Comments for

Comment on Buying our first home in Los Angeles Help? by Martin S

Martin S — Wed, 28 Jul 2010 07:42:59 +0000

Sir,

I can help you get a mortgage no problem. Contact me at my email or at my phone unmber at your earliest conveience.

513-860-2940 ext 10

msmith@premierloangroup.com
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Comment on Buying our first home in Los Angeles Help? by m2

m2 — Wed, 28 Jul 2010 07:27:59 +0000

that isn’t bad rent..

for a payment of $2000 a month you qualify just roughly for a home at $500,000 your income puts you higher.(to buy a higher priced home)…but if you want to pay $2000 a month……that would be the home you could buy..

good luck
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Comment on Necesities in buying first home? by godged

godged — Sat, 24 Jul 2010 05:21:59 +0000

I have no moral objection to unmarried couples purchasing a home. Obtain a legally binding agreement that outlines who is bringing what to the transaction, who will pay for what while you are together, what happens to the property if you get married, break up, or if something catastrophic happens to either of you (keeps the family out of it).

With that being said, you first need to find a good lender in your area who will assist you. Next, find a buyer’s agent who has time and patience to work with you.

Good luck!
References :
Oregon Realtor

Comment on Necesities in buying first home? by T Taylor

T Taylor — Sat, 24 Jul 2010 04:31:59 +0000

First thing - I never recommend unmarried couples buy a home. If you ever unfortunately divorce, it is easier to unwind from a house than if you are unmarried - it can be messy. But it is entirely up to you.

Second - you have already done the first and second step - checking your credit and starting to save money.

Third - Once you are ready to buy a home, go get your loan first, THEN go looking for your house. Also, shop around - it can be tedious, but remember - this may be the biggest financial transaction you ever make. It pays to shop around, and go with someone who is knowledgeable and you trust. And who gives you a good rate.

Fourth - Go find your home. A good Realtor can help you (ask for a buyer’s agent - they work strictly for buyers, not sellers) find the house you want.

Good luck.
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Comment on Necesities in buying first home? by tkahrs12122

tkahrs12122 — Sat, 24 Jul 2010 04:24:59 +0000

What size house are you looking for?
Prioritize your list. Most important to least. Garage, 3 bedroom, those sort of things. Narrow your location. Rural or urban.
Finally figure how much house you can afford. Remember monthly payments also should include Real estate taxes, Homeowners’ insurance, mortgage and interest.
Meet with a realtor Good luck
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Comment on buying a home for the first time? by thinking-guru

thinking-guru — Tue, 20 Jul 2010 06:25:59 +0000

There are several first-time home buyer programs out there. Many are state programs but Lenders have them as well. Buying a home is not like anything else you will ever purchase (except for a commercial property - but I digress). Be sure you understand everything BEFORE you go to the closing. Ask questions - there truly are no dumb questions in a real estate transaction. Here are some things to keep in mind:

1) Down payment. If you have one (5% is good), your rate will be lower and your approval will be easier. It will need to be documented as coming from you.

2) Closing costs. The Seller can pay up to 6% of the purchase price towards the Buyer’s closing costs. This will be way more than is needed but it should be a part of your negotiations with the Seller. Ex: a typical $100K loan has about $3,600-$4,000 in closing costs, including your escrow.

3) Loan type. You definitely want a FIXED RATE mortgage. DO NOT get into an ARM (Adjustable Rate Mort.). The market is to flighty right now to have your rate and house payments tied to it. Go with a 30-yr fixed with a rate in the low to mid 6% range.

4) Get a home inspection. It will cost maybe $350 but it can be well worht it. Remember this: an appraisal is not a home inspection. The appraiser tells you the value on the open market. The inspector tells you the condition. I had a lady who fell in love with a home and grudgingly got a home inspection. Guess what? The inspector found hundreds of bats in the attic - the Seller claimed to have no knowledge of this and didn’t disclose it. The deal fell thru (but the lady found a different home and still got her loan thru me).

There are a lot of other things to know. Find a mortgage broker and a realtor who will spend the time to answer all of your questions and you’ll be fine.
References :
I am a mortgage broker and a realtor.

Comment on buying a home for the first time? by mazziatplay

mazziatplay — Tue, 20 Jul 2010 05:40:59 +0000

The Rural Housing program is a great first time buyer program if both you and the house meet the program’s requirements.

With this program you can financenot only 100% of the sales price but also all of the closing costs!

Not all brokers have access to this program so I would highly recommend you contact a local mortgage bank for further details.
References :
20+ years as a direct mortgage lender

Comment on buying a home for the first time? by mibanker

mibanker — Tue, 20 Jul 2010 05:15:59 +0000

The Fannie Mae and USDA Rural Dev. loans are wonderful for first time home buyers. There are limitation as to income, locations, debt ratios, etc. I would strongly encourage a reputable local mortgage broker that is well versed in these programs. Please stay away from people like Marty, who use this forum for personal gain, and who are more likely to give dis-information rather than good advise.
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Comment on buying a home for the first time? by Melissa H.

Melissa H. — Tue, 20 Jul 2010 04:34:59 +0000

I am a mortgage loan officer in WA and OR. I haven’t done anything in your state, but my advice is the same that I give to clients here.

Meet with someone in your area who is a Mortgage Broker. They can help you find the best program for you and your husband based on your credit and your needs. Most brokers I know work with 200 or more banks. They will find you what you are looking for and provide you with a couple of options so that you can choose. And, if your credit isn’t perfect, a good broker will give you advice on how to improve your score.

Good luck and happy house hunting!
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Comment on Need advise on buying my first home? by BriarKat

BriarKat — Thu, 15 Jul 2010 20:49:59 +0000

Nobody is going to give you money for a down payment..but you maybe able to qualify for a FHA loan.
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