2024 Reddit first time home buyer

Good, short guide for 1st time home-buyers? Housing. 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 …. Iron cowboy

My specialty is first time home buyers. It is up to $10k for either downpayment or closing costs. I'll send you a PM. tomnjmlo • 9 mo. ago. Most common down payment assistance program is with the NJHFMA which is through the state. Eligibility for these programs depend on income limits and as another poster said it’s a 10 or 15 thousand ... Think before buying a home at your max loan amount because the higher the loan the bigger the monthly payment and the larger a deposit you will need. Down payment on a house is usually 20% of the total loan amount depending on where you live. FHA and VA loans might be different. Looking for a house: Never buy a house the very first time you ... r/FirstTimeHomeBuyer. • 2 yr. ago. nyelnatalia. First time homebuyer??? where are all these so-called perks!?? PLEASE HELP. Hi guys, my husband and I are first time …Put a 20% or more down payment to avoid additional fees during mortgage. timing the property tax payments (2x per year) will give you a $5-15k savings you don't have to pay until you sign the title. look into duets, duplexes, halfplexes etc these type of SFH's that are arguably return a better value than condos.Realtor here. You need to find a good local realtor and a good local mortgage broker. These first time buyer and assistant programs are usually county and city level bond or grant programs with very specific requirements, many times including you taking a class well before finding a home to buy.by koala5643. First-time home buyer! Is 5.29% a good rate for 2022? **EDIT: 5.49%, not 5.29%! Just got pre-approved from Chase for $350k* for a condo in Chicago. They've offered a 5.29% interest rate on a 30-year fixed loan. Our annual gross income is about $125k, and we carry no debt. My credit score is 740-799 range and his is 800-850 range. 333K subscribers in the FirstTimeHomeBuyer community. The ultimate subreddit for everything a first time home buyer NEEDS to know. 333K subscribers in the FirstTimeHomeBuyer community. The ultimate subreddit for everything a first time home buyer NEEDS to know. Recently, Reddit user u/Throwaway062221 took to the subreddit r/FirstTimeHomeBuyers to commiserate about the challenges of being an actual …First of all, you don't need 20% down and honestly you probably shouldn't attempt to pay that for your first house. Concentrate on getting a house/location you don't hate, but look to probably put 3-5% down, plus about $10k in closing …You will get approved for a maximum loan you can barely afford. Houses are expensive but you’ll also want paint, furniture, appliances, and likely some repairs. These things add up so plan on spending an additional 1-2% of that cost every year just on house stuff. 14. bugsyk777. • 2 yr. ago.Some national ones that are good is Sofi, Quicken, Better, Lenderfi. They are mostly the same tbh. Just try to get the best rate and get it rate matched with the one that gave you the best customer experience when shopping. ZangiefThunderThighs. • 2 yr. ago. Honestly, whoever gives you a good rate.In today’s fast-paced world, having a high-quality music system at home is essential for those seeking to enhance their entertainment experience. Bose, a renowned brand in the audi...First time buyer of a condo. All outside appearances (grounds, common areas, etc.) look extraordinarily good. Really well maintained, clean and decorated with a lot of attention to detail. Unit itself was just fully renovated. Brand new kitchen and bathroom, original hardwood floors refinished and everything newly pained.5. balanceandpeace. • 9 yr. ago. Duct tape and scissors -- make sure the scissors aren't sealed in a box somewhere. Garbage bags and paper towels. One of the last boxes you pack, and of the first you want to open is bedding material. Make up your bed before you start unpacking anything else. 3.Dave’s first choice is always 100% down. But if you are first time homebuyer you should aim for at least 10%. Some first time homebuyer programs have no PMI if you are over 80% LTV but these can come with a higher interest rate. Just make sure you have a pile of cash for down payment and a pile of cash for closing costs.There are down payment assistance programs available but you do not have to be a first time home buyer. They give 3-5% of the home price for your down payment. Credit score requirements are 640 and you have to qualify for a mortgage. I think the income cap is around $110k a year but I’d have to check the exact number.by koala5643. First-time home buyer! Is 5.29% a good rate for 2022? **EDIT: 5.49%, not 5.29%! Just got pre-approved from Chase for $350k* for a condo in Chicago. They've offered a 5.29% interest rate on a 30-year fixed loan. Our annual gross income is about $125k, and we carry no debt. My credit score is 740-799 range and his is 800-850 range.Sep 13, 2023 ... It would depend on your situation but a conventional loan is generally the best. Waiting on interest is only something you can decide on ...First time home buyer Questions. I've been working for a year out of college and have about 50k in cash saved up and make 80k/year before taxes. I'm hoping that will be enough for a down payment on a townhouse (<300k) but I'm just lost and confused at this gigantic task before me. What resources would you guys recommend for first time home ...Some localities offer first-time homebuyer grants however you have to make UNDER a certain amount of money to qualify and then are often paired with FHA loans which charge PMI and have a higher interest rate. In DC there is a tax credit first-time buyers can utilize. Ask your Realtor or lender. And congrats on deciding to buy your first home!5. balanceandpeace. • 9 yr. ago. Duct tape and scissors -- make sure the scissors aren't sealed in a box somewhere. Garbage bags and paper towels. One of the last boxes you pack, and of the first you want to open is bedding material. Make up your bed before you start unpacking anything else. 3.There is no such thing as a first time buyer mortgage. Most first time buyer programs are down payment assistance, and sponsored at the state or local level. Because you are using other people's money, there are many hoops to jump and rules to follow. Good news is that FHA is not a first time buyer program, and allows down payment of as little ...I won’t lie, I sometimes even rent a hotel room if a date is going well enough (and they’re still around after I explain my current living situation) so we can have some privacy. The Finances: Salary - 79k. Take home - 5200 a month. 401k - stopped this completely to save for a down payment faster. Monthly reoccurring Expenses:I'm working on purchasing a home from a friend of mine using the VA loan. First time using the loan, I'm going through Penfed and since he's selling it to me, there is no realtor involved. I'm 70% disabled with TDIU, so my current state …First time buyer of a condo. All outside appearances (grounds, common areas, etc.) look extraordinarily good. Really well maintained, clean and decorated with a lot of attention to detail. Unit itself was just fully renovated. Brand new kitchen and bathroom, original hardwood floors refinished and everything newly pained. It was $12,500, in 1952. As long as you were fiscally responsible at purchase and keep making your payments, it’ll be fine. You’ll look back and realize it’s all good. So save yourself a lot of stress and just breathe through it for the next 6-12 months. It will get better. No, the first time homebuyer incentive is NOT worth it in my opinion. Unless you really need it, you’re essentially putting an additional mortgage on your home. 7. carnewbie911. • 3 yr. ago. If you need that extra 5% then it's worth it. If you don't need the money, don't use it. You are losing 5% equity in your house. 4.Are you in the market for a new television? With so many options available, it can be overwhelming to navigate through the sea of choices. Whether you’re upgrading your current TV ...I won’t lie, I sometimes even rent a hotel room if a date is going well enough (and they’re still around after I explain my current living situation) so we can have some privacy. The Finances: Salary - 79k. Take home - 5200 a month. 401k - stopped this completely to save for a down payment faster. Monthly reoccurring Expenses:grumpyITAdmin • 2 mo. ago. Yeah, never EVER waive the home inspection. Your realtor was wrong to advise you to waive it, especially as first time homebuyers. I know how tough it is because I'm also in the market and I've lost 13 offers so far, some of them to people who waived inspections.There are also several non profits Neighborhood housing & Jubilee housing which help people secure loans for purchase and for rehab. I secured a CDA state loan with the help of Neighborhood Housing, in 1985. Stayed there for 16 yrs then moved further in town in 2001. Baltimore city has a wide range of houses and neighborhoods.Are you looking for a new home in the Houston area but don’t want to break the bank? Look no further than the new homes in Katy, TX under $150,000. This vibrant city offers a great... Hello! I recently offered on a house and backed out after inspections which cost me $2100. I now have $2055 and a house I like that is 190k. My dad is going to give me 10k as a gift to purchase a home. First-time home buyer programs in Chicago or Illinois. As the title says, I’m hoping to purchase a condo in Chicago before the end of the year. I know there’s a lot of resources to help first-time home buyers but wondering if anyone can lend some insight to programs they participated in (e.g. SmartBuy, etc.) I don’t want to get to the end ...View community ranking In the Top 1% of largest communities on Reddit. First time home-buyer, but common-law partner is not. My partner bought a house ... When I am ready to buy a house, using only my credit and credentials, will I be considered a first-time home buyer? Will my partner's house and expenses affect me in the process ...In today’s fast-paced world, having a high-quality music system at home is essential for those seeking to enhance their entertainment experience. Bose, a renowned brand in the audi... Good, short guide for 1st time home-buyers? Housing. 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 the process? e.g.: Step 1: get pre-qualified and compare rates among lenders, Step 2: etc. Archived post. First-time home buyer programs are specifically created with you in mind, with the goal of assisting renters in becoming homeowners by providing them with …Note this is our first home to live in, not necessarily our first time owning real estate - bought in 2019. Combined Take Home: $14k / month (this is likely more relevant since our taxes are very high in Canada compared to US counterparts our combined income is $270k) Home Price: $1.4M - our income just squeaked in at allowing us to buy this.DPA's are great, they will lend you the DP of 3% and essentially cut your total cash needed in half. $500k house in MD may cost you ~$35k out of pocket, with MMP it will be closer to $20k. The trade off is that the MMP comes with it's own interest rates that are way higher than market rate. Only the 3% DP loan is 0% interest, the other 97% loan ...Tips for First-Time Home Buyers. Learn strategies for saving a down payment, applying for a mortgage, shopping for a house and more. By Barbara …So, in year 16, there will be 1 adjustment up to 6.5% (cap on rate increase). I’m betting that I would have sold by that point or refinance. I’m willing to take that risk though, because the difference in equity and payments for that first 15 years is so much when comparing 2.5% to 4%. 1. wikipedia_answer_bot.Your in a tough spot. The market cost is high right now but the Feds are raising the interest rate in March. That means do you want to pay a lower interest on a house now at a higher cost or you could wait and risk the market crashing because of the interest hike. If the market crashes you will get a house for thousands cheaper but will the ...First-time home buyer programs aim to simplify the financial challenge of buying your first home. They can provide benefits such as competitive mortgage rates …The 31k came from the CalHFA program, which was divided in half to cover closing costs and down payment. The CalHFA loan pays itself off after living in the home for 5 years as a primary residence, if you move, refinance or sell the property in under 5 …One thing I would say that I didn’t understand as a first time home buyer was just how much it cost to get the keys. My gf and I had saved up for what we thought was our $10k down payment. It wasn’t much and we knew we’d …Artful Home is an online marketplace that connects buyers with unique and handcrafted artwork from independent artists. With their commitment to customer satisfaction, Artful Home ... Well a few things. In certain states, first time homebuyers are exempt from paying transfer taxes which are very high where I live. Down payment assistance programs are great. We made just under enough money, and things lined up perfectly. They exist for first time home buyers. If your home value increases to $300,000 your payback would be 5% of the current value or $15,000. • ⁠You receive a 5% incentive of the home’s purchase price of $200,000, or $10,000 and your home value decreases to $150,000, your repayment value will be 5% of the current value or $7,500.100% financing is VA or USDA 3% Down is First time home buyer conventional loan, 3.5% down is FHA, 5% is min down for standard conventional. None of these is more or less likely to close. However usda and fha being government loans need a stricter appraisal. 11) Be careful with the brand new homes. You would not believe the cost cutting measures some of the builders take. Research the builder if you go that route and make sure they are reputable. Maybe discuss a warranty on certain aspects of the home. 12) Look up any fees associated with your neighborhood. HOAs, etc. They know their cost sensitive buyers can’t afford a $25,000 tile roof (3 roof quotes, all within 10% of 25k) right after buying their home… and I already bought my new place, so I can’t realistically afford to replace the roof while owning two doors. With the rising popularity of electric vehicles, more and more people are considering purchasing a Tesla. One of the key concerns for potential buyers is the availability of chargi...Some national ones that are good is Sofi, Quicken, Better, Lenderfi. They are mostly the same tbh. Just try to get the best rate and get it rate matched with the one that gave you the best customer experience when shopping. ZangiefThunderThighs. • 2 yr. ago. Honestly, whoever gives you a good rate.One thing I would say that I didn’t understand as a first time home buyer was just how much it cost to get the keys. My gf and I had saved up for what we thought was our $10k down payment. It wasn’t much and we knew we’d …First time home buyers here as well! We submitted an offer on a house that had showings stacked 3 couples deep. We had our showing set for 6 PM the day after it hit the market, and 2 other couples had showings at the same time. The market here is hot due to the extremely good public schools and job market.The $10,000 First-Time Home Buyer Tax Credit is a mortgage relief program to help low- and middle-income households stop renting and start owning. The program …If your home value increases to $300,000 your payback would be 5% of the current value or $15,000. • ⁠You receive a 5% incentive of the home’s purchase price of $200,000, or $10,000 and your home value decreases to $150,000, your repayment value will be 5% of the current value or $7,500.First time homebuyer programs. What are the good and bad first time home buyer options? I've heard and tried to read up some on down payment programs on state (I'm in CT) and federal. I'm trying to figure out this and it's a lot to take in. Any useful …Double check your grants don't raise your interest rate. Here in Oklahoma you can get a 5% gift from OHFA, but your rate will be about 1.3% higher than if you got a loan (FHA & conventional) without it. You should take a look at your state's housing finance agency website to see what programs and grants you may be eligible for.There are many lenders and brokers who offer conventional loans for first-time homebuyers with as little as 3% or 5% down payment. That credit union is one of many options that you have to choose from. If you have good, or better yet, very good or great credit, a conventional loan is much better than an FHA mortgage due to much cheaper PMI (and ...We love to boast about no state income tax, but man, we stick it to homeowners. You might be able to find a LOCAL OR STATE first time buyer program. There are no federal goodies. FHA is not a first time buyer program, but you can put as little as 3.5% down. So theoretically you have the down payment for a$ 200k house.When you’re in the market for a mobile home, one decision you have to make is whether to buy a new or used model. Buyers of used mobile homes usually choose the pre-owned option to...Open menu Open navigation Go to Reddit Home. r/FirstTimeHomeBuyer A chip A close button. Reddit Recap Reddit Recap. Get app ... I’m not sure if any bank works and you can just declare that account as your first time home buyer savings account Wish there was more info available. Reply reply more replies More replies. More replies.The ultimate subreddit for everything a first time home buyer NEEDS to know. Members Online • ... Like 124. I guess Reddit likes its balance. I mean it’s true tho if you can afford a mortgage at 7% then refinance in 10 years and you’re cherry Reply replyKeep in mind that a house should have a higher price tag than a condo, precisely because of the HOA fees. For example, a $270K house is comparable to a $220K condo, assuming condo has $300 monthly HOA and you're putting 20% down. I am a bot whose sole purpose is to improve the timeliness and accuracy of responses in this subreddit.1. Start saving early. When calculating how much money you need to buy a house, consider one-time expenses as well as new, recurring bills. Here are the main upfront costs to consider when saving ...The lender should not be telling you how much you can afford. All they do is tell you how much they're willing to lend you. Just because they'll lend you the money, doesn't mean you can afford to borrow it. On paper, I can get approved for a $800k mortgage, but the reality is I know it would ruin my finances to do so.This loan is for up to 10% of the purchase price of the home Be a first-time homebuyer Occupy the property as a primary residence; non-occupant co-borrowers are not allowed. CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization. Bought a $165k house on a 60-70k income in 2014. Step 1: start saving. Not just for a down payment, not just for closing costs but because houses have operating costs that you can't imagine. Expect to spend 1 to 2% of the cost of the house each year on maintenance. A Reddit first-time home buyer is defined by most government and nonprofit programs. The word, however, can be deceptive. If you haven’t owned a home in the last three years, you’re considered a first-time home buyer. Even if you’ve previously owned a property, you may still be qualified to participate in some first-time home buyer ...Nevada: $68 Million in Legal Marijuana Sold in June, $10.9 Million in Taxes Garnered. Just a reminder that Burning Man hired lawyers, and spread lies about the 70 page Hydrology review and 300 page Environmental Assessment, in order to revoke a federal permit for renewable exploration near the playa . This is karmic retribution, and frankly ...A Simple Home Buying Timeline for First-Time Buyers. Many home buyers begin their journey before talking to a lender. Home-buying begins when you first see …I won’t lie, I sometimes even rent a hotel room if a date is going well enough (and they’re still around after I explain my current living situation) so we can have some privacy. The Finances: Salary - 79k. Take home - 5200 a month. 401k - stopped this completely to save for a down payment faster. Monthly reoccurring Expenses:Nevada: $68 Million in Legal Marijuana Sold in June, $10.9 Million in Taxes Garnered. Just a reminder that Burning Man hired lawyers, and spread lies about the 70 page Hydrology review and 300 page Environmental Assessment, in order to revoke a federal permit for renewable exploration near the playa . This is karmic retribution, and frankly ...Yes, this is normal. During the closing with the attorney, you will bring the downpayment and closing costs to the table. They will deposit the funds into escrow (basically a contractual holding account) where funds can be sent/released in different phases of the accounting process thereafter.Moral is, be sure to get it inspected and pay close attention to the basement/crawl space. “You can change anything about a house except it’s location. It’s better to have the worst house in the best area than the best house in the worst area.”. The ‘ol standard investment advise.

Oregon Bond Loan Program - Either 3% cash to assist in downpayment. or a 3.25% rate with no cash assistance, for the Portland area your income needs to be below $96,000 ( which I'm not ). Sucks that I'm barely over the limit, but hopefully someone else will enjoy a great rate or DP assistance.. 300mbps

25, first time home buyer, need advice. I'm looking to buy my first home in 12-18 months and would like advice on the finances of it all from someone other than my parents. The areas I am looking to purchase in would cost about $250-$300k for a two bedroom, one bath condo. I live in a big city. Salary: $64000, including bonuses.Hey everyone. Looking for some guidance in regards to buying my first home. looking for a house priced around $400,000 and I’m well above my 5% down payment for it. Unfortunately I don’t have a ton of knowledge towards interest rates so I really just want some guidance on if right now is an okay time to buy?You will get approved for a maximum loan you can barely afford. Houses are expensive but you’ll also want paint, furniture, appliances, and likely some repairs. These things add up so plan on spending an additional 1-2% of that cost every year just on house stuff. 14. bugsyk777. • 2 yr. ago. Early 2021 - Thought about buying house with potential date of early 2022 March 21 - Registered for the initial Homebuyer's Workshop given a date of May 22 May 22 - Attended Workshop July 8 - First Intake Counseling Session; met mortgage counselor who gave some minor requirements before approval July 14 - Follow-up session with counsellor. Dave’s first choice is always 100% down. But if you are first time homebuyer you should aim for at least 10%. Some first time homebuyer programs have no PMI if you are over 80% LTV but these can come with a higher interest rate. Just make sure you have a pile of cash for down payment and a pile of cash for closing costs.2nd time beat out by a cash buyer. Feeling so hopeless. 138. 73. r/FirstTimeHomeBuyer. Join. • 20 days ago.Dec 26, 2021 ... Starter guide? · Talk to lender and get pre-qualified or pre-approved so that you know how much money you're working with. · Start searching for&...When you’re in the market for a mobile home, one decision you have to make is whether to buy a new or used model. Buyers of used mobile homes usually choose the pre-owned option to...151. 335K subscribers in the FirstTimeHomeBuyer community. The ultimate subreddit for everything a first time home buyer NEEDS to know.First time home buyer loans have different underwriting guidelines, which usually includes limits on household income, and this is the main reason why someone purchasing their first home, might not qualify. That's not a bad thing by any means, it just means that you were more qualified and better prepared than the average first time buyer.First time home buyer Questions. I've been working for a year out of college and have about 50k in cash saved up and make 80k/year before taxes. I'm hoping that will be enough for a down payment on a townhouse (<300k) but I'm just lost and confused at this gigantic task before me. What resources would you guys recommend for first time home ....

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