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Thread: Buying a house help

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    #1

    Buying a house help

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    So after many many hours of talking, we have decided if we aren't in the group of people that is suppose to come down on orders in November, we'd like to buy a house.

    Neither one of us have ever owned a house, our parents don't own, etc.
    We have NO idea what are the Do's & Don'ts of buying a house.

    Any & all tips would be SO helpful!
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    #2

    Big Grin i can help!!

    im a realtor in louisiana. buying a house is a very good investment!! i know our market isnt all that good right now, but its a buyers market. which means you can get a pretty good deal! first yall need to go speak with a morgage person in your area. you need to know how much you can spend. so that you will be able to see what the notes will be and so that you know you can get a loan for up to that amount. then go find a realtor!! tell them that you have been pre qulified and what you are looking for!! you dont pay the realtor.. the seller does!! so take advantage of a realtor, its more stress free for you that way! let me know if i can help you!

    sincerly,
    emily!!
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    #3
    fanny mae is a great place to start they have lots of first time home buyers info and pubs. USAA also has great help and all that. Just take your time and do research.


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    #4
    If you do a search for "house buying advice" or "house buying" on here, there have been a ton of posts lately. I think one was started by Tawny.
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    #5
    if you need info PM me.

    My Sweetheart


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    #6
    Thanks everyone. Off to go read and do some research.
    I dont want to wait til Nov and then try to figure everything out if we dont get orders.
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    #7
    I recently asked Brandi for a sub-forum that involves posts such as this about buying a home & all the questions that may arise for us first time buyers so that others who have bought, can help us with & answer-I wonder if that is still in the works???
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    #8
    Always get a home inspection!!
    Gina~

    My Bella!
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    #9
    First, use a financial planner. Find out how much you can really afford. Realize that the cost of home ownership is about 150% more per month than the mortgage payment itself.
    When you deal with the Real estate agent, set a maximum price and do NOT look at homes that go over this. Most people "fall in love" with a house that they can't afford. That is one reason so many people are in trouble.
    Also, look at as many homes as possible. Have some idea of your minimum requirements. Is a garage required? 2 full bathrooms? etc. Let let your Realtor know these.
    Also realize that he makes more money the more expensive the house you buy.
    Good luck and happy house owning!!!
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    #10
    first go to the book store and buy " home buying for dummies"

    even tho this was our second time buying- we used it like a bible- LOL

    it will put all the terms into language you can understand and covers everything from PMI to finding the best home for your money.

    then get a credit report for both of you ( no more than 6 months before you are going to buy)
    make sure there is nothing on it that shouldn't be and get your credit ( FICO score).


    then do a budget: remember to include costs like: mortgage ( of course obvious LOL),
    homeowners insurance,taxes, lawn care costs ( lawn mower gas, lawn care supplies plants ect)
    water, trash, sewer, electric, cable/sat, phone, internet, and car payments, car insurance, cell phones, credit card bills, food ect..

    then decide on the loan you would like: VA loan guarentee, conventional, 100%, 80-20..
    ( the book explains this very well)

    if you have a down payment, what you have on hand for closiing costs and prepaids.

    my BTDT:
    when we look to buy the first thing we do is look at whether we can afford a house with in the BAH rate- so far we have been able to keep the mortgage at or below the BAH.

    since we have seperate accounts- he pays the mortgage and insurance and I pay all the other household bills from my pay-
    we never expected to find a home that was cheap enough that the BAH would cover 100% of all the costs.
    we could have but we wanted a big house- 1800 SQ ft and 4 bed. and so made the sacrifice to pay for some out of pocket.

    we have never used a financial planner- but I am am very good with money and was able to sit down with dh and do a very strict budget and it worked out just fine ( both times).

    good luck!!! and HTH's

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