Reddit first time home buyer.

We make $110,000 a year combined and are 21 and 22. Have paid off cars that will need replaced in 1-2 years and 3-4 years. Building quotes for our dream home unfinished basement is $2700-2800/month + ~$400 …by koala5643. First-time home buyer! Is 5.29% a good rate for 2022? **EDIT: 5.49%, not 5.29%! Just got pre-approved from Chase for $350k* for a condo in Chicago. They've offered a 5.29% interest rate on a 30-year fixed loan. Our annual gross income is about $125k, and we carry no debt. My credit score is 740-799 range and his is 800-850 range. Early 2021 - Thought about buying house with potential date of early 2022 March 21 - Registered for the initial Homebuyer's Workshop given a date of May 22 May 22 - Attended Workshop July 8 - First Intake Counseling Session; met mortgage counselor who gave some minor requirements before approval July 14 - Follow-up session with counsellor. Famous_JettJackson. First time homebuyer -Should I buy!? (Florida) First time home buyer, in Florida. In my city Orlando (tourist capital) I'm completely priced out. My only choice is a new build because all the Pre-owned houses are extremely hard to get, lots of cash offers and I don't have a chance. New builds I have a chance but it's hard as ...237K subscribers in the FirstTimeHomeBuyer community. The ultimate subreddit for everything a first time home buyer NEEDS to know.

A Simple Home Buying Timeline for First-Time Buyers. Many home buyers begin their journey before talking to a lender. Home-buying begins when you first see …DPA's are great, they will lend you the DP of 3% and essentially cut your total cash needed in half. $500k house in MD may cost you ~$35k out of pocket, with MMP it will be closer to $20k. The trade off is that the MMP comes with it's own interest rates that are way higher than market rate. Only the 3% DP loan is 0% interest, the other 97% loan ...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.

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.

I'm working on purchasing a home from a friend of mine using the VA loan. First time using the loan, I'm going through Penfed and since he's selling it to me, there is no realtor involved. I'm 70% disabled with TDIU, so my current state …We make $110,000 a year combined and are 21 and 22. Have paid off cars that will need replaced in 1-2 years and 3-4 years. Building quotes for our dream home unfinished basement is $2700-2800/month + ~$400 …We put 3.5% down. Our escrow is lower than the cost of our rent from our mediocre apartment last year. We went from 2200 a month to our landlords to paying $1900 a month towards our escrow and an extra few hundred a month towards principal.In reality, if you don't have money in the bank that can go towards a down payment or closing costs, you're not in a strong position to buy in this market. Even with down payment assistance you still need money to purchase. I'd be happy to chat more about it if you send me a dm. r/FirstTimeHomeBuyer.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...

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%

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 SIMPLE guides on the process? e.g.: Step 1: get pre-qualified and compare rates among lenders, Step 2: etc. Archived post.

A little over $30k which includes $15k in points, $6k in prepaid taxes, $3.5k in legal/title, $1k in prepaid interest and $6k in escrow. House is around $725k. So 2% (and 2% in points) I closed 2 weeks ago our house was $82,000 with closing costs at 8,000. Our seller paid $5,000 towards closing and we paid $3000.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, …My wife and I are in the process of hunting for our first house and we're looking for opinions/guidance with regards to 30 year fixed vs ARM. Here are the quotes we have comparing the two, I am still waiting for additional details on the ARM regarding if the period is 5/7/10 years as well as what the caps are on increases.. We are more than capable of … First Time Home Buyer. The ultimate subreddit for everything a first time home buyer NEEDS to know. 277K Members. 1.4K Online. Top 1% Rank by size. r/FirstTimeHomeBuyer. Aug 22, 2023 ... Your realtor should be very familiar with the process. They should be able to provide you with references. I recommend placing 20% down and ...Think before buying a home at your max loan amount because the higher the loan the bigger the monthly payment and the larger a deposit you will need. Down payment on a house is usually 20% of the total loan amount depending on where you live. FHA and VA loans might be different. Looking for a house: Never buy a house the very first time you ...

You will get approved for a maximum loan you can barely afford. Houses are expensive but you’ll also want paint, furniture, appliances, and likely some repairs. These things add up so plan on spending an additional 1-2% of that cost every year just on house stuff. 14. bugsyk777. • 2 yr. ago.Interest rate doesn’t matter much long term, specifically if you want to pay the loan a little faster, lets say 200$ extra a month. 3.75%, 30 year conventional loan with 10% down on a house that’s mid $500ks. My husbands credit score is like 690 (thanks student loans), so even though mine is 820, it doesn’t help.So keep in mind you have closing costs as well, which could be between 2-5% of the loan, especially if you’re buying points. Given a take home of $2,000, ideally your monthly payment would be in the ballpark of $750 and you should not exceed $1,000. Some very rough calculations say you could possibly purchase a 100,000 house with 10% down.Are you looking to create a home gym that will help you achieve your fitness goals? If so, incorporating Life Fitness equipment into your setup can be a fantastic choice. Known for...Thank you u/shishir25 for posting on r/FirstTimeHomeBuyer . Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns. Other than just your standard bad builder stuff, the most ...Carpets have been a treasured indoor decoration going back thousands of years. The Persian, Indian and other Asian cultures have developed a heritage of making fine carpets that ha...

First-time home buyer programs are specifically created with you in mind, with the goal of assisting renters in becoming homeowners by providing them with …We did a FHA Loan and received 4% down payment assistance through the first time home buyer program in CA. Our mortgage was very high with so little down and with pmi but we could afford it. Sold after just two years and made $210k. Put $160k on a brand new home still being built and have made another $200k on that house in just 8 months!

In reality, if you don't have money in the bank that can go towards a down payment or closing costs, you're not in a strong position to buy in this market. Even with down payment assistance you still need money to purchase. I'd be happy to chat more about it if you send me a dm. r/FirstTimeHomeBuyer.Tips for First-Time Home Buyers. Learn strategies for saving a down payment, applying for a mortgage, shopping for a house and more. By Barbara … 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 SIMPLE guides on the process? e.g.: Step 1: get pre-qualified and compare rates among lenders, Step 2: etc. Archived post. Here are the programs first-time buyers use. 1. HomeReady: Low Down Payment Mortgage. HomeReady is a 3-percent down payment mortgage that offers reduced mortgage rates and lower loan costs for low- and moderate-income home buyers. HomeReady is a modified conventional mortgage, backed by Fannie Mae.First time home buyer with 770 credit being quoted 7.25. Wondering what everyone else is getting. Edit: after reading all these replies, my partner and I decided to shop around and were able to get 6.49 from a bank with no points. Moral of the story, shop around!!!Condo in Brooklyn, NY. 810 credit. $985K cost. ~50% down (wanted a nicer place, but had to put down more to make the monthlies more affordable). 3.79% fixed rate, 30-year through First Republic's Eagle Loan program. Closed in March this year, but had the mortgage commitment from First Republic in January.Educate yourself… personal finance, first time homebuyer seminars… advocate for yourself. Do not buy a home with someone who you are not married to… a nightmare scenario if you break up. If you are buying together get an attorney to draft the agreement. Money well spent.verbal agreement is not enough to protect you. Reply reply.They make the process fairly simple and all you need to do is fill some forms out. 3 - In regards to contracts, there are some Conveyancing companies that do free contract reviews and only if your successful will then expect you to use them for the sale. Some other companies charge $200-300 just for a contract review.

Florida has long been a popular destination for homebuyers seeking warm weather, beautiful beaches, and a vibrant lifestyle. Lennar, one of the nation’s leading homebuilders, offer...

Open menu Open navigation Go to Reddit Home. r/RealEstate A chip A close button. Get app Get the Reddit app Log In Log in to Reddit. Expand user menu Open settings menu. ... I’m a first time home buyer in my 20’s with no idea how this works. House is a 1950’s ranch, originally listed Nov ‘23 for $345k. Price dropped to $325k in January.

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. 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!Jul 13, 2023 ... The mortgage alone would be around 2,650 a month. Add in insurance and taxes and you are going to be at least around $3k a month for just your ...Bringing a new cat into your home is an exciting and rewarding experience. However, before you rush to buy a cat, it’s important to ensure that your home is prepared to welcome you...Hi, Im mortgage loan officer and can offer some insight. Yes, there are programs. Most states and some local agencies have down payment assistance programs. There are also programs like Chenoa that offer down payment assistance that covers the entire down payment. Some programs can be combined together. It was $12,500, in 1952. As long as you were fiscally responsible at purchase and keep making your payments, it’ll be fine. You’ll look back and realize it’s all good. So save yourself a lot of stress and just breathe through it for the next 6-12 months. It will get better. The old general rule was that you needed 10% + saved to cover down payment and closing costs. Nowadays you can getl loans from 3 to 5% down + closing costs. This would be around $8k MINIMUM plus about $500- $1000 in closing costs on a home of $245k. To me it doesn't sound like you have enough saved. Make sure you still have savings after the closing. Don’t assume you’re okay if the mortgage payment is the same as your rent, because you also need to plan for maintenance expenses (new water heater every decade, new roof every 15 years, new furnace every 20, weather damage on the exterior, windows, etc,) jay5627. • 2 yr. 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 …Roatan, a stunning Caribbean island located off the coast of Honduras, has become a sought-after destination for individuals looking to invest in real estate. When it comes to buyi...

The lender should not be telling you how much you can afford. All they do is tell you how much they're willing to lend you. Just because they'll lend you the money, doesn't mean you can afford to borrow it. On paper, I can get approved for a $800k mortgage, but the reality is I know it would ruin my finances to do so.First time home buyer Questions. I've been working for a year out of college and have about 50k in cash saved up and make 80k/year before taxes. I'm hoping that will be enough for a down payment on a townhouse (<300k) but I'm just lost and confused at this gigantic task before me. What resources would you guys recommend for first time home ...In reality, if you don't have money in the bank that can go towards a down payment or closing costs, you're not in a strong position to buy in this market. Even with down payment assistance you still need money to purchase. I'd be happy to chat more about it if you send me a dm. r/FirstTimeHomeBuyer.Instagram:https://instagram. was jesus realbest pdf editor for macio psychology masters programscatering wedding 100% financing is VA or USDA 3% Down is First time home buyer conventional loan, 3.5% down is FHA, 5% is min down for standard conventional. None of these is more or less likely to close. However usda and fha being government loans need a stricter appraisal. series to watch on amazon primesmall weddings Jul 2, 2023 ... ... house. Also check your state to see if there is any first time home buyer assistance, ours has $15k. We also have $10k as an emergency fund ... replace the serpentine belt A SONYMA low interest rate mortgage was the only first time home buyer “program” that co-ops were even willing to consider, in our experience. Co-ops don’t like things like down payment assistance programs because to them, it’s just another debt on your application, making you a riskier buyer. Jul 13, 2023 ... The mortgage alone would be around 2,650 a month. Add in insurance and taxes and you are going to be at least around $3k a month for just your ...