Dallas Home Mortgage Assistance

Buying a home for the first time can make you feel both excited and terrified at the same time (not to mention finding the right Dallas home loan). However, with home prices the lowest they have been in years, mortgage rates at historic lows, plus an $8000 tax credit that is available to first time home buyers, right now is a great time to purchase a home. Here you will find 10 simple steps to follow on your path to home-ownership:

1. Know what you can afford as far as a Dallas mortgage before you get started. Generally, you can afford a home equal in value to between two and three times your gross income.

2. Create your home wish list. Once you have everything you want, prioritize them.

3. Decide on where you want to live. put together a list of 3 or 4 neighborhoods you would be happy living in, and remember to take into account things like schools, parks, growth plans and general safety.

4. It is never too soon to start putting some money aside. Do you have enough money to both qualify for your Dallas home loan and put money down for a down payment? Ideally, it is good to have 20% of the purchase price saved as a down payment on the house. Be sure to remember to factor in closing costs, too. Your closing cost, which include taxes, title/attorney’s fees, transfer/recording fees etc ? often come out to around 2 to 7 percent of the price of the home.

5. Get your credit report in order. Get a copy of your credit report to make sure there aren’t any errors on it, and if there are, get them fixed right away. A credit report provides a history of your credit, bad debts, and any late payments.

6. Figure out how much of a mortgage you qualify for. How big of a mortgage are you able to qualify for? You’ll also want to look at different loan options ? such as 30-year or 15 year fixed or Adjustable Rate Mortgages ? and then figure out what is best for you.

7. Get pre-approved. Get all the documents a Dallas mortgage lender will need to give you a pre-approval on your loan. Some items you’ll probably need include W-2s, your last couple of pay-stubs, bank statements for the past two months as well as your account numbers.

8. Weigh other sources of help with a down payment. For example, you might qualify for certain special mortgage programs or down-payment assistance programs. Check with your state and local government on down payment assistance programs for first-time buyers. Another option, if you have an IRA account, could be to use that money you’ve saved to buy your first home and you won’t need to pay a penalty for early withdrawal.

9. Be sure to calculate the total costs of Dallas homeownership. This total cost included property taxes, insurance, utilities, association fees and maintenance.

10. Ask around and find a good Dallas Realtor. Some first time buyers opt to try to do the deal alone rather than getting an agent. Why struggle with it? A Realtor is there to represent you and to be certain you get a good and fair deal. And don’t forget, as a buyer you’re not going to have to pay to have that agent work with you.