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Home owners.. UPDATE....

Posted by on Jan. 25, 2013 at 3:38 AM
  • 33 Replies
I've never bought a house so for all your wonderful home owning mamas out there I have a few questions:

1. How much do you have to put down?
2. Do you have to have "good" credit
3. Did you have a relative get the loan for you- and do u pay the mortgage in return?
4. How much was your house and how much did u put down?
5. From the start of when you knew you were pre-approved for X amount of money , how long did it take for you to house hunt, find the "one" and move in?
6. What state did u buy your house?


Anything else you'd like to add would be great. Any info or insight to help a girl out!!!!

Thank you ladies!!! Alot of helpful advise and a better idea now how it works.

Here's a little of why I'm asking about this. I have something like an inheritance coming..... Not sure exactly how much all I know it's a substantial amount. I want to have my ducks in a row.... Have a plan before all this money comes. I know I'll have enough to put down for a house and my husband and I work, and we rent and pay $1550 right now for a 4bdr 2bath house w/ large backyard .... So we can afford to pay a mortgage but not sure if our credit score is high enough....... So with knowing that ... Anymore advise/feedback?? Thank you!
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by on Jan. 25, 2013 at 3:38 AM
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Replies (1-10):
DomesticDoll
by on Jan. 25, 2013 at 3:41 AM
Bump
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DomesticDoll
by on Jan. 25, 2013 at 3:41 AM
Bump
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DomesticDoll
by on Jan. 25, 2013 at 3:41 AM
Bump
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DomesticDoll
by on Jan. 25, 2013 at 3:53 AM
Someone out there HAS owned a home!!! Come on ladies!!!! ;)
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TAG_ur_it
by Member on Jan. 25, 2013 at 5:46 AM

it varies greatly between loan types.  an FHA loan is 3.5% down. there is no technical credit requirement, but most lenders won't approve less than 640,  we found one through a realtor that does 580 and up. closing costs are a couple thousand dollars but sometimes you can get it wrapped up in your mortgage payment. most people try to get the seller to pay closing.  you have to pay for an inspection before you offer.  that varies too.  300-600 depending on where you are.  we have not started the process yet this time around, but with my ex husband, it was 2 months start to finish. ours was a VA loan though. i was available to do all the leg work so it went a little faster. he never did anything except sign the final paperwork.

AliIzzyMom
by on Jan. 25, 2013 at 5:52 AM
No one signed for us. We have excellent credit. We could have purchased our last two homes with nothing down, but chose to put money down. You will have to pay closing, inspections etc. If there is a question about how much house you can afford you should go in and see how much you can get preapproved for based on your personal credit scores and debt to income ratios.
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KCayea
by on Jan. 25, 2013 at 6:01 AM

pat the money for a home inspector when you find a home!! im seious they range from 250-300$ well worth it, and when you make an offer make sure it says x amount pending a home inspection. we got a home deal met they had a damn kitty pool in the crawl space to hide a roof leak!!

 

AMBG825
by on Jan. 25, 2013 at 6:27 AM

 1. The average down payment is 20%. If you don't put down 20% they bank will charge you PMI which is an insurance you are required to pay until your principle is below 80% of the value of the loan.

 

2.) Your credit score will have a direct impact on how much interest you will pay.

 

3.) No. It is not good financial advice to have a relative take out the loan for you.

 

4.) Ours was undervalued when we bought it. The appraisal value was $180k. We bought it for $114k. We put down 20%

 

5.) We were house hunting before we got approved for anything.

 

6.) Indiana

mom2ljh
by on Jan. 25, 2013 at 6:30 AM
1. This varies greatly but you should shoot for 20% plus closing costs
2. You have to have decent credit to be approved.
3. We got our own loan. There's no way is have someone else get a mortgage for me.
4. We put down $0 but that was a unique situation.
5. About a year.
6. VA


Quoting DomesticDoll:

I've never bought a house so for all your wonderful home owning mamas out there I have a few questions:



1. How much do you have to put down?

2. Do you have to have "good" credit

3. Did you have a relative get the loan for you- and do u pay the mortgage in return?

4. How much was your house and how much did u put down?

5. From the start of when you knew you were pre-approved for X amount of money , how long did it take for you to house hunt, find the "one" and move in?

6. What state did u buy your house?





Anything else you'd like to add would be great. Any info or insight to help a girl out!!!!

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143myboys9496
by Gold Member on Jan. 25, 2013 at 6:31 AM

 1. How much do you have to put down?  First house we put down 5%, 1st time homebuyer's program, that was 19 years ago I'm not sure what's changed if anything. Second house we put down 10%.

 
2. Do you have to have "good" credit  The better your credit, the lower your interest rate will be, the better your credit score you're considered less of a risk. At least that's how I understand it.


3. Did you have a relative get the loan for you- and do u pay the mortgage in return?  NO! Because you're putting your relative's credit on the line if you're late or they foreclose on the home. AND all the while you're making on time mortgage payments in your relative's name, you're building THEIR credit, not yours. If you cannot buy a house on your credit, my advice would be to wait, build up your credit, pay off any debt that might be reducing your pre-approval amount. And completely close any UN-used credit cards.


4. How much was your house and how much did u put down?  Our 1st house was $157,900 purchased in June of 1993 again, we put down 5% 1st time home buyers. We sold that house in October of 2006 for $175,000. Our 2nd home we purchased for around $350,000, and put down 10%.


5. From the start of when you knew you were pre-approved for X amount of money , how long did it take for you to house hunt, find the "one" and move in?  I honestly cannot remember how long it took us in 1993, it was just the 2 of us, no kids..so timing wasn't necessarily an issue. The 2nd time it took 7 months to sell our home, and 3 weeks from researching the town, schools, and looking online at homes, to touring homes with a real estate agent, to putting in an offer, vollying back and forth, getting a home inspection, and physically moving in. 


6. What state did u buy your house?  First house was in Mass, 2nd in NH.

My advice to you, don't be dead set on getting your ultimate dream home the 1st time, it's what I wanted and honestly I stayed in that home longer that I should have because of it. We had outgrown it LONG before 2006. Decide what are "must haves", things you absolutely MUST have like 3 bedrooms or a garage or 2 bathrooms or granite counter tops. And "would likes", like a pool, finished basement, granite countertops, garage etc.

IMHO, anything that's "cosmetic" like carpet, paint, even countertops, I wouldn't obsess over. Stay within your budget. And if you're 1st mortgage has PMI, (primary mortgage insurance, it's what a bank/mortgage company charges when you don't put down 20%, usually after a year you can re-fi and dump it.), make your 1st re-financing priority to dump it.

And HAVE FUN!!!!


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