Where do I start with buying a new home?
I want to purchase a home this year and take advantage of the Obama $8k give-away for new home buyers.
I make 55-60k/year.
school loan repayment 250/mo
How do I search for only foreclosed/bank-owned homes for the lower prices? Should I use a real estate agent? When should I apply for a loan (apartment’s lease is up in December of this year)?
What are some other pointers ya’ll can recommend for me?
Thanks in advance for all your input.
Sell House Quick
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3 Responses to “Where do I start with buying a new home?”
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November 23rd, 2009 at 3:42 am
Well, you need a 3 to 6 month emergency fund. then you need the down payment. I would recommend 20% to avoid PMI, but 10% would work too. Then, you need the closing costs.
Don’t forget about a washer and dryer, lawnmower, increased utilities, etc.
O’Bama trying to entice people into buying a house should not apply to you if you can’t afford one. That is a great incentive for anyone who was already planning to buy a house and who has their finances in order. It should NOT entice someone into buying a house just to get the money.
Like his other plans, throwing money at this (my tax dollars no less) will not fix the problem.
November 24th, 2009 at 7:06 pm
I agree with the first answer.
The first thing you should do is try to get pre-approved. But if you are going to have to come up with money to get the house (thousands of dollars) is it worth it to get $8,000?
November 26th, 2009 at 12:56 am
First I would recommend getting a pre-approval. Either use your current bank, or a mortgage broker/banker. Don’t take their word for it on rates and fees. Check a banks website, and compare. Generally you are going to get a better rate with a broker, if they know you are “shopping” you. Second get a Realtor. Don’t go with the broker or banker they suggest, because they usually suck. If they have an “in house” lender, they really really suck. When you have your Realtor, tell them your price range and tell them you are looking for a REO.
Things to remember, if it isn’t in writing, it doesn’t count, and there are a lot of shady people in this business that will try to rip you off. The sellers, your Realtor, and your banker could all be the enemy.