Homeowners--first time buyer questions

[GoCubsGo]

I am completely surprised no one has mentioned FHA loans.

I am completely surprised my text is invisible. This makes it all much clearer now. 😀

 

[Tomorrow]

Beware becoming "house poor," OP. Just because the bank says you can afford a house of a certain value, that doesn't mean you really can.

We were offered a loan about 1.75x as high as we could really afford. It disturbs me that the lender - who knew all of our income and expenses - thought we could afford that much house, when my wife and I knew full well we could not.

Consider that your monthly mortgage payment will be roughly 1% of the home's price, once you add in taxes, insurance, etc.

 

[iJohnHenry]

I am completely surprised my text is invisible. This makes it all much clearer now. 😀

I'll grant him the 9 minutes difference, to craft his post.

Or he is colour blind for red. 🙂

 

[puma1552]

Great advice everyone, I have been away the past couple days working hard on the immigration process so that's been eating most all of my time...definitely have a lot to look into here, and will definitely be coming back to this thread with more questions as the time approaches.


Appreciate all the advice.🙂

 

[Sdashiki]

I'll grant him the 9 minutes difference, to craft his post.

Or he is colour blind for red. 🙂

Im going with the latter...

::sheepish::

 

[sushi]

Great advice! 🙂

One thing to remember, is that banks love to provide mortgages that you can't afford. This is one place where you want to be conservative.

Also, when moving to a new area, as mentioned above, learn the area before buying.

 

[puma1552]

Definitely some good advice in here, I've learned a lot since making this post over the past six months of researching the house purchasing process, and was actually meaning to bump it (thank sushi!), and rethought a few things, but I do need to go back through and read it all again.