First-time home buyers please respond...?
90492
Be there WITH the home inspector. If he's good, you'll learn a lot about what to watch for, what could be improved, and how to maintain/avoid problems. The inspector's list of 'scare' items may be huge;to pare those down to actual items that would represent health & safety issues or you may lose the house if you're expecting an existing home to get whipped into 'brand new' shape for you by nitpicking every detail. [Example: Inspector warned us of hairline sink cracks--'could leak any time!' I didn't think I could justify making a seller 'repair' something that wasn't leaking, I lived there 8 yrs, it never leaked.] YOU might want to hit the FNMA website for 1st time homebuyer booklets, which may be of help. You've struck a big broad question--every deal will be different. Big hint: DON'T take assertions and promises verbally...needs to be in writing on purchase contract or addendum.The loan officer may or may NOT know anything--I've been in business 20+ yrs & you can't tell one from the other on your end. Attorneys may charge a flat fee for reviewing paperwork--the peace of mind may be well worth the expense. You don't need to put 20% down--I'd advise against it if it drains your cash reserves, or you'll be house-poor, broke, and scrambling for higher interest rate financing to survive.
595011
There are plenty of options available to you.\n\nThere is a great free report at http://www.first-time-homebuyers-loans.com that will point you in the right direction.  It is very helpful, but to big to copy it here.\n\nGood luck,\n\nGreg
95958
I had and FHA loan for my first house and it worked out great.\n\nhttp://www.fha.com/
440518
Whenever you do something for the first time, it's good to seek professional advice.  All the better when you do not have to pay for it.   In the case of purchasing your first home, there are many factors to consider (condo, coop, single family home, duplex, multifamily home).  Much of that will be answered by your budget.  Remember Location, Location, Location.  Buy in the best location for resale purposes.  \n\nNow that you've narrowed things down a bit, ask friends or visit open houses and find a good realtor in your area.  Find an experienced one (usually, they will have been in business for a number of years and do it full time).  Now that you have a good realtor, work with them.  They want to make a sale and the seller is the person that pays the broker.\n\nReal Estate Agents are up on the latest developments in mortgages and finance.  They will be able to tell you about first time buyer programs, adjustble rates etc. \n\nGood luck.  I believe owning property is the best thing you can do to protect your future.
176797
Question: Why are you asking complete strangers to answer this question for you?\n\nBuy whatever you like better & what you can afford. Ask close friends for more advice if you need it.
957424
From the information you give, you can't prove that it is a bad idea.  Don't get me wrong, you are probably right - but only probably.  Furthermore, home ownership has many benefits that don't show up in a cash flow statement right away.  If she can really make it work, with a stable loan payment and everything (fully amortized and with the rate fixed for at least five years), chances are that she'll come out way ahead.\n\nWhen you first buy, owning is more expensive than renting.  If it isn't, why didn't you buy earlier?  If she can barely make it work renting, chances are against her.  Principal and interest on the loan - rates for people with good credit are in the high fives to low sixes right now (thirty fixed), depending upon how much you pay in points.  Take the loan amount and any financial calculator will tell you how much that payment will be.  Property taxes (every state is different.  Call the county tax collector).  Homeowner's insurance (ask an insurance agent).  Association dues, if any.  Utilities will be about what she;s paying now if the properties are of similar type, but she'll need a  Monthly allowance for maintenance - she'll need to build up a reserve because this stuff happens.  How much do people spend in your area?  If you're a property owner, you should know.  Not to mention all the money most people blow on home furnishings when they first move in.
225190
get a repayment ....thats the only kind to go for unless u a financial wizzkid \n\nalso try lookin into this new goverment housing scheme they look reasonable where u only buy half your house ..\n\ni feel ya pain ...1st timers got it tough
57231
Today's realtor never cease to amaze me what they see as OK.  If the realtor is the agent for the selling party, how do you think the seller would feel if they found out, especially if the realtor is kicking back something else to the buyer in the first sale or the second sale.\n\nFIRST EDIT: I'm not saying that from the buyer's perspective it isn't a good strategy, but raises some ethical questions for me.\n\nSECOND EDIT: Do you have a realtor?  If not, they should be lowering their fees on the first sale for god's sake.  If they aren't doing that, you don't want them selling your house.
136172
If you are going for a large home in a high priced market, you will probably have to wait longer than three years unless you are extremely aggressive to get your loan paid off first.\n\nYou might be able to improve the wait by looking to buy a small home in a moderate market. You can build up equity and turn around and sell it later for a bigger and better home that is more in line with your long term goals. Most real estate advisors suggest planning on a minumum two year stay in a home before equity begins to pull ahead of the costs you cannot recover (closing costs, inspection fees for insurance, etc). \n\nDo be wise in the selection of the home though. It is really easy to make a poor choice and end up with a home with a significant hidden structure issue or in a neighborhood that turns the corner and house values plumet. The costs of repair can actually set you so far back that it would have cost you less to have rented. If you decide to go for an older home (50 or more years), do have an electrician inspect the wiring before you buy. We asked all the right questions of the previous owner and he outright lied - We asked if the wiring was three wire and grounded. He told us yes. Once we moved in, though the outlets were three prong, only two kitchen outlets had a ground wire even present. This is a critical safty issue and many appliances will not function without it such as a surge suppression battery back up for a computer. My husband ended up rewiring the entire house. Once he got into the wiring, it was so poorly done he just scrapped everything. We were fortunate enough that he had the skills. We didn't have to pay anyone's time. But just the copper wire itself was over $600.\n\nOne good area to look to invest is on the outskirts of a rapidly growing city. Often what is a countryside purchase where it costs less to buy will soon be engulfed by a city's expansion and have an enormous increase in property value.\n\nOne last parting note, do check into government programs to assist first time home owners. You will never again be a first timer. Though your future potential income will be well above the typical candidate, these programs look at where you are now. Just starting out like you are, you will probably quilify for grants. The main disadvantage to trying to go through these programs, beside the paperwork and wait, is that your selection of homes will be smaller due to the many restrictions. Look into Fanny Mae (not sure if this is the spelling), HUD (risky neighborhoods to invest in. Be careful), ... There is another one but I can't remember the name of it. It is the best one too. Do a bit of internet research. I bet you will come across it.
165221
I'm a Realtor who has a Network of great Realtors across the country who's very serious about what they do. I can refer you to a professional. Just fill out the form at http://www.ReferredPro.com where it includes the following information. (The more information you fill out the better I can assist you):\n\n* what is your price range? \n* whether or not you are already preapproved for a loan? If not, I can refer you to a great lender as well.\n* what is your price range?\n* how many bedrooms and bathrooms? \n* what areas are you considering? \n* your contact info.\n* what is your timeframe
244669
Brian, \n\nMy apologies up front for not answering *your* question, I just felt the need to thank you so very much for your help and input on my rent/eviction/decision. I tried to find the same information you did (although I must say you do seem extremely knowledgeable) and came up empty handed. I so greatly appreciate your help. You have sincerely raised my faith in my fellow man almost back to where it was many moons and a wife ago. I hope great(-er) things come your way and I honestly am so thankful for your help.\nWith great respect,\nRobert
699754
Home Inspection by an independent inspector (not one associated with the real estate agents involved).\n\nGet pre-approval for your loan.  Only buy a house that will amount to payments of no more than 33% (less if possible) of your monthly income (Don't get an interest-only loan).\n\nTake a look around awhile before buying.  Don't jump on the first house.  Think about it a couple of days.  Make an offer that you feel comfortable with.  Don't go over your head.\n\nExpect to have to purchase all the little things that you don't need when you rent, if it's your first house (Lawn mower, trimmer, water hose, landscape plants, curtains, basic household tools, etc.)
577918
BUYING IS ALWAYS BETTER!  People that rent are making landlords rich, and I thank my tenants for that.  If you were to buy a condo in an area of good appreciation, you have equity in the home whether you are ready to settle down or not.  You are putting money into your own walls as opposed to a landlords pocket, whose mortgage YOU pay when you rent.  I know people that are 20 years old buying real estate because they have educated themselves on this subject.  There are many tools out there for first time home buyers with little or no money to put down.  Research buying or put someone Else's' kids through college.
543593
There are many programs available for first time homebuyers.  I closed on my first house for $300 out of pocket.  The county made my downpayment for me.  Talk to a Realtor.  He/she will be able to tell you what programs are available in your area.
1139982
What the heck...you again?\n\nI bought my first house at 25. It was 80k...I had no down payment and at the time I think I was making around 28k. The first year was a struggle. But 2 years later...I am making 37k and it is much easier. I don't have to worry about if I can eat well this week. If you have the 50-100k saved for down payment, I would think you are safe as long as you are making 50k+. It all depends on what you are making at the time of purchase and if you are comfortable with it. Don't buy an extravagant house (even with down payment) if you think you will struggle. It's not worth it. Life is too short to be stressed over a high mortgage and bills. When you have a steady and decent income, buy a smaller, cheaper house to start. You can always sell it. Most houses go up in value (unless it's a real dump in the ghetto) and you will likely make money. I thought about selling mine and going bigger, but I'm not ready for the struggle and I really don't need it. I just want it. But that's just more to clean and a bigger lawn to mow. I would start small. If you can afford it now...buy a small house. At least you will be investing your payments toward something that is yours and that you can always sell for profit. Rent is investing your money for someone elses benefit. I'm glad I bought mine. I was scared at first, but it was well worth the investment. the house across from me (same size and design) just sold for 11k more than I paid for mine. And mine was brand new when I bought it. So it's nice to know I can always sell for more than I paid for.\n\nEDIT: Sorry! Just another thought. If you are married or have kids at that time your income will obviously need to be much more. Probably in the 80k range for that kind of house. I also don't spend money on worthless things and I have no kids or husband, so most of my money goes into savings and towards the mortgage. I see my friends who are married and have kids struggle because they tried to buy too big. And another friend who bought kinda small, but still struggling. Her husband owns his own business...so their income is not always the same or steady. They make good money, but they got themselves into something they can't really afford. Just keep in mind that if you are married (and especially with kids) that they will have needs and wants that cost money. Your priority will not be a monsterous house. Dang...was my friggin' answer long enough? I'm gonna quit typing now. I ramble too much sometimes. Sorry!
160491
I am actually a mortgage consultant. You can goto my site if you would like, and enter your info, and I can email you with any info. But for now, to make a mortgage affordable, put down as much as you can. The more down, the less the payments will be. Most people cannot put down 20% these days, which is fine. It is very common to do two mortgages, one for 80% of the sale price, and then another for the rest minus down payment, using two over one that is more than 80% removes PMI, which is Private mortgage insurance, which is almost always required for a loan above 80% of the value of the home. Also, with an adjustable rate mortgage, like a 3/1, which means the rate is fixed for 3 years at a low rate and then can fluxuate once a year after that, that is good for first time buyers. Or even a 5/1 , working the same way. That way, you get a lower rate, and if you move within 5 years great, whihc is the average for first time home buyers, and if you decide to stay, you can always refinance, when the rates are low again. If you want some more information, just goto my site, and I will email you back. In the box down the bottom, make sure you let me know that you got the link from here. I cannot help in all states, but I can def. help you out informationally.
855806
Contact 3 banks in your area. Ask friends/family who they have went through and trusted.  Now call the 3 and tell them you are in a market for a home and they will prequalify you for the amount your budget can handle.\n\nNext ask your friends/family for a good Realtor. Don't just open a book and call one, get some great referrals for a hardworking, knowledable-honest one.\n\nRemember a good banker/Realtor will let you know of the fabulous programs out there , (first time home buyer etc). There are many programs out there !\n\nGood luck and enjoy the journey in finding your home. Remember it is stressful finding a home. Oh one last thing, make sure you get a home that will appreciate in value. You want to buy a home that will go up in value not stay the same or go down. A good Realtor will help you with the best appreciating areas of homes.