House question's?!

Question

Me and my bf with be FTB(first time buyer's)next year. We live in california, I talked to a broker and I know some step's but she didn't say anything that I am asking...
*How much did you have to put down of your own money?
*For FTB's how long did it take for you to be approved for your house?!
*How much is your mortgage?
*What all do you need besides good credit to buy one?
Thank you

Answer

I'm in Oklahoma. We built our first house so we financed our loan through their lending company, which in doing so saved us money as they covered our closing costs. Plus the deposit we put on the land applied into our down payment. We ended up putting down $3500 or so. But we had close to $15k saved by the time we closed just in case. We did an FHA loan vs a conventional loan.

We were approved within days for our loan once all the information they required was received (bank statements, credit checks, letters of explanation for bad debt and cash money deposited into our accounts, etc). Now since we built our financing process didn't really start until about a month before our house was complete. They just checked our credit before we signed our contract for verify we were in good shape before they started construction. Our mortgage after taxes and insurance is $1100. Definitely do not open any new lines of credit from here on out until you close. Your credit will take a hit and can make or break whether you get approved or not. Good luck! It's an exciting (but stressful) process!

Answer

Most of the time you have to put at least 20% down, and you'll also need earnest money so have at least another 20% saved. 
My husband and I did a VA loan which was a lot easier on us financially, and moved a lot quicker too so I would definitely recommend you see if you qualify for that.
When they're looking at loan, don't open any new credit lines and try to pay off your existing credits too. They look at your salary vs. your debt so you want to make that gap as large as possible.
Out mortgage is 1100 after taxes, interest, and insurance. Our house was 209,000 but we live in Colorado.
Hope this helps!

House question's?!

The Top Baby Tracker App: Embrace New Beginnings with Tender Care

The Top Fertility Tracker App: Your Path to Achieving Pregnancy

The Top Pregnancy App: Nurturing Your Journey to Motherhood

The Top Period Tracker for Empowering Your Menstrual Health Journey