Advice for first-time home buyers?

[forest-hunter]

I recommend a 15 year note if you can swing it. You will save insane amounts of money compared to 30 and be debt free in half the time.

[forest-hunter]

Also your gonna get totally screwed over if you don't have 20 percent down, but you gotta do what you gotta do. The pmi is basically theft for less fortunate! And it's hard to get it taken off...

[kingranch]

if planning on selling in near future then I would definitely look at a one story layout, they seem to generate alot more interest on the market and if you need to get out of it you wont have to worry about it sittin on the market long

[Johnny Dangerr]

15 year fixed mortgage that uses no more than 25% of your income.

Plan to pay that sucker off in less than ten years.

Being house-poor is no way to live your life

Just paid off our 2nd house. First one is in the bank. If you can not do 15 years it's too much home...............

[grizzman]

We have been in our house for twenty years. The only thing I can say is if you are planning for a long term buy, don't expect the neighborhood to look the same after 15-20 years. We refinanced to 15 years from a 30 year mortgage and I wish we had done that on the front end. Almost have it paid off and looking forward to it.

We are also glad that ours is a one story. Aside from the maintenance issues of having dual ACs like some friends of mine, as I get older I can't even imagine going up and down stairs. And if you have a pregnant wife, like mine was when we were looking for a house, two story houses become a non-starter, at least for us.

[ShockValue]

Lots of good info here.

Put enough money down so you don’t have to pay PMI if you can. The main thing I would change is doing a 15 year. If you have to do 30, try to pay on it like it’s a 15.

[txhunter90]

15 year fixed mortgage that uses no more than 25% of your income.

Plan to pay that sucker off in less than ten years.

Being house-poor is no way to live your life

x10000, we bought our house based off of if one of us lost our job we could afford all of our bills.

Don't go and buy the max what the bank will loan you. Have some guy I know he went the max and can not afford the mortgage.

Also looking at a house when it rains was something we did. I know it inst always possible, but just to make sure no drainage issues in the property.

[capn]

Buy a cheap house. Don't buy your dream house that you think you'll live in forever... because you won't. Small houses are easier to keep up, easier to clean, easier to make improvements that increase comfort and help resale. It allows you to learn what you like and don't like about a house, home ownership, living in a home with each other and with kids, a community, a commute, etc. See where your careers take you.

Learn those lessons with a cheap, small home for the next 5 or 6 years, then sell it for a profit to gain the down payment necessary to buy the home you'll stay in for 15-20 years while kids are in school.

[JHT]

Lots of good advice here.

Being financially strapped at a young age is a terrible position to be in.

A high mortgage because of a want vs a need is a terrible idea.

Congrats on the baby on the way.

Your child will re-define the term depreciating asset to y'all.

[Texastaxi]

Avoid a FHA mortgage, if you can. They'll let you put less down, but you'll also be paying PMI (a few guys already mentioned that). From what I understand, the PMI doesn't fall off once you reach 20% equity anymore; you'd have to refinance to get it taken off.

[xman59]

hoa,, can be good or bad
fixer uppers can be a budget problem and may continue for awhile
school district
taxes
insurance
grocery stores how far
drug stores how far

doctor offices how far

commute to work

road conditions

railroad tracks how often are they blocked?

neighbors,, employed are far better

how far to neighbors house? they can dang sure be to close

is there a half way house or any kind of "treatment centers" do not buy nearby

is it on a route used heavily by emergency vehicles with sirens?

airport fly over route?( low altitude can be real loud)

parks

condition of the ac and water heater and roof

ask local leo if the neighborhood is nice or not

[Bumpy]

buy any house that allows your kid to go to the best schools!

[hboy35]

I know the realtors will want you to sign fast to complete the sale so you don't lose out on a good deal--yeah right.

But if you can, make drive bys during the day at odd hours and during the evening in areas where you are looking to buy. Seeing a house in a "quiet neighborhood" is one thing during the day when everyone is at work. Some areas really come alive during the evening hours and not in a good way. Take time to check it out during different times--not just during the showing.

[aggie82josh]

Make sure you file for homestead exemption with the county when you buy your home.

Don't be afraid to ask for sellers assistance on closing cost. It will allow you to use that money towards cash purchases you'll need when you move into your home like, furniture, lawn equipment, etc...

Also, I would recommend contacting Velinda Shirley for lending. We have used her for financing on several properties and she is a great asset. Not only will she get you the best rate but, she will help walk you through the whole buying process.

Velinda Shirley
Alliance Mortgage Group
281-893-3124 phone
281-587-8877 fax