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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.

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 ...
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 ...
42
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 (...
36
votes
8answers
8k views

Cash in retirement accounts to buy a house?

My husband and I are looking to buy our first home. He is 39 and I am 37. We live in a major city and house prices are terrible. We are probably looking at a 500K-600K home. We were late bloomers, ...
31
votes
6answers
4k views

How Does Home Sale Transaction Value Get into the Public Domain?

Being a privacy conscious person, when my wife and I bought our first house a few years ago, knowing that I did not consent to the information going public, I was surprised and a little perturbed to ...
29
votes
4answers
13k views

Does a larger down payment make an offer stronger?

I'm a first time home buyer, buying in the Jersey City area. My realtor insists that, given two similar offers, the one with a higher down payment is viewed as a stronger offer. My realtor even said ...
23
votes
9answers
13k 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 ...
23
votes
6answers
8k 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 ...
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....
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 ...
22
votes
9answers
7k views

First time home buyer. How to negotiate price?

I am a first time home buyer and am getting ready to make an offer on a house. The house is listed at $88,500 and has been on the market for 3-6 months. When I asked my realtor for his advice on what ...
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 ...
19
votes
5answers
754 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, ...
19
votes
5answers
4k views

Buy a smaller home now, and buy a bigger home later OR just wait to buy the bigger home later

Option 1: Buy a smaller house/condo now and later down the road (5-10 years) sell it to buy a bigger place. Option 2: Wait, rent (for 5-10 years), and save to buy a bigger place. Background ...
19
votes
7answers
4k views

When do buyer real estate agents expect you to sign with them?

I am totally new to the home buying process. I looked online at some houses that I liked, and the realtors who I was put in contact with told me to come and take a look. After I got off the phone with ...
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 ...
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 ...
18
votes
6answers
5k views

Was this a good deal on a mortgage?

I just graduated college last year, and was looking to buy a house. Clearly I wouldn't be able to buy it outright, so I was thinking of getting a mortgage. I have a steady job (~$55,000 annual before ...
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 ...
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'...
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-...
16
votes
4answers
3k views

Buying a house, Bank or rent to own?

We currently rent a house. Our credit is ok, but we're working on it (paying things off, disputing things, etc). We are first time buyers. We have a good relationship with the owners. We are thinking ...
16
votes
2answers
1k views

Seller refuses to accept offer on home until after inspection

I'm currently trying to buy a home (that happens to be a foreclosure), and the bank who owns it is allowing us an inspection period, however they are unwilling to accept our offer until after the ...
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 ...
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 ...
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 ...
15
votes
3answers
2k views

First time home buyer - Need suggestions and views on few things

We are a family of 3. Couple with one kid (2nd grade). We have been in states for 13 years. All these years we have been renting. So far I preferred to rent. But the rents are going up. Currently, ...
13
votes
6answers
4k views

Buying a home with down payment from family as a “loan”

First time here, so please be gentle! I am thinking of buying a home, and have enough steady income to comfortably afford the monthly payment on the loan. However, I will need help with the down ...
12
votes
3answers
7k views

In the donut hole of assistance, Should I buy a home?

I heard that there are a ton of credits and assistance for my county/state for first time home buyers, so I started to casually look at the assistance programs. Unfortunately, because I would be ...
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
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 ...
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 ...
10
votes
3answers
596 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 ...
9
votes
4answers
547 views

When to find a real-estate agent for buying a first home?

How soon should I find a real-estate agent? I am probably going to buy my first home in September and am assuming I will need an agent. So when should I contact one?
9
votes
3answers
799 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 ...
9
votes
4answers
5k views

When is the right time to buy a car and/or a house?

I am a 24 years old young IT professional. Since I don't have addictions to anything including drinking, I mostly save a lot (around 50% of my income after tax like $15-$25k a year). Currently I drive ...
8
votes
8answers
4k views

Would I qualify for a USDA loan?

I am eager to buy a home within the next year. My husband and I are in the process of fixing credit. I am interested in learning more about the USDA loans and think that this would be the best type of ...
8
votes
2answers
8k views

Buying a new home and having 'equity' in it

I viewed a model home that was originally priced at about $207,000. The builder is offering it for $173,000 since it was a model. He says that for this reason the home will already have over $30,000 ...
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 ...
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 ...
8
votes
3answers
3k views

What is the true value, i.e. advantages or benefits, of building up equity in your home?

I am a relatively new home owner, having purchased my first home in October 2009. It was a $315,000 home, purchased with a 5% no-cost loan with I believe 12% down payment. I think the total financed ...
8
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 ...
8
votes
1answer
402 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 down)...
8
votes
3answers
873 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 ...
8
votes
2answers
367 views

Total fees for buying a house in the U.K.?

I'm thinking about buying a house in the UK (England). It will cost a max of £120,000 GBP. As an estimate, how much will all the fees total to, when put together? And apparently for houses less ...
8
votes
1answer
1k 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 ...
8
votes
1answer
370 views

Repayment of 2010 First-time Homebuyer Tax Credit

My wife and I received the full $8000 first-time homebuyer tax credit when we bought our home in April 2010, but we're now planning to move. According to the IRS, since we've lived here for less than ...
8
votes
4answers
922 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 ...
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. (...
8
votes
2answers
171 views

If Case-Shiller offers seasonally-adjusted indices, does that mean there's a good time to buy houses?

Saving up to buy a house in a few years, so right now I'm just watching the market to get a sense of the region. I noticed that the Case-Shiller index has seasonal adjustments, which make sense to me ...