Poll of the Day > So I guess I'm buying a house.

(+) Yeah! (+)

Early stages. We're getting pre-approved for a mortgage and checking eligibility for down payment grant programs rn.

Never thought I'd be able to buy a house but hopefully it'll work out.

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Where do you live now?
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minervo posted...

Where do you live now?

In a rental

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good investment. shit can pay for your retirement.
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What area and whats the general price range of houses there? You could be as generic as you want, like what County or State or whatever, I was just curious because housing prices here in Southern California are through the roof. Own a house and youre in the top wealth percentages of people in the world!

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Noop_Noop posted...

good investment. shit can pay for your retirement.

Yeah and where I live housing costs are rising like crazy yearly so hopefully it'll be okay.

aDirtyShisno posted...

What area and whats the general price range of houses there? You could be as generic as you want, like what County or State or whatever, I was just curious because housing prices here in Southern California are through the roof. Own a house and youre in the top wealth percentages of people in the world!

I live in Phoenix and housing prices are a large range. The area I'm looking is around $225k to $300k for a 1500sqft house that was built in the 70s. They all are usually remodeled and have large yards and some have pools.

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Jen0125 posted...

I live in Phoenix and housing prices are a large range. The area I'm looking is around $225k to $300k for a 1500sqft house that was built in the 70s. They all are usually remodeled and have large yards and some have pools.

Nice. My areas about double that and I want to add a pool once I actually take possession of the property. Probate takes so friggen long I think Ill be ready to move out to an old folks home by the time I move in!

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I was thinking about buying one, but Im not sure. One of the main reasons is because I dont know if Id want to be stuck where I am. I also dont want to pay to fix stuff. Plus, I dont really need one now.

I have been thinking about moving. But buying a house would only happen soon if I had no other choose. Right now, renting is better for me...

Edit: Though, one of the reasons I dont want to is because I would most likely use the VA benefits. And I would like to use them to find somewhere to live back in MD if I decide to go back...
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The reason I've been holding out is because of maintenance costs but I can get Homeowners insurance and a home warranty and that'll cover a lot for damages and repairs.

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Jen0125 posted...

The reason I've been holding out is because of maintenance costs but I can get Homeowners insurance and a home warranty and that'll cover a lot for damages and repairs.

Yeah. Thats one of my reasons. Getting stuff fixed cost a lot. Id probably want to save up more specifically for that before I moved. Or getting really good insurance, which would also cost more... So, maybe in a year or two when I finish paying for my truck, I may think about it a little... possibly...
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Zangulus posted...

What kind of down payment are you looking at doing? While living in California I pretty much wrote off buying a home, anything I could afford would have been shit or super tiny.

But now in Wisconsin it's one of my main goals, but I'm going to have to get my credit fixed over the next year before I can start looking at it.

Good luck.

heh.

for what you'd pay for a tiny ass hut in california, you could get a goddamn mansion in wisconsin

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If the previous owners were smokers... run! Even if you dont really smell smoke when viewing the house.
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Zangulus posted...

What kind of down payment are you looking at doing?

If she can get the VA home loan, you normally dont have to put any down...
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Absolutely true, Bulbasaur. It's nice to have the possibility of owning a home at all back on the table, but the level of stuff we could actually get is super exciting. Even looking at places to rent blows my mind because I can't believe the nice and big houses that are in our price range.
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Zangulus posted...

What kind of down payment are you looking at doing? While living in California I pretty much wrote off buying a home, anything I could afford would have been shit or super tiny.

But now in Wisconsin it's one of my main goals, but I'm going to have to get my credit fixed over the next year before I can start looking at it.

Good luck.

The grant program can give up to 5% of the home cost. But there are also programs for first time home buyers depending on your credit if you can't qualify for the grant program we have.

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I would stay away from FHA programs personally. The fact that mortgage insurance doesn't drop off during the life of the loan bothers me.

I would suggest looking into getting a conventional loan which usually requires 3.5% down at the minimum and then the insurance requirement drops off at 20% equity.

Also, don't make the mistake of wanting too much out of your first home. It's generally a good idea to stay away from condos/townhomes in that they don't appreciate as well but keep in mind you won't get everything you want. It feels sicking to pay hundreds of thousands of dollars for something that isn't perfect, but unfortunately that's part of the game. It's important to get a place that you can live with that checks off the important boxes. But otherwise you'll always have the opportunity to get closer to what you want when you've built up some equity.
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Smarkil posted...

I would stay away from FHA programs personally. The fact that mortgage insurance doesn't drop off during the life of the loan bothers me.

That bothered me too.

Smarkil posted...

Also, don't make the mistake of wanting too much out of your first home. It's generally a good idea to stay away from condos/townhomes in that they don't appreciate as well but keep in mind you won't get everything you want. It feels sicking to pay hundreds of thousands of dollars for something that isn't perfect, but unfortunately that's part of the game. It's important to get a place that you can live with that checks off the important boxes. But otherwise you'll always have the opportunity to get closer to what you want when you've built up some equity.

We are looking at single family homes. And we aren't really picky so we should be able to find something. I just want to make sure the inspection is good because I don't want to run into any repair issues.


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Jen0125 posted...

We are looking at single family homes. And we aren't really picky so we should be able to find something. I just want to make sure the inspection is good because I don't want to run into any repair issues.

Getting a good home inspector is important. You want someone to call out every flaw in the house they can find so you can negotiate with the owner to do repairs before closing. Everyone you talk to is gonna have a 'guy' so make sure you find one you can trust.
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Smarkil posted...

Getting a good home inspector is important. You want someone to call out every flaw in the house they can find so you can negotiate with the owner to do repairs before closing. Everyone you talk to is gonna have a 'guy' so make sure you find one you can trust.

That's what my manager at work told me. She said my realtor will suggest someone but they're working together to make a sale and to find my own

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Jen0125 posted...

That's what my manager at work told me. She said my realtor will suggest someone but they're working together to make a sale and to find my own

Theres also a few things that by law they have to answer truthfully if you ask, so make sure to ask them. I dont know if its the same everywhere but in California a couple of those things off the top of my head would be if the house is in a flood zone or a fire zone, and if somebody has died in the house. You should look up the important questions like that for your State in case you feel like thats something you really want to know about.

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Jen0125 posted...

Early stages. We're getting pre-approved for a mortgage and checking eligibility for down payment grant programs rn.

Never thought I'd be able to buy a house but hopefully, it'll work out.

Congrats! Just make sure you get a fixed-rate mortgage!
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BUMPED2002 posted...

Congrats! Just make sure you get a fixed-rate mortgage!

THIS IS ABSOLUTELY A MUST! Never get a variable rate mortgage. It sounds great on paper because its usually lower but it can easily go up over time and bankrupt you if your income doesnt go up to match. In the worst case scenario therell be another housing crisis and the cost of your mortgage would skyrocket.

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After my first round of student loans I will never do variable rate interest on any loan I ever have.

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