First Time Home Buying
Registered User
Joined: Feb 2004
Posts: 1,066
Likes: 11
From: Prince William County, VA
Cliff notes on purchasing your 1st house. Ive purchased 4 homes in the past 8 years and have done pretty well,
1. get pre approved for what you are looking for
2. FHA 3.5% down(ex. 200k, only 7k down + closing costs) 30 year fixed loan is good, the PMI is tax deductable
3. Low ball your offer. It's a buyers market!! Take advantage.
4. Ask for a sellers assist, never hurts to try, with rates so low, rolling in closing costs doesn't matter.
5. If you want to improve the house, Try and get a 203k streamline through FHA. Take advantage of the low rates! 33k limit, with 2k in fees.
6. Make sure you have all of your paperwork together, tax returns, pay stubs, etc.
7. Zillow is key, not for the zestimate but for the COMPS in the area. Comps matter!
1. get pre approved for what you are looking for
2. FHA 3.5% down(ex. 200k, only 7k down + closing costs) 30 year fixed loan is good, the PMI is tax deductable
3. Low ball your offer. It's a buyers market!! Take advantage.
4. Ask for a sellers assist, never hurts to try, with rates so low, rolling in closing costs doesn't matter.
5. If you want to improve the house, Try and get a 203k streamline through FHA. Take advantage of the low rates! 33k limit, with 2k in fees.
6. Make sure you have all of your paperwork together, tax returns, pay stubs, etc.
7. Zillow is key, not for the zestimate but for the COMPS in the area. Comps matter!
Registered User
Joined: Mar 2012
Posts: 77
Likes: 1
What you want to look at is the Guaranteed Loan, not the Direct Loan.
Trust me, my wife and I definitely are not rich or anything, but we do make more than $52,000 combined / year. The income limit we were held to was the moderate income limit of $93,450 / year. It's definitely worth talking more to a mortgage broker / advisor / whatever they're called!
Feel free to pm me if you have any specific questions, I'd be more than happy to answer them. The mortgage worked out AWESOME for us, and I think it would be awesome if it could help you guys out as well!
Trust me, my wife and I definitely are not rich or anything, but we do make more than $52,000 combined / year. The income limit we were held to was the moderate income limit of $93,450 / year. It's definitely worth talking more to a mortgage broker / advisor / whatever they're called!
Feel free to pm me if you have any specific questions, I'd be more than happy to answer them. The mortgage worked out AWESOME for us, and I think it would be awesome if it could help you guys out as well!
Wow i've never heard of those. Just looked it up - there is an income limit - you have to qualify as "very low" or "low" income based on the Areas Median Income. For a 2 person family in Charlotte you have to combined make less than 43800 and for Delaware you have to make under $52000 for a 2 person family.
I would highly consider buying a rural-qualifying home if our combined income met those requirements.
I would highly consider buying a rural-qualifying home if our combined income met those requirements.
Thread
Thread Starter
Forum
Replies
Last Post