westin brodey, faelan (kankhajura)

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Rainmaker
528,347
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

You really want to get into the market ASAP = you should already have pre-qualification by a loan specialist. That's your first step. It's great that you know all these numbers, but all scenarios are unique. And the guy that's going to originate your loan is the one to plug in those figures and verify documentation of your income assets credit etc.

Feb 10, 2018 05:38 AM
Rainer
125,564
Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

Based on the info you gave, and assuming property taxes and homeowners insurance are $100 each per month, and using a 30 year rate of 4.25%, you would easily qualify to buy a home now. The $16,500, savings is enough and doing a loan for $350,000 would put you at a debt to income of about 37%, which is no problem. As interest rates are heading higher, it's best to start looking now, instead of 6 months from now. Even though I don't do loans in Alabama, feel free to email me or call me as I'm always willing to help out a fellow AR member

Feb 10, 2018 08:23 AM
Rainmaker
1,110,413
Kat Palmiotti
Grand Lux Realty, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

I would definitely talk to an experienced real estate agent in your area who can give you the names of some good mortgage brokers. Speak to one of them and they will let you know what you can purchase.

Feb 10, 2018 06:46 AM
Ambassador
1,487,924
Alan May
Coldwell Banker Residential - Evanston, IL
Helping you find your way home.

Find a local lender... (ask friends or family for someone they've used in the past and recommend).  Sit down with them and go over your finances... it looks like you've got all your ducks in a nice row.

Good luck.

Feb 10, 2018 06:43 AM
Rainmaker
14,463
Jordan Ayan
The Lifestyle Collection - Scottsdale, AZ

I would definitely find a lender to help you figure all of this out.

 

Feb 10, 2018 06:00 AM
Rainmaker
321,426
Mike & Cindy Jones
Florida Homes Realty & Mortgage - Jacksonville, FL
Real Estate - (904) 874-0422 - Jacksonville, Fl

Talk to a local lender. One you can sit down in front of. They will assess your situation and answer all your questions.

Feb 10, 2018 05:54 AM
Ambassador
710,093
Mimi Foster
FALCON PROPERTY SOLUTIONS - Colorado Springs, CO
Voted Colorado Springs Best Realtor

Totally agree with Joe Pryor. These are questions best asked of a loan officer in your area (since guidelines are different in different areas). They will be able to advise you of your purchase power, at which point I would then contact a Realtor.

Feb 10, 2018 05:07 AM
Rainmaker
643,233
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Speak to a local banker, who should be able to help you with all the details and pre-approve you for the amount for which you qualify. With that in hand, you can start looking at homes that fit the borrowing criteria. Also consider renting for a while if you don't see anything that suits your fancy.

Feb 10, 2018 05:05 AM
Ambassador
1,305,206
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

You must have a loan officer in your twon that can advise you about expenses. I would start there before you contact an agent.

Feb 10, 2018 04:49 AM
Ambassador
1,921,410
Fred Griffin
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

      Call a mortgage lender on Monday, and tell this information to them.  Perhaps the bank where you have your savings account can assist.  Ask them to give you a pre-approval letter.

 

Feb 10, 2018 07:35 AM
Rainmaker
2,474,377
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

Speak with a lender and let them sort it out. They will have questions beyond the scope of your description and give you an accurate answer.

Feb 10, 2018 06:26 AM
Rainmaker
1,304,432
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

westin brodey Meet with a loan offer and have a face-to-face discussion of your situation.

Feb 10, 2018 06:24 AM
Rainmaker
491,910
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

There are 31 answers as I look at your question. One response answered your question. The other 30 made some sort of suggestion that you should speak directly to a lender. Now that number is 31.

 

Feb 10, 2018 01:02 PM
Ambassador
3,209,914
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams fox cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Go talk to a local lender, or several of them, they will know MUCH more than any of us will.

Feb 10, 2018 10:41 AM
Rainmaker
4,396,929
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Carefully select a local buyer agent and meet with a successful local mortgage loan officer for pre-approval.

Feb 10, 2018 07:48 AM
Rainmaker
2,347,528
Richard Weeks
Dallas, TX
REALTOR®, Broker

Find a good agent in your town who can get  you set up with a good lender.

Feb 10, 2018 07:29 AM
Rainmaker
4,067,218
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

call a buyer's agent in your area who is well-versed with that market.... you may need to talk to a few before you finalize with one buyer's agent... then take direction from that agent ....start to finish...

Feb 10, 2018 06:55 AM
Rainmaker
1,657,915
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Step #1 is You NEED Representation , a Buyer Agent to help package everything you've shown us !

Feb 10, 2018 06:23 AM
Rainmaker
624,121
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Tell you what. There too many things unknown. However, thy the Rocket Mortgage website and fill out the app on line. They will give you a psss/fail IMMEDIATELY!   Be aware, there is incredible variability in the lending process, so if RM says you are CLOSE or PASSED, you are good to GO in regards to initial qualifying. Be aware, the job change could be an issue but not if in the same career. Divorce, bankruptcy or pending litigation are issues that will stop the train when the process moves forward. I would find a Active Rain agent near you here on this platform and start laying out a real strategy.

Feb 10, 2018 06:08 AM
Rainmaker
463,857
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

You have many great answers here. Good luck to you

Feb 11, 2018 09:16 AM
Ambassador
776,711
John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

 Hi Westin,

 

If you're buying in Alabama I could offer some insight, but the reference you posted is advice from Australia,  and with a more populous Victoria there, I'm confused about where you're looking to buy (esp after seeing your finding that rent is counted as savings, that's not the case on loan products in the US outside of rent-to-own scenarios where someone pays above market rent).

 

If Alabama, Bob Betel provided a good overview of what you'll be looking at.  Just at face value, everything looks OK.

 

Feb 10, 2018 09:36 PM
Ambassador
3,714,614
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

westin brodey - why to become an expert when you get professional help at virtually no cost? Contact local real estate agent - and you'll be guided through this without any stress if the agent is good.

Good luck.

Feb 10, 2018 08:21 PM
Ambassador
2,344,890
Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Looking for my guy, John Meussner - he's far more qualified to answer your question than I.

Best of luck in purchasing your first home! Congratulations!

Feb 10, 2018 08:20 PM
Ambassador
3,484,710
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Find an agent that will direct you to a trusted lender to get preapproved. Then you don't have to rely on the Internet to give you peace of mind.

Feb 10, 2018 07:29 PM
Ambassador
3,446,267
Jeff Dowler
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

Good questions to ask and great that you know all this. There are plenty of good suggestions here for you. Good luck!

Feb 10, 2018 04:20 PM
Rainer
89,346
Byron K . Jones
Keller Williams - Exton - Coatesville, PA
List Today - Sold Tomorrow!

Plenty of Sound Advise Above!

Feb 10, 2018 02:20 PM
Rainmaker
1,146,444
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Best of luck.

Feb 10, 2018 01:29 PM
Rainmaker
900,432
Corinne Guest, Managing Broker
Barrington Realty Company - Barrington, IL
The Best in Buyer Representation

Well done for asking, you got some great responses and know what to do.

Feb 10, 2018 01:28 PM
Rainmaker
1,004,637
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I'm going to defer to a lender

Feb 10, 2018 01:20 PM
Rainmaker
176,500
Susie Kay
Ultima Real Estate - Plano, TX
North Dallas Specialist

I would talk to a local lender and discuss in details.  Or you can call a local realtor and ask for local lender referral.

Feb 10, 2018 12:10 PM
Rainmaker
3,534,940
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding and Marketing

Westin,

You have great advice from all the members.  Wishing you the best of luck finding you first home. A

Feb 10, 2018 11:26 AM
Rainmaker
2,520,677
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

As others have stated, you need to work with a local lender that will pre-approve you for a mortgage loan.  That lender may also have a great real estate agent referral. 

Feb 10, 2018 09:45 AM
Rainmaker
2,214,104
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

You need to go to a good lender with your story and get pre-approved for a loan first. There's no rushing that process or the buying process, but there is an order to things.

Feb 10, 2018 09:07 AM
Rainmaker
1,322,126
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Area Real Estate

1st off - take all your confidentials off the internet. 2nd - talk to a loan officer in your area to make that call for you. 

Loan officers don't bite.

Feb 10, 2018 07:54 AM
Rainmaker
3,819,147
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good luck.

Feb 10, 2018 07:25 AM
Rainmaker
816,139
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Hi Westin,
Sounds like you're on a great path to home ownership!  I would suggest the same as Kat Palmiotti .  

Feb 10, 2018 07:21 AM
Rainmaker
829,226
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

The easy route is go to your bank and ask someone in their mortgage department for a pre-approval. It takes more than looking at a couple of numbers to figure this out. They'll pull a credit report, maybe charge you for it and begin the process. In a few days you'll know exactly where you stand. Grants are excellent with stipulations, explore them to find out if they are right for your needs.  

Feb 10, 2018 07:16 AM
Rainmaker
644,404
Pete Xavier with X Group Real Estate Advocates
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

Take this to your local professionals, let them earn their commission. Best wishes.

Feb 10, 2018 07:08 AM
Rainmaker
745,298
Thomas J. Nelson, Realtor,CRS,e-Pro
Big Block Realty 858.232.8722 - La Jolla, CA
Co-Host of Mail-Right's: Real Estate Agent Podcast

Ask Jason E. Gordon 

Feb 10, 2018 06:50 AM
Rainmaker
4,046,937
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

You may be better off by asking a lender.

Feb 10, 2018 06:43 AM
Rainmaker
811,788
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

 Talk to a mortgage officer in your bank.  In the US you are probably not eligible for FHA mortgage even. 

Feb 10, 2018 06:02 AM
Rainmaker
40,520
Denise Samouilidis
Mirsky Realty Group - Palm Beach Gardens, FL
Jupiter Abacoa Sales & Beach Front Luxury Homes

You're probably better off contacting a local mortgage broker to answer your questions. We're mostly real estate agents on AR. If you're working with a real estate agent, ask them to recommend a few lenders in your area that you could speak to. Best of luck!

Feb 13, 2018 01:14 PM
Rainmaker
3,340,104
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

You need a seasoned REALTOR to guide you in the right direction.

Feb 13, 2018 08:12 AM
Rainmaker
3,288,818
Dorie Dillard
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Find a good local lender who you can meet with and go over your finances.

Feb 11, 2018 10:57 AM
Rainmaker
2,734,258
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Bob Betel nailed this one!

Feb 11, 2018 04:16 AM
Rainmaker
3,429,406
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I would start looking right now so that you ave an idea what values are when you get serious.

Feb 10, 2018 06:39 PM
Rainmaker
2,223,789
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

It wont be long now before you are a homeowner. Congrats in advance

Feb 10, 2018 07:19 AM