Buying first house, Tips? - Ford Powerstroke Diesel Forum
Off-Topic Discussion of All Non-Related Topics

Powerstroke.org is the premier Diesel Truck Forum on the internet. Registered Users do not see the above ads.
Reply
 
LinkBack Thread Tools Display Modes
  #1  
Old 08-06-2013, 01:19 PM
Chapter Director

 

Join Date: Aug 2012
Location: Davenport, IA
Posts: 2,839
Thanks: 4
Thanked 38 Times in 33 Posts
Feedback Score: 5 reviews
Buying first house, Tips?

Im looking to buy my first house here in a few months(mid winter) and i need some tips on how to go about doing it because i have pretty much no real good idea or experience with buying houses since my parents lived in the same house since i was born and ive just gone from apartment to apartment.

I know about what I can afford and what i want in a house but i need to know how to do the actual meat and potatoes part. Ive heard i will want to get a preapproval, problem is i dont have the liquid assets right now for a down payment until December/January when bonus time and performance reviews come around. So am i basically stuck waiting on doing anything until then or are there some steps i could take now to help prepare for when i actually have the assets and can get a down payment.

Currently i pay $630/mo for my 1000 sq ft 1 bed apartment so im looking for something that is at the most 600/mo for everything(mortgage/taxes/insurance etc.) for it to make it worth it/possible to me to move into a house. Does that sound possible or am i just screwed? Keep in mind cost of living here is pretty reasonable not like California or New York.

And selling my trucks is out of the question im fine with living in an apartment if it comes to that but i would like to get a house just because it would be nice building equity rather than lining the landlords pockets.

Any suggestions for a guy starting out in the real estate world?
Reply With Quote Quick reply to this message
Sponsored Links
Advertisement
 
  #2  
Old 08-06-2013, 02:39 PM
Compression Ignition Addict
 

Join Date: Sep 2011
Posts: 3,139
Thanks: 1
Thanked 40 Times in 37 Posts
Feedback Score: 0 reviews
I'm sure it's possible at $600/mo, but when you look at the nifty mortgage calculators and it says your payment is $600/mo, that's JUST on the house loan... not insurance, taxes, etc. It'll be more like $1000-1200 when it's all said and done.

I'm assuming you're young. I would say that selling a depreciating asset like a truck in order to afford an appreciating asset like a house is a good idea
Reply With Quote Quick reply to this message
  #3  
Old 08-07-2013, 06:01 AM
Chapter Director

 

Join Date: Aug 2012
Location: Davenport, IA
Posts: 2,839
Thanks: 4
Thanked 38 Times in 33 Posts
Feedback Score: 5 reviews
Quote:
Originally Posted by drunk on diesel View Post
I'm sure it's possible at $600/mo, but when you look at the nifty mortgage calculators and it says your payment is $600/mo, that's JUST on the house loan... not insurance, taxes, etc. It'll be more like $1000-1200 when it's all said and done.

I'm assuming you're young. I would say that selling a depreciating asset like a truck in order to afford an appreciating asset like a house is a good idea
The calculator on the actual reality website does include taxes but not insurance so i can kinda estimate from that

Yes i am, im 21 but like i said selling my truck is not an option, Its never gonna happen so if it comes to that ill live in an apartment until i can afford to buy the house. It would just be nice to get into a house as soon as i can.
Reply With Quote Quick reply to this message
  #4  
Old 08-08-2013, 02:30 PM
Compression Ignition Addict
 

Join Date: Jun 2011
Location: Southington, CT
Posts: 301
Thanks: 0
Thanked 0 Times in 0 Posts
Feedback Score: 0 reviews
It might be best to stay put for now. $630 a month for a unit is a pretty good deal til you can get situated in your own place. I know here in CT the banks would be wary of a 21 y.o. trying to get a house no matter how run down or small. Maybe they're more forgiving where you are.

My family is in land development/property management and own two apartment complexes and several houses so if you have any questions down the road hopefully I can help.
Reply With Quote Quick reply to this message
  #5  
Old 08-08-2013, 02:44 PM
Serving Our Country!
 

Join Date: Oct 2009
Location: goldsboro, north carolina
Posts: 3,833
Thanks: 1
Thanked 5 Times in 4 Posts
Feedback Score: 0 reviews
dont buy more than you can afford and become a slave to a payment. have reasonable expectations and be prepared to walk if the seller is unwilling to negotiate.
Reply With Quote Quick reply to this message
  #6  
Old 08-08-2013, 02:46 PM
Chapter Director

 

Join Date: Aug 2012
Location: Davenport, IA
Posts: 2,839
Thanks: 4
Thanked 38 Times in 33 Posts
Feedback Score: 5 reviews
Quote:
Originally Posted by acprimus631C View Post
It might be best to stay put for now. $630 a month for a unit is a pretty good deal til you can get situated in your own place. I know here in CT the banks would be wary of a 21 y.o. trying to get a house no matter how run down or small. Maybe they're more forgiving where you are.

My family is in land development/property management and own two apartment complexes and several houses so if you have any questions down the road hopefully I can help.
Yea i would probably have to have my dad cosign but im not too worried about my credit score last time i checked it was 750ish but that was before my loan on my SD. But yea i see what your saying i just have been doing the apartment thing pretty much since i turned 18 so im already sick of it but im not gonna do it if im not ready. Ill sure keep you in mind when i get the cash up to get started with the process
Reply With Quote Quick reply to this message
  #7  
Old 08-14-2013, 06:37 PM
Powerstroke.org Sponsor

 

Join Date: Apr 2010
Location: Defiance
Posts: 4,338
Thanks: 340
Thanked 95 Times in 91 Posts
Feedback Score: 1 reviews
Before you sign papers, make sure you get a known reputable inspector. Iowa is a bit far for me to drive to help you out. Lol

Sent from AutoGuide.com Free App
Reply With Quote Quick reply to this message
  #8  
Old 08-14-2013, 07:12 PM
Compression Ignition Addict
 

Join Date: Nov 2012
Location: las vegas, nv
Posts: 608
Thanks: 6
Thanked 9 Times in 8 Posts
Feedback Score: 0 reviews
Quote:
Originally Posted by Rammstein1224 View Post
Yea i would probably have to have my dad cosign but im not too worried about my credit score last time i checked it was 750ish but that was before my loan on my SD. But yea i see what your saying i just have been doing the apartment thing pretty much since i turned 18 so im already sick of it but im not gonna do it if im not ready. Ill sure keep you in mind when i get the cash up to get started with the process
A high credit score with no real history is no better than an avg score with real history when it comes to buying homes.

Sent from AutoGuide.com Free App
Reply With Quote Quick reply to this message
  #9  
Old 08-14-2013, 07:33 PM
Compression Ignition Addict
 

Join Date: Dec 2007
Location: Colorado
Posts: 882
Thanks: 0
Thanked 1 Time in 1 Post
Feedback Score: 0 reviews
Quote:
Originally Posted by jcain View Post
A high credit score with no real history is no better than an avg score with real history when it comes to buying homes.

Sent from AutoGuide.com Free App
100% agree, a bank and under writers are more apt to take someone with say a 680-690 that has over all good credit with say 1 ding on the report causing the lower score, then they are to take a person with almost no credit except one or two things that are small and negligible which will make the score higher.

I'm not saying it cant be done but when it comes to a home loan its a completely different ball game then a credit card type loan or car loan. they want to know there going to get there 200,000 dollars back or whatever it may be plus there interest
Reply With Quote Quick reply to this message
  #10  
Old 08-15-2013, 06:47 AM
Chapter Director

 

Join Date: Aug 2012
Location: Davenport, IA
Posts: 2,839
Thanks: 4
Thanked 38 Times in 33 Posts
Feedback Score: 5 reviews
Quote:
Originally Posted by hucorey View Post
Before you sign papers, make sure you get a known reputable inspector. Iowa is a bit far for me to drive to help you out. Lol

Sent from AutoGuide.com Free App
Haha yea i wouldnt want to drive to Iowa either

Quote:
Originally Posted by MacDougall View Post
100% agree, a bank and under writers are more apt to take someone with say a 680-690 that has over all good credit with say 1 ding on the report causing the lower score, then they are to take a person with almost no credit except one or two things that are small and negligible which will make the score higher.

I'm not saying it cant be done but when it comes to a home loan its a completely different ball game then a credit card type loan or car loan. they want to know there going to get there 200,000 dollars back or whatever it may be plus there interest
Oh yea i understand a mortgage is a totally different animal than a car loan, hell id want to make sure i got my money back too if i was them
Reply With Quote Quick reply to this message
Sponsored Links
Advertisement
 
Reply

Quick Reply
Message:
Options

Register Now

In order to be able to post messages on the Ford Powerstroke Diesel Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
User Name:
If you do not want to register, fill this field only and the name will be used as user name for your post.
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid email address for yourself.
Email Address:

Log-in

Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.



Thread Tools
Display Modes

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -8. The time now is 08:16 PM.


Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Search Engine Optimization by vBSEO 3.6.1
Garage Plus, Vendor Tools vBulletin Plugins by Drive Thru Online, Inc.

vB.Sponsors