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I would like to start LOOKING for a house soon..

We are expecting a baby in may- this is his 3rd, this is our second together- and I would at least like to start looking for a house now, or start some where. My hubby doesn't even want to save up for anything, he just wants to rent. He tells me we wouldn't even qualify for a loan, bc of his debt. We both have stable jobs, and I feel like renting this small apartment is wasting money. I talked to a friend of mine, and she has everything in her name, and was able to buy back in April.
My question is what exactly do they look at- the bank, to give you a loan? I would like to talk to him about it - but I would like to know what I am talking about first ! lol. If I talk "Logically" to him, he may see what I mean. I was thinking mabey I could do what my friend is doing, and just put everything in my name. I keep seeing all these houses for sale- and they are cheap!

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Anonymous

Asked by Anonymous at 5:37 PM on Dec. 4, 2009 in Just for Fun

Answers (8)
  • They look at your financial history. Credit record, debt-to-income ratio (how much you owe versus how much you earn), payment history. They look at what amount of money you have to put down, as well....if you can do a 20% down payment that puts you in better stead.

    Does that help?
    gdiamante

    Answer by gdiamante at 5:40 PM on Dec. 4, 2009

  • Oh. They also look at savings.
    gdiamante

    Answer by gdiamante at 5:40 PM on Dec. 4, 2009

  • There are some programs for first time home buyers look into those,also the banks now are demanding 20% down on a home. So find out the facts first b/c a house is a big responsibilty... Good Luck ...
    LatinMamiOf2

    Answer by LatinMamiOf2 at 5:41 PM on Dec. 4, 2009

  • You both need to find out what your credit scores are. Most loans expect you to put like 10% down and you will need to have the money for the closing costs. Better start saving.
    louise2

    Answer by louise2 at 5:48 PM on Dec. 4, 2009

  • When my son wanted to buy a house we went to our credit union and asked to talk to the loan guy. He knew him because he had a computer loan that he had paid off. My son is 21 and we didn't take any paper work of anything with us. He was able to tell us in less than half an hour that he qualified for a loan and how much of a loan he qualified for.

    Buying a house was more difficult than I expected. A lot more paperwork and waiting for this thing to go through and then that thing to go through. They have extended the $8000 first time homebuyer tax credit. Now is the time to buy. If you buy soon, I'm not sure of the date and my computer is acting up and I don't want to try and find it, you will get a $8000 check from the IRS 2-3 months (or when they get around to it) in the mail and you can do anything you want with it.

    There are downpayment assistance programs.
    Gailll

    Answer by Gailll at 5:48 PM on Dec. 4, 2009

  • It's true that for buying a house the traditional way you need to havd 10% down, pay for things like inspections, and pay closing costs. With downpayment assistance programs they may for alot of things and pay your downpayment or you pay part and they pay part. My son had to pay $1000 for his house and the sellers and downpayment assistance program people paid everything else. The first house payment wasn't for over a month. The downpayment assistance program people put $4000 down.

    He bought a house in Tucson that has a pool, was just remodeled, all new floors, new kitchen, new bath, and new paint. His house payment including homeowners insurance and taxes is $511. There were 3 other houses he was almost able to buy for great deals but they were foreclosures and investers came along with cash and buyers like cash.

    You can go online and find houses that are newly listed every day to get there before other people.
    Gailll

    Answer by Gailll at 6:00 PM on Dec. 4, 2009

  • Just a tip, if you will.......I would say that you should take advantage of low cost right now. Like PP said you usually pay closing cost. In our case, when we were bidding on our house, the owners were SO ready to sell it that we negotiated them to pay the closing cost. We did put a down payment on the house. Your realtor will know the houses that have been on the market for awhile and the owners of these houses may be more likely to pay closing costs. GL! Its very fun looking for a house!
    3gigglemonsters

    Answer by 3gigglemonsters at 6:12 PM on Dec. 4, 2009

  • We bought our house owner finance. We pay $302 a month, property tax and homeowners included. Our total house price was $22000. With interest, over a 8 year period, we will pay $27000. We also pay $12 a month to cover our personal property inside the home. We have a "fixer-upper" on one acre. Its a 2 bedroom, 2 bath. Its about 924 sq. feet.

    Anonymous

    Answer by Anonymous at 11:49 PM on Dec. 5, 2009

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