Soon to be First time home buyer.

[DFBrews]

I think it is time to buy in the next few months. I am starting my research and have a price range. Is there a good compiled list of what i need to have done/do before i start talking to a lender? i am bouncing around sights and seeing different things.

[ChunkyMonkey]

Tripod rule... income, asset, credit. This has to support each other. Make sure you have good disposable income (30% dti on the new house payment ideally), w/ the disposable income then obviously you will have saving (minimum asset of the down payment amount plus 2 month reserve), and finally good credit history. FHA for an example requires 2 good credit lines plus 12 month rental history.

This is just a general guideline. Disclosure.. I am a licensed banker.

[bside303]

Yeah, your personal compiled list. Your must have's and don't really needs. What type of financing are you doing? FHA, Conventional loan. What area do you want to live in>?

[DFBrews]

Tripod rule... income, asset, credit. This has to support each other. Make sure you have good disposable income (30% dti on the new house payment ideally), w/ the disposable income then obviously you will have saving (minimum asset of the down payment amount plus 2 month reserve), and finally good credit history. FHA for an example requires 2 good credit lines plus 12 month rental history.

This is just a general guideline. Disclosure.. I am a licensed banker.

I dont know those terms yet will look into them.

credit is the interesting one. i have a 625 ish score. but the person i am buying the house with has pristine credit. I make more than her though does that effect anything?

[ChunkyMonkey]

I dont know those terms yet will look into them.

credit is the interesting one. i have a 625 ish score. but the person i am buying the house with has pristine credit. I make more than her though does that effect anything?

640 is the minimum for FHA lender overlay. Lender won't use your income/credit unless you are at 640 mid score. The good news is to raise 20-40 points within a month is real easy and free. PM you w/ some links.

[DFBrews]

Yeah, your personal compiled list. Your must have's and don't really needs. What type of financing are you doing? FHA, Conventional loan. What area do you want to live in>?

Denver. highlands sunnyside area. Have no idea on the mortgage type that would suit me best.

[ChunkyMonkey]

Denver. highlands sunnyside area. Have no idea on the mortgage type that would suit me best.

FHA is 3.5% down w/ 640 mid score, conventional is 3% down w/ 660 mid score (harder requirement imho). You can also qualify for $100 down payment if you purchase FHA/HUD owned homes. hudhomestore.com A good realtor should be able to walk you through these option. We have few realtors on board, mostly down in colorado spring area. I am sure they'll chime in. My spouse is a realtor too.

[JohnTRourke]

#1 rule of real estate

real estate brokers/agents are a complete waste of oxygen, much less your time and money.

mortgage brokers are pretty useful though and well worth talking to initially, they will tell you what you need and where you should be.

BTW, IMHO, prices have a LONG way to fall still.

[alxone]

good luck and have fun .

[DFBrews]

#1 rule of real estate

real estate brokers/agents are a complete waste of oxygen, much less your time and money.

mortgage brokers are pretty useful though and well worth talking to initially, they will tell you what you need and where you should be.

BTW, IMHO, prices have a LONG way to fall still.

This neighborhood is the opposite... young liberal money is coming in prices are rising fast.