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Thread: First-time homebuyers questions!!!

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    First-time homebuyers questions!!!

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    Hello! I've got a few questions about buying our first home. DH is really leaning towards buying in the VA Beach area, as opposed to renting... which is absolutely fine with me. However, I have a few questions...

    1) A bunch of the homes we like are listed as short-sell's and/or foreclosures. Are these types of homes something we should shy away from... or run towards? I've heard both.

    2) The VA housing loan... yay or nay? DH was talking about it but then he had to go to work... I hear it's no money down, but does that hurt you in the long run?

    3) Anyone that may or may not know about the VA Beach housing stuff, is this a good market? I've heard VB has an AMAZING buyers market right now, BECAUSE of all the short-sell's... I'm just not sure if a short-sell or foreclosure is desirable.

    4) What the heck is a bank disclosure??


    Obviously, we have a lot to learn. We're in the "looking" and "thinking" process right now. I'm probably visiting sometime in October to look at different homes, but we aren't sure whether to wait until after his cruise to buy, or go ahead and do it now. I guess it would depend on the homes we find! I'm very excited... but I also just have SO much to learn!!!
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    We used the VA loan but I dont think we would use it again. It makes your mortgage a lot higher so if you have the money I would put it down. Also it is a long process and if you do you use it make sure your realtor is very versed in the process. Our builder was not and it made for a very stressful process.

    Happy House hunting!
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    Foreclosures and short sales can sometimes take longer. With short sales you are dealing with approval from a third party bank so it can be a pain, but if you have time and really like a house it could be worth it.

    I don't see how a VA loan is more in the long run, we wanted to use it but ended up with a foreclosure that wouldn't pass for it. Our mortgage would have been less with VA because we wouldn't need the insurance which is making our mortgage more.

    Some foreclosures can take forever but our process from offer to closing was about 8 weeks which can happen with a regular house so

    It all depends I guess, good luck!

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    Thanks! I'm super nervous about buying, but I feel like buying is way more affordable in the long run... I'm not sure!!! This whole process is very new to me, because my parents always rented, so I've never really seen them buy a house... agh!!!

    I'm trying to do as much research as possible.
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    Quote Originally Posted by Kiley. View Post
    Hello! I've got a few questions about buying our first home. DH is really leaning towards buying in the VA Beach area, as opposed to renting... which is absolutely fine with me. However, I have a few questions...

    1) A bunch of the homes we like are listed as short-sell's and/or foreclosures. Are these types of homes something we should shy away from... or run towards? I've heard both.
    Huge difference between the two. A short sell you are buying from the owner for less than he owes the bank. The bank needs to approve the sale. A forclosure could be sold by the bank or the owner or a third party. You generally get a very limited warranty deed. This carries some risks to it. With both of them, the length of time from offer to closing can take months, even years. Banks don't work quickly. You can get a good deal, but be careful. All else being equal, a short sale is better. the main difference between a regular sale and a short sale is that the short sale will take longer.

    2) The VA housing loan... yay or nay? DH was talking about it but then he had to go to work... I hear it's no money down, but does that hurt you in the long run?
    Nope. Just you end up paying more in the long run because you have more principal to pay. It can also take longer to close (finalize the sale) because they are more strictly regulated, including the inspection and condition the house is required to be in. You can sometimes get better terms with a regular lone.


    3) Anyone that may or may not know about the VA Beach housing stuff, is this a good market? I've heard VB has an AMAZING buyers market right now, BECAUSE of all the short-sell's... I'm just not sure if a short-sell or foreclosure is desirable.


    4) What the heck is a bank disclosure??

    It is a required form the bank must provide to you prior to closing. It is federally regulated. It should break down the entire costs to you at closing.It is the best estimate of the cost to buy the house. It also prevents any last minute "fees" and "costs" from being added. One should be provided early on, and then a final one, with a similar cost range prior to closing. Things is lists are closing costs charged to each party, pre paid interest, taxes, etc. There are also other mandatory disclosures such as lead based paint, FEMA risks, etc.

    Obviously, we have a lot to learn. We're in the "looking" and "thinking" process right now. I'm probably visiting sometime in October to look at different homes, but we aren't sure whether to wait until after his cruise to buy, or go ahead and do it now. I guess it would depend on the homes we find! I'm very excited... but I also just have SO much to learn!!!
    Some advice. do not "Fall in love with a home I must have it." that makes you make bad decisions. Be prepared to walk away from a loan or a house if you get nervous. A house sale is incredibly high pressured. Everyone is out for their buck. Even your broker and banker. they all want you to buy the most expensive house possible, because it increases you fees. Do research on your own and trust no one who will make money off of it. DO not rush into anything.
    If you get told "Well, someone else is making a bid on it today, you need to get an offer in." call BS. it usually is. a house purchase is the most expensive purchase you will make in your life time, and the risks are incredible.

    go online and look up suze ormon. (Spelling?) she is very intelligent and gives great advice.

    When you get "pre approved" for a loan, that is the absolute maximum and you don't want to borrow anywhere near that amount.

    Presume you cost of home ownership each month is going to be %25 more than the actual mortgage payment. You should also have at least one or two mortgage payments saved in the bank as an emergency before you buy. If you have not been able to save this amount, you probably are not in the financial situation to buy that house.

    And for the good news, you are already off to the right start by ASKING LOTS OF QUESTIONS!!!!!
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    The insurance the above poster mentioned is called "PMI" insurance. the banks require you to purchase it if you borrow more than 80% of the home loan. It is not cheap and adds up quickly. There is no PMI for a VA loan.

    The insurance pays the bank if you default on the loan.
    If you want my opinion on your relationship or life issues, just ask Villanelle!
    Quote Originally Posted by LittleMsSunshine View Post
    I think it's really funny when people come on here, and automatically assume that everyone here is a gung-ho, hoo-rah, i-bleed-red-white-and-blue, kiss-my-military-ass, people-in-uniform-can-do-no-wrong, and i'm-entitled-to-everything bitch.
    "RIP Blackie, and Whitey, New Whitey. Goodbye Poopers and Momma Beige and Lady Grey. New Blackie and the Whitey Sisters rule the roost now!"
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    Quote Originally Posted by Guynavywife View Post
    Some advice. do not "Fall in love with a home I must have it." that makes you make bad decisions. Be prepared to walk away from a loan or a house if you get nervous. A house sale is incredibly high pressured. Everyone is out for their buck. Even your broker and banker. they all want you to buy the most expensive house possible, because it increases you fees. Do research on your own and trust no one who will make money off of it. DO not rush into anything.
    If you get told "Well, someone else is making a bid on it today, you need to get an offer in." call BS. it usually is. a house purchase is the most expensive purchase you will make in your life time, and the risks are incredible.

    go online and look up suze ormon. (Spelling?) she is very intelligent and gives great advice.

    When you get "pre approved" for a loan, that is the absolute maximum and you don't want to borrow anywhere near that amount.

    Presume you cost of home ownership each month is going to be %25 more than the actual mortgage payment. You should also have at least one or two mortgage payments saved in the bank as an emergency before you buy. If you have not been able to save this amount, you probably are not in the financial situation to buy that house.

    And for the good news, you are already off to the right start by ASKING LOTS OF QUESTIONS!!!!!
    Thank you! That's SO much good information! We aren't really thinking about buying for a few more months (after he leaves and comes back from deployment) so we've got a good long while to make sure we know what we're looking for, etc. I'm just very nervous. On one hand, it's a GREAT investment to own a home... we could always rent it out, etc. if we had to move. But then on the other hand... I'm not sure if it's completely stupid to buy when we're only on our first set of orders... and he is planning on staying in the military.

    It's a tricky sitch because I wouldn't really mind owning property, moving, renting it out, buying another home, renting that out if we had to move somewhere else, etc. But I know that's also quite a risky business!!!

    Decisions, decisions... I'm glad I have awhile to think!!!
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