House advice ?

Question

I was wanting to know about how much to save for a house. This will be my first home  I want a 3bed 2 bath one story. Where I live which is South Carolina, you can purchase homes from the mid 100,000 to 250,000 with what I’m looking for. What type of loans are there? one lady told me about a loan that I could get where the seller or owner could pay for the down payment and etc but she didn’t go into detail so any tips?

Answer

Talk to a mortgage broker. There are a ton of factors in what type of loan is best.  Your credit score, debt to income ratio, and financial history are big. If you are in a hot market probably not gonna get a seller to pay for closing though. There are pros and cons to both fha and conventional loans so talking to someone who will break down your specific situation will be best. They can also tell you where you are in being prepared to buy or what steps/how to get there. We bought last year and saved up and did a conventional loansnd was the best financial option for us. May or May not be the same for you.

Answer

Call your bank or ask for mortgage brokers in your area. See if you can get an FHA loan (first time home buyer). With the market being pretty competitive right now, it is very doubtful that youll get a seller to pay your down payment for you. However, an FHA load requires less of a down payment. They can work on a pre approval for you and tell you exactly what the numbers will be. Do NOT do a flexible interest rate. Lock in your rate, especially while they are so low right now.

House advice ?

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