Buying a house

Discussion in 'The Great Indoors' started by AsthmaticStoner, May 29, 2019.

  1. When's the right time to buy a house? My lady and I are looking around for houses. We have been pre approved for $279,000 at 3.5% down for a FHA through my bank.

    We are not experiwnced in the real estate realm at all. Ive been told to put 20% down but we just dont have enough saved up.

    We have found a house listed at 118,000 completely renovated in a nice part in the country close to family. We have a little over 11k saved up for a down payment. But we dont want to dump our entire savings into a down payment and be left with nothing for future repairs/events.

    Any advice blades? We have a 9 month old and currently live with her parents paying only $200 for rent and split electric water and gas 50/50

    We have no debt in our names currently and own two vehicles (97 and an 08)

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  2. Find a Buyer's agent.
    They will be there to represent you. You pay nothing, their costs are paid by the seller as part of the commission. If you can put down enough to avoid PMI payments.

    :smoke:
     
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  3. Maybe find a Junker, for 100,000 and do it up in the same area

    often old rundown houses are easy forgotten with mom in the retirement home

    you could run a p/t business..as house fixer charge yourself for TAX reasons

    and get the easy Deductions ...lol

    good luck
     
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  4. No debt? You're definitely on the right track! Just because you're approved for a certain amount doesn't mean you should go that far in debt. Only you know what you can handle. I've always lived below my means and now that I'm retired, I'm glad I did. Real estate isn't rocket science, I'm sure you'll do well.
     
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  5. Pretty sure there are at least a few options available for zero down. Being a veteran, agriculture, etc. Also talk to local banks where youre looking to live and see if there are any properties offering low to zero down or other special financing options. Also talk to the seller, they might be able to help.
     
  6. Good point @ajroxit
    There are often special first time buyer programs, all the way from local, county, State, etc.

    :smoke:
     
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  7. #7 tooslow, Jun 6, 2019
    Last edited: Jun 6, 2019
    Forty-plus years ago, I swallowed my pride and accepted a loan of ten grand, for a deposit, from my in-laws. I’d, actually, lost my job mere days before the closing. We raised our family in that house.
    Last year one of my kids asked if I might have twenty grand to spare...
    I, now, spend time/advise working on his house (and still live in mine).
    Family? It IS done.
    (I AM a proud man... but my my wife & kids came first)
    It worked for us... maybe it will work for you.


    )
     
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  8. Thank you! We will try and look for some first time deals

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  9. Agriculture? Go to bank "yea I grow weed so I qualify under that 0 down bracket right?" Lol :p
     
  10. Lol, ag loans (meaning the land is zoned for agricultural), can be zoro down and very low interest. If our VA loan didnt work out its what we were going to do. We have a ranch in Hawaii thats zoned for agriculture.
     
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  11. Buy, hold, prosper.
     
  12. #12 Calistman, May 17, 2021
    Last edited: May 20, 2021
    The right time to buy a house is when you can afford it :) This advice I got from my teacher. Thanks to him, I did not rush to make money in credit from the bank. In fact, even my mother was ready to offer me some money, but good thing I refused.
    With time I managed to win a lot of money, playing online casinos, and now I can afford anything. Of course, my teacher taught me almost everything I know :) if someone is interested in buying a good quality house and in a quiet area, I recommend checking this site Available House and Lots for Sale | Lumina Homes.
     
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  13. I totally agree with everything said.
    There’s a few mortgage calculators online that can give you a ballpark figure of what your payments would be. Go by that.
    Figure out what you can afford to pay and try to estimate your utilities.
    You can get your loan with 3.5% down but will have to pay extra for the PMI insurance.
    The best thing to do is to look at the mortgage calculator and decide if you’re ready.
    Talk to the bank the pre approved you and see what you can do about closing costs and any other fees that come up.
    Decide what you can afford and then start shopping.
    I won’t lie, it is a headache. You always hear how great it is to buy your first house... it’s not, it’s a pain in the A@@. But 6 months after you get in and settled it all comes together.
     
  14. You're in the situation I was in kinda. Only debt my wife and I had were 2 vehicles which we have had in our budget for 3 years. Very fortunate for my situation. I'm trying to retire by 45 if the world ticks that long. 15 years out.

    Why not try and get an USDA loan? Firstime home buyer. Should be eligible for $0 down.


    Either way you go. Leave yourself a savings. At least half of what you have. When shit goes wrong or hit the fan, the plumbers, electricians, HVAC folks aren't cheap.
     
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  15. Good luck buying a house right now. It’s a sellers market where I live. It’s kind of scary actually. Nothing is for sale. Driving through neighborhoods hardly any houses are on the market when just a couple years ago there would be several for sale on every street and block. When something does come on the market it sells fast and from what I’ve seen usually goes for above asking price.

    Problem is new construction is way behind and new construction costs are skyrocketing. That is just putting even more pressure and demand for existing home sales. I had a new roof installed on my home last year and I’m pretty sure I lucked out because the cost for that same job now is a lot higher. I’m planning on staying put in my place for a while. Only downside to all this for me is that the strong real estate market is driving up my property taxes.
     
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  16. It is a sellers market everywhere right now. Low inventory due to COVID and a very large amount of people wanting to buy right now due to wanting a larger space and the low interest rates. Wife and I have been at it since February and only seen like 8 houses in person, almost made an offer on one but it just didn't quite fit out needs.

    We would be able to put anywhere from 20-50 percent down on the house if needed, but we aren't going to overpay and offer 10% over asking like a lot of people are doing, so we will just keep taking our time and wait for the right house to come on the market.
     
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  17. Put as much as you can down, and get the term as low as you can afford. At 3.5% down you will be required to carry PMI, which will increase your payment.
     
  18. #18 Pilkonik, Dec 23, 2021
    Last edited: Dec 24, 2021
    I think it's worth waiting a couple more months and saving up some funds for moving and repairs. If you are looking for some additional ways to get a loan on existing terms, it will only stretch obtaining a mortgage. But it is better to seek mortgage advice. I can advise you of the company I once applied to - Mortgage Advice Hull. Experts will tell you which solution is more profitable and rational. The main thing is not to find yourself in a crisis because no one will help you. It's better to wait a bit, but be sure that you will succeed.v
     
  19. You can buy a house whenever you want. You need a mortgage and that's all.
     
  20. A little over a year since my first post in this thread and the local real estate market is still tight. Rising interest rates are putting downward pressure on demand but demand still exceeds supply. I did a mortgage refi last December and got a fixed rate at 3.25%. Today that rate is almost 6%.
    Biggest change for me from last year is my tax assessment went up 30%. Biggest jump I’ve ever seen over $100k.
     
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