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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.

12
votes
2answers
2k views

Penalty to withdraw from a new Roth IRA for first time home buyers?

My wife & I are 28 and plan on purchasing our first home in the next 1-3 years. Right now our assets are in two places: 403-b that I will not touch for the next 30+ years FDIC-insured savings ...
11
votes
2answers
30k views

Multiple mortgage pre-approvals and effects on credit score

Background Info: My wife and I are looking to purchase our first home/condo. Given our combined gross annual income of ~$100k and lack of any actual debt, we're looking at properties in the $200-250k ...
8
votes
2answers
3k views

Can Roth IRA first time home buyer withdrawals be made up?

If we were to withdraw the annual contributions from our Roth IRAs for the closing costs on a house (we have a 20% down payment, but only recently learned that that's almost $10,000 less than what you ...
20
votes
8answers
7k views

Should I buy a home or rent in my situation?

Let me start off by saying this question has been asked a million times before in a million different ways. I’m asking it now for my own clarity of what is the best thing to do in my situation and ...
54
votes
7answers
16k 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 ...
16
votes
4answers
731 views

What criteria should I use to determine if I should become a home owner?

Currently my spouse and I rent a small apartment. Eventually we'd like to expand the family, and a one bedroom rental won't cut it forever - even if we continue renting we'll be expanding to a ...
18
votes
8answers
6k views

60% Downpayment on house?

My fiancee and I are shopping for a house, and very fortunate to have the assets to allow us to make a healthy downpayment. We both like the idea of a lower monthly mortgage payment, specifically the ...
4
votes
3answers
713 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 ...
8
votes
1answer
3k views

First time home buyer: Can you withdraw funds from a Roth 401k for a first time home purchase?

I have a Roth 401k. Soon I will have enough debts paid off that I would like to start building up a down payment for a house. The house purchase will be my first, and will be over a year from now. (...
5
votes
3answers
881 views

Paying off student loan or using that money for a downpayment on a house

I am 22 years old, I live in Atlanta, Georgia and I am a recent graduate. I approximately owe 22,000 dollars in student debt (all federal student loans at a fixed rate). My job pays me around 50,000 ...
1
vote
1answer
371 views

How is money held in escrow for a home purchase from a IRA treated by the IRS?

I'm in the process of purchasing a home and I need to put 5% of the value down to be held in escrow until the deal closes. This money can then either be refunded back to myself or be rolled into the ...
58
votes
9answers
17k views

Why are 30-year mortgages seen as unwise, if you can pay off the loan in a shorter period of time anyway?

I'm slowly working towards buying my first home (yay!), and have been playing around with the numbers. As far as I can tell, there's literally zero advantage for getting a 10 or 15-year mortgage since ...
7
votes
5answers
754 views

First time homeowner and getting a mortgage?

My wife and I are looking to purchase our first house. What is the best approach for finding a mortgage? We're looking for a conventional 30yr fixed (w/10-20% down). Thanks!
19
votes
5answers
3k views

Should I buy a house because Mortgage rates are low

Interest rates are pretty low right now and a few of my friends are rushing to buy a house(even though the actual property prices are pretty high.) I was of an opinion that mortgage rates being low is ...
19
votes
5answers
755 views

What factors are to be considered when deciding to go with a 15 year fixed vs a 30 years fixed?

What factors are to be considered when deciding to go with a 15 year fixed vs a 30 years fixed? Pretty simple really; I could make the payments on a 15 year fixed, but at today's low interest rates, ...
18
votes
10answers
11k views

First job: Renting vs get my parents to buy me a house

Finished my studies and got my first job starting in Nov. I'll have to move to a city far from where I currently live. I'll get paid around 17.5K/yr (1.4k/month net after taxes) and have to find a ...
22
votes
7answers
1k views

Is a Home Warranty worth the money?

I'm a first-time homebuyer, and one of the stipulations of the down payment assistance program I have is that I have to buy a home warranty (which covers appliances, plumbing, roof, etc in case of ...
5
votes
1answer
2k views

First Time Home Buyer - How much down payment? Where to go for Mortgage?

I'm currently spending $15,000 a year in rent and gaining nothing in equity! This needs to change :). Looking to buy a place, I'm in the DC area so it'll be in the $500,000 price range. I have just ...
8
votes
4answers
924 views

Looking to buy a house in 1-2 years. Does starting a Roth IRA now make sense?

My wife & I are 28 years old and are looking to purchase our first home in the next 1-3 years. Our financial situation looks something like this: 24% combined gross annual income in low interest ...
2
votes
3answers
1k views

How to calculate how much house I can afford?

Let me start by saying that I've already read How big of a mortgage can I realistically afford? And How much house can I afford, waiting around 3 years or so But those questions are very ...
8
votes
5answers
1k views

More money towards down payment versus long-term investments

Background: I am married with no kids (but anticipating them at some point) and no debt at all. My spouse and I have an emergency fund, both fully fund our retirement accounts, and are also keenly ...
5
votes
2answers
590 views

Can I contribute to my spouse's RRSP to fully take advantage of the Home Buyer's Plan?

My spouse and I plan to eventually use the Home Buyers' Plan when purchasing our first home. If we combine our RRSP's then we can take out $25,000 each to use as a down payment on our first home. I ...
4
votes
2answers
397 views

What is mortgage insurance? Do you have to have it, in order to be approved by a bank?

What does mortgage insurance do? Whom does it protect? Do I need it? MUST I have it, in order to be approved by a bank for a mortgage with them?
4
votes
1answer
601 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;...
3
votes
2answers
1k 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 ...
3
votes
1answer
651 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 ...
2
votes
1answer
1k views

First time home-buyer incentives require 3 years of primary residence, but can I move if I'm laid off?

My wife and I are 25-months into an FHA loan (we received a first time home buyer tax credit), and I seem to recall that we cannot sell or rent the property for at least 36-months. That wasn't a ...
-1
votes
4answers
533 views

Renting or Buying an House

We are a young couple who are renting apartment near NYC. It has been almost 4 years that we have been renting and after every couple of years we had to move to a newer location and every time our ...