| T O P I C R E V I E W |
| ArmyWifey |
Posted - May 08 2007 : 06:22:26 AM
We are still looking for somewhere to light. Not real sure about all this, we've never owned a home (expenses etc) and we've always lived on post. The rents here are so high, it is just ridiclous!
If anyone has good tips please let me know.
Sigh.
Holly
As for me and my house, we will serve the Lord!
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| 2 L A T E S T R E P L I E S (Newest First) |
| summerbreeze |
Posted - May 08 2007 : 08:15:13 AM
A good home inspection is a must!. You should plan on spending between $400-$500 in your area. Wells Fargo has had by far the best rates lately (I watch them daily). Also check with a credit union if you belong to one. Make a choice in lender before you let them run your credit rating. Each time you run it close together it brings your score down.
You should qualify for a FHA loan or a VA loan. With both of these programs you can get in with "ZERO" downpayment. And have the seller pay your closing costs. You basically get in with almost no money except the home inspoection and appraisal. I would recomment that you keep a minium of three months of living expenses in a savings account, six months would be even better.
With the Real Estate market softening you should be able to get the seller to pick up your closing costs. I would strongly recommend you do a fixed rate mortgage. or at least one that is at a fixed rate for at least 7 years (this may be a good option if you move around alot).
Right now it makes no sense to buy unless you are going to be in the same place for a minimum of 3-5 years.
The post above is so true. Take a good look at your budget and figure out what you can afford, not how much the bank will lend you.
Modular and mobile homes are getting tougher and tougher to get finacing on. Especially in California. I think you are better off buying a single family home if you can.
If you do a Zero down loan they will require you to have an impound account. When you send the bank your monthly payment you are paying the principal, interest, taxes and insurance every month. It is often a great way to go.
Let me know if you have any questions on this subject. I have a tone of experience in this area. Laura
You only live once,if you do it right once is enough. |
| KYgurlsrbest |
Posted - May 08 2007 : 06:36:20 AM
I bought my home when I was single, so expenses and overhead was certainly a factor for me....I had rented, and also had pets, so I knew I wanted something more permanent.
The only advice I have are these few things: when you go for that "pre-approval" process for underwriting, take into consideration your cost of living. For example: I was single when I purchased my home, and had only one income. I was preapproved for an $85,000.00 mortgage loan--the lender would loan me UP to that amount. I chose a home that was $59,000.00 because, well, I wanted to be able to actually furnish it, update it, and LIVE in it. I didn't just want to be able to make a housepayment and then not be able to pay my bills, or eat. I remember thinking, "how on earth could I qualify for that? I only make a quarter of that in a year! What about all my other necessities?"
Two other things: fixed rate mortgage. Can't say it enough, and escrow. My city/county taxes and my insurance are included in my monthly mortgage payment. It makes things SO much easier for me in that I don't have to come up with $1500 for taxes at Christmas (tax time), nor do I have to scrimp and save money all year long for a hefty insurance payment.
I've been very lucky--my house is small, certainly, but I can afford to actually LIVE there, and I've never been in danger of not being able to make the payment.
"In the spring, at the end of the day, you should smell like dirt." Margaret Atwood
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