Buying a Home in Texas as a First Time Homebuyer: What to Expect

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Buying a Home in Texas as a First Time Homebuyer: What to Expect

ripcordwes

This video is for anyone looking to utilize Texas real estate to help build wealth for themselves, their families, and generationally.

What I believe about real estate: Every time you purchase a property, it is an INVESTMENT

I also believe that you deserve to be EXCITED, ISPIRED and MOTIVATED by where you live. Where you live is important. This is the place you spend a good portion of your life. Where you spend time with you loved ones and watch your kids grow up.

My goal is to help you find a property that will do both things.
1. A solid financial investment that will benefit at the time of purchase and also into the future
2. Excite, Inspire, and Motivate you.

You can have it all, I’m here to help you fit the pieces together.

What makes working with me unique?
1. I’m local to Denton County
2. I’m a Mortgage Broker

Mortgage Lender vs Mortgage Broker
Lender’s can only utilize the loan programs and interest rates that the company they work for offers. This limits you as a buyer to whatever that company has to offer at that specific moment in time.

Mortgage Broker’s shop several Mortgage Lender’s and choose which Lender to send the loan to. This is exponentially more advantageous as some Lender’s will have better rates or programs at different times.

What do you need to know before our initial phone call? We’re going go over what I call the big three. Which are: income, credit, and assets.

1. INCOME
When it comes to INCOME, we have to show a two year work history. It doesn’t necessarily have to be in the same field, but we do have to go back two years. Second would be if you’re self-employed, we’re gonna go off of primarily your last two years of tax returns. If you’re an employee, we’re gonna go off the last two years of W2’s .

We will in most cases, not need your tax returns. And if you have any sort of variable income like commission, bonus, overtime, we verify those with pay stubs because they show a year to date breakdown of that type of pay, and we have to average over a two year period.

2. CREDIT
When it comes to CREDIT, a 740 is a perfect FICO score. So in the mortgage world, it doesn’t matter if you’re a 740 or an 800. You’re gonna get the max benefits when it comes to the loan. Typically, if you’re in the 700’s, a Conventional loan makes the most sense. If your credit score is 620+, but under 700, typically a Government loan is gonna make the most sense, which the typical ones are FHA, USDA, and then if you’re a Veteran, then all day the VA loan program is the best out of those couple we just talked about.

3. ASSETS
And then lastly would be ASSETS. And that is money saved up for down payment plus closing costs. That dollar amount = the Cash To Close is what you bring at the very end of the process. And so, When it comes to down payment, viable sources are checkings, savings, borrowing against a 401k or retirement, or a gift from family, and then closing costs can be covered by the seller.

So this is something that has been non-existent for the last two years. 2020 – 2021, the sellers had all the power and seller concessions or seller credits were not something that I was seeing on contracts at all. So that’s changed with a quickness. If you’re looking to buy in this current environment, sellers are willing to help out when it comes to closing costs.

I would talk to your real estate agent about that that’s something they write into the contract and negotiate.

If you have a property that you’re really interested in now and you want to move quickly, fill out my loan questionnaire that allows you to put in your info, upload your documents, and that will expedite the process. This can be found on my website: www.wesgregg.com
If you have any questions at all. Please reach out. My cell phone number is (817) 781-9392.