Where to begin the search for a lender?

[Anonymous]

I think it might be possible to buy at this point. I used to own a house that sold in 2005 and we got an FHA loan back then. Would I qualify as a first time buyer again? Where do I begin to look?

Basically, I'd like to know how much I would be able to borrow before I even start looking at places. Any advice would be very appreciated.

[Anonymous]

OP again, just to clarify, the previous house was jointly owned and has been sold during a divorce proceeding.

[Anonymous]

Ask your friends, colleagues, neighbors to recommend their mortgage brokers. Go from there.

[Anonymous]

Anonymous wrote:Ask your friends, colleagues, neighbors to recommend their mortgage brokers. Go from there.

Good idea. Thanks.

[Anonymous]

You will not be considered a first-time buyer again.

Try one big bank, one local bank, and one mortgage broker and compare.

[Anonymous]

I wouldn't trust banks/lenders to tell you how much you're able to borrow. We qualified for WELL more than we felt able to take on. There are a ton of good mortgage calculators out there you can use that would be a better starting point.

[Anonymous]

are you buying in the same state as before? I think if you are new to the state, you qualify as a first-time buyer. Check with a mortgage broker for sure. But if you are in the same state, you definitely aren't.

When my DH and I bought our house, I had already owned a condo in our state... but he had never owned anything. We did not qualify as first-time even though he was a first-timer.

[Anonymous]

Anonymous wrote:are you buying in the same state as before? I think if you are new to the state, you qualify as a first-time buyer. Check with a mortgage broker for sure. But if you are in the same state, you definitely aren't.

When my DH and I bought our house, I had already owned a condo in our state... but he had never owned anything. We did not qualify as first-time even though he was a first-timer.

No, I owned in another state. I didn't think I would qualify again but someone had mentioned to me that after 8 years I might qualify again. I would be buying in DC this time.

I know what I'm comfortable paying every month. Even if I get approved for more there is no way I'm overextending myself. This is more for bulding equity since I probably won't be getting any more space than I currently rent.

I'll start with my bank and see what they say.

[Anonymous]

Go out to many at a time, tell them you are running a competitive process and want to their thei best offer/terms, and that you will select who you want to do business with in a week.
Then start. Call Bank of America, Wells Fargo, pnc, credit union, and anyone you might get an employee discount or discount from already using their financial services.
Your goal is the lowest interest rate and lowest fees from the lender, for your band of desired purchase prices and down payments.

Run the same auction process to find a good, lower fee title insurer. Do not use a brokers or lenders, they get the kickback, you get inflated/embedded fees. Call paramount, district title, etc.

You'll be ready!

[Anonymous]

Yes you're a first time buyer in most states, go for it. Only matters if you're buying in the same state as before and soon after selling.

[Anonymous]

Anonymous wrote:Go out to many at a time, tell them you are running a competitive process and want to their thei best offer/terms, and that you will select who you want to do business with in a week.
Then start. Call Bank of America, Wells Fargo, pnc, credit union, and anyone you might get an employee discount or discount from already using their financial services.
Your goal is the lowest interest rate and lowest fees from the lender, for your band of desired purchase prices and down payments.

Run the same auction process to find a good, lower fee title insurer. Do not use a brokers or lenders, they get the kickback, you get inflated/embedded fees. Call paramount, district title, etc.

You'll be ready!

So I need to find a different title insurer? Never thought of it that way. Thank so much!

[Anonymous]

Anonymous wrote:Yes you're a first time buyer in most states, go for it. Only matters if you're buying in the same state as before and soon after selling.

Thank you!!!!