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First time House Buyer....advice/ suggestions?
Posted on 2/27/13 at 8:33 pm
Posted on 2/27/13 at 8:33 pm
I've just made a year at my first job out of college and I think within the next year, the lady and I will be ready to start looking at purchasing out first house after having rented. I have a very good credit score, but am more wondering about down payment and monthly note amounts.
Obviously the higher the down payment the better, but what is the best percentage to have up front?
I know there's a lot of factors to this, but on a general basis, how would total price correlate to monthly payment? What I mean is, say you find a house for 200k, what does that mean monthly?
I'll be looking in WBR, Brusly specifically.
Obviously the higher the down payment the better, but what is the best percentage to have up front?
I know there's a lot of factors to this, but on a general basis, how would total price correlate to monthly payment? What I mean is, say you find a house for 200k, what does that mean monthly?
I'll be looking in WBR, Brusly specifically.
6
Posted on 2/27/13 at 8:44 pm to Brettesaurus Rex
quote:
I've just made a year at my first job out of college
May have to wait 2yrs depending on who you finance through...
quote:
say you find a house for 200k, what does that mean monthly?
There are plenty of mortgage calculators online and it all will depend on how much you put down...
But just guessing with only 3% down as required by FHA, I'd imagine you are looking in the neighborhood of $1300 after principal, interest, pmi, insurance, and taxes....
Posted on 2/28/13 at 3:51 am to Brettesaurus Rex
Try to put down 20% if you can to avoid the PMI. I think the rule changes for PMI in April. Also, dont forget neighborhood HOA fees per year and yard upkeep. The first thing you should do is go and see what amount of loan you are allowed to have. That will determine the size of house you should look at buying. I would also bet your home insurance rate would be dermined by what kind of coverage you chose, so again, another payment added to the list.
and, the property taxes, they will get you too! I just recently bought a house in wbr. I got a 200k house at 15yr 4% and i pay almost 1400. if it gives you an idea.
and, the property taxes, they will get you too! I just recently bought a house in wbr. I got a 200k house at 15yr 4% and i pay almost 1400. if it gives you an idea.
Posted on 2/28/13 at 5:57 am to Brettesaurus Rex
Some good advice, while mom said watch your credit to debt, also make sure you are using those credit cards. One tank of gas a month and paying it off will keep that credit score tidy.
Also, for your first home, I'd buy something in a PUD. Your first home is rarely your last home, and in a Planned Unit Development while you and the misses are just starting out, finding like minded couples to build your network and having HOA take care of the overall aesthetics of the hood, as well as ease of reselling, I really like this idea for young couples. I know there's that one community on right across tracks coming off bridge from BR in Brusly, but unsure of demographics
Also, for your first home, I'd buy something in a PUD. Your first home is rarely your last home, and in a Planned Unit Development while you and the misses are just starting out, finding like minded couples to build your network and having HOA take care of the overall aesthetics of the hood, as well as ease of reselling, I really like this idea for young couples. I know there's that one community on right across tracks coming off bridge from BR in Brusly, but unsure of demographics
Posted on 2/28/13 at 9:19 am to Brettesaurus Rex
My advice from someone who bought his first place 2.5 years ago is if there is any way to avoid an FHA loan, do so. The fees and PMI are ridiculous. Save up 20% or greater and make a good down payment.
Posted on 2/28/13 at 10:17 pm to Brettesaurus Rex
(no message)
This post was edited on 3/28/13 at 6:31 pm
Posted on 3/2/13 at 9:01 am to Brettesaurus Rex
Most say don't pay more than 30% of your income on a mortgage. Not all of us are OT ballers. Mine is around 45%. I purchased back in 04 and did first mortgage for the first 80% and then a second for the other 15%. My note was around $1000. Had excellent credit.
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