Questions by users purchasing a home for the first time, and questions relating to the various first-time home buyer credits.

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2
votes
1answer
104 views

Rent or buy a house in a poor country?

I have a very simple question - rent or buy a house in a poor country when you have a stable income? There are many articles on this topic but I cannot find the right solution for my specific case as ...
3
votes
1answer
102 views

As a young person in his early 20s, when should I start thinking about buying a house?

I am saving up whenever I can for my future house downpayment, but I don't really have goals like : Have $X when I'm Y years old Buy a house at age Z Are there good guidelines to have? Goals? What ...
0
votes
1answer
131 views

Buy a new home or stay on rental flat?

I got married a year back. My husband and I both are working professionals. we both are earning well and can save 50000 per month combined after deducting our rental of 25000 per month and all other ...
5
votes
2answers
377 views

Withdrawing $10,000 from two IRA accounts for first time home buyer expenses

I am married and looking to buy my first home. I am planning on withdrawing around, but not more than, $20,000 for use as a down payment. There are two IRA accounts under my name, both opened by me. ...
0
votes
1answer
69 views

Buying a house after graduating from college

I am 22 years old and I am a recent graduate from college and I have been offered a job that will start me off at $50,000 a year. My question is, can I afford a house and if it is a good idea to rent ...
1
vote
1answer
50 views

First Home Purchase - Understanding Closing Costs

My loan officer earlier gave me an estimate of $11,485 towards closing cost, now when I applied for loan I see the estimate going up to $17,110. For example the Origination Fee Charge ...
4
votes
4answers
652 views

Buying a building with two flats, can I rent one out and still get a residential mortgage?

I'm looking to buy a house (first time buyer) and I've seen an interesting property that is currently a (empty) retail space on the ground floor, and the above space is a self-contained flat (which is ...
3
votes
1answer
94 views

Understanding Gift taxes for mortgage downpayment

We have finally decided to purchase our first home and we plan to borrow interest free money from friends and family to pay off 20% downpayment and get cheaper interest/escape PMI. IRS says .. "The ...
0
votes
0answers
67 views

First time buyers in the UK

Are there currently any grants or interest free loans available to first time buyers in the north of England on a home worth around £145,000? My partner and I are looking to purchase a house in the ...
1
vote
2answers
105 views

If I have a home loan preapproval letter for x, can the seller know this without me explicitely telling them?

So, where I live there is in a major seller's market. Houses are sold within days of listing, which makes things like getting loan approval for houses a bit of an issue. I know I can get a blank ...
0
votes
0answers
38 views

First time buyer in Ottawa and need some advice!

Hi im thinking of buying a home in Ottawa south for 350,000$ and im going to put 25,000$ as a down payment. I will be moving to another country in 3 years so i will have to sell my home. Do you think ...
0
votes
3answers
188 views

What are the living costs of owning a condo?

My wife and I are thinking about saving up to purchase a home. Because housing is so expensive, and because we're a single-income household at the moment, we're considering a condominium as an ...
1
vote
1answer
85 views

What sort of demands is it reasonable for a home loan lender to make on the borrower, if any?

What sort of demands is it reasonable for a home loan lender to make on the borrower? For example, if a first-time home buyer with a FICO score in the 600s relocates to another city and applies for a ...
1
vote
3answers
189 views

How high a mortgage can I afford at my current rate of monthly rent payments?

I've been considering home ownership, and all other things equal, I'd like to know how much of a mortgage I can afford based on the rent I currently pay. Not including heat and hot water, I pay ...
1
vote
0answers
88 views

FHA loan just commenced : Any way to get any of the up-front mortgage insurance back?

Background : I ended up in a nasty situation where my FHA lender had over 7 weeks to prepare, and through indolence, was going to miss closing. Lender became very unresponsive - multiple multi-day ...
4
votes
1answer
104 views

Can I put IRA $10K withdrawal back into account within 120 days?

If I take $10K out of IRA for first time home purchase, use it and then come up with extra $10K within the next 4 months, can I put that $10K back into the IRA within the 120 day period (i.e,. ...
3
votes
4answers
209 views

Borrowing from my brother for the downpayment of house?

I am looking to by a house real soon. I definitely want to avoid PMI and put down 20% which amounts to about $100K of initial payment. I have no debt whatsover (no credit card/student/car loans). I ...
1
vote
3answers
318 views

UK - Borrowing house deposit from parents

We are thinking to buy a house and our parents would like to help us with the deposit (as we don't own that sum). The idea is to give the money back someday. Now the questions: How do my parents ...
1
vote
2answers
134 views

Maximize my 401K and IRA, or save more for home downpayment?

I graduated a year and a half ago, and for the past year I have been maximizing my 401K and Roth IRA contributions. I further save for a house downpayment. Due to a recent surge in house prices, I ...
4
votes
2answers
393 views

Should I pay off a student loan before getting a mortgage, given I have a large deposit?

I live in the UK, and have a ~£15K student loan that I started in 2007. That means that I pay extremely low interest on it (lower value of "RPI" and "Base Rate + 1%") and that I only ever pay it out ...
2
votes
1answer
36 views

Spousal RRSP account

I am a first time home buyer and am thinking of making use of the HBP (Home Buyer's Plan). Both me and my wife are currently employed and have RRSP accounts in financial institutions through our ...
1
vote
1answer
67 views

Can the Home buyer's Plan (HBP) RRSP repayment start from the same year in which the loan is taken?

I am a first time home buyer and am thinking of making use of the HBP (Home Buyer's Plan). I have $35,000 in RRSP contribution limit. I am planning to deposit $25,000 into my RRSP account and $10,000 ...
2
votes
2answers
620 views

Whats tips do you have for someone beginning to invest in property?

For a first time investor interested in investing in property, what are the options? Would they be better off buying their own home and holding it for capital growth, or a buy-to-let property they ...
1
vote
2answers
180 views

How do you choose which mortgage structure is appropriate when buying a home?

My lease is up in 1 month, and I'm looking to buy a home in the next 4 weeks. I have narrowed it down to two that I am interested in. I'm wondering about the type of mortgage I should get. Which ...
3
votes
3answers
824 views

Should I buy my house from my landlord?

The situation This is a specific situation, but hopefully the general themes of the question will be helpful to others. I read the question at In general, is it financially better to buy or to rent ...
2
votes
2answers
92 views

Does FHA goes hand in hand with PMI ?

I am curious: Can a first time home buyer put a %20 downpayment (to escape the PMI) and still have that low HUD APR? Do HUD and PMI have to go hand in hand ? This is what I think: if I am a ...
1
vote
1answer
148 views

HRA + Home Loan for under construction Property

I know this question has been asked many times earlier but the answers are too technical for me to understand. Request your guidance (at dummy level). I am living in a rented house. This year (F.Y. ...
0
votes
2answers
142 views

First time homebuyer/investor: How to best allocate money towards paying off mortgage?

I am 23 with no debt and planning on purchasing a house. I've been running through many hypotheticals and decided to post an example to see what others think since this is a significant decision. I ...
0
votes
1answer
101 views

Ready for my first home

1.Apply for a mortgage I have heard that I should shop for many lenders. Here is a few questions related to this: 1.1 My friends tells me that I should look for a good lending company and I should ...
1
vote
2answers
89 views

Withdraw from IRA or regular savings for First Time Home Buyer?

What is the optimal way to source the funds for down payment of a first time home buyer? I understand if I withdraw 10k of an IRA account there will be no 10% tax penalty, but there will be taxes to ...
20
votes
9answers
9k views

I earn $75K, have $30K in savings, no debt, rent from my parents who are losing their home. Should I buy a home now or save?

My parents have advised me to buy a home, as residential real-estate is still "cheap" (or what's considered cheap in my area). My parents have valid points, especially from an economic/investing ...
2
votes
2answers
218 views

Steps to buying a home

My wife and I are looking into buying a home. We are discussing home vs. co-op, I don't want the co-op I'm to worried about re-sale which I think will not exist. Basically what are some good steps to ...
0
votes
2answers
521 views

401k Rollover into IRA (First Time Home Buyer)?

WALL OF TEXT AHEAD. Ok so I don't even know if this is even "possible" but I figured I'd ask. My 401k plan I have is honestly pretty crap, zero matching, really poor rate of return (1-2% on average ...
3
votes
4answers
171 views

How to divide investment power between fixed asset and more liquid assets?

My wife and I bought our first home this year. We got a good price and live modestly so our fixed expenses are only about half of our take home income. Due to Canadian mortgage rules we opted to put ...
0
votes
1answer
147 views

Financial implications of purchasing a first home?

My girlfriend and I bought our first home and I'm wondering what finance topics this touches on? Some relevant info might be: We're in Vermont We aren't married We bought the house in late June ...
1
vote
1answer
209 views

Is this the right house and time or do I need more time to save for downpayment?

I saw this $699K worth of 2 bedroom condominium in La Jolla, Ca. For a downpayment I have access to: $55K that I can get from the company stocks that I bought $15K emergency funds but this will come ...
2
votes
2answers
202 views

How will my credit score be affected by a large purchase that raises my utilization if I pay it in full?

My Fiance and I realized that we need to start looking for homes and need to be pre-approved for a home loan. My fiance has better credit then I do, but mine is in good standing. We want to make ...
1
vote
1answer
122 views

Renting with the Help to Buy: mortgage guarantee scheme

With the Help to Buy: mortgage guarantee scheme, I have heard that you cannot rent out the property under the scheme. Is this true? Also I have heard that it is possible that if you get a mortgage ...
3
votes
2answers
146 views

Property appraisal protest question

(First time homeowner here) I recently received my estimated property value in the mail. It was listed at $207k. Our house was built in 2013, and the value of the land pre-build was $25k. The home ...
3
votes
1answer
180 views

What is a cash back mortgage and should I consider using one?

In speaking with a mortgage adviser recently, I found out about cash back mortgages. I was wondering if someone here knows about this and could tell me if they are a good idea? To give you some ...
1
vote
1answer
97 views

First time home buyer using IRA

I've been planning to save some money to buy a house in the next few years. I am 21 and working on building a solid credit score. Additionally, I've been investing some money with Lending Club (peer ...
8
votes
1answer
316 views

Is my financial plan for buying a house logically sound

All money is in NZD, all calculations done Weekly. Linked house is just example. House in North Shore, Auckland, New Zealand. $600K 30 year Mortgage with ASB, 430K loaned at 5.75% variable, (170K ...
1
vote
2answers
213 views

As a first time home buyer looking for a mortgage, are there financial advisers to help me through the process?

I am thinking about purchasing a home instead of renting. The cost saving and benefit of doing so seem to outweigh the thought of long term renting. My problem is that I am fully overwhelmed with all ...
0
votes
1answer
1k views

How much higher should my APR be than my rate?

First time home buyer looking at mortgages and having a hard time understanding the difference between good and bad on rates. On a loan estimate I have been quoted 4.75% rate(seems high?) and 5.795% ...
1
vote
1answer
60 views

If I contribute to my spouse's RRSP, is every dollar of my contribution tax deductible?

I have a question about spousal RRSPs. I make a much higher wage than my wife and I'm considering contributing to her RRSP. Will every dollar I contribute to her be tax-deductible? If I contribute ...
7
votes
4answers
3k views

Temporarily reduce 401k contributions to help save for a downpayment?

Question I am saving up for a downpayment on a house to be used in 1 year's time from now. I have $20K and I want to have $60K, I know I won't have all of it but I want to try. Even if I don't get to ...
5
votes
1answer
321 views

Can I bring a real estate agent with me after my first visit to a new home?

I am looking to buy a house, and I am a first-time buyer. I am reading a book on home buying, and it says the following with regard to new homes: "You might have to deal with the developer's ...
7
votes
3answers
463 views

Save a dollar for house downpayment or put it in an individual 401(k)?

I am a self-employed independent contractor. I'm trying to decide what to do with any extra income I earn over the near future, given that I have the eventual goal of purchasing a house (within 2-3 ...
2
votes
3answers
565 views

How do I account for monthly expenses when calculating how much house I can afford?

I am looking to buy a house (in the US), and I'm using a bunch of online calculators to see how much house I can afford. In each calculator, there's usually a field that asks about monthly debt. What ...
2
votes
1answer
119 views

For qualifying for a mortgage, is it better to have a small business showing a loss or a pay stub with short history in the company?

My fiancee and I are trying to qualify for a mortgage. She is full-time W2 employee and I am a small business owner. My 2012 profit in the business was significantly less then 2011 (more than 20% ...