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First Time Home Buyer

We are getting married soon and we really want to get out of our one bedroom apartment since our one year old is needing more space. We don't have the first clue about where to start in the home buying business. Please help.

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mama28th

Asked by mama28th at 10:33 PM on Feb. 22, 2010 in Money & Work

Level 2 (10 Credits)
Answers (2)
  • I'd start by looking at your finances and make sure they are solid first, so someone doesn't try and sucker you into a bad deal. Get any other debts paid off first, and have 3-6 months of living expenses in the bank first. Then build a sizable downpayment. Get a conventional fixed-rate 15 year loan. Then don't try and stretch your income limits. Stay within monthly payments of no more than 25-30% of your income.

    If you're finances aren't ready yet, why not just move into a bigger rental, whether it be a house or apartment. Don't let the child be a reason to get in over your head. He/she will be much happier in a smaller place with parents who aren't stressed about money....
    halfpint_ny

    Answer by halfpint_ny at 10:41 PM on Feb. 22, 2010

  • my mother is a loan officer, and a first time home buyer specialist. If you are on facebook, her name is Gina Fiore Lestrange, or you can e-mail her at GLestrange8@aol.com - She will answer all of your questions and can help you with the purchase of your new home. She works for a world bank, not a broker.
    PURPULbutterfly

    Answer by PURPULbutterfly at 11:04 PM on Feb. 22, 2010

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