Reddit first time home buyer

Hello all! This is my first post on Reddit so I apologize for any spelling formatting or grammar mistakes, I am also on mobile. My fiancé 23(m) and I 22(f) are planning on hopefully purchasing our first home this coming year. We would be first time home buyers, and in addition to that the first home owners in either of our families. We did a FHA Loan and received 4% down payment assistance through the first time home buyer program in CA. Our mortgage was very high with so little down and with pmi but we could afford it. Sold after just two years and made $210k. Put $160k on a brand new home still being built and have made another $200k on that house in just 8 months!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 ...Me and my wife are first time home buyers in Texas and Im a little nervous if we will get approved for a loan that will cover the house. The house we are looking at is a new construction costing about $245,000. We have to have $5000 earnest money at time of signing then we will apply for the loan. This will occur around March 1st 2022. Is buying a condo worth it? This is a question that many first-time homebuyers face when looking for a place to live. In this Reddit post, you can find different opinions and experiences from condo owners and real estate experts. Learn about the pros and cons of condo living, such as HOA fees, appreciation, resale value, and more. 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. For reference, we paid $496k for our home and PMI is $81 dollars a month. $200 a month less than other lenders were offering me. At the time (March 2021) the household income limit was $167k. There were also home price limits based on zip codes. Not sure of what those were, but our home qualified.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 bill revises the IRS tax code to grant first-time home buyers up to $15,000 in federal tax credits. As of November 22, 2021, the First-Time Homebuyer Act of 2021 is still a bill. It's not yet law. The program applies to all homes purchased beginning January 1, 2021. There is no end date specified, and the $15,000 tax credit could become ... 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. The ultimate subreddit for everything a first time home buyer NEEDS to know. Members Online I close on 11/16 and my rate is 7.625% is it worth tying to go back to the lender since the rates they offer now are closer to 7.25%Nov 29, 2023 ... Talk with several local banks to get the best rates and don't forget to ask about first time home buyer grants. Equitable bank is wonderful for ...Aug 22, 2023 ... Your realtor should be very familiar with the process. They should be able to provide you with references. I recommend placing 20% down and ...Given enough time, your home is virtually guaranteed to appreciate. You may have to wait out a valley (or two) if you wait long enough, but you will end up in the black. The better question you should be asking is: I plan on selling my townhome in ____ years. Do I think the townhome will have appreciated by then?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 …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.237K subscribers in the FirstTimeHomeBuyer community. The ultimate subreddit for everything a first time home buyer NEEDS to know.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.Oct 26, 2023 ... You can probably just talk to a realtor and they can walk you through the process. It's not overly complicated. Set a budget which only you can ...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.Biden to propose new $5,000 tax credit for first-time home buyers. ... as thousands of homeowners cling to low mortgages of 2 or 3 percent and avoid buying a …Dec 10, 2022 ... I don't think you need 20% down these days but most will require at least 3%. You also might not realize that closing costs along can be better ...I'm close with my dad and we'd like to buy a place together with my GF. My salary is 65k a year base and at least a 13% yearly bonus (usually 3-5%more). 13% is a conservative guarantee. $35k cash saved, $50k in my 401k (I put 15% away with a 4% company match), no debt other than $8k left on a car loan at $160 per month.First time home buyer loans (Indiana) There’s so many to choose from but every time I hear of a new one someone suggests another one. Original plan was going for a USDA loan being in Midwest I figured that be a easy one to look for but it’s a needle in haystack finding one In this county. Is there a complete list for all loans in Indiana/US.First Time Home Buyer in Los Angeles County. My husband and I started the process to buy a house finally and have been looking in my hometown of Long Beach which is in LA county. We were pre-approved for 830k FHA and 775k conventional but want to keep our monthly mortgage around 3000 or 3500 at the most. I thought we'd be able to find SOMETJING ... 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. I read that it could just be air quality issues and most of these could be remediated with a deep clean, HEPA filters, and dehumidifier, but being a first time homebuyer and listening to the speech of how it shouldn't be above 250, I'm starting to freak out. Any advice would be much appreciated! 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. Want to preface this by saying I completely understand that closing costs will vary depending on lender/home. I’m just curious to see what my fellow Texas First Time Home Buyers are paying in closing costs? We’re getting ready to begin the buying process and I’m reading so many different things. Thank you!Roomba vacuum cleaners have revolutionized the way we clean our homes. Their advanced technology and efficient cleaning capabilities make them a popular choice for many households.... The house was pretty tidy & I wanted to be aggressive. Thus I did asking price, mind you the home is a unicorn. If you have regrets about not asking lower just roll with the inspections and be thorough. Post Inspection you can ask for repairs,credits,lower price. You still have control, I’m selling & the potential buyer performed 4 inspections. Feb 21, 2023 ... I would definitely recommend talking to a lender, probably a couple of them. Here's a list of lenders that participate in IHCDA's first time ...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.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. A SONYMA low interest rate mortgage was the only first time home buyer “program” that co-ops were even willing to consider, in our experience. Co-ops don’t like things like down payment assistance programs because to them, it’s just another debt on your application, making you a riskier buyer. 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 …first time home buyer wondering about dry rot. hi reddit. i've got a question for those in the know: we're putting an offer on a house that, according to the disclosure reports, has about $15,000 worth of dry rot repairs (there was a repaired leak in a bathroom that, considering how expensive the repairs are, i'm assuming was the culprit). the ...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 ...If you’re considering adding a canary bird to your home, you may be wondering where to find live canary birds for sale. With their beautiful melodies and vibrant feathers, canaries... 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. Jul 13, 2023 ... The mortgage alone would be around 2,650 a month. Add in insurance and taxes and you are going to be at least around $3k a month for just your ...Nov 6, 2023 ... Thank you u/efFishency for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. I ...The median price for an existing home jumped to $356,700 last month, a 14.9% increase from the same period last year and the 114th month in a row of year-over-year gains. That price jump seems to have boxed many first-time homebuyers out of the market. They made up just 29% of home sales last month, a dip from 30% the month prior and 33% last year.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 interest rate raising ...JumpKP • 7 mo. ago. The new law allows a taxpayer to designate an account they have with a financial institution as a first time homebuyer savings account. However, although financial institutions may choose to offer such accounts to their customers, the new law does not require them to create or offer these types of accounts. If they do so ...Jul 2, 2023 ... You might want to consider a larger down payment. You can go as low as 3%, but that does not give you any real wiggle room if you and/or your ...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 …They make the process fairly simple and all you need to do is fill some forms out. 3 - In regards to contracts, there are some Conveyancing companies that do free contract reviews and only if your successful will then expect you to use them for the sale. Some other companies charge $200-300 just for a contract review.A little over $30k which includes $15k in points, $6k in prepaid taxes, $3.5k in legal/title, $1k in prepaid interest and $6k in escrow. House is around $725k. So 2% (and 2% in points) I closed 2 weeks ago our house was $82,000 with closing costs at 8,000. Our seller paid $5,000 towards closing and we paid $3000. Buying first home. Hello everybody, new to the sub. My wife (27f) and I (26m) would like to purchase a home in South Florida, where we currently live. We’re working on our credit scores after some hard times fell on us during Covid, she’s roughly around 620 and I’m at 580. Our debt is relatively low, we share one vehicle ($23k) and have ... 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 …Aug 22, 2023 ... Your realtor should be very familiar with the process. They should be able to provide you with references. I recommend placing 20% down and ...Offer accepted - go over pricing with client, get purchase agreement from realtor, have client sign disclosures, update any expired paystubs or bank statements etc. 1-2 days. Order appraisal (typically after inspection) typically about 1-2 weeks to get back. Order title work (typically about a week to get back.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.Honestly, it's kind of hard to define what a starter home is here....I guess it depends on your price point. You can find decent 2/3 bedroom homes in places like Greenfield or Mt. Washington that are around $200-250k. But you may need to make concessions on things like bathrooms, central ac, or cosmetics.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.Are you considering bringing a Dalmatian puppy into your home? These adorable and energetic dogs make great companions, but it’s important to do your research before making a purch...Published: January 23, 2024. First-Time Home Buyer Tips From a 20-Year Mortgage Professional. Prior to starting Homebuyer.com, I was a top-producing mortgage loan …For reference, we bought a 45 year old home, hired a sewer specialist, licensed PE structural engineer, general inspector, pest inspector, and pool inspector. BernardAff. •. You can use this number to get an appraiser or inspector nationwide 877-704-2614. partynwayne.The Budget provides $10 billion for a program to target down payment assistance to first-time homebuyers whose parents do not own a home and are at or …Open menu Open navigation Go to Reddit Home. r/RealEstate A chip A close button. Get app Get the Reddit app Log In Log in to Reddit. Expand user menu Open settings menu. ... I’m a first time home buyer in my 20’s with no idea how this works. House is a 1950’s ranch, originally listed Nov ‘23 for $345k. Price dropped to $325k in January.Famous_JettJackson. First time homebuyer -Should I buy!? (Florida) First time home buyer, in Florida. In my city Orlando (tourist capital) I'm completely priced out. My only choice is a new build because all the Pre-owned houses are extremely hard to get, lots of cash offers and I don't have a chance. New builds I have a chance but it's hard as ...Depends on the area and family size. I think long island, 2-3 person single family home capta the HHI limit around $126k. What county are you looking and how big is your family. Jmitch680 • 1 yr. ago. Oswego county and just me and my wife. Jmitch680 • 1 yr. ago. For Oswego county with a 2 person income, the limit looks to be $62,710.Go to a mortgage broker, a traditional bank, and an online bank. Shop around and get them to drive eachother down. In My experience the broker has always won. But the online bank was really quick with documents, so that was who we used to submit offers with as they could quickly get us a pre-approval letter. 1.Condo in Brooklyn, NY. 810 credit. $985K cost. ~50% down (wanted a nicer place, but had to put down more to make the monthlies more affordable). 3.79% fixed rate, 30-year through First Republic's Eagle Loan program. Closed in March this year, but had the mortgage commitment from First Republic in January.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.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...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. 1B @ $650k x 10% compounded growth = $1.046M. That means almost $400k bonus equity. Subtract $50k realtor fees and you have $350k surplus equity. If you had out 10% down on the 1B you now have $415k equity, plus you will have paid off about $100k over the 5 years on a 2.5% interest rate. So round down to $500k total. 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. 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.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 ...We make $110,000 a year combined and are 21 and 22. Have paid off cars that will need replaced in 1-2 years and 3-4 years. Building quotes for our dream home unfinished basement is $2700-2800/month + ~$400 …Are you considering buying a pre-owned mobile home? Whether you’re looking for an affordable housing option or a vacation property, pre-owned mobile homes can offer great value. Ho...Investing in real estate is a significant decision, and buying an apartment is no exception. Whether you are a first-time buyer or an experienced investor, there are several factor...There's not a credit for last year or this year. The only deductions you might get are real estate tax and mortgage interest if you itemize your deductions on schedule A 👍. kcdc25. •. No. Closest thing is a mortgage credit certificate that you need to apply for with the original loan application.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 ...JumpKP • 7 mo. ago. The new law allows a taxpayer to designate an account they have with a financial institution as a first time homebuyer savings account. However, although financial institutions may choose to offer such accounts to their customers, the new law does not require them to create or offer these types of accounts. If they do so ...The ultimate subreddit for everything a first time home buyer NEEDS to know. Members Online I close on 11/16 and my rate is 7.625% is it worth tying to go back to the lender since the rates they offer now are closer to 7.25%I just bought a house a few weeks ago. One thing that stands out for me is the sewer system. Have it inspected. Eight days after closing on my house, lower level flooded due to clogged sewer lines in the front lawn.Here are six first-time home buyer loans and programs that are worth exploring. FHA loans are government-insured mortgages that require as little as 3.5% … 1B @ $650k x 10% compounded growth = $1.046M. That means almost $400k bonus equity. Subtract $50k realtor fees and you have $350k surplus equity. If you had out 10% down on the 1B you now have $415k equity, plus you will have paid off about $100k over the 5 years on a 2.5% interest rate. So round down to $500k total. Offer accepted - go over pricing with client, get purchase agreement from realtor, have client sign disclosures, update any expired paystubs or bank statements etc. 1-2 days. Order appraisal (typically after inspection) typically about 1-2 weeks to get back. Order title work (typically about a week to get back.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.Thank you u/shishir25 for posting on r/FirstTimeHomeBuyer . Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns. Other than just your standard bad builder stuff, the most ...There's not a credit for last year or this year. The only deductions you might get are real estate tax and mortgage interest if you itemize your deductions on schedule A 👍. kcdc25. •. No. Closest thing is a mortgage credit certificate that you need to apply for with the original loan application.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.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 …When it comes to selecting a garage door for your home, there are a multitude of options available in the market. Amarr is a well-known and reputable brand that offers a wide range...Famous_JettJackson. First time homebuyer -Should I buy!? (Florida) First time home buyer, in Florida. In my city Orlando (tourist capital) I'm completely priced out. My only choice is a new build because all the Pre-owned houses are extremely hard to get, lots of cash offers and I don't have a chance. New builds I have a chance but it's hard as ...Answering First Time Home Buyer questions on Reddit! I spend a lot of time on r/firsttimehomebuyer and I wanted to take some of the best questions to ask a … First Time Home Buyer. The ultimate subreddit for everything a first time home buyer NEEDS to know. 277K Members. 1.4K Online. Top 1% Rank by size. r/FirstTimeHomeBuyer. | Czngojl (article) | Mnzwvsgn.