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EternalEnigma21 03-29-2005, 11:55 AM This may have already been answered, but for a first time buyer what kind of cash do I need to have up front? My Dad is always telling me to look at FHA loans, anyone know about these and what they're about??
The amount you come out of pocket depends on how much you spend on a house, the kind of market you are in, and what kind of financing options you decide on. But suppose you put no down payment on a house, and the house costs $200,000. You'd probly look at paying 5-6k in closing costs.
Like I said before, most lenders allow up to 3% back in cash/closing above the appraised price if you go conventional financing.
BDBohnzie 03-29-2005, 12:27 PM when i bought my condo 2 years ago, i was able to secure a 102% loan through the bank because I was a first time home buyer. I ended up putting like $450 down on a 80K condo. My interest rate is locked for the 1st 5 years of the loan, and can only go up a single percentage point from year to year. I make very modest monthly payments (which includes escrow), and am able to make double payments from time to time.
the biggest thing when purchasing is to make sure you are not living beyond your means. i know people not making as much as I am getting loan offers for much more than they can afford.
Monksdown 03-29-2005, 12:33 PM If anyone needs professional advice away from this site, please private message me. I am a licensed realtor, licensed settlement and title agent, and a marketing rep for a large Settlement company in Northern VA. We have 24 offices. I can answer any question you may have about specifics. And I love to give free advice to fellow skins fans. -eric
Schneed10 03-29-2005, 12:53 PM the biggest thing when purchasing is to make sure you are not living beyond your means. i know people not making as much as I am getting loan offers for much more than they can afford.
Great point. Rule of thumb that I often hear is that your monthly payment on mortgage or rent should not exceed 35% of your take-home monthly pay. You can certainly go higher than the 35%, but for most people it starts to become a cash crunch when you get up to the 40% range.
Great to know so many mortgage experts are on this site. I know some about the subject, being a financial type guy, but it's great to know we have so many professional mortgage experts here for advice. I might seek you guys out a few years down the road to check into refinancing options. Thanks!
BrudLee 03-29-2005, 01:28 PM I don't know if I qualify as a mortgage expert, but I've had few, so that puts me in the right category.
You're right Schneed, this is much better than at a Cowboys forum, where they debate "Chaw or Dip?"
TheMalcolmConnection 03-29-2005, 01:31 PM I like dip and if anyone says chaw is better I'm going to finish kissing my sister, bring my shotgun and my entire trailer park and come and getcha!!!
TheMalcolmConnection 03-29-2005, 01:31 PM It's great. We have deep political, mortgage and Question 3 discussion...
BrudLee 03-29-2005, 02:34 PM I like dip and if anyone says chaw is better I'm going to finish kissing my sister, bring my shotgun and my entire trailer park and come and getcha!!!
Well, I say Chaw - and if you don't like it, my uncle, my brother-in-law, and my nephew and I are coming to get you. And the two of us will kick your ass!
SmootSmack 03-29-2005, 02:38 PM It's great. We have deep political, mortgage and Question 3 discussion...
Don't forget we also discuss who the hottest women out there are!
TheMalcolmConnection 03-29-2005, 02:44 PM Cowboys forums also discuss the hottest women but normally that is limited to their own gene pool.
BrudLee, my uncle/brother can kick your sister/aunt/mother's ass! CHEVY RULES!!!
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