westin brodey, faelan (kankhajura)

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Rainmaker
800,166
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
212,535
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
1,560,034
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty - Kalispell, MT
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
1,718,443
Alan May
Jameson Sotheby's International Realty - 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
54,130
Jordan Ayan
The Lifestyle Collection - Scottsdale, AZ
Luxury Market Expert, CLHMS,Million Dollar Guild

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

 

Feb 10, 2018 06:00 AM
Rainmaker
398,035
Mike & Cindy Jones
Berkshire Hathaway HomeServices Florida Network Realty - 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
875,060
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
769,657
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
1,706,647
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
2,457,661
Fred Griffin Tallahassee Real Estate
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
3,560,350
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

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
1,402,627
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
766,525
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
4,665,335
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
5,779,731
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

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
3,380,439
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
5,336,470
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

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
1,907,386
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
812,030
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
1,333,212
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
919,659
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
4,306,172
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
3,687,469
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

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
3,985,078
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
4,207,876
Jeff Dowler, CRS
eXp Realty of California - Carlsbad, CA
The Southern California Relocation Dude

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
180,352
Byron K . Jones
Coatesville, PA
List Today - Sold Tomorrow!

Plenty of Sound Advise Above!

Feb 10, 2018 02:20 PM
Rainmaker
1,230,487
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
1,297,242
Ryan Huggins - Thousand Oaks, CA
https://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
416,692
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
4,827,987
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

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
2,872,189
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
3,447,127
Nina Hollander
Coldwell Banker Realty - 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
1,604,107
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg 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
4,432,826
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
1,467,145
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

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
1,042,613
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
769,115
Pete Xavier
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
995,510
Thomas J. Nelson, Realtor e-Pro, CRS, RCS-D, Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Ask Jason E. Gordon 

Feb 10, 2018 06:50 AM
Rainmaker
4,798,519
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
1,079,005
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
1,801,077
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

You have many great answers here.

Oct 09, 2018 02:51 PM
Rainmaker
1,353,343
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

I looked at the questions asked before and this one has a lot of great answers.

Oct 09, 2018 02:51 PM
Rainmaker
150,025
Denise Copeland
Home Sales Palm Beach - Jupiter, 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
4,318,829
Joan Cox
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
3,924,769
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - 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
3,064,059
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Bob Betel nailed this one!

Feb 11, 2018 04:16 AM
Rainmaker
3,985,513
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
2,546,464
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