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 and  always remember, as your Realtor, I will walk with you and 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.

Downpayments 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 set you back 3.5% to 4.5% of the purchase price. This is typical for conforming loans. Most downpayment assistance programs will cover the required downpaymet if you qualify.

FHA allows for a down payment to be as little as 3.5% with a credit score as low as a 580, but keep in mind, many banks still require a minimum 620 score before they will lend on a home purchase. It's their choice!!

The positive aspects of using an FHA loan is a small downpayment and lower closing cost, if you role in the up front MIP: the negative catch is a large monthly mortgage insurance payment (MIP), which in turn increases your overall monthly payment.
If you have decent credit and can swing 5% for a downpayment, a conventional loan may be the better choice.
Closing cost and monthly mortgage payments are usually less expensive. Have your mortgage lender do a comparison. VA loans offer 0% downpayment and require some seller pay closing cost.
For those who prefer a more rural place to live USDA still offers a 0% downpaymenrt loan but closing cost 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.

Examine your income and current debt, determine the amount you would feel comfortable spending every month on the mortgage payment, think of it as rent with taxes, insurance, and MIP rolled in. Use this amount as a benchmark when determining the maximum purchase price. 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 entertainment, travel, or other various activities you have come to enjoy, and don't forget about the monthly utilities.

To find out how much the lender will agree to lend for your real estate purchase, you will need to get pre-approved. The lender will examine your financial status along with your credit score and job history to determine the size of the loan and what interest rate you will be offered; great credit and good financials get the best rates.

After formulating your budget, 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 yourself, a Google search can provide you with a large selection of IDX sites to search from. Realtor.com is one of the largest, open to the public, and a great place to start your search. This site also provides you with a variety of options to help you find Dallas real estate listings. Keep in mind, although many website provider sites populate from our MLS system, it can take considerable time to display a change in status when a house goes under contract. These sites are great for looking at possibilities but always have your real estate agent double check the availability through the MLS. In an area where homes sell quickly, it would not be unusual to find half of your selections to be already under contract and on the way to closing.

Now it's time to View 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 or in some cases, the lender.
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


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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


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