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.

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5
votes
2answers
274 views

Should I be Wary of First-Time Home Ownership Programs?

Today I met with a realtor (A buyers rep, apparently). I was expecting to talk about saving up a proper down payment, and beginning the search for a home sometime next year. Instead, she was very ...
36
votes
7answers
16k views

Is it smarter financially to buy a starter home or go for the long-term goal?

My wife and I are first-time home buyers. We both have fairly stable jobs and have no trouble getting a mortgage on any price house in our town. We are trying to decide which is smarter financially: ...
0
votes
2answers
189 views

Should I invest in house? [duplicate]

I'm a 26 year old guy living in Croatia (Europe) in a coastal town known for tourism. Average salary in Croatia is around 700€, while I have a steady job and earn 1700€ (after tax) as a software ...
32
votes
11answers
6k views

Should I wait for a recession to buy a home?

I am currently renting, but am considering buying a house in the future (1-3 years). I want to know if I should even consider waiting for a future recession to buy a home at a better price. Some would ...
0
votes
1answer
42 views

Tax benefit on home loan of under construction as well as ready possession property

I am from Pune, India and working in Ratnagiri. I have purchased a under constructed flat as a Co-Owner in FY 18-19 in Pune. Possession will be after four years i.e. 2022. First Owner is my wife. We ...
1
vote
1answer
72 views

Getting an FHA with less than 1 year of self-employment income

My wife and I (in our 20's) are looking to purchase a home in September after our lease is up, but won't quite have enough for 20% down by then (most likely 10-15%. I've currently switched from W2 ...
0
votes
0answers
121 views

What do I need to know to buy land and install a house?

I recently inherited some money and wish to buy a house (my first). I have tentatively concluded that the way to go is to buy a vacant lot (there are always some on Craigslist) and a prefab house. ...
4
votes
1answer
1k 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
2answers
206 views

How to price target when selling a home?

Under the Fair Housing Act, it is prohibited to "impose different sales prices or rental charges for the sale or rental of a dwelling." But in the residential market, does price targeting actually ...
3
votes
2answers
204 views

Is it illegal for builders to only work with local lenders?

I'm a month from closing on a new construction home and I changed my lender from a local lender that was untrustworthy and not giving a deal. I got a notice that the the builder wont approve the new ...
1
vote
2answers
133 views

Should relocation to more expensive area affect home-ownership decision?

I am about to relocate (from outside the US to Massachusetts) for a limited time period (~4 years). Compared to my current job and expenses, both prices and wages should be approximately X1.5 times ...
0
votes
1answer
143 views

What scenarios to look for when bringing a large down payment for buying a house?

I have been looking to buy a house for about $120k. There are abundant properties for sale in this price. While house hunting, I suddenly came into an inheritance, so I can now afford a down payment ...
13
votes
3answers
7k views

Should I pay closing cost and replace HVAC for buyer

The buyer has requested I replace the HVAC + duct work on the home. The estimated cost is $6,000. I have also agreed to pay the closing cost which is close to or more than $ 5,000. I am motivated to ...
5
votes
2answers
2k views

Why would an FHA loan require a loan guarantor to also be a party to the deed?

My daughter is buying a house with an FHA loan but does not have enough income to qualify, so she needs me as a co-signer. The loan originator is claiming that, by FHAs terms, if I am co-signing, I ...
1
vote
1answer
131 views

UK - first house as a investment, mortgage

I am about to buy first house in UK, mainly for investment purposes (UK) Property price: up to 280k £ Spare cash: 60k (deposit, fees, renovation costs) (renovation costs will be much lowers, because ...
1
vote
1answer
196 views

Buying a house with credit line and getting a mortgage later

We are considering buying a house for about $150-160 thousand. We recently moved, and my wife has been on maternity leave benefits for a year now. So, proof of income is basically non-existent. We ...
26
votes
7answers
9k views

Emotionally driven to buy a house. Does it make financial sense?

I am a US citizen living in Europe, so this question might be complicated by tax laws, but let's just ignore them for now. Basically, I am really emotionally driven to buy a house but am realizing ...
4
votes
2answers
775 views

How long I should pay the mortgage to break even when selling? (is 2 years enough)

Some basic assumptions: London real-estate market is very expensive. I used mortgage calculators "how much I could borrow". I cannot borrow enough to buy a home in an area I want to live in long term;...
4
votes
4answers
542 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 ...
1
vote
1answer
95 views

Mortgage in principle with several mortgage advisors (UK)

I am looking to buy my first home (UK). Because we are a bit nervous, we are visiting 3 different mortgage advisors with the intention of obtaining the best deal possible. All of them say that we won'...
-2
votes
2answers
115 views

Is there a more collateralizable home?

Consider a situation where a loan officer examines the degree of collateralizability of a real estate. For example, one could compare: Sturdiness: wood v. brick. Flood/Tornado Plain: more vulnerable ...
4
votes
2answers
335 views

Mortgage as present value of resale worth

I would like to ask someone who is knowledgeable in home loan and mortgage financing. Consider a home with an appraisal value of $ 400k. Let the down payment on this mortgage be $80k (i.e. 20% of $...
1
vote
1answer
171 views

Understanding pledge, mortgage, and collateral in home buying

I am trying to better understand the terms pledge and collateral, in home buying. My understanding is that a Pledge is usually a pawn or piece of property used to secure "financing". When I try to ...
1
vote
1answer
85 views

Property value, sold value and LTV (Scotland, United Kingdom)

I am about to buy my first property. I spoke to a financial advisor today and I didn't get what he was saying. He mentioned something like one the main errors of first time buyers is that they think ...
2
votes
1answer
139 views

Buy 1 bed flat via private sell (Edinburgh, UK) - opportunity?

I am renting a flat (1 bed + box room) with my partner in 'central' Edinburgh. We pay £675 pcm. Our landlady wants to sell it urgently and she asks for £160,000. She is keen to sell it to us. A ...
2
votes
3answers
272 views

Mortgage vs cash for a first-time home buyer

I need advice: I'm in a condo contract, priced at $175K. I have been looking around for mortgage, and got a quote for a 3.125% 15-year mortgage with 20% down payment (so loan would be 140K). I was ...
0
votes
2answers
141 views

Am I eligible for applying PMAY scheme?

I am planning to buy a home and my father already own a home. Am I eligible for applying PMAY (Pradhan Mantri Awas Yojana-Housing for All (Urban)) scheme? Thanks in advance
32
votes
7answers
15k views

How hard is it to sell a home which is currently mortgaged?

I'm looking to buy a house for the first time. I've done some homework, and from what I can tell... Buying a house via mortgage in Kentucky is somewhat cheaper than renting an apartment. I need to ...
2
votes
4answers
191 views

Mortgage broker vs bank mortgage for home buying

I'm a new home buyer, buying a condo. Now that we have already signed a contract, a question raised for me. Is it recommended to get a mortgage directly from a bank or through a mortgage broker? ...
3
votes
3answers
342 views

Is there a long-term disadvantage to buying a small home?

I am shopping for a first home. Based on income, and estimates of the monthly mortgage, tax, and insurance payments, I can afford a house that is $180,000 with 30 years. But in my area, such as house ...
0
votes
2answers
188 views

Buying strategies for foreclosure condos

I saw a foreclosure condo which seems upgraded by the bank. I really liked the place, but the price can be cheaper. Can we negotiate with the bank on such foreclosure houses? What are some ...
-1
votes
1answer
78 views

how does taking mortage loan affect my credit score after closing

I am taking a loan on my first home purchase. I have 780+ credit score now. How is my credit score affected after closing on the loan.
5
votes
2answers
15k views

How long do I have to live as first time buyer before renting out the property?

Couple of days I've asked a question - How long I should pay the mortgage to break even when selling? (is 2 years enough) - as you can tell I'm thinking about taking a mortgage. I'm trying to gather ...
3
votes
2answers
235 views

Borrowing against 401k for first home - things to watch

There is a general advice that borrowing against 401k is to be avoided. When I was looking at related questions here in SE I found a few discussions where some experts challenged the generality. For ...
7
votes
2answers
331 views

Is the seller of a property in the UK in a position to dictate what the buyer does with it?

I know very little about the housing market or mortgages (it's just not taught in school in the UK, whereas oxbow lakes and pathetic fallacy are), but within a year I should be able to get my foot on ...
0
votes
4answers
1k views

How can I budget to build up a down payment for a house over the course of a year?

I'm currently looking to buy a house in one year - my lease will be expiring, I'll have the time to build up a savings, and we'll have the time to research and find the exact house we want - we've ...
0
votes
2answers
245 views

Buying and selling a house

Let say I am going to buy a home today for 100K and going to sell this house after 30 years for 300K. I have few questions regarding this one. I might have paid 100K in mortgage, so after 30 years I ...
5
votes
2answers
312 views

Selling property before 7 years is a loss of money?

I am 25 and I am looking to buy a very small new apartment in the next few years. I have been getting the prices of different properties and this one is relatively cheap because it's not in the best ...
54
votes
7answers
18k views

How big of a mortgage can I realistically afford?

I'm 25, and I'm in the process of closing on a $260,000 mortgage for a very nice condo in downtown Salt Lake City. My salary is $80,000 right now, which I feel is pretty solid, but I'm starting to get ...
0
votes
3answers
328 views

Is it a good time to buy a house now? [closed]

I saw a few houses, and decided to buy one of them. A condo originally priced 210,000, and they accepted my 193,000 offer. I'm a first time buyer, with zero experience and my agent helps me with ...
0
votes
1answer
3k 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% ...
2
votes
2answers
409 views

Strategies on buying a house for a first-timer

I'm 29, and I live in Chicago NW suburbs. I pay a lot for rent, so I am planning to buy my first house. I have no prior experience on this. What are some tips and strategies to buy a home? More ...
1
vote
1answer
82 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 (...
7
votes
2answers
3k views

Buying house on a loan when you're just starting a career

I am 25 year old Indian in the beginning of my career i.e this is my second year after entering the workforce. I am working in Japan. My salary does not leave much extra after my personal ...
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
655 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 ...
18
votes
3answers
1k views

What are the most important things to ask a real estate agent before hiring them?

I've been researching the best ways to search for a home, and questions have come up about real estate agents. Getting a good real estate agent could potentially save you thousands of dollars, but I'...
7
votes
1answer
933 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 ...
10
votes
3answers
666 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 ...
3
votes
0answers
120 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 ...