NORTH DALLAS REAL ESTATE AGENT
First Time Homebuyers
Homes for sale in Frisco,Plano,Allen,Carrollton,Wylie,Sachse,Murphy,McKinney,and
all other North Dallas
First Time Homebuyers the process of
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 of the entire
What you should know before
Downpayment and closing cost?
Downpayments can ranger from 3.5% to as
much as you would like to spend 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.
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!!
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.
have decent credit and can swing 5% for a
downpayment, a conventional loan may be a better choice.
Closing cost and monthly mortgage payments are usually less
expensive. Have your mortgage lender do a comparison.
FHA has the highest over all cost for closing ranging around 4.5%. Conventional loans
will set you back about 3.5% of the purchase price.
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
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.
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.
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
pre-approval letter in hand and a list of your favorite
properties, appointments will be set and then it’s time to take a
If you are in the
market to buy a house or just considering your options
at 214-336-7088 for more information.
Financing a Fannie Mae HomePath Foreclosure
HomePath Financing allows a borrower to purchase a
Fannie Mae-owned property with a low 3% down payment, flexible
mortgage terms, no lender-requested appraisal and no mortgage
insurance. The HomePath Closing Cost Offer can be use with this
Down payment (at least 3 percent) can be funded by the
borrower’s own savings; a gift; a grant; or a loan from a
nonprofit organization, state or local government, or employer.
First Time Homebuyers and FHA loans.
First time buyers may want to
consider using an FHA guarantied loan for their first
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
Julie C Nichols
Parkway Centre IV
2701 North Dallas
Parkway Ste 280
Texas First Time Homebuyer Programs
programs come and go based on available funds, If you do not see
a program for your area, contact the city you want to buy in for
First time Homebuyer Program
City of Carrollton First-Time Homebuyer
Program is a program that provides down payment and
closing cost assistance to low- to moderate-income first-time
homebuyers. Property must be in the Denton County section of
Dallas First time Homebuyer Program
Dallas Mortgage Assistance Program
is a first-time homebuyer program that provides principal
reduction, down payment, and closing costs assistance, and that
may provide grants for minimum housing standards repairs.
Denton First time Homebuyer Program
Denton Homebuyers Assistance Program
is a program that provides assistance to first-time homebuyers.
County Housing Finance Corporation Mortgage Program
Denton County Housing Finance Corporation
Mortgage Program is a program to help First time home
buyers and qualified home buyers purchase a newly constructed or
existing home. Homes must be located within the boundaries of
Denton County, Texas (excluding the cities of Plano and Dallas).
Frisco First time Homebuyer Program
Frisco First time homebuyers
with at lease one adult working full time for the city of Frisco
or Frisco ISD, that has maintained their job for a minimum of 6
months, may qualify for Frisco's down-payment assistance.
Garland First time Homebuyer Program
City of Garland Downpayment Assistance
Program is a program that provides downpayment
assistance to eligible homebuyers.
Irving First time Homebuyer Program
Irving Homebuyer Assistance is a program
that provides downpayment, closing cost, minor repair, and
interest rate discount assistance to eligible homebuyer
The City of McKinney's Down Payment
Assistance Program provides down payment and closing
cost assistance to low-to-moderate-income first-time homebuyers
within the City of McKinney.
Assistance is provided in the form of up to $7,500 as a 0%
interest 5-year forgivable loan for down payment and
non-recurring closing costs associated with the purchase of the
Plano First time Homebuyer Program
Plano First-Time Homebuyers Program
is a program that provides financial assistance in the form of
non-repayable grants that can be used for down payment and
Texas State Affordable
Housing Corporation Home Loan Programs
Texas State Affordable Housing Corporation
Home Loan Programs is a program that provides low
interest rate mortgages, and downpayment and closing cost
assistance. Property may be located anywhere in Texas.
Borrowers must be first time homebuyers who have not had an
ownership interest in any principal residence during the last
three years, or be purchasing a home in a targeted area, and
reside in the state of Texas. In addition, borrowers must be one
of the following: a professional educator, defined as a full
time classroom teacher, teacher aide, school librarian, school
nurse or school counselor employed by a public school district
in the state of Texas, or a full time faculty member of either
an undergraduate or graduate professional nursing or allied
health program in the state of Texas; or a Texas Hero, defined
as a full time, paid firefighter, emergency medical services
personnel, peace officer, corrections officer, juvenile
corrections officer, county jailer, or a public security officer
working in the state of Texas; or an individual at or below 80%
of the Area Median Family Income.
The Texas First Time Homebuyer Program
The Texas First Time Homebuyer Program
makes available through a group of participating lenders, below
market interest rates, to eligible people who are buying their
first home or who have not owned a home in over three years.
This program supports two types of loans. The first is an
“Unassisted Rate” loan. This as a rule offers the lowest
interest rate available and does not provide money for a down
payment or closing cost. If the borrowers needs assistance with
their down payment, an “Assisted Rate” loan is available. This
program provides income-eligible borrowers, grant funds up to 5%
of the mortgage amount. The second program has a slightly higher
If you are ready to buy your
first home and want to see if you are eligible for the first
time homebuyers program, Click the
and use the qualifier tool. Find out if you are
eligible for the First Time Homebuyer Program, and what your
estimated monthly payments will be based on the price of your
home and your interest rate. As your real estate agent I
can supply you with general tax and insurance information to
complete the required areas. This calculator does not completely
qualify you for the program but will give you a good idea if you
To verify your eligibility into the
Texas First Time Homebuyer Program,
contact a loan officer from the
provided list of lenders.
He or she will determine if you are eligible and tell you the
maximum amount of money you may borrow to buy your new house.
There are terms when you use this program to buy a home, read
Review Rates, Fees, and
to see these terms.
When applying for this type of loan make sure you have the
information on the
FTHB checklist link on hand
and ready to convey to the loan officer.
Now that you're qualified, it's time to use your
Texas Realtor that has completed the continuing education class
"United Texas - Housing Initiatives That Work" to search for the
right house for you to buy.
Other Resources for First time Homebuyers:
Basic Tips and Ideas for Home Buyers | Buyers Basics | Home
North Dallas has plenty of homes for
the first time homebuyer to buy
If you are interested in
one of these
Call 214-336-7088 or e-mail me at email@example.com
We serve Allen, McKinney, Prosper, Frisco,
Plano, Lewisville, The Colony, Sachse, Wylie, Murphy, Richardson,
Carrollton, Flower Mound, Coppell, along with many other areas
foreclosures offer a tremendous amount of value and can save the
Homes for sale
in Frisco, Plano, Allen, Carrollton, North Dallas, Wylie, Sachse, Murphy,
in Denton County and Collin County Texas.
estate listings Power Page has homes for sale listed daily as they
are added to the MLS.
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
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.
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.
Texas real estate listings service
to checkout the selection of
houses for sale
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.
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
to assist you with the purchase of
your new house.
To assist you when it's time to buy a house;
Home Warranty providers,
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
to determine your
Pre-qualifying for a loan, Down payment, Closing Costs & Fees Explained, Loan To Value
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.
interest rates; If you want buy a house, you have to know the current
Your credit score
is, aside from your income is the most important number when applying for a
loan or planning to finance a
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
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
selections in Frisco, Plano, Allen, Carrollton, North
Dallas, Wylie, Sachse, Murphy, McKinney, and other Texas cities.
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
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