I am almost 21, starting the process to buy my first home, is there anything I need to watch out for, important questions to ask. What things do i need to do to prepare for this?
Thank you all for your answers! They are all very helpful, so hard to chose best answer! I appreciate you all taking time to help me out!

Good for you! Congratulations! Yes, there are definitely some things I would suggest. First, don't just settle… Look at MANY houses, before making your decision. Right now in many places, it's a buyers market, so you can afford to be picky! For every 1 buyer, there are 6 houses on the market! This translates into meaning a LOT of inventory, sellers looking to make a deal, less chance for a multiple offer scenario, etc… Two things I definitely recommend… First, make sure you get a home inspection done. This can cost up to $400, but well worth the peace of mind it will give you. Second, ask in your purchase agreement if the seller is willing to buy you a home warranty. Minor cost to them, again about $400. But adds peace of mind for you in case any major things happen. Review the sellers disclosure statements carefully, as they often have information in them regarding a leaky roof, water in the basement, etc… Try to steer clear of any homes that appear to have foundation problems (LARGE cracks in the basement), this can lead to even bigger expenses to fix. Keep in mind that when you have the inspector look at the home, it's their job to be VERY critical. Then, it's up to you to determine which items are ones you can afford to live with, or where you MUST have the sellers fix. It offers you some additional negotiating leverage! Good luck! Happy house hunting!

NEW SINGLE, “TORTURE” on iTunes!

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*FYI* This was a HOME MADE VIDEO just to clear that up for everyone who thinks this was supposed to be professionally done. We wanted to have a FUN and ENTERTAINING music video for the RELEASE of our FIRST SONG. We’re not making any money from all of this, so everything we’ve been doing has been possible through our friends and family. Many people spent a lot of time and effort in making this video for us, so we would really appreciate it if everyone just took the video for what it is, which is just a HOME VIDEO to PROMOTE our FIRST SINGLE… =D

Thanks again for all your love and support.

Torture is now on iTunes! Check it out!

xoxo,
Rin and Rox

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The first home buyers grant being offered by the Australian government has provide a powerful
incentive for young people to start thinking about owning their first property. However, the only thing certain right now about real estate is uncertainty. If you are looking to buy your first home - here is a checklist
of the basic Do’s and Don’ts.

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We dont really know about different percentage rates and what they mean. We are going to use a VA Loan. We are buying in Columbia SC. We know to get a newer home. But what else should we know.

Try and apple for the loan by yourself without your husband as a Co-applicant, or have him apply by himself without you as a Co-applicant. This is a great way of kepping the other persons credit good without it being tied into the mortgage. Just in case some day things get tough the other persons good credit can save you both. However in this case you would make sure and ask that both names go under the title.
One persons name for credit, both under the title.

Do try and get a conventianal fixed loan 15/20/30 years, you pick how many years would be best for you. Shop around for your loan before you find a house so that you know what you qualify for. This also gives you a chance to get the best rate.

You may want to check out this website i ended up getting my loan through them.
http://www.amerisave.com/
They where straight to the point and got my my current loan which i love 15 year fixed at 4.625%.
Rates have gone up since then so don't expect to find this rate again. They do show all of their rates on line, if you fill in the calculator they have provided. I did a lot of research on this company and was satisfied when i found that they where rated as one of the best mortgage companies by both CNN and comsumers digest.

You need to find a real estate agent, if you know someone you can trust go for it. Ask relatives who they have dealt with and what their experience was like. If you find a house for sale that you really like and you do not have an agent yet, contact to agent who is selling it this will increase your chances of getting the home as he will probably push the sale to you, because he would get double the commission.

Make sure you learn about the neighborhood, how safe is it? How far is it from your work? how far is it from your family, how far are the schools? how far is the nearest market? etc… All these thing will have an effect in your life, for example how much money you will be spending in gas going back and forth every day. I have known some people who have bought cheap homes far away and thought they where saving money, yet they now spend all their savings on gas, and mechanical repairs (wear & tear) to their cars.

Negotiate your price after all this is a buyers market.

The Complete first season available on DVD and Blu-Ray on May 19. For more, log on to HBO.com

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The Complete first season available on DVD and Blu-Ray on May 19. For more, log on to HBO.com

Duration : 0:2:32

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I am a first time home buyer in downstate New York looking to buy a condominium. Would like to hear from some experienced people on what to do, not to do etc. when buying a home.

1. Check a site like www.zillow.com to find out values in the area, plus check the paper, real estate magazines and then go see a number of realtors. As the buyer, you won't be directly paying for their services (although the seller is factoring commission into price) and going it alone as a first time buyer is not a good idea.

2. Get pre-approved for a mortgage you understand and can conservatively afford. Good advice in other posts about extra costs of condo ownership-be ready for HOA fees and possible assessments-sometimes in the thousands of dollars.

3. Get out of other types of debt like credit cards or long term auto loans. This will help with the mortgage you qualify for and flexibiltiy when homeownership costs more than budgeted for the first year (guarenteed-ask friends if they spent more than they planned after they moved in.)

4. Ensure you understand your mortgage. Oh wait, already said that. Its that important-it is downright amazing people are surprised what is happening to their mortgage right now! Nearly criminal by mortgage agent if not so incredibly stupid to borrow multiples of your annual pay and not know everything about what you are signing.

Sorry for the lengthy homework assignment, but best wishes for success and a strong "foundation" when you buy your first home!

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Aired - March 07, 2004

For years John Cox traveled worldwide to help churches and organizations. Meanwhile, to support her dedicated husband’s endeavors, his wife, Wendy, quit her job as a nurse to stay at home and care for their three young daughters. When he received a permanent position as a youth minister, John was able to buy his family their very first home. Now their humble abode has received a complete renovation and been transformed into a real dream house.

http://abc.go.com/primetime/xtremehome/index?pn=index

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I live in Texas, and I am listed as the owner with the tax office. This is the only home that I have ever purchased but as the owner is carrying the note does it count against any first time buyer programs that are available?

Yes, you are not a first time buyer. Even if you bought with cash you have held title before and it sounds like you hold it now.

The programs are to help people get started, you are started and do not require any assistance.