 1st Time Home Buyer Getting Cold Feet!? |
So I am getting ready to buy my first home and I am excited. The more I think about it the more I worry about me affording my mortgage payment.
Details -- I make 71,000 a year and bring ... |
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 So confused on buying a house!!!? |
| We don't know what to do...where to start. Anybody have any "learned from" experiences they wanna share? Do's, don'ts, watch out fors...any piece of info will be helpful.... |
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 When is the right time to increase your tenants rent? |
| I currently have tenants renting my house. They would of been in the property for a year in January 2008. Is it acceptable to increase the rent by 5% in January?. I have a mortgage on the property.... |
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 Does the landlord need to have our key? |
| Do we have to give key to the landlord if we change the locks? My landlord comes into my house and looks through personal information and i can tell because when the landlord comes in she moves ... |
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 Going to court over back rent.. will we win?? |
| When we first moved into this house, our shower wouldn't drain. It would overflow before we even got out of the shower so we figured it was clogged. Well, we told the landlord and she bought ... |
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 Buying a house question? |
| if i earn just over 13 grand a year is there any realistic chance i could get a half decent mortage?... |
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 How to deal with tenant doesn't pay rent? |
| I have a tenant who rejected to pay the rent for this month. I have already followed BC tenancy act to give him a 10 day notice. According to the residency act, he has to move out within 10 days if ... |
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 What is a reasonable % rate for a Real Estate Agent to charge? |
| I'm located in Southern California and after speaking with my Realtor, he gave us a 5% commission rate, 2% for him and 3% for the other agent.... |
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 Is it true one can buy a house with 30% down no income verification? |
I heard this from a friend and was wondering if it is true?
30% down payemt on a ... |
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 How can I sell my house faster? And make it more likable to the buyer? |
| My house is in Palmdale, California. It was built in 94' and is in great shape. Four rooms, tile, carpet, great condition. My real estate agent is not doing a good job in promoting the house. I ... |
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 Can I get a home equity loan with a credit score under 500? |
| My husband and I own our home free and clear and have been having trouble getting financing because of our credit score. I am guessing that our home is worth approx $125k, I am guessing. (our ... |
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 How do people afford all these big expensive homes? |
| I have worked hard all my life and can not afford 300 400 500 or more thousand for a house. What I am seeing in RI and MA is 3000-4000 sq foot homes with big tags. A 2000 sq ft home is still ... |
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 1st time Home buyer, good time to buy? |
| My husband and I are looking into possibly buying a home here sometime soon. I have been told by everyone that this is a buyers market right now. Do you agree? If not, can you please explain? I ... |
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 Is a Rental lease invalid if the Landlord made me sign my not yet married name? |
| I signed a lease 6 months ago on April 30th.. ok.. So my landord made me sign in my married name, even though I wasn't married yet. I got married on May 16th... Does this technically make the ... |
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 Is it really possible to buy repo homes without being an Real Estate agent? |
| How do you go about doing it? I am looking to invest in property but am unsure of how to go about it.... |
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 What to do about noisey neighbors? |
| I live on the top floor of a two story apartment. We're in lease until December. The people in the apartment below us are college students and they have parties aaaaaalllll the time--like every ... |
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 Mortgage co-signers question? |
Hi,
I am ready to buy a home, but I am pretty sure I would need 2 co-signers on the mortgage. Does anyone know if this is possible? Or is it limited to only one co-signer? My credit score ... |
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shadea | How much do you need to put down? |
looking into buying a house. First time buyers. How much would we need to put down?
Dont know much bout real estate so sorry if this sounds stupid
Additional Details
i live in new mexico trying to save money now so in a couple of years we will be able to afford to get one...my good isnt all that great... |
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Paul
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Looks like you got about every type of answer there is with all of the above. Here is what the facts are.
You can get 100% financing with a good interest rate currently you can get a Fannie Mae 100% loan at 6.5% on a 30 year fixed rate. You will have PMI (private mortgage insurance) The only way you can get out of pmi is to put 20% down or do a 80% first mortgage and a 20% second mortgage. You can go to the Fannie Mae website at www.fanniemae.com and get all kinds of good information about different financing options this website will answer alot of questions you have and the website will also have a list of Mortgage Brokers in your area that are approved to offer Fannie Mae products. Hope this helps good luck. |
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its me
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You do not need to put any money down. There are loans that are called 100% financing. Granted payment go up but....Get you loan approved and then talk to and real estate agent , offer on a house and ask the seller to pay your closing cost. A good real estate agent knows this and can help you. Remember no question is stupid. Where to you live maybe I can help? |
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Amit C
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Most banks will want 20% down. If the bank agrees to lend for less then that, you will have to pay a mortgage insurance fee. |
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smartwoman
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there's no stupid question first of all, what part of mexico do you live in? and you decided the down payment, per example banorte will lend you 80% hipotecaria nac 90% santander has a great program 100% financing if you have a house paid in full and the value cover at list half of the new home that you wish to buy it can be your parents home, I hope that this asnwer your question |
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pnk517
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Down payment can vary widely between lenders. There are some programs that won't require any deposit at all.
You should put down as much as possilbe, this will lower your payment, and cost less in the long run. |
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Kate
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See if you can be qualified for FHA loan as a first time Buyer . It is government guaranted loan. It is very favorable financing for first time home buyers. Ask loan officers around , not everyone can do this kind of loans. |
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Jen
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The basics, lenders will require 10% down to avoid PMI or mortgage insurance. Though it's possible to get a mortgage with good credit for as little as $1000 down. Usually higher rate of interest is negotiated for that mortgage. Depends on what lender you choose.
Good luck,
Jen
Purchased 2 homes and working on the third. |
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need help
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you do not have to put any thing down you could get 100% finance with 80/20 loan programs. First loan being 80% and second 20%. you will have higer interest rate for second loan. you do not have to pay pmi. After some years refinance any get one loan. Some cities also help first time buyer to get good loan programs check with city. they might be big help for you. |
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wendy b
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I don't know how current this is, but 20% used to be considered good. Be very very careful and make sure if you buy a house, you know exactly what you are getting into. For example, my neighbors behind me were anxious to get into this nice average house, and they got in with no down, but if they sold in the first 5 years, they lost all they had paid. he had a heart attack at 35 and lost his job and they had to move, lost it all and are still renting about 12 years later. You need to consider how much your payment plus monthly taxes and insurance would be as a portion of your stable income. Fixed loans are much much safer, 20 years will save you a lot in interest but will make your payments much higher, 30 year fixed loan is usually the best, I think ? and that usually makes the payments affordable and you can pay extra principal which substantially reduces your principal owed. You do get to claim the interest you pay as a write off on your yearly taxes and that really helps. Just be careful. You are making one of the biggest decisions of your life. search for Crown Ministry, they are very realistic. |
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