Advice for a first time homebuyer?
595011
There are plenty of options available to you.\n\nThere is a great free report at http://www.first-time-homebuyers-loans.com that will point you in the right direction.  It is very helpful, but to big to copy it here.\n\nGood luck,\n\nGreg
653539
You can go to suzeorman.com There are a few things under the resources links.  I bought her book "The Money Book for the Young, Fabulous & Broke"\n and it's great. there was a whole section on buying a home.  good tips
90492
Be there WITH the home inspector. If he's good, you'll learn a lot about what to watch for, what could be improved, and how to maintain/avoid problems. The inspector's list of 'scare' items may be huge;to pare those down to actual items that would represent health & safety issues or you may lose the house if you're expecting an existing home to get whipped into 'brand new' shape for you by nitpicking every detail. [Example: Inspector warned us of hairline sink cracks--'could leak any time!' I didn't think I could justify making a seller 'repair' something that wasn't leaking, I lived there 8 yrs, it never leaked.] YOU might want to hit the FNMA website for 1st time homebuyer booklets, which may be of help. You've struck a big broad question--every deal will be different. Big hint: DON'T take assertions and promises verbally...needs to be in writing on purchase contract or addendum.The loan officer may or may NOT know anything--I've been in business 20+ yrs & you can't tell one from the other on your end. Attorneys may charge a flat fee for reviewing paperwork--the peace of mind may be well worth the expense. You don't need to put 20% down--I'd advise against it if it drains your cash reserves, or you'll be house-poor, broke, and scrambling for higher interest rate financing to survive.
367587
We bought a foreclosed home last year.  We found it listed in the MLS, right along with all of the other houses in the neighborhood.  Our Realtor showed it to us.  We made an offer and had an answer the same day.  It took six weeks to get a closing on a cash deal.  There was some extra paperwork, mostly releasing the bank from any liability for things not working.\n\nThe house had been vacant for 2 years, and had not been well maintained prior to that.  Once we had the power turned on we found that the furnace, fridge, and hot water heater did not work.  We fixed the hot water heater for $20 in parts and the furnace for an $85 service call.  We did have to buy a new fridge.  We have replaced all of the floor coverings, some drywall, gutted the kitchen & bathroom, made some repairs to the roof.  We are still messing with the plumbing.  We are very close to being done with the renovations (finally), and it is starting to feel like home.\n\nOn the up side of all of this, we got our house for less than half of its market value.  By doing the work ourselves we saved a ton of $$$ on the rehab.  I would go this route again.\n\nMy advice to you would be to locate a Realtor in your area.  There are some that specialize in this type of listing.
316920
Sounds good to me. Start talking to a bank or a reputable mortgage broker. Let them tell you how much they will finance and put down as little as possible. Keep looking for a house. Remember location is very important. Keep an eye on the neighborhood you are looking for a house and see how long it takes for a house to be sold. Also find out from a Realtor, how much the house price has gone up since last year on average. When people look at the house, they estimate the fair value based on square footage. In that sense, fixer-upper with larger square footage than typical neighbor houses would be a good one. Cul-de-sac is also  nice. Avoid houses on busy street. \n\nKitchen and bathroom remodeling is a must. A hard wood floor in even one room make it an upgrade. Estimate the material cost and add it to the house cost. That what you need to sell the house for to get the money back. Extra will be your profit. See if that's a reasonable expectation. Also don't forget, when you sell the house let's say in a year or two, you need to pay 6 % (more or less) to a Realtor unless you sell without one (which may be difficult). So, you need to add that to your cost, too. Good Luck.
855806
Contact 3 banks in your area. Ask friends/family who they have went through and trusted.  Now call the 3 and tell them you are in a market for a home and they will prequalify you for the amount your budget can handle.\n\nNext ask your friends/family for a good Realtor. Don't just open a book and call one, get some great referrals for a hardworking, knowledable-honest one.\n\nRemember a good banker/Realtor will let you know of the fabulous programs out there , (first time home buyer etc). There are many programs out there !\n\nGood luck and enjoy the journey in finding your home. Remember it is stressful finding a home. Oh one last thing, make sure you get a home that will appreciate in value. You want to buy a home that will go up in value not stay the same or go down. A good Realtor will help you with the best appreciating areas of homes.
902823
It's probably a lot of stupid stuff they will make you explain, like a late payment, a gap in employment, that sort of thing.  First-time homebuyers have to jump through hoops for financing.  The best thing is, if you execute it perfectly for the next several years, the very next mortgage you apply for will happen almost effortlessly.
164972
Go to your local Real Estate Investor's Association meetings (every city has one). Just listen and learn. Try and shadow a successful investor around and learn from them. Read "Are You Dumb Enough to Be Rich". It's a very detailed book on buying and flipping houses and it starts at the very beginning. You can find it at any book store. \n\nDo a lot of research and learning first. Foreclosures are a little tough at first. I'd recommend looking for people that may be facing foreclosure in a couple of months and are looking to get out, or just drive around and find some distresses properties. \n\nThere are some in EVERY neighborhood. \n\nBut do as much reading and studying as you can first.
440518
Whenever you do something for the first time, it's good to seek professional advice.  All the better when you do not have to pay for it.   In the case of purchasing your first home, there are many factors to consider (condo, coop, single family home, duplex, multifamily home).  Much of that will be answered by your budget.  Remember Location, Location, Location.  Buy in the best location for resale purposes.  \n\nNow that you've narrowed things down a bit, ask friends or visit open houses and find a good realtor in your area.  Find an experienced one (usually, they will have been in business for a number of years and do it full time).  Now that you have a good realtor, work with them.  They want to make a sale and the seller is the person that pays the broker.\n\nReal Estate Agents are up on the latest developments in mortgages and finance.  They will be able to tell you about first time buyer programs, adjustble rates etc. \n\nGood luck.  I believe owning property is the best thing you can do to protect your future.
334819
1. don't get in over your head.  know exactly how much you are going to put into the house and what it's for.  calculate everything you need before you make the purchase.\n\n2. paint and new carpet is where you'll get the most for your money.  use neutral colors and get a carpet that looks decent even if it costs a little more.  upgrade light fixtures and faucets. \n\n3. if possible, get the yard landscaped.  at the very least cut the lawn and plant some flowers.\n\n4. put in appliances. go with the cheapest stainless steel ones you can find.  \n\n5. remember to advertise any improvements...  beautifully renovated 3br/2ba home.  fresh paint and new carpet.  landscaped yard.  updated kitchen with stainless steel appliances included... \n\nlastly, get a realtor to help you find properties.  you won't have to pay him or her anything because the seller pays their commission.  good luck!
1022782
Look at a LOT of apartments before you decide. Factor in utilities when planning your budget-- some apartments include them, some don't. Make sure your roommate(s) all sign the lease too, so if one backs out, you're not stuck holding the bag. Ask the landlord about their policy on joint and separate liability--- it's basically who do they come after if there are multiple names on the lease and one person stops paying.\n\nDrive through the neighborhoods at different times of the day and night to see what they're like. Your chosen neighborhood may be really nice during the day and a little sketchy at night, or maybe it's near a church and you didn't know it so you're shocked that all the parking spaces are full for blocks on a Sunday afternoon.\n\nWhen you move, don't bring stuff just for the sake of bringing stuff.  Meaning... don't bring all the mismatched and chipped dinner plates from your mom's house just so you can have plates. Buy a small number of decent items instead of scavenging from friends and relatives, if you don't already have all the items you need. A first apartment can turn into a junk-shop pretty fast because you're so desparate to furnish it. It's better to only have a few water glasses than to have a cabinet full of hand-me-down mismatched junk!
165221
I'm a Realtor who has a Network of great Realtors across the country who's very serious about what they do. I can refer you to a professional. Just fill out the form at http://www.ReferredPro.com where it includes the following information. (The more information you fill out the better I can assist you):\n\n* what is your price range? \n* whether or not you are already preapproved for a loan? If not, I can refer you to a great lender as well.\n* what is your price range?\n* how many bedrooms and bathrooms? \n* what areas are you considering? \n* your contact info.\n* what is your timeframe
465335
Find a reputible lender, often times someone you know at a bank or loan company and ask them about first-time home buyers assistance programs.  Many states and individual counties have programs that will approve you based on other criteria other than your credit scores.  Definately check it out and see if you qualify for any programs.  Best of Luck!
225190
get a repayment ....thats the only kind to go for unless u a financial wizzkid \n\nalso try lookin into this new goverment housing scheme they look reasonable where u only buy half your house ..\n\ni feel ya pain ...1st timers got it tough
670725
There are lots of ways to buy a home with little or no downpayment.  Talk to a lender about 100% financing.  There are FHA programs where you only need 3% down and they have a great rate.  Your REALTOR can also write your purchase contract so that the Seller of the home will pay some or all of your closing costs which means even less money our of your pocket.  Good Luck!
124219
Just start calling  local real estate agents.   Most will be a little reluctant at first because most agents already have loan officers they prefer.  Take the approach that you want to help them with their open house.  Offer to bring fresh baked cookies to the open house, then once you’re there offer to go get lunch for the both of you.  I know this sounds like a lot of hoops to jump thru, but remember you have to sell your self to the agent if you want them to send business your way.  \nI wish you the best of luck.
484080
Two ways.  1) start with local lenders.  They usually have in house first time homebuyer mortgage products offered to the low to mod income homebuyer unless you purchase in a targeted neighborhood and then there are usually no income limits.  Typical program is low down payment, allows grant usage and may give assistance or a loan for closing costs.  2)Contact a local housing counseling agency.  For a list of agencies go to www.hud.gov.  \nThey offer housing counseling (so you know what you're doing) and may have down payment assistance or direct you where you can apply.