reddit home buying | how to get approved for a home loan first time buyer

26/02/2024 10h25 Atualizado há 11 minutos. Selo dos Classif.

reddit home buying*******The subreddit is for prospective home buyers and home owners to post and comment. Industry professionals (i.e. realtors, loan officers, insurance agents, etc.) cannot post .I'm looking at buying my first home and have been a bit overwhelmed with all the details of the process. Anyone know of any SIMPLE guides on .Who is your lender, are they still around and would you be willing to pass the information my way? I'm looking for one and currently live in Washington state, also a first time home .Regardless of home prices in your area, you represent a prospective big-ticket customer. Your realtor stands to make 3% of any purchase. Even if home prices in your area are $100k, that's still $3,000 in commissions .

My husband and I are first time home buyers. We are incredibly fortunate to be in a position to put down a sizeable down payment on a home. We live in a HCOL area with .12) Look up any fees associated with your neighborhood. HOAs, etc. If you go condo/townhouse route, be really careful with the HOA fees. My HOA is $125 a year for my house, while my buddy has a $400 a month HOA for .The price of any given house is dependent mostly on how desirable the location is, followed by how new the construction is. You could take one of these $1 million homes, demolish it, and build a 30% smaller house on it with only working class fixtures and finishings - and it would still be worth $0.95 million.

Agent refusing to pass on offer to Landlord. We pay £2200 at the moment and showed evidence that market is around £2200-£2300 so we offered £2250 intially and letting agency said to come back with a higher offer before contacting the landlord. We then said £2300 which I believe is in line with inflation and the agency said they want to .r/personalfinance is a good place to start if you have questions about mortgages, how much you can afford to spend on a home, and how much you should have in savings before buying. Reddevil313 • • 6 yr. ago. I mean structural not finance. H82BL8 • 6 yr. ago. I am not sure your level of knowledge.Grant programs are state specific, and many of them have income limitations. If you take home $9500/month, your gross is probably around $12k/month, and you may make too much for some programs. You’ll need to research what’s available in your state, and find a lender that offers the program as not all lenders do.

After buying several homes, I'd say keep about 3% of the price of the house in savings for a home 10-20 years old. Older than that, have 5% in savings. Really old, up to 10%.To get a 1200sqft house with maybe a quarter acre, brown shit all in the sink, spoiled stuff in the fridge, dead animals, holes in the walls, obvious water damage, mold, trash and questionable fluids everywhere it's gonna be about $150k. Houses like that used to easily be well under $100k.

Make sure you're buying in a location that you'll be happy with for the long term. Personally, I don't recommend a fixer upper or a house that needs large renovations in the near future for a first time house purchase. First time home buyers are much better off buying something that was renovated 5-15 years ago and is in good shape.

Here are some tips when buying house : Establish a realistic budget and stick to it throughout the process. Prioritize location based on your needs and future plans. Get pre-approved for a mortgage to understand your borrowing capacity. Consider additional costs like closing fees, property taxes, and maintenance.Should be able to find lots of good videos on YouTube to show you how. In the 3 years I've owned my house, rent on the absolutely shitty apartment we left has gone up by $600/month. My mortgage plus property taxes and basic utilities are less than the rent. And someday I won't have a mortgage anymore.It’s only a “bad” time for first time home buyers because it’s become nearly impossible to find an affordable home. First time home buyers often don’t have huge down payments making it harder to find a price point that is affordable on a monthly basis. Plus, anything in a lower price range is so much more competitive.reddit home buyingCompute taxes as 1.25% of purchase price and divide by 12 to get monthly payment. Estimate insurance as .35% of loan amount and again divide by 12 to get monthly. To calculate your actual cost to close, just use 8k plus the down payment. Reply reply.Utah offers $20k grants to help with down payment and closing costs for first time buyers. the catch is it only applies to new construction under $450k. Which in the populated parts of Utah just doesn't exist in large amounts. Most new construction is >4 bedroom >2000sqft, and thus quite a bit over $450k.

Get all the relevant signatures and paperwork requested by the lender to them in a timely fashion to complete the mortgage process. Conduct a walkthrough on the property the day before (or day of) closing to make sure you're getting the property in the condition you expect. Go to closing, sign a bunch of papers.

It’s only a “bad” time for first time home buyers because it’s become nearly impossible to find an affordable home. First time home buyers often don’t have huge down payments making it harder to find a price point that is affordable on a monthly basis. Plus, anything in a lower price range is so much more competitive.Compute taxes as 1.25% of purchase price and divide by 12 to get monthly payment. Estimate insurance as .35% of loan amount and again divide by 12 to get monthly. To calculate your actual cost to close, just use 8k plus the down payment. Reply reply.Utah offers $20k grants to help with down payment and closing costs for first time buyers. the catch is it only applies to new construction under $450k. Which in the populated parts of Utah just doesn't exist in large amounts. Most new construction is >4 bedroom >2000sqft, and thus quite a bit over $450k.Get all the relevant signatures and paperwork requested by the lender to them in a timely fashion to complete the mortgage process. Conduct a walkthrough on the property the day before (or day of) closing to make sure you're getting the property in the condition you expect. Go to closing, sign a bunch of papers.

It is -usually- worth it. You build equity, you have some tax deductions, capital gain is tax deductible up to 250k per person, you can use renovation projects to up the cost basis to save even more taxes, the house itself appreciates, renovations make it appreciate more (but you get to enjoy them too!), etc etc etc.Whatever you do, I recommend photoelectric smoke detectors. In tests, ionization alarms will typically respond about 30 to 90 seconds faster to “fast-flame” fires than photoelectric smoke alarms. However, in smoldering fires ionization alarms respond an average of 15 to 50 minutes slower than photoelectric alarms.

We have 6 homes on the market. Pre covid we’d have on average 55-70 homes on the market at one time. Now, Once a home goes up for sale, it’s gone. And you wouldn’t believe the amount of out of state/out of town buyers we have. It’s insane, and worse yet, it’s driving out a lot of local population from owning a home.

how to get approved for a home loan first time buyerWe have 6 homes on the market. Pre covid we’d have on average 55-70 homes on the market at one time. Now, Once a home goes up for sale, it’s gone. And you wouldn’t believe the amount of out of state/out of town buyers we have. It’s insane, and worse yet, it’s driving out a lot of local population from owning a home.reddit home buying how to get approved for a home loan first time buyerUnderwriting is actually less to do with lending criteria and more to do with effigies, human sacrifice and ritualistic torture designed to destroy you emotionally. It’s a step by step process and I’ll go into more detail below. 1)First a shrine is erected on a threadbare brown carpet in a lending office in Dudley.Start by getting pre-approved for a mortgage so you know your budget. Take a first-time homebuyer class to understand the process. Interview a few buyer's agents to find one you click with. Don't get overwhelmed by the big picture - just take it step-by-step. With preparation and the right team, it'll feel manageable.The 'NACA UNOFFICIAL Home Buying Group' on Facebook has lots of members as well as old posts with just about every question you could have. It was a really helpful resource for me. As far as employment, I don't think you'll have an issue with your new job. . Shakespeare-Bot, thou hast been voted most annoying bot on Reddit. I am exhorting all .

A different perspective on buying a home in NoVa right now. I have been following the real estate posts on this sub for awhile and there seems to be a general trend of people saying that anyone buying in this market is a sucker/crazy and I wanted to offer an alternate perspective. (Noting that it may be unfair to claim this has been the trend .But it’s normal to regret at some point. But sometimes the house ends up being terrible and you truly regret it. But there’s steps to take to figure it out. I regretted my first home purchase. I was in a relationship that was not meant to last and living in my home town which is deeply rural and conservative.

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reddit home buying|how to get approved for a home loan first time buyer