Q: I am looking into buying my first house but really don?t know where to start. I currently live in Des Moines, IA while I am in school but by May of next year I will be locating to Arizona and am hoping to be able to buy a home that costs no more than $100,000. I need at least four bedrooms but would rather have five or six bedrooms but I don?t know where I will stand as far as loans and owning a house in general. What should I be doing to make sure I?m ready and able to make the move?
?Cresha, Des Moines, IA
A: First, congratulations on taking the first step into homeownership. Planning a head is important especially since you will be buying in a different location than where you currently reside.
Getting yourself pre-qualified for a mortgage loan is the very first step. One option is to find out if your bank has a home loan division, if so, apply for a mortgage loan and see where you stand in terms of buying a house. A lender will determine how much you are able to borrow based on your credit history and debt to income ratio. Steady employement of at least two years appears to be the standard with lenders. If you don?t qualify now, you will have a really good idea from the Lender on what you need to work on in order to get yourself ready to buy.
The second step after getting prequalified for a purchase amount is to hire a Buyer?s agent (Realtor), the agent does not charge you to represent you. This person will be instrumental in helping you with the entire buying process, communicating with your lender, searching with you for the right home, writing and negotiating the offer, managing the escrow process, inspections, etc. until the house becomes yours. This real estate agent will explain all that you need to know to get started.
My best to you and again, congratulations!
Maria Jeantet is a Realtor? with Coldwell Banker C & C Properties in Redding, CA
A: If I understand correctly, you are just finishing school in Iowa and plan to relocate to Arizona. I am assuming you will be looking for employment in Arizona. May I highly recommend that you find a place to rent until you have found employment and been there at least two years before considering purchasing a home? This will allow you to get comfortable with the area in Arizona you are living in, stabilize with your employment which will be important in obtaining financing, and learn more of what you want/need in a home.
JoyceM
Joyce Mitchell is a Realtor? with Mitchell & Associates Real Estate in Bigfork, MT.
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Source: http://rock-n-rollrealestateagent.com/how-can-i-prepare-to-buy-a-home-in-another-state/
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