Reddit first time home buyer

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 …

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.My fiancé’s dad owns the home (worth about $520k) and he is wants to sell it to us for $380k. We asked for the loan for $380k and my fiancé’s dad wants to also cover the closing and all from that $380k. (About $32k). He would net about $340 from the sale, which he is fine with. I made a gross income of $126,000 this year + a 12,000 bonus.View community ranking In the Top 1% of largest communities on Reddit. First-Time Home Buyer . My wife and I are looking to buy a home within the next 1-2 years. ... In a lot of states there are programs for first time home buyers you can complete that will grant you some money when buying a house. I'm in New York and through my credit union I ...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.As far as taxes, yes NJ is high on average, but there's still a lot of variability. Looking at the property tax bill of a property here is almost more important than looking at its listing price. Sometimes you can find a property with a $4,000 yearly bill, and the next town/county over, the same house (at the same list price) costs $15,000 yearly. My fiancé’s dad owns the home (worth about $520k) and he is wants to sell it to us for $380k. We asked for the loan for $380k and my fiancé’s dad wants to also cover the closing and all from that $380k. (About $32k). He would net about $340 from the sale, which he is fine with. I made a gross income of $126,000 this year + a 12,000 bonus. If you take home $9500/month, your gross is probably around $12k/month, and you may make too much for some programs. You’ll need to research what’s available in your state, and find a lender that offers the program as not all lenders do. Also, many of the grant programs will have higher interest rates. It’s basically a trade off - you ... Like many businesses, the real estate market took quite a hit at the beginning of the COVID-19 pandemic. However, the market is finally rising once again. In fact, many first-time ...

If you have to pay $80 in PMI for ALL of those 5 years, you would have paid an extra 5K, so your net is still $89K profit - tax free. Then you find your next $300K house, put 20% down, and have $29K left for other things. Broad numbers and there are other factors, but you get the idea. For context, I purchased a $170K home in 2015. The current market value is $420K based on past photos and details. Between the upgrades, changes, and landscaping that I mainly did - it’s worth at least $700K or more honestly. What does it mean to be Reddit first-time Home buyer? Reddit First-time home buyer programs Eligibility. Reddit First-Time Home Buyers Programs. …First-time home buyer in NJ. Hello, I am researching on buying my first home in NJ. I have been a permanent resident in the US for quite a few years with a good credit score (~800). I know there is a first-time buyer mortgage program that indicates if you have not owned a property in the past 3 years, you are qualified to enroll.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 ...There are a couple of programs that are available nationally. Check out National Homebuyers Fund, Chenoa Fund, and Neighborhood Assistance Corporation of America. A few lenders also offer assistance, for example Bank of America, Chase, and Ameris bank (not sure if this last one is in your area). Hope this helps, good luck!!

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.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.FL First time home buyer program. Hello there Floridians, It’s been a couple of years since I thought of buying a starter home here in FL (central FL ~200k max) due to increasing rent prices. and now I’m doing my due diligence to gather much information in buying my first house and though maybe I could pick your thoughts or experiences with ... 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.

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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.151. 335K subscribers in the FirstTimeHomeBuyer community. The ultimate subreddit for everything a first time home buyer NEEDS to know.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 ...The proposed 10% purchase price up to $15k tax credit is exactly that - proposed and not enacted. Back in 2008 Congress passed a law allowing for a tax credit of $8k to first time homebuyers. Some members of Congress have been trying to reintroduce a similar credit since 2021, but it has not gained much traction, much of this due to the fear of ... Understand what your home warranty covers, and pay attention to things like roof age, gutters, A/C and furnace age, trees close to the house, window age etc. Ask for utility bill costs to gauge efficiency of the home. School ratings increase resale value, so keep that in mind if you are buying a 3 bedroom. Beware of any HOA. Good luck. Are you tired of the clutter in your home? Do you have old furniture that no longer fits your style or needs? If so, it may be time to sell your furniture and make some extra cash....

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. CalHFA is entitled to 15% or 20% of the appreciation gained the purchase date. Whether you pay 15% or 20% will depend on your income. Per the guidelines, buyers whose income is between 80% - 150% of your county's Area Median Income (AMI) pay 20% of the appreciation. Most buyers are going to be within this range.Reddit users share their advice for first-time homebuyers, from budgeting to inspections to location. Learn how to buy a house with someone you are not married to, …The old general rule was that you needed 10% + saved to cover down payment and closing costs. Nowadays you can getl loans from 3 to 5% down + closing costs. This would be around $8k MINIMUM plus about $500- $1000 in closing costs on a home of $245k. To me it doesn't sound like you have enough saved.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.You also pay all closing costs, no seller credits allowed. APR for a 10/6 loan was 3.75. If nothing else Navy Fed might match Alliant. If you’re in a super hot market like LA or Boston or Austin, most sellers won’t accept a 100% LTV loan though. r/FirstTimeHomeBuyer. Talk to a realtor. Watching videos might help to an extent but going and checking out houses witha realtor is the best way to learn. Even if you are not ready to buy now tell your realtor about that upfront. 2. JerseyKiwi. • 1 yr. ago. I bought the Dummy's series book on first time home buying, just off Amazon. A good first-time home buying class can be free or low-priced, and can teach you about loan options, the buying process and how to apply for a mortgage. Browse …First time home buyer stress. Okay so my husband and I will be first time home buyers soon and I literally cannot handle the stress. We both work full time and I am constantly answering texts and calls during work about the house- some of which send me into a mental spiral of panic, confusion, and fear that we will not be able to afford our ...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 ...Jul 2, 2023 ... ... house. Also check your state to see if there is any first time home buyer assistance, ours has $15k. We also have $10k as an emergency fund ...

For applications submitted on or after May 1, 2022, the base incentive amount is $10,000 for first-time homebuyers with a household income at or below 80% of the area median income. That’s 62k for a household of one. Reply reply. Puzzleheaded-Lab3330.

Jul 7, 2023 ... Are there any 1st time home owner grants you recommend? Which lender did you go through? What type of loan did you use? Conventional, FHA, WHEDA ...The first-time homebuyer incentive has been discontinued by the Canada Mortgage and Housing Corporation (CMHC), the federal agency announced on …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 ...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.Not sure why people buy a house and then turn around and look at the market. Your home is your home. Most if not all FTHB bought their first home to live in to beat rents, …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.Take a first time home-buyers course (free from VHDA) here. Very helpful and walks you through the process from scoping out your finances to working with an agent to selecting a mortgage provider to home inspection. Do the financial budget exercise seriously, even if you have good budgeting/spending habits.

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You can fix anything yourself. Start looking for sales of Ryobi battery operated tools at Home Depot. If you think something needs to be replaced, get 3 quotes and tell them you are getting 2 other quotes. Otherwise you’ll get 3 high quotes. OlafTheDestroyer2 •. Agreed, but let’s substitute Reddit for YouTube.In reality, if you don't have money in the bank that can go towards a down payment or closing costs, you're not in a strong position to buy in this market. Even with down payment assistance you still need money to purchase. I'd be happy to chat more about it if you send me a dm. r/FirstTimeHomeBuyer.Carpets have been a treasured indoor decoration going back thousands of years. The Persian, Indian and other Asian cultures have developed a heritage of making fine carpets that ha...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... 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 ... 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. 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. 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. ….

Learn. First Time Home Buyer Tips. First-Time Home Buyer Tips: A Guide. March 12, 2024 9-minute read. Author: Carey Chesney. The lure of first-time homeownership is …If you think that scandalous, mean-spirited or downright bizarre final wills are only things you see in crazy movies, then think again. It turns out that real people who want to ma...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 ... First time home buyer. 1 / 3. My fiance and I recently bought a house back in April. Since then there have been several heavy rains unusual for the area. However our basement has flooded twice in 4 months. The first time wasn't bad I merely cut away the insulation and cleaned up the water. The first Photo is the second time it flooded. There isn't really a general first time buyer program though. There are several national programs to encourage homeownership that are not limited to first time buyers, so you could use your combined income. FHA and USDA rural are the two big ones.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 ... 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. 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 ...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. Reddit first time home buyer, [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1]