topic Re: Getting closer to becoming a homeowner in Mortgage Loans

Getting closer to becoming a homeowner

ProudMomof5 — Thu, 27 Sep 2012 15:49:58 GMT

I am so excited today. I did alot of research and decided to have my credit pulled so that I would know what I needed to do and basically see my scores. The broker sent me a copy of my credit report and I was so surprised that two of my scores are in the 600's. My transunion score however is only 580 and I don't understand why. But I'm on my way and I'm so proud of myself because I've been really working to get my credit together so that I can become a homeowner.

While I am still working on getting my scores up a bit more, can someone tell me what I need to saving up for. What all fees will I need to have money for when it's time to actually get my house. I'm not looking to purchase until maybe around March of next year.

Re: Getting closer to becoming a homeowner

indecison — Thu, 27 Sep 2012 16:31:31 GMT

Do you have thoughts on which loan product you will be looking at? USDA, FHA, Conventional etc.? This helps know what type of fees and down payements you would need to save up for.

Re: Getting closer to becoming a homeowner

ProudMomof5 — Thu, 27 Sep 2012 17:54:15 GMT

I'll be going FHA.

Re: Getting closer to becoming a homeowner

JPersat — Thu, 27 Sep 2012 18:14:24 GMT

I don't know what closing costs average, but I think the downpament is 3.5% of th purchase price.

Re: Getting closer to becoming a homeowner

tooleman694 — Thu, 27 Sep 2012 19:17:12 GMT

Yeah 3.5 for down, its possible to have no closing costs out of pocket with negative points.

Re: Getting closer to becoming a homeowner

ProudMomof5 — Thu, 27 Sep 2012 19:20:41 GMT

So I'll be looking at 3.5% down, closing costs, and home inspection. Am I missing any other out of pocket expenses that I'll have to pay?

Re: Getting closer to becoming a homeowner

sandc — Thu, 27 Sep 2012 19:30:13 GMT

Don't forget about Earnest Money when you go under contract. Home inspection includes multiple tests that you'll have to pay for. Then there's the pre-paids too Taxes, Homeowners, etc.

Good luck, we're in the final stages and it's a long process but so worth it.

Re: Getting closer to becoming a homeowner

LondonMassey — Thu, 27 Sep 2012 20:40:27 GMT

Don't forget the appraisal. I had to pay it up front, $425.

Re: Getting closer to becoming a homeowner

justjunie928 — Thu, 27 Sep 2012 20:59:00 GMT

Here is a web site from Grand Homes that you can play with the numbers and it will give you a good idea of what you need to bring. Of course most of the numbers will be hypothetical (like taxes and insurance) but it will help you out.

http://www.grandhomes.com/gh_financing04d.php

Re: Getting closer to becoming a homeowner

Chbraswell — Fri, 28 Sep 2012 15:54:17 GMT

keep working on it! My scores were all below 580 when i started. But now my highest when i started my housing process was 670. Just takes patience and hard work.