by Meghan Busch
Nothing beats free stuff. Free samples, free gifts with purchase, free coffee while you wait, buy one get one free… If it’s free, we can’t find much reason for not having it. And if you’re a true bargain lover like me, you’ll make it your mission to find the “free” in anything.
So, when we started thinking seriously about buying a home my innate inclination was to calculate exactly how much this venture was going to cost me—and then figure out which parts we could get for free.
Sidebar: Oh sure it’s a little gauche. I know house shopping is a little different than double coupon day at the local market. But until now, buying a home has been a little out of reach for me—my dream home seems overshadowed by the reality of what I can probably afford (ugh—can we just skip the starter home phase?). And a down payment…? Well, let’s just say my “savings” account is a misnomer for a more appropriately named “spending” account.
But to my surprise, the man behind the proverbial “home buying” curtain has been busy creating programs and offers that are in tune with bargain hunters everywhere. So, for those of us who love the smell of a free lunch, I’ve compiled all the useful home buying tools we can get for free.
Real Estate Agents
What’s the best part about buying a new home? Looking at listings! Pounding the pavement, going into home after home, envisioning yourself and your furniture settled inside. And there’s one easy way to optimize your search: Get a Real Estate Agent. They’re totally free for us buyers, and they’re helping us narrow our search so that we don’t shop for homes outside of our price range. They’re also great at showing us only the houses with the amenities we need. In fact, the agents with a lot of experience show you advantages or drawbacks of a house that you would normally never think of yourself. If you’re in the market for a home and you’re not sure where to find a good agent, check out In-House Realty, a sister company of Quicken Loans—they’re like the 1-800-Dentist of real estate agents. They’ll match you with a great agent in your area who has the experience you were looking for.
Mortgage Pre-approvals
Totally free and in my opinion, absolutely necessary. Our pre-approval let us know exactly what price range we could afford (which was admittedly a little better than I had imagined). Our pre-approval letter helped our real estate agent know which houses to show us and what price range she’d have to negotiate down to. It also helps sellers know that we’re serious buyers—not just a couple of tire kickers wasting their time.
FHA Loan Down Payment Assistance (DPA)
Okay, this one’s big. If the idea of collecting enough cash for a down payment is less likely than you collecting enough berries to stave off the hunger pangs of a family of bears, welcome. If you haven’t heard about it, down payment assistance is this new program that lets the sellers provide the funding for the buyer’s down payment. The seller can agree to contribute up to 10% of the purchase price of their home. It’s a lot like sellers concessions, but with a different process. Down payment assistance can be negotiated by your real estate agent as part of your offer, so make sure your agent is familiar with the program.
Free Credit Report
Getting approved for your home loan is often based partly on your credit score. That means if you’re thinking of buying a home, sometime close to… well, now… would be a good time to check it out. The closer your score is to 800, the easier it is to get financing. How do you check it? (What’s the theme of the day, kids?!) For FREE!—obviously. Some companies will charge you to pull your credit report, but there are a lot of websites that will give it to you for free. I pulled my credit report at Quizzle.com because the site looked cool, and more importantly, at absolutely no point during my time on Quizzle was I ever asked for my credit card information. A-men.
Third verse same as the first: So there you have it. When bargain hunters and house hunters unite, opportunities for free stuff abounds. Just like the cheesecake on Free Sample Saturday, someone’s gonna take advantage of the free deals in this buyer’s market, and it might as well be us.
Related Info
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WE WANT YOUR FEEDBACK
My family and I are looking to buy our first home. I’ve been turned away from banks and other mortgage companies because my credit is fair. I know there has got to be some way to get a loan. But what is it?
My family and I are looking to buy our first home. I’ve been turned away from banks and other mortgage companies because my credit is fair. I know there has got to be some way to get a loan. But what is it?
It really depends on your credit score, some low scores simply won’t be able to qualify. If you need more information on how you can improve your score or what the minimum score is, please feel free to email me at jennyzhang@quickenloans.com, thanks!
That is certainly a good issue you have made. It will be interesting to give it a chance myself and spot if I obtain that similar conclusion.
I will keep an perspective in this thread and with luck , I can certainly take hold of various extra details!
thankyou lots, I must comment that your site is fantastic!
Two questions:
1. To buy a house – is citizenship a requirement? or is one’s immigration status a material factor in the pre-approval process?
2. Do you finance a home purchase in the State of Nevada?
Thanks
Hi Mart!
Quicken Loans does not require that you are a US citizen, but we do ask for a green card or Visa. And yes, we provide financing in Nevada. One of our Home Loan Experts will be contacting you. Thanks!
hi, I have a fair credit score around 670. I am looking into purchasing a condo that is priced at around $90,000. Will I be able to be approved for this loan? and if not, what should my score be to be approved. Thanx!
Hi glowin,
We will have a Home Loan Expert get in touch with you. Thanks!
MY CREDIT IS NOT TERRIBLE BUT ALSO DO NOT HAVE A LOT OF CREDIT i AM TRYING TO GET A LOAN TO BUY MY FIRST HOME FOR ABOUT $80,000 CAN YOU CALL ME TODAY AT NOON EASTERN TIME AND LET ME KNOW THE PROCESS FOR PRE APPROVAL. [phone number removed]
Hi Michael,
Sorry for the delay in reply! A Home Loan Expert will be in contact with you.
what if u dont have credit at all becuase u have never borrowed money or had a credit card or any of that stuff how would this work
Hi Brittany,
A Home Loan Expert will be in touch with you. Thanks for reading!
I am wondering, my husband and I are looking to get a home. His credit is great and mine is below average. Would it be smarter to have the house just in his name or do we HAVE to do it in both of ours cause we are married?
For three months now I have been working day and night on consolidating school loans and catching up my late payments on them. My goal is to raise my score to a respectable range. Right now my middle number is in the low 600′s (610). I am currently also working on a way to start building my credit. That seems to be my problem. I do not finance anything. I have built a portfolio to show that I pay my utilities and rent along with some other things on time since they do not report the credit bureaus. Can I get some further advice or speak with someone?
HI Robert,
Thanks for reading! We’ve passed your questions on to our sister company, Quizzle. They should have some helpful information for you. Thanks!
Hi, my boyfriend and i are trying to by a house. i do not have a job. i am a stay-at-home mom but my bf has a judgement against him on an old car loan. is their anyway we can get a loan, or are we screwed?
I am a first time home buyer. I am looking for a FHA loan for $150,000 to purchase a Condo. I have an average credit score.
Hi Sonny,
A Home Loan Expert will be in touch with you. Thanks!
Hi Gina,
There are many factors that go into getting approved for a mortgage. A Home Loan Expert will be in contact with you to discuss your situation. Thanks for reading!