First time home buyer: advice needed

[zthiel]

Thinking about buying my first home need advice on everything. My wife and I have good credit we have some money down but not a lot. We have a home in our sights that is old late 70's but very well taken care of. Any advice helps. Financial institutions, home improvement issues, just looking for anything that might help. Thanks in advance!

 

[GratefulDave]

Hire your own inspector (vs the one recommended by RE agents)

 

[OSUFanbigtime]

Buy within your means. Remember your last house should be your perfect house.

 

[osu2082]

Buy a house you can afford not necessarily what your lender will tell you that you can afford.

Location, location, location... You will eventually sell this house. The better neighborhood, school district and location the easier it will be to sell.

If you are Native American a 184 loan can be a good deal.

 

[EvilPOKES]

2.5 times your yearly income is a safe way to do it imo.

And, yes, hire your own inspector, particularly foundation if its slab.

 

[SamuraiFred]

20% down and 15 year mortgage. If you'd don't have that keep in renting

 

[Air_Thurman]

Agree with 2082. The first house we bought I was actually shocked how much we were approved for (considering we were both barely out of school not making a ton of money). If we would have gotten the upper end of what we were approved for the house would have been repossessed in no time.

I know people have varying opinions on realtors or even if they are necessary. We have a realtor who is great and we trust and that made the process so much easier for us.

Since you don't have a house to sell it should make the a lot less stressful.

 

[zthiel]

Thanks for the information. I am looking at the 15 year note with 20% as it has the lowest interest rates. I'm not sure with lender to go with.

 

[long-duc-dong]

Thanks for the information. I am looking at the 15 year note with 20% as it has the lowest interest rates. I'm not sure with lender to go with.

Make a few lenders compete for your business. They all pretty much offer the same programs. Find the rate you like and the fees you like. Pretty simple really.

 

[SKC]

I'd say that if you have much other debt (multiple car loans, credit cards, etc), don't stick with 2.5 times your yearly salary, or you could end up in a bad place. When you start looking at what you would be spending on a mortgage, monthly, don't forget to look at what else you have going out.

If you're able to put 20% down, do it, just to avoid PMI (mortgage insurance).