Steps to Buying a Home in Texas
Buying a new home in Texas has never been easier. The following information will demystify the process. There are a ton of lenders that are ready willing and able to help. Potential lenders will review your credit, your debt to ratio income, meaning, you earn enough money to afford a home. Second, they will give you a letter of pre-approval that shows how much home you can comfortably qualify for. This means that once you find a home you like you are able to submit an offer with confidence.
Pre-Approval is Important
Pre-approval is important because you cannot submit an offer on a home without it. This lets the seller know that you are a serious buyer and have the credit and funds to move forward. Most pre-approval letters are generally good for 90 days. The pre-approval process takes about 7 business days. You will have to provide proof of income and credit score.
How Much Money Will I Need for a Down Payment?
Be prepared with at least 5% of the sales price. Depending on the type of loan you go with will determine how much you will need to put down. On FHA Loans (Federal Housing Administration) the minimum will be about 3%. Conventional loans will require at least 5% down. VA Loans (Veterans Administration) do not require a down payment. These loans are for military people that have served or are serving now.
Pre-Approval Time
Depending on your lender it will take about 7-14 days to verify all your information and provide you with a pre-approval letter to move forward on a home.
Why Use Gr8Day Realty?
- 2.5% Buyer Rebate on new homes or 2% on pre-owned homes in Texas.
- Apply Rebate toward closing costs or a builder upgrade or the cash back when we close.
- Rebate Restrictions The rebate comes out of the Broker fee paid to the buyer’s agent/broker. The Broker fee has to be at least 3% of the purchase price.