Reddit first time home buyer

I am looking into buying a home this year with my partner. This is both our first times. We are looking at homes that range from $400k-$500k. Me: $50k salary, 682 credit score (will go up a bit with some recent payments I did), $550 car debt each month - will be paid off next year, student loans of $50k, credit card debt $450 (Pay off this month)

237K subscribers in the FirstTimeHomeBuyer community. The ultimate subreddit for everything a first time home buyer NEEDS to know. Think like 600-1400 for a basic impact window. Not to mention prices are ridiculous you’re going to pay like 400-500k minimum. Not sure what you’re planning to do with the home also lawn care in the summer is every 2 weeks basically. r/FirstTimeHomeBuyer. For applications submitted on or after May 1, 2022, the base incentive amount is $10,000 for first-time homebuyers with a household income at or below 80% of the area median income. That’s 62k for a household of one. Reply reply. Puzzleheaded-Lab3330. For being who bought homes in MA, what programs have you used as a first time home buyer. I am aware of: OneMortgage Masshousing up to 25k down payment assistance with 2% loan amount. Bought a $165k house on a 60-70k income in 2014. Step 1: start saving. Not just for a down payment, not just for closing costs but because houses have operating costs that you can't imagine. Expect to spend 1 to 2% of the cost of the house each year on maintenance. There is no longer a federal first time homebuyer credit (unless you are buying in DC). However, VA has more recently enacted a homebuyer's savings account deal - sort of like an IRA for downpayments - but they haven't gotten around to hashing out the rules, just that there is a law allowing such things. Anyway, give the VHDA a call - they have ...

Fannie Mae Homeview. It's literally home buying for dummies. And it's free. Save the cert you get at the end and ask your lender if you can receive credit for completing the course. Check with the local housing authority in your state they probably have free homebuyer education courses. Touring homes with a real estate agent. Offer accepted - go over pricing with client, get purchase agreement from realtor, have client sign disclosures, update any expired paystubs or bank statements etc. 1-2 days. Order appraisal (typically after inspection) typically about 1-2 weeks to get back. Order title work (typically about a week to get back.16 votes, 26 comments. The first time homebuyers tax credit is now $10k per the new budget…First time home buyer here and seeking suggestions , I am in under contract with kbhomes , I chose the plan 1675 sqft with all posibilities of those upgrades which cost more …Reddit users share their advice for first-time homebuyers, from budgeting to inspections to location. Learn how to buy a house with someone you are not married to, … 11) Be careful with the brand new homes. You would not believe the cost cutting measures some of the builders take. Research the builder if you go that route and make sure they are reputable. Maybe discuss a warranty on certain aspects of the home. 12) Look up any fees associated with your neighborhood. HOAs, etc.

This loan is for up to 10% of the purchase price of the home Be a first-time homebuyer Occupy the property as a primary residence; non-occupant co-borrowers are not allowed. CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.I think the max you can get is $400K regardless of income. CFCU has one too, but you need a higher credit score than the SECU one. SECU also has a template to show you what your APR would be based on loan terms. Overall we needed about 10K in cash for closing costs, inspections, survey, etc. and we did 100% financing.First Time Home Buyer in Los Angeles County. My husband and I started the process to buy a house finally and have been looking in my hometown of Long Beach which is in LA county. We were pre-approved for 830k FHA and 775k conventional but want to keep our monthly mortgage around 3000 or 3500 at the most. I thought we'd be able to find SOMETJING ... Understand what your home warranty covers, and pay attention to things like roof age, gutters, A/C and furnace age, trees close to the house, window age etc. Ask for utility bill costs to gauge efficiency of the home. School ratings increase resale value, so keep that in mind if you are buying a 3 bedroom. Beware of any HOA. Good luck. My specialty is first time home buyers. It is up to $10k for either downpayment or closing costs. I'll send you a PM. tomnjmlo • 9 mo. ago. Most common down payment assistance program is with the NJHFMA which is through the state. Eligibility for these programs depend on income limits and as another poster said it’s a 10 or 15 thousand ...

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Go to a mortgage broker, a traditional bank, and an online bank. Shop around and get them to drive eachother down. In My experience the broker has always won. But the online bank was really quick with documents, so that was who we used to submit offers with as they could quickly get us a pre-approval letter. 1.There is no such thing as a first time buyer mortgage. Most first time buyer programs are down payment assistance, and sponsored at the state or local level. Because you are using other people's money, there are many hoops to jump and rules to follow. Good news is that FHA is not a first time buyer program, and allows down payment of as little ...25, first time home buyer, need advice. I'm looking to buy my first home in 12-18 months and would like advice on the finances of it all from someone other than my parents. The areas I am looking to purchase in would cost about $250-$300k for a two bedroom, one bath condo. I live in a big city. Salary: $64000, including bonuses.Depends on the area and family size. I think long island, 2-3 person single family home capta the HHI limit around $126k. What county are you looking and how big is your family. Jmitch680 • 1 yr. ago. Oswego county and just me and my wife. Jmitch680 • 1 yr. ago. For Oswego county with a 2 person income, the limit looks to be $62,710. Hello! I recently offered on a house and backed out after inspections which cost me $2100. I now have $2055 and a house I like that is 190k. My dad is going to give me 10k as a gift to purchase a home.

Aug 17, 2023 ... Additionally, if the home appraises for higher than the selling price, you can even finance the closing costs. House I'm buying cost $145K, ...There isn't really a general first time buyer program though. There are several national programs to encourage homeownership that are not limited to first time buyers, so you could use your combined income. FHA and USDA rural are the two big ones.Yes, this is normal. During the closing with the attorney, you will bring the downpayment and closing costs to the table. They will deposit the funds into escrow (basically a contractual holding account) where funds can be sent/released in different phases of the accounting process thereafter.Given enough time, your home is virtually guaranteed to appreciate. You may have to wait out a valley (or two) if you wait long enough, but you will end up in the black. The better question you should be asking is: I plan on selling my townhome in ____ years. Do I think the townhome will have appreciated by then?5. balanceandpeace. • 9 yr. ago. Duct tape and scissors -- make sure the scissors aren't sealed in a box somewhere. Garbage bags and paper towels. One of the last boxes you pack, and of the first you want to open is bedding material. Make up your bed before you start unpacking anything else. 3.My specialty is first time home buyers. It is up to $10k for either downpayment or closing costs. I'll send you a PM. tomnjmlo • 9 mo. ago. Most common down payment assistance program is with the NJHFMA which is through the state. Eligibility for these programs depend on income limits and as another poster said it’s a 10 or 15 thousand ...Moral is, be sure to get it inspected and pay close attention to the basement/crawl space. “You can change anything about a house except it’s location. It’s better to have the worst house in the best area than the best house in the worst area.”. The ‘ol standard investment advise.first time home buyer wondering about dry rot. hi reddit. i've got a question for those in the know: we're putting an offer on a house that, according to the disclosure reports, has about $15,000 worth of dry rot repairs (there was a repaired leak in a bathroom that, considering how expensive the repairs are, i'm assuming was the culprit). the ...I'm close with my dad and we'd like to buy a place together with my GF. My salary is 65k a year base and at least a 13% yearly bonus (usually 3-5%more). 13% is a conservative guarantee. $35k cash saved, $50k in my 401k (I put 15% away with a 4% company match), no debt other than $8k left on a car loan at $160 per month.Honestly, it's kind of hard to define what a starter home is here....I guess it depends on your price point. You can find decent 2/3 bedroom homes in places like Greenfield or Mt. Washington that are around $200-250k. But you may need to make concessions on things like bathrooms, central ac, or cosmetics.

There is no longer a federal first time homebuyer credit (unless you are buying in DC). However, VA has more recently enacted a homebuyer's savings account deal - sort of like an IRA for downpayments - but they haven't gotten around to hashing out the rules, just that there is a law allowing such things. Anyway, give the VHDA a call - they have ...

Dec 9, 2021 ... Unless your parents are dropping $100k on you for a down payment, plan on saving up 5% for down payment, plus closing costs, and a cushion of ... I am looking into buying a home this year with my partner. This is both our first times. We are looking at homes that range from $400k-$500k. Me: $50k salary, 682 credit score (will go up a bit with some recent payments I did), $550 car debt each month - will be paid off next year, student loans of $50k, credit card debt $450 (Pay off this month) Dec 10, 2022 ... I don't think you need 20% down these days but most will require at least 3%. You also might not realize that closing costs along can be better ... My fiancé’s dad owns the home (worth about $520k) and he is wants to sell it to us for $380k. We asked for the loan for $380k and my fiancé’s dad wants to also cover the closing and all from that $380k. (About $32k). He would net about $340 from the sale, which he is fine with. I made a gross income of $126,000 this year + a 12,000 bonus. First Time Buyers. We found a house we like and we really want to make an offer but are worried about overvaluation and current market. A similar property on the same road (all built at the same time and part of the same estate) just sold for 550k. This property is on the market for 575k, but from the last sale price adjusted for inflation it ...We fell in love with the first home we ever looked at due to a vertical foundation crack and a bulging wall. Very similar issues (sloping property, poorly managed drainage, etc). This was going on 3 years ago.One thing I would say that I didn’t understand as a first time home buyer was just how much it cost to get the keys. My gf and I had saved up for what we thought was our $10k down payment. It wasn’t much and we knew we’d …On the Virginia Housing website, there's a first-time homebuyer course. They offer in-person classes, or an online version. It's very basic info that my partner and I found helpful this year while we were shopping.When you sell, you have to pay 5% to the realtor, 5% to the feds. So your $400k home now needs to sell to sell for $650k to break even. (5% to realtor ($32.5k), 5% to feds ($32.5k), $75k in expenses, $12k in closing costs, $97k in interest). The risk isn’t worth it in my opinion. If I’m owning an asset, I want to own it.I read that it could just be air quality issues and most of these could be remediated with a deep clean, HEPA filters, and dehumidifier, but being a first time homebuyer and listening to the speech of how it shouldn't be above 250, I'm starting to freak out. Any advice would be much appreciated!

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No, the first time homebuyer incentive is NOT worth it in my opinion. Unless you really need it, you’re essentially putting an additional mortgage on your home. 7. carnewbie911. • 3 yr. ago. If you need that extra 5% then it's worth it. If you don't need the money, don't use it. You are losing 5% equity in your house. 4.First time home buyer loans have different underwriting guidelines, which usually includes limits on household income, and this is the main reason why someone purchasing their first home, might not qualify. That's not a bad thing by any means, it just means that you were more qualified and better prepared than the average first time buyer.The ultimate subreddit for everything a first time home buyer NEEDS to know. Members Online I close on 11/16 and my rate is 7.625% is it worth tying to go back to the lender since the rates they offer now are closer to 7.25%Given enough time, your home is virtually guaranteed to appreciate. You may have to wait out a valley (or two) if you wait long enough, but you will end up in the black. The better question you should be asking is: I plan on selling my townhome in ____ years. Do I think the townhome will have appreciated by then?The parents would give me the space but I would just rather avoid the situation as a whole. I won’t lie, I sometimes even rent a hotel room if a date is going well enough (and they’re still around after I explain my current living situation) so we can have some privacy. The Finances: Salary - 79k. Take home - 5200 a month.Obama’s first-time home buyer program is called the Home Buyer Assistance and Improvement Act of 2010, according to the New York Times. This law seeks to bolster the housing sector... Bought a $165k house on a 60-70k income in 2014. Step 1: start saving. Not just for a down payment, not just for closing costs but because houses have operating costs that you can't imagine. Expect to spend 1 to 2% of the cost of the house each year on maintenance. If you think that scandalous, mean-spirited or downright bizarre final wills are only things you see in crazy movies, then think again. It turns out that real people who want to ma...Obama’s first-time home buyer program is called the Home Buyer Assistance and Improvement Act of 2010, according to the New York Times. This law seeks to bolster the housing sector... ….

First of all, you don't need 20% down and honestly you probably shouldn't attempt to pay that for your first house. Concentrate on getting a house/location you don't hate, but look to probably put 3-5% down, plus about $10k in closing …Obama’s first-time home buyer program is called the Home Buyer Assistance and Improvement Act of 2010, according to the New York Times. This law seeks to bolster the housing sector...Feb 21, 2023 ... I would definitely recommend talking to a lender, probably a couple of them. Here's a list of lenders that participate in IHCDA's first time ...Some localities offer first-time homebuyer grants however you have to make UNDER a certain amount of money to qualify and then are often paired with FHA loans which charge PMI and have a higher interest rate. In DC there is a tax credit first-time buyers can utilize. Ask your Realtor or lender. And congrats on deciding to buy your first home!Published: January 23, 2024. First-Time Home Buyer Tips From a 20-Year Mortgage Professional. Prior to starting Homebuyer.com, I was a top-producing mortgage loan … Well a few things. In certain states, first time homebuyers are exempt from paying transfer taxes which are very high where I live. Down payment assistance programs are great. We made just under enough money, and things lined up perfectly. They exist for first time home buyers. The bill revises the IRS tax code to grant first-time home buyers up to $15,000 in federal tax credits. As of November 22, 2021, the First-Time Homebuyer Act of 2021 is still a bill. It's not yet law. The program applies to all homes purchased beginning January 1, 2021. There is no end date specified, and the $15,000 tax credit could become ...Good, short guide for 1st time home-buyers? Housing. I'm looking at buying my first home and have been a bit overwhelmed with all the details of the process. Anyone know of any … Reddit first time home buyer, [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1]