Buying my 1st House

[-DMP-]

Scared money dont make none. I was shook my first time as well but after going through the process and selling that joint for *2 what I bought it for in `06 I never looked back. Now in this market you WILL be in there for 5-10 years before you have the opportunity to sell it at that much profit but when you do, you will not regret paying a mortgage for that many years. Im 34 and on my second purchase. Bought my first joint at 22 sold it at 26 and bought a single family 3 bedroom 2.5 bath 2 car garage joint and have been here for 6 years waiting for the market to come back and off load this joint

I put 10K down and ended up selling the house a year later for a 15k profit.

Now my money is in stocks that are tanking thanks to China lol.

Question for the two of you...any reason yall didn't just keep the houses and rent them out?

 

[beenz]

My credit is 610 and my fiancé is 740, I work but she doesnt, does that matter?

her credit score is good, but if she don't have any income, then the won't be able to secure a loan. you might be able to get a loan jointly since you have the job and she has the credit. I have mentioned that you will easily qualify for a FHA loan with a minimum credit score of 530. therefore 610 will be just fine.

also, even if you were to get poor rate, you could always take a shytty rate for a couple years, and then easily re-finance it to a good rate after you show them you're making your payments on time and what not. plus ur credit score will be improved from making on-time mortgage payments for those years.

 

[beenz]

Question for the two of you...any reason yall didn't just keep the houses and rent them out?

for me, I'd rather sell my other house. I dont wanna be a landlord. shyt is a hassle. for instance, my tenant already had an issue cuz my washer machine motor went out. so I had to coordinate getting it fixed. I knew a guy to do the job already, and I actually had the part in the basement there cuz this happened once before when the washer was under warranty, and the repairman accidently brought two motors, so I had the brand new part down there and the repair only cost me $90 that time.

 

[-G$-]

on zillow you can make an account and basically "claim" your house. zillow can search the records using your demographics to see if you actually own the house you're trying to claim. I went on there and did that with my house. it had the wrong square footage, and most of the amenities were not listed. I updated it with the correct data based on my appraisal and it immediately updated my housing value.

didn't know that was an option

 

[itsyoung!!]

So how does all of this work breh, I'm 27 and about to marry my woman...no wedding, going straight to the courthouse. And I'm tired of renting as well. ..so to secure a home loan or down payment what are the steps necessary to get things started and do I need a lawyer or anything like that?

My credit is 610 and my fiancé is 740, I work but she doesnt, does that matter?

not if you share banks it shouldnt matter and she can co sign you. for houses usually 620+ credit is good enough

 

[itsyoung!!]

shyt I wish my house was worth as much as Zillow says.

Paid $325,000 for it last year, Zillow has it at $440,000 now.

how much did you put down, if you dont mind me asking

 

[twan83]

I bought my new home in August for 219,000
That shyt got appraised during final signing for 250,000

 

[beejus]

shyt I wish my house was worth as much as Zillow says.

Paid $325,000 for it last year, Zillow has it at $440,000 now.

Yeah, I take Zillow with a grain of salt when it comes to their values. Still just glad to see the houses in my neighborhood selling for more then what I bought mine.

 

[OfTheCross]

I just went under contract on a house. 3 bed 2.5 bath in a very nice neighborhood. I am nervous as hell. Im 22 years old only have rented before. Been back with my parents for 1 year now. Have to buy appliances furniture and all kinds of shyt.


Share your experiences to ease my mind.

Congrats. But don't go overboard with decorating the crib. You're a single man, after all.

this is a much more positive place then that other forum.


e people at work who worked there for 15 plus years talked shyt when I told them I wasnt spending over 100K. it really is nice to hear some positive feedback.

any one curious my interest rate is 3.75 and its an fha loan.


something else I figured out for a 1st house is to keep in mind it IS your FIRST house so every littoe aspect wont be ideal. I wanted some land but knew I couldnt afford it. dont settle but dont set your standards too high.


shalom bytches

I bought my first crib and I intend it to be my last. I wish I didn't go into it with that mentality, though. I should've used my First Time purchase to do a rental property instead.

congrats...

* get good home owners insurance
* take care of the property
* buy good quality inexpensive furniture
* maintain, the home well
* add good home security

What you need security for if you got good insurance? Just set up so cameras and call it a day

Im paying 10K down. I work for a manufacturing company under the UAW so yes I make enough money. Great benefits too. I feel bad for all my old friends coming out of college in debt and cant find a job. You dont have to go to school to make a decent living.


That said, Im still in part time school.

Oh lol @ the guy who called ducktales. I been living at home working like hell. Its rare for my checks to be below 700 a week. My dad works at the same place and dud brings home like 1500 a week easy.

Tell us the whole story of your journey, breh. Inspire the youth.

A lot of us don't have manufacturing where we live or a dad to hook us up with a gig, but there are still lessons to be learned from your journey about saving.

My credit is 610 and my fiancé is 740, I work but she doesnt, does that matter?

That's a bad situation you're in breh. You gotta get your credit up and she gotta get a job.

Get a home warranty.
Thank me later.

Tell me about these warranties

 

[BaldingSoHard]

how much did you put down, if you dont mind me asking

40k. Paid MI for like a year then appreciation took care of the rest. Got it re-appraised and was over the 80% threshold.

 

[-DMP-]

40k. Paid MI for like a year then appreciation took care of the rest. Got it re-appraised and was over the 80% threshold.

MI?

 

[beejus]

40k. Paid MI for like a year then appreciation took care of the rest. Got it re-appraised and was over the 80% threshold.

Speak more on this. What was the process to get it re-appraised. How much were you saving once you didn't have to pay mortgage insurance?

 

[BaldingSoHard]

Tell me about these warranties

Just like any other warranty, you pay them like $400-$600 and then they cover the repair / replacement cost when something breaks (it will).

Used to have one for my rental home, it was a blessing. I used Old Republic Home Warranty but there's dozens to choose from.

 

[BaldingSoHard]

MI?

Mortgage Insurance. Basically, a scam but if you don't put 20% down then the lender has you pay insurance on the mortgage in case you default.

Speak more on this. What was the process to get it re-appraised. How much were you saving once you didn't have to pay mortgage insurance?

Basically I just refinanced and had to get an appraisal anyway so it worked out. Saved myself over $300 a month (on a $1900 mortgage) after all was said and done. I think the MI portion was like $97 and the rest was from the lower rate.

 

[beenz]

shyt I wish my house was worth as much as Zillow says.

Paid $325,000 for it last year, Zillow has it at $440,000 now.

you never know what the values are. redfin and zillow have values of my house like 50K apart in value.