First Time Home Buyer

[Lune]

Man I do not envy you New Mexians

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$ whore

[Chronoburn]

Can't live in brown world

[Rellapse34]

Originally Posted by Shannacore [You must be logged in to view images. Log in or Register.]

[You must be logged in to view images. Log in or Register.]


:]

Congrats on your first home, It looks nice. Your neighbors are way to damn close though.

[fishingme]

All I can think of is i would of invested that 9k in a 6ft tall fence with a 2ft tall arbor and blow that shit up with clematis and drip lines. Tall fences make great neighbors.

[r00t]

Originally Posted by boudicca [You must be logged in to view images. Log in or Register.]

[You must be logged in to view images. Log in or Register.]

[Orruar]

Just bought a home a year ago. It was my first time, so I'm by no means an expert, but here's some tips:

1) If you can put 20% down, that's nice, but not really necessary. The Fed's manipulation of interest rates means the current mortgage rates aren't much different than inflation, meaning borrowed money is essentially free.

2) FHA minimum is 3.5% down, standard mortgage is 5% down. FHA will require extra mortgage insurance though, which is money being pissed away. Do not take out an FHA loan, pay at least 5% down and go with the standard.

3) You want to be informed when houses hit the market immediately. Good deals will get scooped up within days or 1-2 weeks tops. My realtor did this for me with some automated system, though I'm sure plenty of websites do this as well.

4) Start looking immediately, but don't put offers in for at least a month. You won't have a feel for what a good deal is until you've been watching the market for a while. It's really tempting to start bidding immediately as you're excited about buying a house, but that would be a mistake, and you'd almost certainly end up with a regrettable decision. It took me 3 months to find the right place at the right price.

5) If you don't mind putting a little work into the place, a foreclosure can be a good deal. You pay a premium for move-in ready homes.

[Orruar]

Originally Posted by Guttzs [You must be logged in to view images. Log in or Register.]

Im going to assume you paid the house off already otherwise spending that amount of money instead of paying down on the principal is obviously stupid for an "investment" as you called it.

Calling people stupid when completely ignorant as to the economics of home mortgages. Classic.

[JonathanHancock]

I'd start by NOT asking for home buying advice on the project1999 message boards

[SamwiseRed]

should have offered that red99 manastone as a down payment.

[Autotune]

Originally Posted by Shannacore [You must be logged in to view images. Log in or Register.]

Any advice?

Where'd you go wrong or what worked out well for you?

Do you own your own land?

If yes, save up and build a house.

If no, save up and buy land.