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We are buying our first home in February and I have some questions!

1. If our lease is up in February, when should we actively start looking for a house?
2. Why does it seem like its cheaper to buy than to rent? I've noticed that we could get a much nicer house and pay much less on our monthly mortgage than we do for rent.
3. Is there any way to get a house with little to no down payment?
4. If we aren't married and I have awesome credit but less income and he has horrible credit but lots of money coming in, could we still qualify?
5. What are some things that I may not have thought of/considered as a first time home buyer?

Answer Question
 
collegexmamix28

Asked by collegexmamix28 at 1:35 PM on Aug. 14, 2013 in Home & Garden

Level 12 (663 Credits)
Answers (4)
  • Congratulations. If your lease is up in February, it would be best to start looking for houses as soon as you get your financing in order, in case you pick one and it falls through. I started looking in June and moved into my condo in the end of September.
    Ballad

    Answer by Ballad at 2:21 PM on Aug. 14, 2013

  • 1) NOW.
    2) Because you aren't taking into account property tax, sewage and garbage disposal, homeowners insurance, water bill, electric, etc, etc, etc.
    3) Are you military? If you're not the answer is NO. You need to put down at least 20%
    4) You should have talked to a loan counselor about this BEFORE deciding to buy a house.
    5) Clearly there's a lot and that's just based off this post.
    KristiS11384

    Answer by KristiS11384 at 2:48 PM on Aug. 14, 2013

  • Educate yourself. Make an appointment at a couple of banks to talk to their mortgage staff. They can answer many of your questions and ask if there are special first time home buyer programs you might qualify for. Do this before looking. And get pre-approved for a mortgage. Use realtor.com and other sites to find homes in your area. If there are many for sale you might find one in two months or less. GL
    silverthreads

    Answer by silverthreads at 3:00 PM on Aug. 14, 2013

  • Thanks ladies!
    collegexmamix28

    Comment by collegexmamix28 (original poster) at 5:10 PM on Aug. 14, 2013

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