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Message Subject Anybody in real estate?
Poster Handle WalkerTalker2
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I am a real estate agent- getting back into the business after 6 years of college and work in eco building materials.
That said, I can probably get you pointed in a right direction. You are smart as you have 20-25% of the down payment. That is where you can get into a loan easier. That being said, lenders will still be looking at your credit. Most people who have 20 thousand dollars and live where crime is low are not people of a bad charactor, I dont know your specific situation.
I suggest you find a good real estate agent- ask freinds and family or call and interview 3 agents. They will meet with you- check your local board of realtors or state licensing site to see if they are in good standing or have a record of problems.
Ask the agent to refer to you a couple lenders. I recommend you get an FHA loan as that is what almost all small loans are, and when you put that much money down you can avoid exra monthly fees ( PMI). FHA has relaxed loan guidelines....still the lender will ask you to do this and that to get a formal approval. There is a pre approval, then there is a formal approval. The process to pre approval is usually one day, then you start shopping for a house, put up your deposit and write your offer, get it accepted,,,the final approval and funding is usually a month, but can vary depending on the lenders expertise and your credit situation.
Dont worry about the lender pulling your credit. You screened a couple and have a good agent. Do what they recommend and you should be fine
I hope this all helps
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