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First time home buyer -- and scared

I

Ipno

Golden Member
I've done some research, but its still scary.

I want to buy a house, probably in the low end range but still a house ... around $120k or so (which in my neck of the woods is midrange).

I was just wondering if anyone had any stories to tell or know anything I should look out for. How much money would you put down? Most things I read says I should put 5% of the purchase price for a down payment, some say as high as 20% (to avoid something called mortgage insurance?).

I'd rather look sooner than later but I'm tired of throwing money at landlords, I've been renting for 5 years and really have no want to move away from the city I live in now, so mobility is not an issue.

Anyway I was hoping some of you might be able to share some anecdotal advice as to what to look out for, I really don't want to end up in a house trailer.
 
If you put down less than 20% you more than likely are going to hae to pay PMI (private morgage insurance)

If you served in the military you can get a VA loan that is 0 down and no closing costs and NO PMI (you still have to qualify)

I did the VA gig. Home ownership ROCKS😀 I have haad to repair a rotted out floor in the main bathroom.
.Painted both kids rooms, Replaced two faucets, new shower head, rewired phones, Cat 5 throughout the Basement, oh the fun I've had😉 The thing that I like is that my Payment should never go up to much were as my rent before I bought seemed to be a steady rising bill.
 
Be sure you have 6 months salary stashed away in case of emergency. A friend of mine purchased his first home last spring, and was laid off by his company 8 weeks later. Talk about stress.
 
Originally posted by: Rudee
Be sure you have 6 months salary stashed away in case of emergency. A friend of mine purchased his first home last spring, and was laid off by his company 8 weeks later. Talk about stress.
Click to expand...
W0RD 2 YUR MUTHER>
 
you can always start out with a Condo too, that way you will have to pay some due's but you don't have to worry about roof's, landscape, or some of the other things that are involved in owning your own home.

I myself also enjoy the work like Tm37 said so I like having a house. But I can see for some people Condo's or Townhomes being something to consider also for people starting out especially.

Don't go trailer though, I know someone who did that and it depriciated on him bigtime.
 
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