Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

How do I get a home?

I am engaged and have a 3 about to be 4 year old. We want to get a home and dont have really alot of money saved. Does anyone know about how we can go and get loans and things of that nature? Where do we begin? All I want is a home for my child to grow up in and to be ready for more babies. But it just seems so far away on account of money. Any advice?

Answer Question
 
alldolledup2005

Asked by alldolledup2005 at 12:34 AM on Jan. 22, 2009 in Home & Garden

Level 1 (0 Credits)
Answers (7)
  • First run your credit report and see your credit rating. You need to know where you stand so you can bargain on interest rates (fixed). Then figure out how much house you can afford, then see if you can get pre approved for a home loan. Keep in mind you don't have to use all you get approved for. But I would make sure I had saving first...what happens if youor your SO lose your jobs. You want this to be as comfortable as possible and not hoping and praying to make it every month.
    NiHao

    Answer by NiHao at 12:40 AM on Jan. 22, 2009

  • Getting into debt (from a loan) in order to get a bigger loan is a BAD idea IMO... and a potential lender will catch it. All you need if you're a first-time buyer is a 3.5% downpayment (FHA loan). Also, you need to figure closing costs. Often times, sellers will pay some of those costs. ...and what is your price range? Everything depends on your price range. For example... If you're looking for a house around $100k, don't bother looking until you've got $5k saved. You can do it. Sacrifice some of your luxuries for a while. What do you do all the time that you WANT but you don't NEED? I know you can find money somewhere in your budget... If not, maybe your fiance would consider a second job--- temporarily? It will be SO worth it in the end. Oh...and...get a BUYER'S realtor. Never call the numbers on the signs in front of houses... They're out to sell the house. You want someone on YOUR side.




    TexasKaty

    Answer by TexasKaty at 12:52 AM on Jan. 22, 2009

  • It's smarter to try to save some money before buying a home. Like the first poster said, if one of you loses your job or something and you have no savings, you'll wind up in foreclosure...
    winkie_pinkie

    Answer by winkie_pinkie at 1:56 AM on Jan. 22, 2009

  • You can look into
    http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
    mamakirs

    Answer by mamakirs at 3:51 PM on Jan. 22, 2009

  • I forgot to add that if you qualify for the loan you can get 100% financing
    mamakirs

    Answer by mamakirs at 4:07 PM on Jan. 22, 2009

  • im young and dont really fully understand this stuff. what is the 100% financing?
    alldolledup2005

    Answer by alldolledup2005 at 4:53 PM on Jan. 22, 2009

  • 100% financing is when you put no money down and get a loan to cover the entire cost of the house. Really, though, it's better to save and have something to put down and something to keep in your bank account for emergencies. Google something like "rent vs. own calculator." You can plug in the price of the house, the property tax rate where you live, homeowners insurance rates where you live. It'll tell you the cost of renting vs. the cost of buying. You also have to factor in things like a broken A/C or something like that. There is no landlord and no maintenance man to call if something like that happens. You have to have the money to cover replacement costs. That's why I say it's better to have a little bit of savings before buying a home.
    winkie_pinkie

    Answer by winkie_pinkie at 8:17 PM on Jan. 22, 2009

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.
close Cafemom Join now to connect to other members! Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN