First time home buyers here

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lotust

Diamond Member
Aug 19, 2000
9,025
0
76
hi guys and gals,


My and my wife just got married and would like to buy a house. Does any one know where we should start as first time home buyers?

we make a combined gross income of 100,000 a year.
 
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Adica

Golden Member
Dec 11, 2004
1,541
0
0
There are mant 1st time buyers programs out there. Too may to mention. Just do some research on the internet, make some phone calls, and consider your options. With your income, you should have no problem as long as you have decent credit. Try here.
 
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lotust

Diamond Member
Aug 19, 2000
9,025
0
76
Originally posted by: Adica
There are mant 1st time buyers programs out there. Too may to mention. Just do some research on the internet, make some phone calls, and consider your options. With your income, you should have no problem as long as you have decent credit. Try here.
Click to expand...

Thanks Adica
 
O

Ornery

Lifer
Oct 9, 1999
20,022
17
81
Long Island, NY? Guess you'll probably have to rent, eh? :p

When we were in the market for our first home, we took to heart the "Location, Location, Location" admonition. We determined where the best schools were, as well as taxes and proximity to employment. Circled first, second and third choice locations on a map, and stuck strictly to those areas for potential homes. We would drive through those areas and write down phone numbers of listing agents of homes on the market there. If any of those agents asked about locating a different property for us, we'd give them our short list of locations, and tell them NOT to bother us with properties in other areas.

Interest rates were over 15%, so it was a buyer's market, and we had no property of our own to unload. You're in the same position, so take advantage of that. You can write up a purchase agreement with no contingencies. Try NOT to drag a third party agent along with you. That could help with negotiations.

It Pays to Negotiate Your Agent's Commission
  • When buyers approach a traditional real-estate agency, they are often assured that the agent's help is free. That's true in the sense that the home buyer doesn't normally pay the agent. But the service isn't really free because home sellers factor in the cost of commissions when they price their homes. In fact, some sellers are willing to lower the price if you show up without an agent.
 
Slacker

Slacker

Diamond Member
Oct 9, 1999
8,623
33
91
Originally posted by: Ornery
Interest rates were over 15%
Click to expand...
:shocked: early eighties?

I just finished a refi +25k cash out at 5.125% initiated around the end of may (locked the rate for 90 days)






 
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Ornery

Lifer
Oct 9, 1999
20,022
17
81
  1. Yep. It pays not to have car payments in a market like that!
I just finished a refi +25k cash out at 5.125% initiated around the end of may (locked the rate for 90 days)

We've refinanced a few times since then. By rights, we should be done with it by now, but I kept getting more money for "home improvements" and crap. My wife has always worked at a bank, so we never have to pay big fees, etc. We're at 4.75% fixed at the moment. Payment is chicken feed at this point.
 
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MustISO

Lifer
Oct 9, 1999
11,927
12
81
Are you buying new or resale?

We bought our house right after getting married and we really knew nothing about buying a new house. Talk to friends, relatives about their experiences so you know what to look out for.
Take your time and don't jump at the first place you see. If you have savings, figure how much you can put down. Figure out what your monthy expenses are and how much you'll qualify for.

Buy more than you think you can afford now. My wife and I are making more than we were 5 years ago and the mortgage isn't that big of a deal now. We could have spent more.

http://www.bankrate.com
http://www.fanniemae.com/homebuyers/homepath/index.jhtml
 
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Ornery

Lifer
Oct 9, 1999
20,022
17
81
Take your time and don't jump at the first place you see.

Would you believe, even at 15% interest rates, I had two deals pulled out from under me? One, I offered more than the seller was asking for, but they wanted nothing to do with an FHA. The second was REALLY fishy. Once we put in a bid, for a house that been on the market a LONG time, somebody offered cash at their asking price! :thumbsdown:

If you find a place that meets all your criteria, pull out all the stops and GRAB IT! Don't lose your ideal house because of a few thousand dollars.
 
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r6ashih

Senior member
May 29, 2003
667
0
0
Originally posted by: Ornery
Take your time and don't jump at the first place you see.

Would you believe, even at 15% interest rates, I had two deals pulled out from under me? One, I offered more than the seller was asking for, but they wanted nothing to do with an FHA. The second was REALLY fishy. Once we put in a bid, for a house that been on the market a LONG time, somebody offered cash at their asking price! :thumbsdown:

If you find a place that meets all your criteria, pull out all the stops and GRAB IT! Don't lose your ideal house because of a few thousand dollars.
Click to expand...

that sucks that you got 2 deals pulled out from under you. But untill they ACCEPT your offer, they dont have to sell it to you.
Also you're right that you should jump on a house that you like. Because chances are someone else likes it too and will buy it right away.
 
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