Do they give out bad blogger awards? I would surely get one. I have been so bad about posting since we moved. Honestly, I have been feeling so down in the dumps that I didn't want to keep leaving one depressing post after another.
After looking at house after house that belonged to someone else and left me feeling like I needed to hurl, we have decided to, :::DEEP BREATH:::, buy a house.
I suppose I am still quite skeptical/leery. I guess I don't want to get too excited in case I get let down. The loan officer said we are pre-approved so we have started looking online for places to look at.
ANY advice you have would be wonderful. Especially for first time home buyers and foreclosures. I am totally clueless.
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3 comments:
i have no idea. i'm no help. sorry. but good luck! i'll be pulling for you.
we have ALWAYS bought less than what the banks would approve us for...LOTS less. the smaller the house, the lower the monthly payments will be, the more you will be able to devote towards your children and giving to others...nothing to say about eating, medical bills, gas for the cars, diapers...the must haves.
by smaller is the BEST advice.(my advice is not more than 20% of your monthly income should go toward your mortgage)
if you can get a loan these days, go for it...the housing market has, IMO gotten bad enough that if you can buy, do so.
a matter of prayer for you guys: pray that the loan officer is not pulling wool over your eyes....that if you find THE house, that all the paperwork will go through and you will be home owners. I would hate to think that he is giving you false hope with the industry what it is today.
And...do you have 20% to put down? (no need to answer this question!) borrowing the entire mortgage has gotten MANY families in trouble these past several years.
ALL of this is In My Opinion.. take it or leave it. you know your family/finances.
I'll continue to pray for you guys!
Well, having just gone through this, I have a few words of advice:
Don't rush into buying anything. Take your time. You might view a hundred homes before you find 'the one'.
Make a list of your needs in a home. Things you'd like, and your husband would like, and then prioritize it. What could you 'make do' with if need be, and what can you not live without. How does each home stack up commute-wise for your husband's job? Stick to this in your search.
You guys are buying at a great time, as you can find a lot of value for your dollar with all the available homes and lower prices right now.
Research the area you wish to live (is it hurricaine zone? If an older home, how did it weather the last heavy storm? Is it a flood plain? Was the development built by a reputable builder? (We had a really bad development in our area that we knew to avoid like the plague).
Most of all, really pray about all the home choices you come across. Ask the Lord to guide you (to literally steer you away from 'lemons') in you decision making process. (I blogged a LOT about this a while back).
Pay to get a home and (if applicable) a septic inspection. If pests and mold are concerns, get those tests as well. It will help to ease your mind about making the biggest purchase of your life.
There are some programs available out there for first time homebuyers. Sometimes communities provide this. Some offer downpayment assistance grants, some require it be paid back unless you live there for x number of years.
In our area, we'd known many people who were on interest only/variable rate mortgage deals and LOST THEIR HOMES (foreclosure) when the rates changed after the interest only period was over. It was important to us to get a fixed rate mortgage instead of a variable rate one so there were no surprises in the future.
I'm with jane-jane...buy a home for much less than the banks tell you you can afford, because with the economy being what it is, you want to be able to afford it if there was a sudden change in your income, not to mention that you can always sell and move to a larger home later if need be, but getting foreclosed on for something that was a little too high for your budget destroys your credit for years, possibly preventing getting another home for years.
Unless you happen across a steal-of-a-deal, I'd recommend looking for a smaller, modest home with really manageable mortgage payments, and not something overly large, especially for a first home. (Even if you plan on having more children, there is always room for bunks in bedrooms.) The main thing is to be sure you have a reasonable sized living space (living and family room or a large 'great room' area to allow for plenty of indoor living and entertaining) and with kids, plenty of room to run and play outside.
I'm not sure how y'all feel about fixer-uppers, but I'd be careful with your first home, and maybe only buy one that needs minor cosmetic improvements...things you know for sure that you and your hubby can handle and is within budget and could be completed within a reasonable time. Paint is cheap. Kitchen and bath remodels are complicated and can get into some major expense. Those things can come later.
Having been the reno route, I'd recommend only getting something that you could paint as you wish, and maybe replace a little flooring...something that wouldn't require full-scale renovation. Especially with small children.
Does the home have good 'bones'? Is it solidly built? Is the roof in good shape (to replace is costly)? Firm flooring? Solid foundation? What about the septic? Does it come with decent appliances? Are there mold or mildew issues? Termites? (you can get tests for pests and mold if you wish).
Oh, and if you DO wade into renovation work? Make sure to do all the messy sanding, drywall, and even painting stuff before you move in if possible. Saves your sanity. Living with renovation dust and paint fumes is NOT fun. A real hassle with kids.
Check out the shape of the existing appliances that the home comes with. Don't be afraid to turn on the gas ranges and such while going through the house with a realtor, especially if you really like that home. Also, flush the toilets to see if they work readily.
We found that the oven that came with our home was missing the discs that go over the burner flames, and to replace them was halfway to the price of a brand new stove. The existing stove was also filthy.
Since most of what we did in our home was cosmetic, we decided to go ahead and get all new matching kitchen appliances, which we knew would cost more, but in the long run, we felt we'd have fewer surprises. The Lord blessed us wiht a matching washer and dryer set (like new condition) free (through someone at our church that heard about our move. Again, put the word out!
The only other thing I can think of is that it helps for you to go preview the properties while your hubby is at work, to see if the home is worth getting the realtor to go see. I eliminated MANY from my list by doing this. I dragged the kids along, and would go peek in the windows of vacant homes and everything. In the end, it saved a lot of time for my hubby, as he didn't want to waste every single evening looking at homes. This way, we just did one night every few days with the realtor to see inside prospective homes.
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