Stack Exchange Network

Stack Exchange network consists of 174 Q&A communities including Stack Overflow, the largest, most trusted online community for developers to learn, share their knowledge, and build their careers.

Visit Stack Exchange

Questions tagged [first-time-home-buyer]

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

1
vote
1answer
72 views

Increase bid on home in exchange for down payment/credits

This webpage discusses the idea of bidding higher on a home in exchange for the seller paying closing costs of the same amount. Is it also permissible to bid higher and request the seller pay for (...
2
votes
4answers
1k views

minimum repayment on home loan

How to calculate home loan minimum repayments (before taking out the loan). For example, with a credit card, they clearly state, that you need to make X amount as minimum repayment (maybe 10%) with Y%...
2
votes
2answers
162 views

Can I get my property tax assessment lowered by comparing to my neighbors?

This video states: "If you find more valuable homes that pay less, you certainly have a good reason to appeal". Zillow shows many of my neighbors homes have much higher value AND much lower ...
7
votes
1answer
390 views

Was I a victim of illegal bait and switch mortgage fraud?

My wife and I recently purchased a home and I think we were victims of bait and switch mortgage fraud and I wanted to find out of what happened to us was illegal, or just very strange. We were first ...
3
votes
0answers
113 views

How can I decide whether it's time to move my own house from rent? [duplicate]

I'm currently renting a home in Budapest and about to reach a point where: cost of rent + other running costs of it - income from savings > cost of 10 yr loan + running costs of new home The left ...
0
votes
3answers
254 views

Running the numbers on buying a house for 3 years instead of renting

My SO and I moved out to a new city while she's in med school. We're currently in an apartment paying ~$1,300/mo (after utilities, etc...). However, the other day I realized 2-3 bed houses here cost ...
10
votes
3answers
557 views

Estate Agents Told Us House Requires a 50% deposit

We called an estate agent today to arrange a house viewing, shortly after they called back saying the purchase would require a massive 50% deposit so we cancelled the booking as this is out of our ...
1
vote
2answers
329 views

Does it make sense to buy a house to live in for a few years then rent it out?

I'm currently looking to buy a house to live in for 2-3 years, and then rent it out. Most recommendations I see are to buy a house if owning for 5+ years, but I'm not sure how that advice applies if I'...
3
votes
1answer
97 views

Can previously low wages hurt my chances of an approved home loan?

Some quick stats about me. Received a pre-approval for $280,000 Credit Score: 808 Current Salary: $63,500 Job: Junior Software Engineer My main concern here is regarding the eventual income ...
41
votes
12answers
13k views

Should I buy a house now before prices rise even more?

We rent an apartment in Frankfurt, Germany and we are contractually bound to it for another 1.5 years. We are 33 and 35 years old and there will be children soon. We make around 110k € annually (...
11
votes
8answers
6k views

Is it better to take highest mortgage you can afford?

My partner and I are looking to buy at the moment. I won't get into all the details but we live in Germany, have a budget in mind and have talked with a few brokers and providers. Our idea for the ...
5
votes
2answers
1k views

If I sell my house without buying another property, do I need to pay stamp duty when I'm ready to buy again?

If I sell my current flat (bought in 2014) to move abroad; if/when I return to the UK, would I need to pay stamp duty on a new house purchase? Assuming no properties here are worth more than £300k ...
1
vote
2answers
72 views

Standard Tax increase starting 2018 and itemized deductions

I am trying to purchase a house in the next few months. The 2018 Standard Deduction for married couples filing jointly will be $24k. I think that to reach this limit with itemized deductions, I would ...
1
vote
2answers
141 views

How important is future big purchases (house) when setting up guaranteed investment accounts?

I moved out of my parents's house a couple weeks ago. I moved into an apartment in a big city and I am not sure yet if I will like it here or not. I have no idea when I'll switch to a house and if ...
4
votes
3answers
333 views

First time buyer unsure on which mortgage to go for

My husband and I are first time buyers are are looking at mortgage options but I'm unsure which option is preferable. We only have a 5% deposit so are being hit with not great interest rates. Our ...
1
vote
2answers
63 views

Home Insurance companies and underwritten policies

I am in porcess to buy a home in San Diego. As it has been covered relentlessly in the news lately, it is not a secret that Southern California is very prone to fires. Now, I am shopping around for ...
1
vote
2answers
134 views

Unexpected cash - pay off debts or buy home (to reduce child support expense)?

There are quite a few people who seem to handle personal budgeting questions, so I'll ask here, as my situation recently changed. I am a recently divorced father of 3, and was ordered to pay child ...
0
votes
1answer
324 views

Buying a house over a long period of time without a mortgage

I will soon receive a sum of money which will allow me to pay all cash for a house. However, I'd rather pay for the house over a long period of time. I would like to put the unspent money to work in ...
0
votes
6answers
454 views

How do owners of one home make money on the sell-and-buy process?

With school loans diminishing and job salaries rising, there is constant pressure among family and friends to start looking for a home and stop renting. "It's a great investment", they say, "and it ...
3
votes
1answer
173 views

Buying a home without any credit but good history

I'm in the process of looking at condos/town houses to buy. Based on the location, I know that I will be there at least 5 years. I am young, and have used cash and debit cards all throughout my life,...
1
vote
2answers
263 views

Is the decision to buy a house in the UK a no-brainer? [duplicate]

In the UK, one needs to pay a council tax regardless of whether you rent or own a house. And unlike the US, there is no prohibitive property tax when you own a house. So, does that mean the only ...
16
votes
5answers
3k views

Credit advice in preparation for buying a house a year from now?

I plan on buying a home about a year from now. I'm 25, have never owned a home before, but I have a credit score that hovers around 780, so I've got that going for me. However, I do not plan on co-...
0
votes
1answer
65 views

What does the FHA insurance schema actually mean?

Because of my low savings, but high-income/high-credit-score scenario, I'm only able to get my first house by using an FHA loan (as far as I can tell.) I want to do a 3.5% down, 30-year loan for a ...
1
vote
1answer
162 views

Should I swap out my HelpToBuy ISA for a Lifetime ISA?

The UK government has recently released a new type of ISA, the Lifetime ISA, to help first time buyers, such as myself. My goal is to save £100,000. My current savings are (all figures are rough): ...
2
votes
0answers
70 views

How much would I save doing my own electrical rough-in?

I'm a capable and confident diy-er with some electrical experience. I'm trying to find parts of the home-building process I can do myself to save some cash when I build a house in the next couple ...
3
votes
1answer
487 views

Gift taxes if I let my sister live rent free in a house I own?

If I buy a home for my special needs sister to live in free of charge, is this a gift for taxation purposes since $0 is under fair market value? I assume if it is considered a gift, since the amount ...
15
votes
1answer
3k views

Preparing for a mortgage application in a year and a half

My wife and I are planning on buying a house in 1.5 years from now. We are going to be applying for a home loan in the month of May, 2019. We have a few things we know for a fact we need to take care ...
5
votes
1answer
207 views

Why would your credit rise when you're buying a house?

First time homebuyer. When I originally applied for financing on the house, my credit sat at a 751. After 4 months, we closed on the house and the company who funded the purchase noted that my credit ...
6
votes
1answer
1k views

Does purchasing a mobile home allow you to lower your income tax?

I have heard that by owning a home that your federal income tax is reduced. Does this still apply to mobile homes? If so, how much reduction could I expect? I currently have a tax rate of 28%. Living ...
0
votes
1answer
90 views

Pennsylvania real estate - buyer agency contract

I'm buying a home and chosen a real estate agent and am now reviewing the buyer agency contract. One thing in particular about this contract has stood out to me. The buyer's commission is 3.5% stated ...
22
votes
5answers
9k views

Could the loan officer deny me even if I have the money as a first time home buyer?

As of right now I am a senior in college in the United States. I have managed to secure a job once I graduate in May making around 78K. I started working at my year long internship in May of this year....
3
votes
0answers
567 views

First time homebuyer, want to buy an old house tear down and rebuild

My spouse and I have never had a mortgage. We're pre-approved for about a $600k mortgage, which we want to use to buy an older house to tear down and completely rebuild. The initial price on these ...
1
vote
1answer
305 views

What can I do with $15k and 2k/month in savings?

I'm 27 and I live with parents at the moment. I save 2k a month without fail. I have 17k loan on a car (there is no building interest, as in I won't pay more if I pay it out longer). I also have 17k ...
3
votes
3answers
97 views

Roth (earnings) and Rollover distributions for first-time home purchase

I would like to withdraw money from both a Roth IRA and a Rollover IRA to help with a first-time home purchase. I have never withdrawn money for this purpose before. I have $5,500 in a Roth IRA that ...
1
vote
3answers
191 views

Is it reasonable to purchase a home as a college student?

I'm a student the University of Louisville and I'm debating trying to buy a house in the area. Essentially, instead of paying rent, I would be paying a mortgage. I currently only have about $5k saved ...
3
votes
2answers
256 views

Expenses to consider for first time home buyer

As a first time home buyer, I'm making sure I have all of my expenses accounted for and I can afford everything I'm getting myself into. I'm currently allocating money for: Mortgage Home Insurance ...
1
vote
1answer
150 views

Question regarding withdrawal from Roth 401(k) for first time home buyer

Suppose I have about 60k in my Roth 401(k) account. (50k on contributions + 10k earned through trading stocks using the 50k over time) I am a first time buyer and am planning to withdraw funds.. so I ...
3
votes
2answers
231 views

How long does it take to buy a first house?

I am a first time home buyer and I've found a property I'd like to buy. Assuming I get a loan the first time I go to the bank, how long would the process take from then until I can start moving in? A ...
4
votes
2answers
136 views

Differences in buying a new construction vs a resell?

I am a first time home buyer and have identified a property I'm interested in. It's a new construction in a fairly good part of town. What benefits would there be for purchasing a new construction? ...
0
votes
2answers
44 views

Is a real estate attorney needed for builder deposit contract?

I am in the market for a new house and my agent recently showed me a new construction that is only about halfway completed.The builder is financing the construction and he said he can "hold" the house ...
4
votes
1answer
187 views

What problem is the Help To Buy ISA designed to solve?

The Help To Buy ISA can't be used for the initial deposit on a house (or rather the Government bonus, the Help To Buy ISA's raison d'etre can't be). Given that saving the initial deposit is the ...
6
votes
1answer
842 views

As a first time buyer, can I rent out part of an apartment?

I've never owned property in any way before, though work is going well enough and I'm saving enough money that I'm now considering buying a place. I've read up about all these help to buy loans and ...
1
vote
1answer
180 views

401(k) withdrawal for first time home buyer

My wife and I are expecting to buy a home either this year or next, will start looking in the next month. It will a first home for the both of us. I currently have both 401(k) and 401(a) from a ...
2
votes
0answers
51 views

Rules for using Roth IRA money toward a first home purchase? [duplicate]

I've got about 5k in a Roth IRA that I rolled over from a Roth 401k about 6 months ago. I would like to use it and/or continue to build it up and eventually use it for a 1st time home purchase. Are ...
2
votes
2answers
106 views

First Time Home Buyer Using VA Loan

I am considering my first home purchase. I will be using a VA Loan. I understand that part of the VA Loan process involves a series of inspections. Is this sufficient to avoid the most obvious ...
3
votes
2answers
758 views

Can I buy and sell a house quickly to access the money in a LISA?

The UK government has set up a LISA scheme for first-time house buyers. My understanding is I invest up to £4000 per year. The government adds 25% of my investment. This happens every year from when ...
15
votes
5answers
6k views

Dad gifting me a house for 2 years, how to deal with taxes?

My dad is moving to Florida. He loves the house he has in New York. He wants it to stay in the family but I can't quite afford the mortgage yet. I have a wealthy cousin who said he'd hold the NY house ...
1
vote
3answers
133 views

What options are available for a home loan with poor credit but a good rental history?

My business partner is trying to get financed for a home loan. He has a poor credit score from his younger years (less than 620) that is very slowly improving. Our business is 7 years old, but has ...
4
votes
3answers
691 views

Should we buy a house, or wait?

I am a 22 year old currently renting accommodation with my partner in the UK, and we are wondering if now is a good time to buy a property, and whether or not we can afford it. As background, my ...
3
votes
1answer
59 views

Tax rebate for home loan of under construction property

I am living in a rented house. This year (F.Y. 2016-17) I have booked an apartment in the same city for which I will get the possession after 3.5 years. I have opted for CLP and I am paying the EMI ...