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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First Time Home Buyer - How much will I be approved for on a loan for a house?
I am 23 years old and will graduate from college in the next few months. I have always lived in an apartment so it's been a dream to live in a home one day and a personal goal to own a home before I ...
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Lifetime ISA, Cash ISA
I'm planning to get my first home next year and thinking to open a lifetime ISA account.
Can someone advise on these things please, still not quite sure:
Is there any minimum amount of money to ...
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What can I do with my finances while waiting to close with a mortgage?
I'm in the process of buying my first home and I've gotten lots of advice that has been unclear and hard to work with. One of the clearer pieces of advice I've gotten is to not make big financial ...
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Saving money for the full price of a home while renting vs getting a mortage and buy home now, which is better?
I moved to Budapest and rent my home since I started working, now I have enough savings for down payment so if I want to buy my own home in the area with a loan I can do it now.
The goal is get to get ...
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Is it better to invest FULL savings, in a home before marriage, or PARTIAL savings after marriage (50/50 contribution with spouse)?
My question is around the safety of my brother's investment (Washington State, USA) if shit hits the fan and his marriage falls apart.
He is planning to buy a property now (huge investment) but our ...
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Do I have to use my realtor on a For Sale by Owner home
I found a For Sale by Owner (FSBO) home that I love through a family friend. The seller has sold two of their homes before with no broker help from them or the buyer. They don't want pay any amount to ...
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UK - What difference would having a "paying guest" lodging in your house make to your home insurance?
I am currently in the process of buying my first house, and had thought about potentially letting out the spare room to a lodger some time in the future.
Having just paid for a home insurance policy, ...
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How can we reduce closing costs in USA while purchasing a home for first time home buyers [duplicate]
What are the several known and unknown closing costs associated while purchasing a house in USA? How can we significantly reduce closing costs ?
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How much money, outside of the cost of the house, do I need to buy a house? [duplicate]
I see a lot of help online for calculating the actual cost of buying a house - this includes things like down payments, calculating the monthly payments and interest rate, the real utility cost of ...
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What is the best way to start investing in real estate if you have no experience?
I want to buy a condo to live in as a starter home but want to begin renting it out at some point after I buy it, presumably when I have enough money to buy a larger home, as opposed to just selling ...
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CARES Act 401k withdrawal requirements - Is this a hardship?
From my understanding, financial hardships related to COVID-19 can qualify an individual to withdraw money from their 401k, with literally no penalty so long as it is repayed to a similar retirement ...
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For buying a home, what kind of loans can I seek with a large cash collateral but no credit history?
Story:
I'm just after going to my local bank and attempting to get 'prequalified' for a home loan, since the first realtor I called instructed me to do so before we got started.
On trying, I was ...
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Tips on making a best and final offer
Me and one other buyer have been asked to make our best and final offers on a house after us both making initial offers.
I believe I am in a good position as stated here and I will reiterate this to ...
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I just started a new job in D.C. and looking to buy my first home. I have a few questions, and any help I can get would be very much appreciated
Background: I just got a new job in downtown D.C. and I'm interested in buying my first home since interest rates are low and I have excellent credit (750-ish). I will be making 130K a year. I have ...
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How to get an offer on a house accepted?
I really like a house and I am prepared to put in an offer at the asking price. I think this is a good price for this house considering the current value of houses in this area and from my personal ...
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How to use savings to buy security
I am a 28 year old single male and I have about 30k USD in my retirement account and 100k USD in my savings and checking accounts. I'm on track to save another 30-40k through the rest of the year as a ...
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UK first-time home buyer government programs - ISA
I am currently looking for my first house to buy.
I looked at https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/, The Help to Buy ISA had been closed to new accounts at midnight on 30 ...
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Coming into some inheritance, how to smartly put it to the best use to pay off my debt and/or pay for a home downpayment?
I'm in the United States.
A family member just passed and it looks like I'll be coming into a little inheritance ($30,000 USD). I've got quite a bit of debt and am also looking at potentially buying ...
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How prop 8 (1978: Property Tax Reduction) works in California?
If I understand correctly, then in California Prop 8 is supposed to give peace of mind to home buyers by providing temporary property tax relief in case housing market crashes soon after they bought a ...
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Home Mortgage w/ Very Low Interest Rates: More or Less Down?
I know this question has been asked in different formats previously, but I'm curious about the variables that should go into the decision making process.
I have enough in savings, excluding ...
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Is it possible to make larger mortgage payments to make up for a lack of down payment?
I have a new job, and my wife and I are considering buying a condo near my new work place due to the lack of adequate rental properties in the area.
Currently, we have a guaranteed $10,000 that we ...
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Shared ownership with sibling
Here is my current situation:
I am looking to purchase a property with my sibling that we will both live in. They are a graduate student, so their current income isn't great ($25,000/year) but they ...
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Buying a New home for my Family [duplicate]
Recently we had a baby and planning to buy a home. Is now a good time to buy a home? In my area houses are around 650K. I have the following questions.
Is it good time to buy a home?
Interest rate ...
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UK First time buyer- offer accepted on house: Should I reduce offer due to coronavirus?
I live & work in the UK. A few weeks ago, I had a verbal offer accepted on a house (I am a first time buyer). I had initially offered a bit lower than the asking price, that offer was rejected, ...
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Buy apartment now despite corona crisis?
I am about to buy an apartment (in a major city in central Europe) to live in, mostly with borrowed capital (around 80%). The price was set before the financial crisis due to the corona virus started. ...
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Implications of buying a house during/ after a stock market crash?
I am currently in the process of buying my first house (I live in the UK). Having had an offer accepted, I am now waiting on the sellers to complete on buying the house they're moving to.
With the ...
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Bought first home in another state while renting and working in another state ( bought in New York while renting in Connecticut)
I bought a house with my father in New York City while I live and work in Hartford Connecticut and I'm not sure where I need to file taxes as considering my primary residence. I appreciate your advice!...
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How long must I wait after buying a property to rent it out?
I bought a place as a first time buyer without mortgage. Consequently I paid a 3% stamp duty. Due to certain circumstances, I will have to rent it out. I would like to know how long before I could ...
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Do mortgage lenders in the UK consider stock grants or sign on bonuses?
I am employed as a software engineer in a company that grants shares and a sign on bonus. Do mortgage lenders in the UK take into consideration stock grants and annual sign on bonus (sign on bonus but ...
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What to do with spare cash, in the short term?
I live & work in the UK.
Having pretty much exhausted all of the avenues I can find for saving (none of which have great returns anyway at the moment, obviously), I have recently started looking ...
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First time buyer- How to decide how much to put toward a deposit?
I live and work in the UK, and am starting to look seriously into buying my first house. I have thought about looking to buy a few times over the last few years, but ended up deciding not to for ...
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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 ...
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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:
...
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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 ...
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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 ...
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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 ...
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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.
...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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'...
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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 ...
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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 ...
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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 $...
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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 ...
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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 ...
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