Thibodeaux Reed Realty
Main Office (337)658-0181 Rosalind 504-229-3460
Buyers

FIND A HOME

Downloadable Home Buyer Guide

Where Do I Start?

The first step to any purchase is knowing where the money will come from. You will need to know two things before starting your search for a home:
1. What's my budget?
2. What loan type will work for my benefit and coincide with my goals?
 
For example, if you have a FHA approved loan. This means that the home you look for not only has to fit your budget but FHA guidelines as well. All loan types will have their own set of guidelines, it is important to know ahead of time what will work for your loan.  
 
Finances are always the first step.

MONEY

   
 
Finance 101 from the Experts
 
 Q: I don't have any money saved, can I still buy a home?
 
    A: There are several options for you.  VA (veteran) or RD (rural development) loans do not require a down payment. If you were to qualify for one of those programs, no money needed from you as the buyer. If you are not able to qualify for those, there a few more things you can do. There are some times down payment assistance programs for certain parishes, for example if you purchasing in Lafayette Parish, there are three programs available. One for $8,000, one for $11,000 or $15,000. (each have their own guidelines and qualifications). You may also have your down payment gifted to you by a family member (i.e. father, mother, sibling) or an employer may gift you the funds for the down payment.   Courtesy of Rebekah Guidry, Approved Mortgage Now
 
   Q: How do I know which loan is right for me?
 
      A: There are various loan programs and each borrower has their own unique situation. To determine the loan program that is right for you, you should speak to an experienced licensed Loan Officer
 
   Q: What are the loan types?
 
      A.

Conventional

Ideal for borrowers with good or excellent credit

Requires a down payment of 3%-20%

Loan limit of $417,000

Lender paid mortgage insurance available


FHA

Ideal for borrower’s with lower credit scores, and/or small down payments

Requires a down payment of 3.5%

Federally insured loans, which allows us to offer better rates and terms

Credit scores as low as 580


RD

100% Financing

Reduced mortgage insurance premiums

Income limits apply

Property must be located in a rural area deemed eligible by the USDA


VA

100% financing

No monthly mortgage insurance premium

Guaranteed by the U.S. Department of Veteran’s Affairs, allowing us to offer veterans better rates and terms  Courtesy of Amanda Deville, Executive Mortgage

 
 
 
     

Can I Really Afford a House?

  • Area Information

    Knowing about the local real estate market and local community information is critical. Click here to learn all about the New Orleans area

  • Home buying info

    Click here to receive free information about buying a home in New Orleans or any other surrounding local New Orleans County real estate markets.

  • Dream Home Finder

    Do you have an idea as to what your perfect home might be? Click here to describe your ideal home.

  • FAQs

    These are some of the most popular questions amongst home buyers, answered by the professionals.

Sitemap:

Logo
Thibodeaux Reed Realty LLC
120 Iberia St • New Ibera, LA 70560
Main Office (337)658-0181 • Rosalind 504-229-3460



New OrleansAcadiana

Copyright © 1997-2018 Superlative Inc. All Rights Reserved.