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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. Always remember, as your Realtor, part of my job is to answer your questions and inform you throughout the entire buying process.

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 more paying for the landlords future.

Determine how much you have to spend on your monthly payment.

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. 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!

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.

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


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Jay A Hendrick

William Davis Realty

8856 Coleman Blvd

Frisco, Texas 75034
Cell: 214-336-7088
Voice/Fax: 972-248-5991





William Davis Realty-Real Estate Agents in North Dallas, Frisco Real Estate Agents 


Homes for sale in Frisco, Plano, Allen, Carrollton, North Dallas, Wylie, Sachse, Murphy, McKinney, in Denton County and Collin County Texas.

Our real estate listings Power Page has homes for sale listed daily as they are added to the MLS.

Got moving on your mind? Contact your Frisco Realtors for a custom search of homes for sale in the areas you would like to buy a house.

Contact us to sell a house or buy a house in  Frisco, Plano, Allen, Carrollton, North Dallas, Wylie, Sachse, Murphy, McKinney, and other North Dallas areas. Homes for sale in Texas.

For home buyers, find the information you need to make the right choice when buying a house or other real estate.

Homebuyers; get informed when buying a house in Frisco, Plano, Allen, Carrollton, Wylie, Sachse, Murphy, McKinney Texas,  North Dallas, Denton county and Collin County. Ask your Real estate agent about the forms you will use.   View the Texas real estate Buyers Representation Agreement

If you're buying a new home in North Dallas and want to see what's available that minute.  

Use our Texas real estate listings service to checkout the selection of houses for sale and find a new home by searching in Frisco, Plano, Allen, Carrollton, North Dallas, Wylie, Sachse, Murphy, McKinney, and other North Dallas areas. Homes for sale in Texas.

Contact me and I will provide you with your own custom search that notifies you when a house with your specifications first comes on the market

As your real estate agent I will provide you with a selection of Local Services Providers.  to assist you with the purchase of your new house.

To assist you when it's time to buy a house; Inspectors, Mortgage companies, title companies, Home Warranty providers, Insurance agents, Movers, Selling a house or Buying a house this list provides a few of the services you will need.   

North Dallas city information page. See what North Dallas cities and towns have to offer. Information about cities in Collin County and Denton County Texas.

Interest rate calculators Try our financial calculators to determine your monthly mortgage payments.

Pre-qualifying for a loan, Down payment, Closing Costs & Fees Explained, Loan To Value Ratio (LTV) Debt to Income Ratio (DTI) Applying for a loan

Ten Things to Know About a Home Mortgage before you search the real estate listings for homes for sale in Frisco, Plano, Allen, Carrollton, Wylie, Sachse, Murphy, McKinney Texas , and other areas around North Dallas.

Current interest rates; If you want buy a house, you have to know the current interest rates

Credit Report; Your credit score is, aside from your income is the most important number when applying for a loan or planning to finance a new home.

Get the credit information you need to fix your credit before looking at homes for sale. Your credit, if not in good standing, could prevent you from qualifying for the house you want.

Programs for First Time Home Buyers. 100% financing, below market interest rates for eligible families and individuals

First time home buyers that qualify can obtain down payment assistance, 100% financing and a lower interest rate then what is available in the market place.

Buy a House in the location you prefer. North Dallas maps provide an area overview of the city you are looking in for you next real estate purchase.

View the property you are interested in from an over head perspective.

School selections in Frisco, Plano, Allen, Carrollton, North Dallas, Wylie, Sachse, Murphy, McKinney, and other Texas cities.

Find available elementary, junior high, high school, in the area you want to buy a house.

Buying a Foreclosure in Frisco, Plano, Allen, Carrollton, North Dallas, Wylie, Sachse, Murphy, McKinney TX

Buying a foreclosure can save you thousands of dollars, contact me for a list of foreclosures in your selected area and get informed about why there is such a selection to choose from in North Dallas.

There is a down payment assistance program for qualified  first time home buyers applying for a real estate loan in Texas.