Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

tell me how to buy a house

Posted by on Aug. 7, 2010 at 4:24 PM
  • 23 Replies
My landlord wants to sell is the house we live in and we want to buy it. Neither of us has ever bought a house before. We aren't married yet but will be in October.
My questions are what's the first step to take? Don't first time home buyers get some sort of benefit? He also has some sort of benefit because he was in the military, since we aren't married I know I could also qualify for some sort of single parent loan or something. Would it be better to buy a house now or wait until we are married? Which benefit is most beneficial? Who do I talk to to get help in buying a home? Also, could we get the loan for a little more than the house cost so that we can pay off some debt? We only have minor debt, maybe 2000 and no credit cards. Both of us have credit scores in the 600's. Help!
Posted on CafeMom Mobile
by on Aug. 7, 2010 at 4:24 PM
Add your quick reply below:
You must be a member to reply to this post.
Replies (1-10):
that.cassie
by on Aug. 7, 2010 at 4:25 PM

 I have no idea but I've heard people just go to the bank and start there.

FrenchGrey
by on Aug. 7, 2010 at 4:27 PM

You have to see how much you are approved for thru a bank. They will ask you for all your financial information and then will tell you how much you are allowed to spend on a house. Don't even bother looking at a home until you have that number. And don't think that just because they tell you can spend...lets say...100,000 on a house that you have to use all of that. It's better if you don't IMO in case you get into trouble later on, 

MommyOf2kids67
by on Aug. 7, 2010 at 4:28 PM

go to the bank u need a credit score of 620 or better to qualify for a house loan of some type. My  boyfriends is at 600 and we have to wait almost a yr for everything that he JUST paid off /sigh but i would go to the bank where u two bank at and see what u can qualify for :)

MeLuvYou
by on Aug. 7, 2010 at 4:33 PM

AS the PP said you will need to get pre-approved.Go to any bank that sells mortgages Also now-a-days they usually want a a good chunk down. Also you and your S/O can both be on the mortgage so that doesn't really matter. um I don't think they have "single parent loans", it's not at all like financial aid.lol. Different banks offer different programs to first time home buyers. You have to call around. Also like a PP said they may approve you for lets say 100,000 you want to go WAY lower then what they tell you or you are stretching your budget very thin and will end up eating hot dogs and beans for every meal for 30 years so you can pay your mortgage

jdhshamoo
by on Aug. 7, 2010 at 5:01 PM
Would it be best to go to my bank or does it not matter?
Posted on CafeMom Mobile
MommyOf2kids67
by on Aug. 7, 2010 at 5:07 PM


Quoting jdhshamoo:

Would it be best to go to my bank or does it not matter?

i would but u can go to most banks.

ty to Kattxbrat @ WoW Moms for the awesome siggy :D

CoeyG
by on Aug. 7, 2010 at 5:08 PM

 The military benefit would be the VA benifit.  The first thing you need to do is to go to your bank and find out if you qualify for a bank loan  If you are getting married in October then you will not qualify for the single parent thing whatever that is, I've never heard of that.  I suggest you talk to a financial advisor, they have them at your bank, some of them charge a nominal fee, some don't charge, it depends on whether they work on commission or not. 

CoeyG
by on Aug. 7, 2010 at 5:09 PM

 

Quoting jdhshamoo:

Would it be best to go to my bank or does it not matter?

 If you have an account in good standing with your bank it would be best to try there first.  If your account is in good shape then they might even be able to work with you on the flexibiity of your loan.

MeLuvYou
by on Aug. 7, 2010 at 5:12 PM
You can call any bank you want. Or call a mortgage broker. The mortgage broker will shop around for you and get you the best deals


Quoting jdhshamoo:

Would it be best to go to my bank or does it not matter?

Posted on CafeMom Mobile
FrenchGrey
by on Aug. 7, 2010 at 6:10 PM

We used a VA loan and it was a HUGE HUGE pain in the ass....lots of red tape and lots of wait time. If you CAN avoid getting that then you should. If not be prepared to fill out form after form and wait. Another thing is the first time home buyers loan...but you can't do VA and that at the same time. Good luck, hun. It can be a horribly stressful thing and I wish someone had adequately prepared me for that before we jumped into the market. 

Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)