Estate Agents


   DESIGNATIONS