buying real estate

[daryn]

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i'm not wealthy! lies!

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Does not really matter, go to a mortgage broker and tell him you situation, how much money you have, that your parents will co-sign if mecessary... He will be able to tell you exactly where you stand.
Good luck.

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ty for the good advice

[john smith]

Like everyone here has told you, I recommend you go talk to a mortgage broker to get preapproved. It's best to talk to friends and family and get recommendations, but you can always look online or in the papers. I don't think you'll have too much trouble getting a loan, a credit score over 680 and a good downpayment should help you out a lot. You can also try PMing snowbank if you want, he's a loan officer for a mortgage company and can probably answer any questions you might have.

[sleepyjoeyt]

First time home buyer = a local bank. Most of them have special rates for first time home buyers.

If you are not planning on staying there forever (condo) u may want to consider an ARM. This means your interest rate is fixed for a certain amount of time (1 year, 3 years, 5 years), then adjusts based on an index. This is typically a way to get a lower interest rate to start, especially if you think you may sell within X years.

Find a realtor you trust. Tell them where you want to live, how much your willing to pay, what kind of home you want (house, condo).

Find an attorney you know / trust. You'll want someone involved when you have to work on the P+S, etc.

The process (from the outside) seems a lot more complicated than it really is.

PM me if you want to discuss. I am a real estate atty in MA.

Joe

[rohjoh]

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If you can show that you've earned a reliable income for the past couple of years, that should be enough (combined with a sizeable down payment) to secure a pre-approval. You have filed tax returns, right?

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only filed tax returns last year, and not for a lot of money

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And an FYI, the bank will not take a screen shot of your Party account balance as proof of liquid assets.

[daryn]

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If you can show that you've earned a reliable income for the past couple of years, that should be enough (combined with a sizeable down payment) to secure a pre-approval. You have filed tax returns, right?

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only filed tax returns last year, and not for a lot of money

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And an FYI, the bank will not take a screen shot of your Party account balance as proof of liquid assets.

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unlike most on this site i keep 80% of my bankroll in the bank

[ddollevoet]

The answer to your question is basically, yes, you can go into an office and start asking questions.

Personally, I would try to find a referral from a family member or friend who had a good experience with a buyer's agent.

If you can't find anyone, find a few real estate offices in your area, call them up and tell them you are ready to buy your first house and you'd like to talk to a buyer's agent. I recommend that you call a couple of offices. I'd consider sticking to the big names (Century 21, Prudential, Remax, etc.), but that is up to you. Meet with them. Interview them. They will be working for you.

Be very candid about your situation. How much you would use for a down payment, ball park what you've been making playing poker, what range you want to spend for a house (or have them tell you what you can afford on your income). You'll find out if someone is interested in helping you out or not pretty quick. If they are not interested, thank them for your time and move on.

Most agents have a "team" of other professionals that work in the business (attorneys, mortgages brokers, insurance agents, inspectors, etc.). A good agent will turn you onto a mortgage broker who can help you with your "special situation." Ideally, you will want an independent mortgage broker that can provide a full range of products. I will tell you that YOU CAN GET A MORTGAGE WITHOUT PROVING INCOME. There may be special stipulations like the perecntage down payment that needs to be made or more than likely a slightly higher interest rate, but the bottom line is that it can be done. (PM me if you want to know what mortgage company I use. It is a national company.)

Stipulations: I do not derived the majority of my income from the P word. I am not a real estate agent. I am not a mortage broker. I do, however, buy houses, fix them up and resell them for a profit. I do know quite a bit about the industry. There ARE OPTIONS available for you.

Last resort: If you can't find an agent or a mortagage broker. Call a local real estate investment group. They'll be helpful. (I am lucky. The largest one in the country is here in Atlanta.) They'll have mortgage brokers that would love to have your business. You may also find an investor that would offer owner financing on a house they alrady own (negating the need for a mortgage). That situation is a little harder to find, but does exist.

I think that should get you started. Don't hesitate to PM me if you have any specific questions.

[[censored]]

I didn't read past the first few replies but I assume someone finally got around to sending you to a bank or mortage broker. I would start by talking with your parents and or friends who have purchased about the best place to go in your area.

I think you are putting a little too much emphasis on not having a typical job. I recall during on of the credit threads you have a really good score, that along with a sizeable down payment will do just fine.

And another thing, what's this talk about not wanting to look stupid? You are the customer and this is what they do. You will not be the first, first-time homebuyer nor the last. As long you as your not acting like a jerkoff and asking sincere questions (regardless of how basic) they should be more than happy to help.

Good luck and have fun this is a big step, make sure you enloy it.

[Ray Zee]

okay --

first you need to figure out what you can afford to pay in payments. ins. taxes repairs etc per month. that figure is about 30% of your income-- max.
triple or quad your income and that is about the house you can afford-- max.

read about buying real estate first so you know something, as you dont as of yet. then look for owner financed properties. either by an ad or calling some real estate agencies and asking what they know of in your range. this way you dont have to qualify at all. and dont pay closing costs and points or fees or mortagage insurance.
then learn to judge what each place you look at is worth. you can not believe anyone else-- period. good luck.

if you must fall for the loan route, you can usually get a no approval needed loan if you put at least 25% down. you have to go to more than one place. its called work.

[Benal]

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there's pretty much no way you'll be able to get a mortgage by yourself if you cannot prove a reliable source of income in the future.

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This is correct. The key words here are "a reliable source of income in the future". Any lender will want proof of this, and this usually means income from having a real job with a real company for a minimum of 2 years.

[SomethingClever]

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there's pretty much no way you'll be able to get a mortgage by yourself if you cannot prove a reliable source of income in the future.

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This is correct. The key words here are "a reliable source of income in the future". Any lender will want proof of this, and this usually means income from having a real job with a real company for a minimum of 2 years.

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Dude you're totally wrong.

Stated Income Loan

It's amazing what you can do with a large chunk of cash and a good credit score.