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HELP!!! BUYING A HOME!! **EDIT 2*

Anonymous
Posted by Anonymous
  • 104 Replies

Ok so, First time home buyer here! SO and I are beyond ready to get out of our tiny apartment and have our Own place, especially with a baby boy now who wants room to play.

I don't really know the steps to even Start at. We have looked at a few houses already with a Realtor we really like, but we want to look around for a bit. We have not gotten pre-approved yet either, but we do know from the pas that we qualify for about 250k. (We are only looking at 140k). We live in Tulsa, Oklahoma. I am Cherokee, and I know there are some first time home buyers programs through the Cherokee Nation that could help with a down payment. There are also some governemt programs that I have heard are very good.

Anyways, since this is our first home I really don't wanna get screwed over by either the realtor or the banks. So does anyone have some advice on what to watch out for? Certain banks to use? Etc. Anything will be helpful, thank you!

 

** We are going through Cherokee! They have a wonderful program in our area that we qualify for. We only have to put 2.25% down, which we intended to use for appliances and such, but I forgot my SO has a motorcycle just sitting collecting dust worth another 5k so we are good! And it is fixed for 30 years. Thank you for all of the wonderful advice, and feel free to keep posting if you have more to say on the realtors/houses, etc.

Thank you!

 

***** Ok. I would just like to say thank you to all of those that actually gave helpfull advice, and thank you to those who stuck up for me. No, I can NOT afford 20,000 down. I am not RICH. But in no way am I poor either. I am just young, and looking to start my life. I, for one, am grateful the government offers programs that can help me and my family start our lives without having to wait another ten years. My family can easily afford payments each month. We will be moving soon. I truly do appreciate the advice I was given, I have already taken most of it.

Also, it really sucks that CM is turning into a place where I dread posting something (Even if it were about saving a puppy). No matter what you say, there are always people that think they should try to ruin your day. And to all of you, I say, shame on you. You really should find something better to do than bash on a young mother trying to find her way in the world. I may not have been able to save a lot of money yet, but I sure as hell can afford to support my family. I hope you all eventually find something that makes you happy, because it really is sad to see people cutting me down for simply trying to buy a home.

That being said, thank you again to all that were kind(: It was appreciated. 

Posted by Anonymous on Aug. 11, 2014 at 11:45 AM
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Replies (1-10):
Anonymous
by Anonymous - Original Poster on Aug. 11, 2014 at 12:10 PM

Bump!

Anonymous
by Anonymous - Original Poster on Aug. 11, 2014 at 12:18 PM

Bump!

Anonymous
by Anonymous 2 on Aug. 11, 2014 at 12:20 PM
1 mom liked this
Don't use Bank of America. I have not heard one single good thing about their mortgages. I am not Native American, so I can't help you there, but I know the FHA program is good and only requires 3.5% down. That's what we have. Sometimes it's better to go through credit unions rather than large banks as they seem to have better rates, at least where we are.
Anonymous
by Anonymous 3 on Aug. 11, 2014 at 12:21 PM
I highly suggest looking for a mortgage broker. They will do all that work for you. They will get you the best loan you qualify for.
Anonymous
by Anonymous - Original Poster on Aug. 11, 2014 at 12:23 PM

 We can't put anything down, we will have to use the programs that pay the first time home buyers down payment completely. And yes I was told Credit Unions are usually better as well. Also didn't know about the Bank of America, and we were looking into them. Thank you!

Quoting Anonymous: Don't use Bank of America. I have not heard one single good thing about their mortgages. I am not Native American, so I can't help you there, but I know the FHA program is good and only requires 3.5% down. That's what we have. Sometimes it's better to go through credit unions rather than large banks as they seem to have better rates, at least where we are.

 

Anonymous
by Anonymous - Original Poster on Aug. 11, 2014 at 12:23 PM

 

Do you have to pay them out of pocket, or do they get paid when you buy the house?

Quoting Anonymous: I highly suggest looking for a mortgage broker. They will do all that work for you. They will get you the best loan you qualify for.

 

Anonymous
by Anonymous 4 on Aug. 11, 2014 at 12:24 PM

Check with your county to see if they have any down payment assistance programs.

If you don't mind living outside of the main city, look at USDA loan programs as well.  

FHA is okay but the PMI can add up. 

Find a lender that is well educated in several programs that are available in your area.

Anonymous
by Anonymous 2 on Aug. 11, 2014 at 12:25 PM
Then I would try USDA. The mortgage insurance premiums are higher, but I'm pretty sure they drop off after the LTV is below 78% where as with FHA they never drop off.

Quoting Anonymous:

 We can't put anything down, we will have to use the programs that pay the first time home buyers down payment completely. And yes I was told Credit Unions are usually better as well. Also didn't know about the Bank of America, and we were looking into them. Thank you!


Quoting Anonymous: Don't use Bank of America. I have not heard one single good thing about their mortgages. I am not Native American, so I can't help you there, but I know the FHA program is good and only requires 3.5% down. That's what we have. Sometimes it's better to go through credit unions rather than large banks as they seem to have better rates, at least where we are.

 

Anonymous
by Anonymous - Original Poster on Aug. 11, 2014 at 12:25 PM

 

Thank you that's a big help!

Quoting Anonymous:

Check with your county to see if they have any down payment assistance programs.

If you don't mind living outside of the main city, look at USDA loan programs as well.  

FHA is okay but the PMI can add up. 

Find a lender that is well educated in several programs that are available in your area.

 

Pixers
by Silver Member on Aug. 11, 2014 at 12:26 PM
2 moms liked this

Nope, I didn't use any of the grants etc for being Cherokee, we went via VA (husband is retired AF (gods that feels good to say after 20yrs)) but if we had issues with our VA I think I would have pulled the Cherokee card and used some of the grants.  

Talk to your Elders and they should be able to advise you, if you aren't in contact with the tribal Elders call the Bureau of Indian Affairs and they should be able to guide you in the right direction.

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