Im a retard in need of smart people help.

[POW Giggles Profile WebsiteICQYIM]

Hey everyone sorry I haven't been around much, we moved last month and have not found a satisfactory home as of last week I started to convince my retarted boyfriend into buying a home instead of paying someone else 30 grand a year for rent only Slowly but surely I have dwendled him down to where his opinion of renting is now everything I have put into his mind about buying a home and he thinks it's his own idea . I need help however buying a home is slightly more complex then I orginally suspected it would be . Me being a woman and the weaker sex of the species I need help from all of you testosterone male people I need to know if any of you have a clue of what the hell were supposed to do were looking at homes anywhere from 180,000 to 250,000 and want to know if any of you know of a good loan company so we don't get ripped off by money eating banks . Does anyone know what a good interest would be would it be better for us to do a down payment and if so how much? Or would it be better to not do a down payment, does anyone know what the average down payment would be and also if anyone knows the average time from when you find a home that you want to buy how long it usually takes to move into it , would it be better easier to go through a realtor or doing it by ourselves . I miss you all and I really really need to kill something with a shovel right now , my internal organs have been cooking from the inside out , my mothers house was 112 degrees yesterday afternoon and we really need to get back into a home with less bugs, and windows that open, and AIRCONDITIONING , and that also doesn't smell like a skunks ass while you sleep, eat and breath . We cannot get internet currently, my mother lives to far into caveman country , any response that possibly could help me would be extremely helpful . I'm at work and I will be here till saturday after saturday I must go and die . Returning back to my mothers jungle kingdom hell is hopefully a temporary inconvenient spazztastic, horribly horrific nastified short term that hopefully can be remidied quickly , I am trying everything in gods will to get back to you as soon as possibly. Please help the giggles foundation to find a home.

Loves n Kisses
Giggles

[Steamboat_Willy_Sr Profile YIM]

I would recommend talking with a Realtor to see what is available in your price range and type of neighborhood your looking for. Asking questions is usually free and arming yourself with information will keep you from getting burned. Don't fall in love with the first thing they find for you either, take your time and shop around, there's still some great deals to be found. Make sure the neighbors aren't complete assholes too, you have to deal with these people on a daily basis.

Home loans are still pretty cheap these days provided your credit rating isn't in the toilet and they really want your business, so I would say to just get the ball rolling and see what happens.

We thought we were in no position to buy when we did, and aside from the usual hoops to jump through, it wasn't as hard to do as I had expected.

There are many loan options available these days to help first time buyers get into that first home. If the home you choose needs some work, you may want to look for a loan with an equity line of credit included because sometimes repairs can't wait until the money is in your hands.

I'm no expert on this matter, but having done this before and haven't been foreclosed on yet, I guess I'm doing something correctly.

Hope that helps

[Verman Profile]

Well for starters, buying a house is a big step and at first alot of stress. The first year is about the hardest.

I went to one of thoughs siminars offered by the state to find out some things before I bought mine. I'm glad I did. There are so many things to concider. The programs put out for the first time home buyer are very helpful. I strongly advise doing this. Knowledge is power. They are usually 4 to 6 hours on a saturday and I think they are free. For me it was time well spent. There are so many way's that all party's involved can rip you off if you don't know what to look for.

Now for a little math.
At 6.5 fixed for 30yrs, $176,000 = alittle over $1,300 a month. Now this can very with property taxes and home owners insurance. But probably not by much. Then add on water, sewer, trash, electric, gas?, phone, tv, internet, and any other loans or credit card payments. Man this is making me hungry. Oh, I know why I left out food. Anyway, if this all adds up to over 3/4 of your monthly income you might want to find a cheaper house or get some things payed off first. That 1/4 is a very much needed stress reliever and a good buffer for the unforseen.

some of the thing you have just read are fiction Like the part about being hungry.

[Fire Marshal Profile]

[Crazycarl Profile]

[Joe Schmuck Profile]

Ok, this is my 2 cents on the matter. I am NOT an expert.
After 20 years in the military and 4 home purchases, I can tell you my experiences and you can go from there.
Do take the classes given by the state as Verman said. A lot of programs are available out there for financing. (Bond money, First time home loans, VA, FHA, Builder finance)

Find a reputable mortgage company that will work with you. I have used wells fargo for my last 2 and have found them to be very helpful.

Get pre-qualified for the loan before you go looking. This tells you what you can and cannot afford. It will also tell you if you need a down payment or not. Then you can look at houses in that price range. Some real estate agents don't like to work for you unless they know what you can afford. This leads to finding an agent that you feel comfortable with and understands your wants and price range. If they are an experienced agent, the buying experience will go easier. Find a realtor and ask a lot of questions. They can answer most any real estate question if they are worth there salt.

New construction homes can be a good start. Most builders will either do the financing or have an institution that works with them. Some even have special bond money for first time buyers and others. New homes come with a warranty from the builder and this is good in case anything goes wrong the first year. You can usually lay the inside out how you want (take out walls, add luxuries/upgrades, put in data and video outlets) of course at a cost. Landscaping is usually done by the builder but you can bargain with him and sometimes decrease the price if you are willing to do some things your self. You can also bargain on the price if you do some of the interior stuff too. (Paint, Wall paper, Window treatments)

Older homes can be very good as long as there not the fixer upper type. I have done the fixer upper thing and it involves a lot of sweat equity. If your handy and can do a lot of things yourself, then by all means go this route. Usually, the landscaping and interior décor are stuff that you can look past. You’re always going to want to do it to your liking anyway. This is an extra cost burden on you or you can negotiate the price and have the seller do them before you move in or give you an allowance at closing. You can also get a home warranty for older homes. Definently a good idea. These usually cover the AC/heating appliances and structure defects and foundation defects.

Once you find that perfect house, you have to make an offer. Any items that need to be fixed or you want changed should be included in the offer. (Carpet allowance, paint allowance, landscape allowance) Don’t be afraid to ask what you want, they can always counter-offer or say no. Make sure you stipulate that the offer is predicated on a home inspection by a certified house inspector.

Once you have an offer agreed to, get a house inspector lined up if its not new construction. You can even put in the offer to have the seller pay for this or you pay for it. (about 300-500) Best money I ever spent. This protects you and lets you know if there is anything that is in need of repair/replacement. (roof, foundation, siding, termites)

If you plan on keeping the house for a long time, don’t do an adjustable rate mortgage. Fixed is the best for that. If you plan on selling in a few years, they have adjustable rate mortgages that increase the interest rate automatically over the life of the mortgage. I never did that even though I only kept them for 4-5 yrs. I was always afraid of them. So I don’t know about how good or bad they are. There are all kinds of creative financing available, just be careful and fully understand the terms of the mortgage.

The experience can and will be very stressful. Just make sure you fully understand everything. Talk to a lot of people that have gone through the process.

I hope that this helps and I hope that you find the house that is right for you.

Joe

[Crazycarl Profile]

[Crud Profile Website]

A lot of the advice given so far is excellent, although like a lot of us have said our experience is not that great.
Mine even less, we are in our first place.
It's different in Canada and a lot less complicated.

However there are basics that are the same.
Go to a course if it is offered, my wife did and we had knowledge going in.
In Canada there are a lot of breaks for first time owners, not sure about the States.
We have a break on Taxes and loans, which helped us out hugely.
Also we put down 25%, which lowered our Mortgage to a manageable state.
We are in a Condo not a house, the price range you are looking at would not get you a house in this city I am in.
It's an older place so we had money set aside for reno's.
Renoed for 2 months before we moved in.

Now the second thing that helps is getting your loan set up before you go looking.
So we had the bank lined up, we tried a broker but we found the bank we used ourselves.
They couldn't find us a better deal.
Still good to check out though, doesn't hurt.
We can only lock in for 5 years up here max, so we did that.

Now the third thing is get yourself a good Realtor.
That's the trick.



I will say buying a place is super stress el max-o, but the best thing we ever did.
I'm kicking myself for not doing it earlier.
We pay about $100 more in mortgage then we do in rent.
Should of done this years ago.....

Now we are happy as can be, our foots in the door.
So there will be a house for us at some point, once the kid to be gets older.

Let's go over the points:

1. Go to info course, if available.
2. Secure Loan
3. Get good Agent

There is a lot more then this.
The inspection is a smart one, we had to wave that or we would of lost the place.
Other's were waving the inspection.
That was a dicey gamble.....

Also maybe the State you are in has some help for first time buyers or
maybe the loan people.
Always a good one to check out, never hurts to get a break.

..... putting in a bid can be hell, we were in a bidding war with 7 other people.



Good luck... and remember this is a great great thing you do.

[smitty Profile]

My buddies are realtors in Portland. They are good people.
I'm sure he can help you out. Here is his web site:

http://www.dcbui.com/index.php?pg=first

Tell them smitty sent ya.


-smitty

[yoda_mao Profile Website]

Hey Giggles,

I thought I chime in with my 2 cents. Make sure you do your research before buying a home. Or better yet, I'd wait a couple of years if you possibly can. The housing bubble market is popping and is only going to decline in prices in the coming years.

Check out the analysis that Credit Suisse (huge bank) did on the housing market. http://www.recharts.com/reports/CSHB031 ... 31207.html

http://patrick.net/wp//

I'm waiting for all the madness come down a bit before I purchase a home. The housing market right now is absolutely insane!

If you do purchase, by all means do it with a fixed loan. Good luck.

[BulletSponge Profile]

Typically, the housing market is cyclical, but a significant downturn or loss of appreciation in house values is highly unlikely. If you can afford to buy now, you should.

One thing is waiting on the sidelines because the market situtaion in your area supports it...but if the market is stable or is rumored to be stable, prices will only go up ... even if this is a marginal % bump.

The biggest thing is research the neighborhoods you want to buy into to see if the area has seen depreciation or appreciation...this is more important if you plan to live in your home for a short amount of time (less than 3 years). You'll want that equity to help buy that bigger home. You could then look into interest only loans (since you aren't planning on staying there ... but be wary as this type of loan can burn you if the house doesn't appreciate when you are ready to move on and you will not be paying down any principal.

If you plan to stay long-term, the appreciation factor is less important, and school systems will play into your decision if you have a child (I seem to recall you do).

Property taxes vary by state and locality...for me in Los Angeles, property taxes are assessed at 1% of the sale price of the home...so this could be a benchmark for you

In my house buying experience, I found patience is a very important virtue and the realtor you go with should be patient too. If they push to get a house they have shown...I'd abandon that realtor. You want one that is in your corner, looking to find a property that meets all of your needs. It took us nearly a year to find the "perfect" home for us.

And, unfortunately, a downpayment will be practically mandatory these days as a result of the subprime market taking a dump. So, for the range you are looking at that represents $50K at the top end of your range. (20%)

Your boyfriend will thank you when it comes to declare your income taxes as there are some significant tax savings gained with the purchase of your home....

One other thing to consider to protect your interests and those of your boyfriend is to decide contractually, what happens to the home if your relationship doesn't survive (not that it won't)....not a fun subject, but one that you should at least think about.

Best of luck!

[POW Giggles Profile WebsiteICQYIM]

I so love you guys thank you sooooooo much for all the info. We cant wait to get out of this renting hell where in . As soon as i get back to my mothers i will have to start making "To Do so we dont get Screwed" lists . Lol why cant it just be easier... drive down the road, see a pretty house and buy it. I wish. And yes my man and i have allready agreed if we break up after i get tired of him then he gets the house . Thats not a issue for me. But I figure that wont be for a long while we have been together for 6 years and we have been threw much much worst . If i piss him off to bad i can just get a sexy friend to sleep with him . Then all will be well lol. Just kidding. Or am i. But anyways got to make some dinner i will chat back as soon as i can.

[whatthe Profile]

One stupid tip:

Use the Microsoft Excel "Loan Amortization" spreadsheet to help you see how interest rates, loan principal, and length of loan affects your monthly payments.

It is a great way to see what monthly payment amounts you are looking at without constantly asking your loan officer for a quote.

It shows you how much interest you are paying over the course of the loan, as well as how much each payment is in terms of interest and principal.

Obviously, this loan spreadsheet is AFTER your down payment.

[Verman Profile]

And obviously does not take in to account of property tax increase or bad judgement on the part of the escrow people.

A fixed rate is only the interest rate, not the morgage payment. Property value goes up, so does your payment.

One thing I have not mentioned or has any one else. If you guy's are planing to keep this house for like when ever. And, you get a fixed rate for 30, make 1 extra payment a year and you will cut about 7 yrs off the loan. These are a few things you can get from the siminar.

[yoda_mao Profile Website]