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buying a house....

What are some financial things that can helpfirst time homebuyers...I know about FHA, but not sure how it works...but what else is there?

Me and husband are going to the bank next week to talk about loans and what we can afford and everything...but I would like some ideas of what to say or ask about...

any info will help

Answer Question

Asked by glamomomo at 4:53 AM on Dec. 14, 2009 in Just for Fun

Level 11 (568 Credits)
Answers (3)
  • I'm really not sure. This is our first home and we asked for the VA loan because we are military.
    Our credit was outstanding, which landed us a 4.5% fixed interest rate, which is good - no other financial company can beat that and we have been pestered by a ton of them in the past 3 years.
    You can ask your local bank about first time homebuyer loans, too, to see what they have to offer.
    Your credit, among other things, is going to determine your overall allowance and interest rate.
    Best wishes to you!

    Answer by PrydferthMenyw at 6:26 AM on Dec. 14, 2009

  • just remember this..banks and such do not necessarily finance you for what you can afford. It's what they're willing to lend you based on many factors. Go in thinking I can comfortable afford 1000 a month, 800 a month, 3000 a month. Just cause a bank will finance you for a 350,000 dooesn't mean you can afford those monthly payments.

    Answer by pagirl71 at 7:40 AM on Dec. 14, 2009

  • oh and see about setting up an escrow account. We have one which pays our taxes and house insurance everymonth and we don't have to worry about them.

    Answer by pagirl71 at 7:41 AM on Dec. 14, 2009

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