Educating myself on Buying a First Home
06-03-2009, 02:15 AM
#1
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Educating myself on Buying a First Home OK guys,
Is there anyone here who is in real state or is a mortgage broker ?
Im trying to buy my first house and I met up with a local broker but the person didnt seem convincing to me. It just seems like they were not trying to help me out.
There is alot of terminology and things that I never heard of before, its not like a car loan where its clear cut, so I need help. I dont know whats up with the government loans and if they are better than conventionals, etc.
Any help is appreciated!
Is there anyone here who is in real state or is a mortgage broker ?
Im trying to buy my first house and I met up with a local broker but the person didnt seem convincing to me. It just seems like they were not trying to help me out.
There is alot of terminology and things that I never heard of before, its not like a car loan where its clear cut, so I need help. I dont know whats up with the government loans and if they are better than conventionals, etc.
Any help is appreciated!
06-03-2009, 08:54 AM
#5
SS,
Well although I'm in the Army I have been selling Real-Estate for the last 10 years as an Agent/Broker if you or WS6 have any questions I would be glad to assist you
call me after 6:00 PM Mountain time and I will try to answers your questions, and yes I deal with forclosures as well so if you have questions about them I can answer them as well.
Jim
(505)652-0081
Well although I'm in the Army I have been selling Real-Estate for the last 10 years as an Agent/Broker if you or WS6 have any questions I would be glad to assist you
call me after 6:00 PM Mountain time and I will try to answers your questions, and yes I deal with forclosures as well so if you have questions about them I can answer them as well.Jim
(505)652-0081
06-03-2009, 01:38 PM
#6
OK guys,
Is there anyone here who is in real state or is a mortgage broker ?
Im trying to buy my first house and I met up with a local broker but the person didnt seem convincing to me. It just seems like they were not trying to help me out.
There is alot of terminology and things that I never heard of before, its not like a car loan where its clear cut, so I need help. I dont know whats up with the government loans and if they are better than conventionals, etc.
Any help is appreciated!
Is there anyone here who is in real state or is a mortgage broker ?
Im trying to buy my first house and I met up with a local broker but the person didnt seem convincing to me. It just seems like they were not trying to help me out.
There is alot of terminology and things that I never heard of before, its not like a car loan where its clear cut, so I need help. I dont know whats up with the government loans and if they are better than conventionals, etc.
Any help is appreciated!
anways at 1st i really didn't know what they were talking about but after a while with dealing with them you get used to it, im approved for a loan with FHA meaning i have to put down 3.5% for the down payment, FHA loans are the ones used more... they help the buyer out a lot won't loan on a house that isn't worth it... if you can try to stay away from short sell houses, they might have great prices on them but they take a while to close! what other terminology's were they saying that you ddin't get? i'll try to help you out the best i can...
but there will be more in a month or so, if you want call up my realtor he can help you out, hes my wife's cuz so hes family to us 
he won't **** us overpm me for his number
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06-03-2009, 02:31 PM
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The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.
Remember that in today's market sellers can and are contributing up to 6% of recurring and non-recurring closing cost, which is permitted by HUD (FHA). Don't get suckered in paying high closing cost to buy your home.
Essentially, one can buy a home for only 3.5% of the sales price + the cost of an appraisal and no further cost. For first-time home buyers receiving a tax refund, buying a property is eventually free.
BTW: I do this for a living and own and run both a Real Estate and Mortgage Company.
Remember that in today's market sellers can and are contributing up to 6% of recurring and non-recurring closing cost, which is permitted by HUD (FHA). Don't get suckered in paying high closing cost to buy your home.
Essentially, one can buy a home for only 3.5% of the sales price + the cost of an appraisal and no further cost. For first-time home buyers receiving a tax refund, buying a property is eventually free.
BTW: I do this for a living and own and run both a Real Estate and Mortgage Company.
06-04-2009, 11:18 PM
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She actually gave me a little flyer where it talks about that.
Ok so let me tell you a little about my experience. I have 20K for down payment, I have a 777 credit score, I have a debt of like $3500, but thats it, I even have money to pay off that loan so I would basically bec debt free if the bank said I need to pay off that debt to get approved. I been hearing that you only need like between 5-10% down. When I went to see the broker, she did some quick paperwork based on my info, just to get an idea, we did not apply yet. I am looking for a loan of 250K. She said I need 45k! to get approved for that much. She even try to set me up on an extra loan of 20K from the City where I live in, I guess its a loan at 3% interested and according to her you dont have set payments, you can pay it off as fast as you want or you can pay it off later.
Now I dont think that sounds right but whatever. Im trying to find someone else and also learn about FHA loans. That broker told me FHA loans are garbage and that I should just go for a conventional loan. She said that with FHA I need to put down more money up front. All these things she was doing made me a little unsure about her.
So im here to find some advice from you guys since we are all like brothers
I will look for someone else to talk to I just havent had the time or I dont know who to go to. I just dont want to get F'd over.
06-05-2009, 11:02 AM
#11
Yea thats one thing I did understand
She actually gave me a little flyer where it talks about that.
Ok so let me tell you a little about my experience. I have 20K for down payment, I have a 777 credit score, I have a debt of like $3500, but thats it, I even have money to pay off that loan so I would basically bec debt free if the bank said I need to pay off that debt to get approved. I been hearing that you only need like between 5-10% down. When I went to see the broker, she did some quick paperwork based on my info, just to get an idea, we did not apply yet. I am looking for a loan of 250K. She said I need 45k! to get approved for that much. She even try to set me up on an extra loan of 20K from the City where I live in, I guess its a loan at 3% interested and according to her you dont have set payments, you can pay it off as fast as you want or you can pay it off later.
Now I dont think that sounds right but whatever. Im trying to find someone else and also learn about FHA loans. That broker told me FHA loans are garbage and that I should just go for a conventional loan. She said that with FHA I need to put down more money up front. All these things she was doing made me a little unsure about her.
So im here to find some advice from you guys since we are all like brothers
I will look for someone else to talk to I just havent had the time or I dont know who to go to. I just dont want to get F'd over.
She actually gave me a little flyer where it talks about that.
Ok so let me tell you a little about my experience. I have 20K for down payment, I have a 777 credit score, I have a debt of like $3500, but thats it, I even have money to pay off that loan so I would basically bec debt free if the bank said I need to pay off that debt to get approved. I been hearing that you only need like between 5-10% down. When I went to see the broker, she did some quick paperwork based on my info, just to get an idea, we did not apply yet. I am looking for a loan of 250K. She said I need 45k! to get approved for that much. She even try to set me up on an extra loan of 20K from the City where I live in, I guess its a loan at 3% interested and according to her you dont have set payments, you can pay it off as fast as you want or you can pay it off later.
Now I dont think that sounds right but whatever. Im trying to find someone else and also learn about FHA loans. That broker told me FHA loans are garbage and that I should just go for a conventional loan. She said that with FHA I need to put down more money up front. All these things she was doing made me a little unsure about her.
So im here to find some advice from you guys since we are all like brothers
I will look for someone else to talk to I just havent had the time or I dont know who to go to. I just dont want to get F'd over.
its really hard man i would tell you to start now, everyone is also thinking about that 8k so they are gonna want to close at around nov also
06-05-2009, 01:07 PM
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Yea thats one thing I did understand
She actually gave me a little flyer where it talks about that.
Ok so let me tell you a little about my experience. I have 20K for down payment, I have a 777 credit score, I have a debt of like $3500, but thats it, I even have money to pay off that loan so I would basically bec debt free if the bank said I need to pay off that debt to get approved. I been hearing that you only need like between 5-10% down. When I went to see the broker, she did some quick paperwork based on my info, just to get an idea, we did not apply yet. I am looking for a loan of 250K. She said I need 45k! to get approved for that much. She even try to set me up on an extra loan of 20K from the City where I live in, I guess its a loan at 3% interested and according to her you dont have set payments, you can pay it off as fast as you want or you can pay it off later.
Now I dont think that sounds right but whatever. Im trying to find someone else and also learn about FHA loans. That broker told me FHA loans are garbage and that I should just go for a conventional loan. She said that with FHA I need to put down more money up front. All these things she was doing made me a little unsure about her.
So im here to find some advice from you guys since we are all like brothers
I will look for someone else to talk to I just havent had the time or I dont know who to go to. I just dont want to get F'd over.
She actually gave me a little flyer where it talks about that.
Ok so let me tell you a little about my experience. I have 20K for down payment, I have a 777 credit score, I have a debt of like $3500, but thats it, I even have money to pay off that loan so I would basically bec debt free if the bank said I need to pay off that debt to get approved. I been hearing that you only need like between 5-10% down. When I went to see the broker, she did some quick paperwork based on my info, just to get an idea, we did not apply yet. I am looking for a loan of 250K. She said I need 45k! to get approved for that much. She even try to set me up on an extra loan of 20K from the City where I live in, I guess its a loan at 3% interested and according to her you dont have set payments, you can pay it off as fast as you want or you can pay it off later.
Now I dont think that sounds right but whatever. Im trying to find someone else and also learn about FHA loans. That broker told me FHA loans are garbage and that I should just go for a conventional loan. She said that with FHA I need to put down more money up front. All these things she was doing made me a little unsure about her.
So im here to find some advice from you guys since we are all like brothers
I will look for someone else to talk to I just havent had the time or I dont know who to go to. I just dont want to get F'd over.
Bottom line....you need to walk away from that person. FHA loans are not garbage and the min. investment is in fact 3.5%. Not only that "gift of funds" are allowed too(incase you have a family member gifting some down payment money). Brokers who dog FHA or any HUD program are almost alway not HUD(FHA) approved. If you want pm me, and I'll let you know what you qualify for, debt and all.
06-05-2009, 01:28 PM
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So how would you work this if you had no or very little income "on paper"? I have the means to make payments on the loan just can't exactly prove it lol
How many advantages are there to buying a home as a first time buyer?
Basically my situation is, I'm renting at $1,200 a month right now and would I be right in assuming a payment for a $200k house wouldn't be much higher?
How many advantages are there to buying a home as a first time buyer?
Basically my situation is, I'm renting at $1,200 a month right now and would I be right in assuming a payment for a $200k house wouldn't be much higher?
06-05-2009, 02:02 PM
#14
So how would you work this if you had no or very little income "on paper"? I have the means to make payments on the loan just can't exactly prove it lol
How many advantages are there to buying a home as a first time buyer?
Basically my situation is, I'm renting at $1,200 a month right now and would I be right in assuming a payment for a $200k house wouldn't be much higher?
How many advantages are there to buying a home as a first time buyer?
Basically my situation is, I'm renting at $1,200 a month right now and would I be right in assuming a payment for a $200k house wouldn't be much higher?
advantages its yours. hopfully they will go up soon and you'll be seeing $$$
where are you looking at that you saw a house for 200K? i lowest i seen was 260 and those ***** were nastyyy... around orange/anaheim they were fixer uppers had to fix everything
06-05-2009, 04:47 PM
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So how would you work this if you had no or very little income "on paper"? I have the means to make payments on the loan just can't exactly prove it lol
How many advantages are there to buying a home as a first time buyer?
Basically my situation is, I'm renting at $1,200 a month right now and would I be right in assuming a payment for a $200k house wouldn't be much higher?
How many advantages are there to buying a home as a first time buyer?
Basically my situation is, I'm renting at $1,200 a month right now and would I be right in assuming a payment for a $200k house wouldn't be much higher?
06-10-2009, 08:54 PM
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Bottom line....you need to walk away from that person. FHA loans are not garbage and the min. investment is in fact 3.5%. Not only that "gift of funds" are allowed too(incase you have a family member gifting some down payment money). Brokers who dog FHA or any HUD program are almost alway not HUD(FHA) approved. If you want pm me, and I'll let you know what you qualify for, debt and all.
Hopefully your offer for help is still standing. I been checking tech but I been very busy at work and also taking care of some other things and I havent had time to sit down and talk to you. BUT I will
06-11-2009, 07:17 PM
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the market is pretty crazy right now with bank owned homes, they are listed cheap but can go about 50k or higher over asking price, the bank puts a price by the amount of dept that needs to be paid for the home, so they are listed pretty cheap. to be honest the best way to get a home for a good deal now is to know somebody that is a agent for the bank.
