Looking to buy my 1st house

BUU

BUU

Rising Star
BGOL Investor
Sooo I got good chuck of change saved up to start looking around for a house.
PLUS Im tired of paying someone else to live. rather just pay myself.
Got my credit back up to the mid 600's (lots of fraud on my credit).
I had no idea this was gonna be such a tedious process.
Its like I gotta take a college course for this.
I will admit I have no clue about the house buying process. Any help with getting started would be appreciated.
1000

 
All the best with the process.


I know what you mean about it being tedious. Went through the property search back in the fall of 2009 into spring of 2010.


One of the best pieces of advice from my dad was when you're out there going to open houses ... make sure to bring a pen or pencil, and highlighter with you so you can take notes while they're still fresh on the spec sheets that are provided at the showings.


I.E. - highlight the stuff that you LIKE / DISLIKE ... some of the key selling points ... how it compares to other places you've seen, etc. Also - give the open houses themselves a general score. IF something is worthwhile ... say a 7 or 8 out of 10 (or higher) ... consider that a place you might want to revisit. Proximity to shopping, transit, schools, parks, etc. How property value is impacted.


Don't bother wasting your time if you see stuff and think - "Nah ... that's like a 5 or 6."
 
mcguyver said:
"Mid 609s"?.............bruh
Click to expand...
TooTrilla said:
Mid 600's will get you a tent
Click to expand...


Mid 600 is not all what you guys are saying. It's not top rate, but if he's 650, and he has the income and not a huge debt to income ratio, he should qualify for a conventional loan. Stop falsely discouraging him.

Like someone else said... go to your bank and see what you qualify for according to your income and what you already owe. That will get you started.
 
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Congrats on this major milestone bro.

Here are some of my thoughts and suggestions:

1. Keep improving the credit score and make sure your debt/income ratio is less than 35%
2. Look into a FHA loan. I know there are caps to the amount you can borrow, but if this is your first home and you see yourself moving in the future, it's a good way to get a foot in the door.
3. NACA is a good resource - https://www.naca.com/
4. Look into your state to see if there are any home buying assistance programs - for example in Maryland (https://mmp.maryland.gov/)
5. Other resources - https://operationhope.org/programs/...6m_kOC0dXAdDBGnl8E1Q-yivR1MiMlSAaAsvxEALw_wcB

I can't think of anything else, but salute to you on your journey
 
There are several ways to look at it. As DC Dude said you can get a FHA loan. All you need is 3.5%. A lot of people go get them a house. If I were you and if you are young, like in your 30-40s, I would build a 4 plex, you live in it for a year and then build another one after your year. You can do this with a FHA loan and a 3.5% down payment. Realize that a house is a money pit. Since it is one, then you need to get the most out of it. Create some wealth. Also, good luck.
 
Some of you have no clue what you're talking about and it shows.
You only need a 580 credit score to qualify for an FHA loan, which is government backed, and only requires 3.5% down payment.
Yes, for a conventional loan you will need a higher score, but that requires at least 20% down payment.
The other option is a VA loan (for military only) that doesn't require any down payment.
 
DC_Dude said:
Congrats on this major milestone bro.

Here are some of my thoughts and suggestions:

1. Keep improving the credit score and make sure your debt/income ratio is less than 35%
2. Look into a FHA loan. I know there are caps to the amount you can borrow, but if this is your first home and you see yourself moving in the future, it's a good way to get a foot in the door.
3. NACA is a good resource - https://www.naca.com/
4. Look into your state to see if there are any home buying assistance programs - for example in Maryland (https://mmp.maryland.gov/)
5. Other resources - https://operationhope.org/programs/...6m_kOC0dXAdDBGnl8E1Q-yivR1MiMlSAaAsvxEALw_wcB

I can't think of anything else, but salute to you on your journey
Click to expand...
said everything i was going to say.. especially about the state down payment assistance.. I've used Tennessee's twice....literally no down payment.

fuck NACA though.... I tried to use them and they were no help at all. Then you might be stuck dealing with them long after you close on your house. Ended up cleaning up my credit on my own. Which is easy nowadays because it's all online.
 
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yaBoi said:
said everything i was going to say.. especially ab out the state down payment assistance.. I've used Tennessee's twice....literally no down payment.

fuck NACA though.... I tried to use them and they were no help at all. Then you might be stuck dealing with them long after you close on your house. Ended up cleaning up my credit on my own. Which is easy nowadays because it's all online.
Click to expand...

Yeah I've heard good and bad things about NACA, but included it as a resource because I know some people needed that guidance when it comes to cleaning up their credit.....
 
CoTtOnMoUf said:
Mid 600 is not all what you guys are saying. It's not top rate, but if he's 650, and he has the income and not a huge debt to income ratio, he should qualify for a conventional loan. Stop falsely discouraging him.

Like someone else said... go to your bank and see what you qualify for according to your income and what you already owe. That will get you started.
Click to expand...


No one is discouraging him. no one said he wouldn't be able to get a loan. My gasp was for the interest rate.
 
Congrats Fam! Life changing decision. Off the top of my head,

Prequal....see how much house you qualify for

Be Patient...the house you buy today doesn't have to be the dream house. Buy, live and move up again in a few years with the equity
 
Got mine on a 620ish va tho, but still credit matters

Learn about home inspections! It’s a dude here in Houston who does tons of reels. He knows his shit

Fuck a hoa, imo.

Done be a cheap mf, get an echo trimmer and a good self propelled mower, an electric blower is cool

Get a lifetime shed for the yard shit if you can, fuck keepin it the garage

Learn everything you can about the maintenance to make shit like hvac, electrical and plumbing last

Get that ortho yard and house spray, bugs will fuck your shit up

Fuck trees those shits are a liability

Good luck and hopefully you find a home
 
Its been a few months and Im still looking.
This is the got damn pitts!!
got a loan but at 6.20% with 150k down???? FUCK!!!!
got about 150k plus closing cost to put down and these bitches still want 2000+ a month on a $300k house?
and the got damn taxes!!!
and fuckin HOA fees!!! who the fuck they think they are?
OR
go under 300k and get a house that smells like a wet sock with foundation/roof issues...


 
BUU said:
Its been a few months and Im still looking.
This is the got damn pitts!!
got a loan but at 6.20% with 150k down???? FUCK!!!!
got about 150k plus closing cost to put down and these bitches still want 2000+ a month on a $300k house?
and the got damn taxes!!!
and fuckin HOA fees!!! who the fuck they think they are?
OR
go under 300k and get a house that smells like a wet sock with foundation/roof issues...
Click to expand...


damn...that interest rate is crazy. Your credit is causing that.

Did you go through a broker or straight through a lender?

Unless you are in a need to buy situation, I would just continue to build my credit and keep stacking cash

My wife and I have been looking about as long as you have.

What market are you looking in?
 
Autobot8655 said:
My wife and I have been looking about as long as you have.
Click to expand...



How is the search going?


It's an eye opener, huh?


I went through it from the fall of 2008 into spring of 2009.


Lot of stress weighing all the options and pros / cons, and comparing specs. Went to so many goddamn open houses.
 
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Helico-pterFunk said:
How is the search going?


It's an eye opener, huh?


I went through it from the fall of 2008 into spring of 2009.


Lot of stress weighing all the options and pros / cons, and comparing specs. Went to so many goddamn open houses.
Click to expand...


Man we have went to like 20 viewings.

Honestly, the worst thing about it is that I know that I could get more house for less in the US.

I know that you are out in BC. I am in ON. Just across the border, shit is so much cheaper.

I feel like whatever I choose will be a rip off.
 
Autobot8655 said:
Man we have went to like 20 viewings.

Honestly, the worst thing about it is that I know that I could get more house for less in the US.

I know that you are out in BC. I am in ON. Just across the border, shit is so much cheaper.

I feel like whatever I choose will be a rip off.
Click to expand...



Stay positive / optimistic.


My dad's best advice during the process is to look for places that score at least a 7 or 8 out of 10 (or higher) ... and focus on those ones. Keep them in mind when comparing with other open house sheets / specs ... and don't settle for something that you know you won't be happy with ... just because.


I totally hear you re: the feeling of knowing you could get MORE house for less in the U.S. ... I felt that the whole process. I was watching lots of House Hunters and Property Virgins on HGTV ... just to see what was out there ... what people were looking for .. questions they were asking of realtors, etc.


In the back of my mind I kept thinking of the people buying nice houses in the U.S. for 300 - 400k ... which would only get you a 2-bedroom condo in B.C. back in the late-2000s, lol. Those same 2-bedroom condos are 600 - 750k assessed here now. Crazy world.
 
BUU said:
Its been a few months and Im still looking.
This is the got damn pitts!!
got a loan but at 6.20% with 150k down???? FUCK!!!!
got about 150k plus closing cost to put down and these bitches still want 2000+ a month on a $300k house?
and the got damn taxes!!!
and fuckin HOA fees!!! who the fuck they think they are?
OR
go under 300k and get a house that smells like a wet sock with foundation/roof issues...
Click to expand...
You mean 15k down?
 
Autobot8655 said:
damn...that interest rate is crazy. Your credit is causing that.

Did you go through a broker or straight through a lender?

Unless you are in a need to buy situation, I would just continue to build my credit and keep stacking cash

My wife and I have been looking about as long as you have.

What market are you looking in?
Click to expand...
From what I am hearing that is a little low these days unless you are buying a house out in the sticks. In the long run you will loose money getting a home in the outskirts. especially on travel and commute to work
 
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