First Time Home Buyer

[feanan]

Funny, a year ago you started a thread begging for money, as you were about to take out 18k in student debt. In less than a year that disappeared, plus you saved another 15k, plus managed to have a healthy amount for food...

I also remember another thread where you were on food stamps.

And plus you keep coming to a message board for a video game that you no longer play, and where 95% of the people mock you.

You've got issues

[Shannacore]

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

Funny, a year ago you started a thread begging for money, as you were about to take out 18k in student debt. In less than a year that disappeared, plus you saved another 15k, plus managed to have a healthy amount for food...

I also remember another thread where you were on food stamps.

And plus you keep coming to a message board for a video game that you no longer play, and where 95% of the people mock you.

You've got issues

Then within an 8 month span I graduated college, got a real job (real income + free tuition since I work for my university), and received an inheritance from my dead dad.

Things change, yo~


P.S. I haven't been on food stamps since my freshman/sophomore year of college, which is 2+ years ago at this point.

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[Kruel]

Seems like allot of these neckbeards have never bought a house. This i a good time to buy - dont worry about a ton of things as you need to have a professional inspection done before the bank will give you a mortgage. On your offer for the home make sure you give it with a side note that they must fix or repair everything the home inspector finds.

As another poster said - tell the inspector you want a good idea of how long it will be before you need to put another roof on. Also like hasbinbad said check out if you are able to get internet / cable in your area.

Be prepared to put allot of bids in. I made offers on 5 homes before I got mine.

Before looking get preapproved from the bank... it doesnt matter how much money you have for a downpayment... they will not finance you unless you have pretty good credit..

dont let any sales person tell you how easy it is to put in nicer flooring or cabinets or counters... that shit is expensive..

[Shannacore]

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

Seems like allot of these neckbeards have never bought a house. This i a good time to buy - dont worry about a ton of things as you need to have a professional inspection done before the bank will give you a mortgage. On your offer for the home make sure you give it with a side note that they must fix or repair everything the home inspector finds.

As another poster said - tell the inspector you want a good idea of how long it will be before you need to put another roof on. Also like hasbinbad said check out if you are able to get internet / cable in your area.

Be prepared to put allot of bids in. I made offers on 5 homes before I got mine.

Before looking get preapproved from the bank... it doesnt matter how much money you have for a downpayment... they will not finance you unless you have pretty good credit..

dont let any sales person tell you how easy it is to put in nicer flooring or cabinets or counters... that shit is expensive..

I know a couple of people who have purchased homes with no down payments, which blows my godamn mind.

[Kruel]

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

I know a couple of people who have purchased homes with no down payments, which blows my godamn mind.

a good rule of thumb is a 10% downpayment.. look into FHA loans - generally they have better rates. There are ton of sites that have a listing of all banks and the interest rates they are running that day. But again you cant get shit if you dont have good credit..

[Shannacore]

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

look into FHA loans - generally they have better rates. .

I've heard this from quite a few people.

[katrik]

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

I know a couple of people who have purchased homes with no down payments, which blows my godamn mind.

Those are called HUD homes, or HUD loans. They're generally for first time home buyers, and lower income buyers. While there usually is zero down payment, there are a ton of upfront costs as far as general fees and whatnot, you usually get some of it back though at the closing. The sucky thing about HUD homes is you usually dont get to pick what district you want your home to be in, and the qualified districts usually include slummy/ghetto-ish areas. It is possible to find a good HUD home in a good neighborhood, but you'll be searching quite a bit. Be picky IMO.. go with 15.

[moklianne]

Did you get a letter of approval yet from your bank? Not a pre-approval, they mean shit.

Even though you have some cash in the bank, your short financial history and credit score will come into play on who wants to finance you or not. Unless you are not going to finance at all...

[eqravenprince]

Here is my basic summary of reasons to rent or own. Looking back I wish I would have rented until I was ready to move into my forever home. I would have considerably more money to my name had I rented.

Reasons to own:

- You get to do whatever you want to your property whenever you want
- You can have pets
- Build up equity, although I would argue that this is offset by all the maintenance cost
- Eventually own the place and do not have to make payments.

Reasons to rent:

- You have a lot more freedom to move
- Something goes wrong such as a roof leaking, you call the landlord, no money out of your pocket.

[Shannacore]

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

Did you get a letter of approval yet from your bank? Not a pre-approval, they mean shit.

Yes

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

Here is my basic summary of reasons to rent or own. Looking back I wish I would have rented until I was ready to move into my forever home. I would have considerably more money to my name had I rented.

Reasons to own:

- You get to do whatever you want to your property whenever you want
- You can have pets
- Build up equity, although I would argue that this is offset by all the maintenance cost
- Eventually own the place and do not have to make payments.

Reasons to rent:

- You have a lot more freedom to move
- Something goes wrong such as a roof leaking, you call the landlord, no money out of your pocket.

Sounds like there's more reasons to own than to rent! Minos repairs and maintenance (which will hopefully be little to none most of the time?), owning is going to be WAY cheaper for me than renting. On this particular house, my mortgage (including taxes + insurance) will be cheaper than what I am renting for. That's for an additional 1000 square feet. Balllllla.