FH and I are seriously considering buying something when the wedding is over, probably within the next 8 - 12 months...
For those of you that have bought houses, when did you start looking? And did you have to put down the full 20%? I've heard of some people being able to put less down, and then just have the mortgage payments higher.
FH and I rent now, but I'm so sick of throwing money away. I just want to buy something, even if it's small!
TIA!!!!!!!!!!
anjelagain
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Re: Girls that have bought houses...
the 20 percent is pretty strict now, can you move in w/ a parent until the wedding??
mybabylovesmoi
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Re: Girls that have bought houses...
It's never too early to start 'looking.' It'll give you a better idea of what is important in a house to both you and FH and give you and idea of what you get for your money.
FH and I started looking in May 09. We looked at many houses and in many neighborhoods that fit our criteria (Great school system, suburban, reasonable commute to nyc). Then we narrowed it down to the one town that we thought was perfect and then it was a waiting game for houses to pop up in our price range. We found a house in the fall of 09 and closed in late november. So probably a 6 month process for us.
You don't HAVE to put down 20% but you will pay a PMI which for us would've been an extra $120 or so a month on our mortgage? We did end up paying 20% though. That also helps you seal the deal sometimes if you have more of a downpayment. Sellers see you as a better candidate if someone else is also interested in the house but have a smaller downpayment.
I would also suggest spending time in the town you are thinking of buying in. Have lunch, drive around at different times of the day, etc. Helps you imagine if you could see yourself living there!
Good luck! It's a crazy ride but definitely worth it
KarynK
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Re: Girls that have bought houses...
We looked for a few months, but that was when the market was just dropping, and we thought it was going to go up fast. We were sooooooooo wrong! I say take your time, and really compare what you want vs what you need. We didn't put down 20%.
Soon2BMrsJoeBear
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Re: Girls that have bought houses...
thanks ladies! Yes, we're moving into FH's parents house for a little before the wedding, and now we're thinking of staying there a little longer to see if we can save $ to buy something. I'm so sick of throwing money away on an apt, so I'd really be open to staying there a little longer. My rent is probably as high or higher than some people mortgages and it's just driving me crazy!!!
We did see a few houses, and the town that we're looking in we grew up there so we know it pretty well.
The only problem is FH is still in school, but when he gets out he'll be making pretty good money. So maybe we should wait until then when he's on salary? Or we were thinking of having FIL's cosign for us, but i'm not really sure how all that works...
Jenn7982
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Re: Girls that have bought houses...
you don't have to put down 20%, we are doing it right now. We are getting an FHA loan, and we are putting down 3.5%. We also have to pay the PMI though, which is now up to 186 a month, and they say it will be going up again. FHA qualifications are very strict, and there is talk about them getting more strict come the end of this year. (meaning it will be higher than 3.5% etc) hth
lisam1113
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Re: Girls that have bought houses...
FH & I are hoping to do the same thing after the wedding. We're hoping whatever money we get back we can put as a down payment towards the house..
martea36
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Re: Girls that have bought houses...
We bought a house with the FHA loan. We put 4% down and used the rest of the money we were going to put down on upgrades for the house *in my opinion totally worth it*
It only took us 2 weeks to find a house we both loved!
JennylovesStephen
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Re: Girls that have bought houses...
FH and I bought a house 3 years ago But Im a realtor so I deal with this stuff everyday If you want Fm me I can answer any questions you have
KKS37
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Re: Girls that have bought houses...
FH and I just went into contract on a house! We will close a few months before the wedding.
Just go to a bunch of open houses. It will get you educated and it'll show you what you want and don't want in a house.
IMO, don't wait until he graduates. If you could afford something now, buy now. The market is good and rates are low. That way, once he graduates and you have more income, you can sell and make a profit to use towards a bigger house. All about building equity!
AugustFeather
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Re: Girls that have bought houses...
I bought a condo on my own almost 2 years ago and it was THE BEST thing I have ever done!!! Buying a condo is much less than a house and you won't be throwing money away on rent.. I couldn't be happier. SInce I bought it on my own, now that we have 2 salaries we are able to save for a house also one day AND possibly keep the condo to rent out. Who knows!
AugustFeather
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Re: Girls that have bought houses...
Posted by AugustFeather
I bought a condo on my own almost 2 years ago and it was THE BEST thing I have ever done!!! Buying a condo is much less than a house and you won't be throwing money away on rent.. I couldn't be happier. SInce I bought it on my own, now that we have 2 salaries we are able to save for a house also one day AND possibly keep the condo to rent out. Who knows!
ETA: actually the best thing I have ever done was find my FH and plan our lives together lol.. yes I am a mush
MikesBride2B
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Re: Girls that have bought houses...
Its better to be able to put as much down as you can...if you can wait until you have at least 20% to put down, I would.
That being said, DH and I are in the process of buying a home and are only putting 10% down (we were pre-approved for an FHA loan). The problem with putting less than 20% down is that you have to pay mortgage insurance until your payments have put you at 20% of the buying price, which is obviously an added expense. The other problem with an FHA loan is that the government is very strict...if you were looking to buy a fixer-upper they won't let you. We are looking at a house right now that doesn't have a bannister on the staircase and were told that if the owner did not put one in there's no way they'd give us the loan.
I wish we had 20% to put down...but if we waited until we did we'd be renting for another 10 years and I really didn't want that. We've outgrown where we are and I want my monthly payments to be going towards something instead of down the pooper.
