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first time home owner question

Anonymous
Posted by Anonymous
  • 38 Replies
So a friend who's about 15 years older than me is always urging me to look into buying a home and stop renting. I keep telling her Ijust dont see how we can possibly afford it! We are a fairly low income household, not forever but for now as my SO works his way up in a company (which he's well on his way to doing) and I'm finishing up school getting my business going. She says her and her husband were in the same boat years ago and that they qualified for all these incentives and credits and were able to buy their home. I'm wondering if anyone else knows anything about this type of thing? I don't even know where to begin!
Posted by Anonymous on Dec. 18, 2012 at 11:36 AM
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Replies (1-10):
allabout11708
by on Dec. 18, 2012 at 11:37 AM
Bump and good luck
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Hannahluvsdogs
by Keyser Söze on Dec. 18, 2012 at 11:38 AM
I have no idea so here's a bump.
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Anonymous
by Anonymous 2 on Dec. 18, 2012 at 11:38 AM
No clue we did ours through the VA
taramac
by Platinum Member on Dec. 18, 2012 at 11:43 AM
We qualified for a first time home buyers credit as well as a rural housing loan. So we had no down payment and no closing costs and have got a 3.7% interest rate. We bought a beautiful 2000 sq ft home for around 130,000 and have a $760 monthly mortgage which includes taxes and insurance so we are paying less than what most tenants pay for rent around here. Do some research online about what kind of programs are available in your area and you really need to sit down and do a monthly budget to figure out if and what you can afford in a home.
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SandyLaxner
by Silver Member on Dec. 18, 2012 at 11:45 AM

Go to your bank and see how much  they will pre-qualify you for.

Trisha234
by on Dec. 18, 2012 at 11:46 AM
If and when you are ready to buy, find a house you like and that's in your price range. Call your bank to see what the current interest rate is for a 15 or 30 year mortgage. Then go to bankrate.com to see what your monthly payment would be. If you want to escrow your property taxes and homeowners insurance into your monthly mortgage payment, then that would be additional (of course). Be sure to ask the homeowner what the taxes are each year. Homeowners insurance can be between 400 and 800 per year. Ish. You can call State Farm or Allstate or progressive (or whomever) to get a quote. Buyer incentives vary, but the bank you choose to hold the mortgage will know all about that.
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ElitestJen
by Ruby Member on Dec. 18, 2012 at 11:46 AM
1 mom liked this

Buying a house is easy and relatively cheap.

Owning a house is expensive as all hell and a royal pain in the ass.

beerebelly
by on Dec. 18, 2012 at 11:46 AM

 Prices and interest rates are low right now so it may be a good time for you guys.

Mommynwife26
by Gold Member on Dec. 18, 2012 at 11:49 AM
Same loan. Got a 2.9% interest bought 4bdrm for $110,000 our payment is $725 with tax and insurance.

Quoting taramac:

We qualified for a first time home buyers credit as well as a rural housing loan. So we had no down payment and no closing costs and have got a 3.7% interest rate. We bought a beautiful 2000 sq ft home for around 130,000 and have a $760 monthly mortgage which includes taxes and insurance so we are paying less than what most tenants pay for rent around here. Do some research online about what kind of programs are available in your area and you really need to sit down and do a monthly budget to figure out if and what you can afford in a home.
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The_Doodle
by Platinum Member on Dec. 18, 2012 at 11:51 AM

Yup. I agree. Didn't realize this until after I bought a house :/

Quoting ElitestJen:

Buying a house is easy and relatively cheap.

Owning a house is expensive as all hell and a royal pain in the ass.


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