First Time Home Buyer in Lubbock?

If you or someone you know is afraid you have waited too long to take advantage of the $8000.00 home credit, never fear!  There is still time if you can take care of these items really soon.

Pre-qualify - You should get pre-qualified with a mortgage lender through a bank such as People's Bank or a mortgage company such as Prime West.  This is not painful - takes maybe 30 minutes of your time.  Some are worried that their credit score may prevent them from qualifying.  Regulations have made your credit score more important and some people who have too much debt or a history of late payments may not qualify right now.  It is better to know than to deal with the doubt and fear.  I would hate for anyone to pass up the opportunity to own a home simply out of fear of what might be on their credit report.  If problems do surface, your bank or mortgage professional has seen it before, and can give you tips on how to improve your credit score.

Review your budget - Decide what you can reasonably afford to pay monthly and how much you can pay down on your home.  Most first time home buyers finance through FHA and the minimum down payment is 3.5%.  Additionally, there are closing costs.  These funds may be your savings or possibly a gift from a family member.  In some cases the seller of a home is willing to pay some of your closing costs to assist you in the purchase of their home.  Armed with your own research, you and your lender can determine the maximum price home you should consider.

Consider your now and future needs - Do you need a two, three, or four bedroom home?  Do you have children or parents living with you or know that your family size may increase in the next few years?  It is good to purchase a house that gives you room to grow.  Experts estimate that a buyer should plan to live in their home for 5 - 6 years if they want to break even or make a small profit when they sell.   Make a list of desired features and decide which five are the most important to you. 

Call me - I can help you with research and find you a home that stays in your budget.  Custom searches of the homes in the multiple listing service can be done and the results emailed to you.  If you provide me with your needs, wants, top five features I can save you a great deal of time by previewing, screening, and eliminating homes that don't meet your needs or would bust your budget.

For first time home buyers the magic date when the $8000.00 tax credit goes away is November 30.  Be aware that it could take a few weeks to find the home you want and then it takes around 30 days for the closing process to run its course. So please email or call me today if you are motivated to get into a new home by that time.  My assistance costs you nothing and I am glad to answer any questions you may have.

If you are not a first time home buyer but know someone who would be, please forward this to them.  For those who currently own homes, all this information, except for the incentive and deadline, still applies.  I'd be glad to help you move-up, down size, or find an investment property.

I hope you all have a great weekend.

Sincerely,

Mary Benton
Keller Williams Realty
790-1026
marybenton@kw.com