Buying my 1st House
- Thread starter Hiesenberg
- Start date
R.E.N. Spells Ren
Veteran
Ya, you live in a cheap market...good for you.
Since you were buying in that low range,, you should have looked into NACA.
No closing cost, no down payment, low fixed rate (3.375 right now I believe) and the opportunity to buy it down as low as 0.125% over the full 30 years. No income or asset limits either.
Since you were buying in that low range,, you should have looked into NACA.
No closing cost, no down payment, low fixed rate (3.375 right now I believe) and the opportunity to buy it down as low as 0.125% over the full 30 years. No income or asset limits either.
beenz
Rap Guerilla
where you working to affort that at 22i mean down payment wise. sorry to sound nosey i just want to make things happen to by then
the OP said he had an FHA loan, which only means he only needs to put down 3.5%. if the house cost 85K, then he wouldn't even need 3K for the downpayment. plus there are grants for first time homebuyers with the FHA loans where you can get up $7500 paid for your downpayment assistance so you technically don't have to have any downpayment. if the OP negotiated the seller to cover the closing cost, he could in theory buy a home without putting any money down at all.
Hiesenberg
Pro
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.
BantuKnotz99
Pro
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?
cleanface coney
WENT LEGIT
the first thing you should do is check your credit
one hardpull isnt gonna get you denied for a loan
BantuKnotz99
Pro
My credit is 610 and my fiancé is 740, I work but she doesnt, does that matter?
BaldingSoHard
Banned
Get a home warranty.
Thank me later.
Thank me later.
BaldingSoHard
Banned
Seeing Zillow value your house at 145K more then you bought it for 3 years ago.
Having a leak in your ceiling from your bathtub and having to pay someone to fix it instead of having your landlord pay for it.
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.
cleanface coney
WENT LEGIT
you prolly not gonna get a good loan
i mean you can still talk to somebody don't get me wrong
my professional opinion is you should fall back and keep working on your credit
how often does zillow update their home database? i bought my house in mar 2013 and knocked it down in oct 2013, my new house has been there since end of 2014. but it's still showing all the specs based on the old house i bought.
beenz
Rap Guerilla
maybe we should make a seperate thread on this, but I have bought property three times including most recently in december 2015.
that being said, buying a property really isn't as intimidating as you might think.
folks think they have to have stellar credit, but that isn't true either.
If you were in the military you can get a VA loan which will allow you to buy a house pretty much with no downpayment. If you're a regular joe, you can get an FHA loan (which is backed by the government) that allows you to purchase a home with as little as 3.5% down. and in that instance, you can qualify for grants as a first time homebuyer which will provide you with downpayment assistance. There are also conventional loans where you have to put down at least 5% down, and that loan is backed by a bank.
that being said, if you're a first time buyer, I'd look into the FHA. they only require a 530 min credit score to qualify, and it requires you to put down less downpayment. most black people don't have 20% cash to put down on a house and that's fine. just remember, when you put down less than 20% on a house, you have to pay mortgage insurance because of the lack of equity in your home. in my opinion, if you can't afford to put down the full 20%, then I'd try to put down the least amount of down payment that way you can preserve your cash.
as for the process this is what you do:
- contact your bank or other banks, credit unions and get preapproved for a loan. they're just gonna wanna know how much you make, pull ur credit, and see what type of debts you have like car payments and credit cards and what not.
- once preapproved for a loan, you get a realtor and they can start taking you to look at cribs based on your criteria and budget. as a buyer, you don't have to pay jack shyt for the realtor. they get paid their commision once the house u wanna buy closes from the seller.
- once you find a crib you want, you put in an offer which includes the terms like what you wanna pay, and if you want them to pay closing cost or do any other minor things. just get that in writing. the house I just bought didn't have shelving in the closets, but I put it in writing on the contract just to make sure they put it in. when the seller accepts ur contract, you typically give them a couple thousand in "earnest" money. that is money used as a deposit to let them know you ain't bullshytting. if the deal falls thru, you will get it back tho.
- if the seller accepts or counter offers you and you finally agree, you then set up a few things. you want to pay to have a home inspector come and make sure everything is on the up and up. you also have to pay to have an appraisal done for the bank. the bank wants to make sure that the house is worth more or equal to the amount that they are loaning u for a mortgage.
- from there, you will pretty much be working with your lender. make sure you get them bank statements and pay stubs to make sure your financing is good. once your lender sends ur loan and your documents to underwriting, you will get a clear to close on a certain date.
- at the closing, this is where you get your keys. and this is where you NEED a lawyer. you will be signing a million documents at the closing, which is at a title company, and your lawyer will explain EACH document for you so you know EXACTLY what your signing. your lender will also give you statements before the closing which tells you how much money you will need to pay at the closing. for me, my lender fukked it up and we almost weren't able to close because he was off by almost $3000, and I didn't bring a cashier's check for that amount. I was FURIOUS and almost went apeshyt that day after that happened. anyways, the lawyer fee can be included in the closing cost, so you technically don't have to write them a check. once all the documents are signed, and the bank wires the title company the money, and EVERYONE is paid, then you will get the keys to your new house/condo/townhouse.
beenz
Rap Guerilla
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.