NKETLK: School this man on BUYING a house

45,242
13,869
Joined Feb 12, 2005
Housing market = whack....Cheaper than dirt if you're a buyer right? I want in on the action. My situation is I'm roughly a year out of college, payingcurrently around $23,000 back in loans. Is there any hints, clues, recommendations about me being able to play the mortgage game when I'm, I guessyou'd say in debt?

I know I have millions of questions because I haven't looked too deeply yet, but I figured I'd turn to my brethren at NT to give me some good info onwhere I could possibly start (talking to banks, real estate agents perhaps), things to look for, and if it's conceivable in my current position.

I figure I can bootstrap for a few years, because if the economy is like it is now...3-10 years down the road can be pay dirt if I can get some real estate.

Help?
 
12,908
839
Joined May 4, 2005
im in the process right now in buying a house... it sucks.... buy a house this year and you get a $8k back at the end of the year for being a 1st time homebuyer... i believe they passed something where instead of getting the 8k at the end of the year.. you can use it for down payment/ closing cost...
 
45,242
13,869
Joined Feb 12, 2005
Originally Posted by YoungTriz

im in the process right now in buying a house... it sucks.... buy a house this year and you get a $8k back at the end of the year for being a 1st time home buyer... i believe they passed something where instead of getting the 8k at the end of the year.. you can use it for down payment/ closing cost...

How tough was the lending process? Were they pretty lenient on allowing you to get a mortgage and what not?

Like I said...I got tons of stuff to learn, but I guess first off I'm wondering if the fact that I'm in the process of paying off loans already, ifthat hinders my chances.
 
12,908
839
Joined May 4, 2005
i think you cant be more then 43% or 45% debt to income.... FHA dont really require a high credit score.... but a higher one will help out on your intrestrate...
 
141
10
Joined Jan 25, 2009
I work in a real estate appraisal office, and this is definitely the best time to buy if you have the money. Housing is so cheap due to over supply andforeclosures in most areas. Obviously the good and more expensive areas are still stable but Im sure your not looking at that being straight out of college. Imnot sure howyou can get a house with your situation, but if you can, you can definitely get something decent for yourself for cheap. The problem is you willprobably need an agent to locate these for you and of course they require payment and commission. So if you really want to make a good move, find someone whocan give you access to MLS/MRIS, besides an agent so you eliminate costs. Here you can find all records, listings, foreclosures. This is what agents use. I usethis at work also and look at houses all the time, only thing is I only have access to it while at work. I may be able to help you out if you want. Good luck.
 
23,950
1,827
Joined May 18, 2005
Originally Posted by Dirtylicious

buy only if you can...not just b/c the prices are cheap
QFT, didn't know about this 8k thing

I heard going "half" on a house is a horrible decision but I want to have one by the end of the year
 

mexicansoul

Banned
942
11
Joined Oct 21, 2007
Originally Posted by Dirtylicious

buy only if you can...not just b/c the prices are cheap
AMEN!

and that tax credit thing is misleading in my eyes...You have to pay it back.
 
3,949
1,194
Joined Nov 16, 2001
Buy only if:
- you can put 20% down
- it'll cost apx. 30% of your take home pay
- you can afford it with a fixed rate
- you have 6 months saved up "just in case"
 
45,242
13,869
Joined Feb 12, 2005
Originally Posted by Dirtylicious

buy only if you can...not just b/c the prices are cheap

Probably the road I have to take. I'm not sure I have the financials to be able to pull it off while being comfortable with paying for everything else.

Thanks for the help DaKing, and everyone else....Doubt I'll do it, but I might just shop around and see what's out there just in case, because I reallywant to get in on this...Oh well.
 

mexicansoul

Banned
942
11
Joined Oct 21, 2007
Originally Posted by 651akathePaul

Originally Posted by Dirtylicious

buy only if you can...not just b/c the prices are cheap

Probably the road I have to take. I'm not sure I have the financials to be able to pull it off while being comfortable with paying for everything else.

Thanks for the help DaKing, and everyone else....Doubt I'll do it, but I might just shop around and see what's out there just in case, because I really want to get in on this...Oh well.
Trust me, if you dont think you can afford it...be patient.

I put a lot of money down and mortgage is 800 bucks a month but add insurance and property taxes and i'm at 1500 a month. A lot of people dont factor inthe taxes and insurance when they buy.

Be patient. Pay off your credit debt, be savvy and get a equity line for small credit card like purchases or home repairs...my rate for my equity is 2.9% soevery now and then I'll use it to fix things around the house.
 
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