First time home buyers

[WannaFly]

I've noticed quite a few people posting about being in the process of buying their first home, so I thought i'd start a post for all of us! So share you experiences and where you are, etc.


Me:
Closing in 2.5 weeks, 3/2/1 1125sqft, nice yard, built in 1986. We're trying to do the closing a little sooner then 30 days because id like to have it before my birthday!!

few pics:
http://www.exilum.com/pics/house/

 

[nakedfrog]

I've been a homeowner for just about two years... 1600sq ft, built in 1890. Yard is a decent size, but the back yard isn't quite as level as I'd like

 

[thetxstang]

Originally posted by: nakedfrog
...built in 1890.

:camera:s?

 

[cHeeZeFacTory]

I'm considering buying in the near future.

Is there a rule of thumb on what % of your savings should be spent on the downpayment & closing costs?

 

[jmcoreymv]

Originally posted by: nakedfrog
I've been a homeowner for just about two years... 1600sq ft, built in 1890. Yard is a decent size, but the back yard isn't quite as level as I'd like

Woah

 

[ViviTheMage]

bought our condo, pretty cheap closed 2 days ago.

still in the process of moving in .

edit :

Originally posted by: cHeeZeFacTory
I'm considering buying in the near future.

Is there a rule of thumb on what % of your savings should be spent on the downpayment & closing costs?

20% for the downpayment, so you dont have to pay PMI insurance. closing depends...

 

[amdskip]

I'm in the process right now, just got it appraised this week for the bank. 3 bed, 2.5 bath, 2000+ sq feet. About 30 years old.

Pictures

Who wants to help paint and pick out flooring?

 

[paulxcook]

We've had the house for about a month. 1700 sq. feet, 3br 2 bath, build 1978, yard is smaller than we wanted, but the house is all brick, in a very nice neighborhood, for a steal of a price. I'm about to make the first mortgage payment. We just had a 6 ft privacy fence installed for $1450. Neighbors with pre-existing fences FTW!

 

[SampSon]

How much did you pay for that?

 

[WannaFly]

Originally posted by: cHeeZeFacTory
I'm considering buying in the near future.

Is there a rule of thumb on what % of your savings should be spent on the downpayment & closing costs?

i think its something like your mortgage shouldnt be more then 28% of your household income, but thats kinda of old. There are mortgage programs for 100% financing and 0 down, you get a little higher rate, but all in all its not that bad, PMI is what kills it, but its tax deductible this year.

 

[moonbit]

We just closed our house last Friday. 4bd, 2ba. 1876 sq feet. Brand new tract home.

It happened very quickly. We went to look at houses on 3/31, happened to find one that fit our wants and for a great price. Signed a reservation, signed the purchase agreement the Saturday afterwards. I know the process went faster because we bought a tract home, and there were no real estate agents, or previous owners to deal with.

Originally posted by: WannaFly

Originally posted by: cHeeZeFacTory
I'm considering buying in the near future.

Is there a rule of thumb on what % of your savings should be spent on the downpayment & closing costs?

i think its something like your mortgage shouldnt be more then 28% of your household income, but thats kinda of old. There are mortgage programs for 100% financing and 0 down, you get a little higher rate, but all in all its not that bad, PMI is what kills it, but its tax deductible this year.

We got an 80/20 mortage (the standard 20% down payment has its own loan), so we don't have to pay PMI. The rates our higher, but I will say that credit score goes a long, long way, especially now. However, even though our 80 is a 30-yr fixed, our 20 is only amortized 30-yr, but is actually a 15-yr with a balloon payment. Our loan officer "forgot" to mention that part, but we figure we can get the 20 paid off before then.

 

[cHeeZeFacTory]

Originally posted by: ViviTheMage
bought our condo, pretty cheap closed 2 days ago.

still in the process of moving in .

edit :

Originally posted by: cHeeZeFacTory
I'm considering buying in the near future.

Is there a rule of thumb on what % of your savings should be spent on the downpayment & closing costs?

20% for the downpayment, so you dont have to pay PMI insurance. closing depends...

i understand the 20% and pmi part. I'm just wondering if how much of my own savings should be spent.

 

[SampSon]

Originally posted by: WannaFly

Originally posted by: cHeeZeFacTory
I'm considering buying in the near future.

Is there a rule of thumb on what % of your savings should be spent on the downpayment & closing costs?

i think its something like your mortgage shouldnt be more then 28% of your household income, but thats kinda of old. There are mortgage programs for 100% financing and 0 down, you get a little higher rate, but all in all its not that bad, PMI is what kills it, but its tax deductible this year.

Yea. The reality is that the VAST majority of this country cannot afford to put down 20% cash for a down-payment.

 

[Rage187]

Just built in September, 1700sqft $165,000

Prior to that I bought a townhome in 1999 for $35k which we sold January for $84,000.

 

[cHeeZeFacTory]

Originally posted by: WannaFly

Originally posted by: cHeeZeFacTory
I'm considering buying in the near future.

Is there a rule of thumb on what % of your savings should be spent on the downpayment & closing costs?

i think its something like your mortgage shouldnt be more then 28% of your household income, but thats kinda of old. There are mortgage programs for 100% financing and 0 down, you get a little higher rate, but all in all its not that bad, PMI is what kills it, but its tax deductible this year.

I can afford the monthly mortgage comfortably. But for me to buy right means I need to spend 80%+ of my life savings on the downpayment.

 

[WannaFly]

Originally posted by: SampSon
How much did you pay for that?

very low 200's

 

[SampSon]

Originally posted by: WannaFly

Originally posted by: SampSon
How much did you pay for that?

very low 200's

What is low 200s? It's about to be public record at closing, so you can tell us.
Were talking sub 210?

 

[Saulbadguy]

Closing in a few weeks. 2070 sq foot "half a duplex" built in 2002. 3 br, 2 1/2 baths, 2 car garage. $118,700. Got all appliances included. Kind of a transitional place for the wife and I, we had a 950 sq foot condo that was getting too small, and we were tired of having no garage, and living on the 3rd floor.

This place backs up to a golf course, so there is literally nothing in the back except open land. The golf course is actually aways away from our land.

Went with a %100 conventional fixed rate loan - will pay PMI but it is tax deductible this year so that is nice. Hope that continues.

 

[moonbit]

Originally posted by: cHeeZeFacTory

I can afford the monthly mortgage comfortably. But for me to buy right means I need to spend 80%+ of my life savings on the downpayment.

Maybe you might want to save a little more. Because besides the down payment and the closing costs, there are other costs associated with buying a home. For me buying a just built home, I have to spring for window treatments (the windows are required to be covered). A friend who bought an existing home said that there's always unexpected expenses. I just wish she told me what they were so I could share them.

 

[WannaFly]

Originally posted by: SampSon

Originally posted by: WannaFly

Originally posted by: SampSon
How much did you pay for that?

very low 200's

What is low 200s? It's about to be public record at closing, so you can tell us.
Were talking sub 210?

I know its public record 215, but the seller is paying all closing costs.

 

[SuperNaruto]

Closed mine 3/29.. 40x100 in nyc.. too much for my blood.. 1950 home..

Cleaning up is the biggest.. throwing out old stuff..

junks in the basement

backyard - cut all the old branches down

power - did a little electricial work.. snake power for new lights.. removing that wall ac unit
power
power
power

adding cat5 - Adding 4 cat5e per room and 2 rg6 per room.
adding cat5
adding cat5
adding coax
adding coax
adding coax

insulation - Sound proof the room for the "inlaw" so she can't hear jack.. hahah

family room - remove all the junk...

front - removed the trees out front.. need to get a new door

Done - electricial, all new lights using energy efficient CF bulbs..

Other things to be done, refinish the wood floor, need new door, new storm door, more yard work, finish the cat5e wires, install the relay rack, install the server rack, etc.. wont be moving in for another 2-3 months

 

[SampSon]

Originally posted by: WannaFly

Originally posted by: SampSon

Originally posted by: WannaFly

Originally posted by: SampSon
How much did you pay for that?

very low 200's

What is low 200s? It's about to be public record at closing, so you can tell us.
Were talking sub 210?

I know its public record 215, but the seller is paying all closing costs.

Wow, almost 200/sqft, but that's your Florida market.
Sellers concessions are nice. Have fun with the new house.

 

[nakedfrog]

Originally posted by: thetxstang

Originally posted by: nakedfrog
...built in 1890.

:camera:s?

You know, I don't think I have any online at the moment. It doesn't really look much different than a regular house
I've been trying to track down pictures of the area over time to see how the neighborhood changed. My buddy bought the house kitty corner from my back yard, and it was built in 1910.

 

[waggy]

buying your first house is great. then when something breaks you get to fix it! wee!

in the last few months i have replaced my heating unit, back door, had the basement insulated, had the bsement flood and had to replace sump pump and backup, had windows in my daughters room replaced (need to do all of them). oh and this summer we have to re-roof the house!


LOL but i wouldnt move into a apartment or anything again.

 

[cHeeZeFacTory]

Originally posted by: moonbit

Originally posted by: cHeeZeFacTory

I can afford the monthly mortgage comfortably. But for me to buy right means I need to spend 80%+ of my life savings on the downpayment.

Maybe you might want to save a little more. Because besides the down payment and the closing costs, there are other costs associated with buying a home. For me buying a just built home, I have to spring for window treatments (the windows are required to be covered). A friend who bought an existing home said that there's always unexpected expenses. I just wish she told me what they were so I could share them.

I probably won't need to worry much about furniture, amenities, etc. But yea, I probably will need a buffer for maintenence and repairs.