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Started By
Message
Buying a house
Posted on 10/20/12 at 8:35 pm
Posted on 10/20/12 at 8:35 pm
And I'm a first time home buyer. I know absolutely nothing of the procedure and have just picked a realtor. I'm currently looking at foreclosures and fixer-uppers as I don't have stacks of cash on hand. Any advice?
2
Posted on 10/20/12 at 8:54 pm to Redacted
Wait until you have stacks of cash on hand. You will need them.
Posted on 10/20/12 at 8:56 pm to mtcheral
Everyone has to start somewhere. I don't have much now, but I have a good paying job and make much more than I spend. I don't have much money because I just finished paying off all my debts and have only had this job for about a year.
Posted on 10/20/12 at 10:31 pm to Redacted
Maybe your best bet would be holding off another 6months - 1 year so you can put 20% down
Posted on 10/21/12 at 12:46 am to Big Floppy TDs
Redacted, having 20% down, or a loan where you don't have to pay PMI is the advice I'll give. Buying when the market stinks is a great idea. Buying as early in life as you can is a great idea. And buying a home you can actually afford, that has the potential to increase in value when the market turns around, is a great idea.
Posted on 10/21/12 at 9:49 am to bojabu
Because of new laws, buying a fixer upper or a foreclosure that is not move in ready is not easy if you don't have cash. You would be better off buying a home where you can do an RD loan with 100% financing or an FHA loan at 3.5% down. Homes have to be move in ready to do any type of gov't loans.
Posted on 10/21/12 at 1:19 pm to bojabu
So best bet is to hold off a few months to get some padding in my savings account. Thanks guys and gal 
This post was edited on 10/21/12 at 1:22 pm
Posted on 10/21/12 at 1:39 pm to Redacted
You need to call a mortgage lender to get preapproved and to discuss all of your options and closing costs.
Posted on 10/21/12 at 4:29 pm to Redacted
quote:
So best bet is to hold off a few months to get some padding in my savings account.
Fiance' and I recently got pre-approved and were told just this.
If you don't put down 20% you have to get the mortgage insurance. And you have to consider closing costs.
Posted on 10/21/12 at 5:39 pm to Queen
I'll be in your position soon. I can get a va loan though. Can you?
Posted on 10/21/12 at 7:57 pm to wegotdatwood
Most first time homebuyers do not put 20% down. You will have to pay MI unless you do a VA loan. However, RD MI is very cheap if you can qualify for it. Owning a home is better than renting.
Posted on 10/21/12 at 8:04 pm to CajunTigerBabe
quote:
Owning a home is better than renting.
not always
Posted on 10/22/12 at 6:57 am to CajunTigerBabe
quote:
Most first time homebuyers do not put 20% down. You will have to pay MI unless you do a VA loan. However, RD MI is very cheap if you can qualify for it. Owning a home is better than renting.
How much is the upfront fee on the RD loan? You are still basically paying PMI, just paying it upfront rather than spreading it out. It can work better for some but the best is to just have 20% down.
Posted on 10/22/12 at 7:29 am to LSU1018
PMI usually isn't all that bad and goes away after a couple of years depending on terms of mortgage. Personally, I wouldn't let that stop you as long as you're not over your head otherwise.
20% can be a lot of cash especially for young home buyers. Another option to avoid PMI is financing some of the down pmt... Eg. 80/10/10.
20% can be a lot of cash especially for young home buyers. Another option to avoid PMI is financing some of the down pmt... Eg. 80/10/10.
Posted on 10/22/12 at 8:44 am to TejasHorn
quote:
Another option to avoid PMI is financing some of the down pmt... Eg. 80/10/10.
I thought they quit doing those?
Posted on 10/22/12 at 9:24 am to LSU1018
The UFMI on a RD loan is 2%. It usually gets financed back into the loan. Putting down 10-20% is usually best, however don't let that stop you from buying a home. If you are paying rent, you are paying someone else's mortgage plus. Call a lender to get preapproved and look at all of your options. Stay away from your small banks. Mortgage companies usually have better options for first time home buyers.
Posted on 10/22/12 at 9:38 am to yellowfin
quote:
not always
agreed 100%
Posted on 10/23/12 at 12:43 am to Redacted
Look into a rural development loan.
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