First time buyer

[singlemom58]

Hi all my son will be a first time buyer very soon, and his credit score is around 700, how much money he need to put down? and what should he expect through out the process.

[2muchdebt]

Kind of a loaded question. That all depends on a number of factors, not all of which depend on credit score. If he intends on going with a condo, the amount of downpayment will depend on owner occupancy. In my own searches of housing it's become evident that a 0% owner occupied building will require at least a 20% downpayment. Conversely, anything 2/3 owner occupied or above will allow you to put as little as 3.5% down. This is all in the Boston market and I don't know how much things fluctuate elsewhere. First step would be to figure out what he wants in terms of a house and see what houses like that are going for to get a rough estimate of what he'd need to be approved for in terms of a mortgage. Then you need to talk to a mortgage lender (preferably several because they'll give you different rates) and see if you can get pre-approval for enough to buy the house. Once you have pre-approval you can put down an offer and then you have a period of time to have the home inspected and ask about any foreseeable costs that are likely to be hidden (does the roof/heater/boiler need to be replaced soon). You can opt out within something like 10 days but if you don't and the offer is accepted, you've got equity.

[2muchdebt]

Btw, take this all with a grain of salt, my girlfriend and I are right now looking to buy, these are just my own experiences working with agents and lenders