First Time Home Buyer Tips
by Mr. V
(Unknown)
First time home buyer tips: My wife and I live in San Jose, CA. My wife had bought a home before our marriage and now price of the home is down by more than 60%. So we have decided to do shortsale/foreclose the property.
I'm not on the deed. Both of us have jobs and we want to buy a home under my name only, as my wife's credit is going to get wacked, and make a fresh start. I never owned anything before.
Do I qualify as first time home buyer. Are there lenders who are willing to work with me? Please advise on how I can approach the process of buying a new home all by myself without involving my wife's name/credit?
Dear Mr.V,
The best tip of many first time home buyer tips is to take advantage of mortgage pre approval. This is because there are many variables due to your wife's credit history.
Here are some questions you will be asked... Are you buying a single family residence? Will the home you purchase reside in a community property state? Would FHA home loans be a consideration? Will you be depending on a first time home buyer credit?
Depending on the mortgage company you choose, you may have different options also. So go here for ways to compare mortgage rates and lender representatives.
Mortgage pre approval can iron out the wrinkles before buying a house. I have also provided links to a wide variety of home buying solutions for your convenience at the bottom of this page. After reading through them please let me know if you have more questions.
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And drop by How To Buy A House to read more letters contributed by Readers just like you, each contribution answered by me with unique solutions.
Best Wishes,
Your Online Mortgage Advice Friend
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