| How old were you when you bought your first house? |
| Younger than 20 |
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0% |
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| 20 to 29 |
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| 30 to 40 |
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100% |
[ 3 ] |
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| Total Votes : 3 |
AspieO1990
New Member
Cash: $ 1.30
Posts: 6
Joined: 02 Apr 2012
Location: AZ
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| First Time Buyer |
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Hello!
I am a first time buyer, and my boyfriend and I just got the good news that we are pre approved for a house! We will be looking at houses soon.
Does anyone have any good advice? I'm very excited, but also very lost and confused...
Thanks!
Aspen
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Mon Apr 02, 2012 10:49 pm |
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oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
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quote:
but also very lost and confused...
LOL - yes you are!! (I read your blog.)
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Tue Apr 03, 2012 12:27 am |
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fast
Senior Member
Cash: $ 45.05
Posts: 220
Joined: 20 Oct 2009
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| Re: First Time Buyer |
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quote:
Originally posted by AspieO1990
Hello!
I am a first time buyer, and my boyfriend and I just got the good news that we are pre approved for a house! We will be looking at houses soon.
Does anyone have any good advice? I'm very excited, but also very lost and confused...
Thanks!
Aspen
You haven't considered the 24 month post purchase problem. When the home buyers that buy homes are friends, and that includes friends that go by "boy friend" and "girl friend," there is usually a period of time (about 24 months) where things tend to go south. All starts out great. Even later, things appear fine. But, as the expiration of the friend status approaches, there is often a transition where one of the friends feverishly regret the home buying decision. So, as far as whether or not the advice I have is good, I'm not so sure, but as to my advice, well, my advice is to not make the purchase.
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Tue Apr 03, 2012 1:55 am |
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littleroc02us
Moderator
Cash: $ 384.35
Posts: 1891
Joined: 09 Feb 2009
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My wife and I have owned our home since 2006. Some advice I would give would be to put 20% down, go with a fixed interest rate on a 15 to 20 year term that where the mortgage payment isn't more then 32% of your monthly gross income. The reason I suggest all of these criteria is because then it proves to me you can actually afford the home. Also, never buy a home with someone who isn't legally bound to you because what happens if things go south?
Risk comes from not knowing what you're doing. (Warren Buffet)
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Tue Apr 03, 2012 8:19 pm |
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AspieO1990
New Member
Cash: $ 1.30
Posts: 6
Joined: 02 Apr 2012
Location: AZ
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Thanks! Unfortunately there are some barriers in our way that we can not get married yet, but we do plan on it. We have been together for two and half years and lived together for two years, one year with roommates and a year with just us two. We have fights, but have never had any breakups or potential break ups.
Though I am young, I am a very responsible person and I am always sure to over think my decisions before I make them. I really don't see the point in paying for an apartment and throwing away my money every month. I would also like to get a house while I am young, and while the market is low.
I believe we are doing a HUD loan that is specific to Native Americans, were I only have to put 2.5% down. Our payments are estimated to be almost a hundred less than what we are paying now on our apartment. And my tribe has a down assistance program where they will pay $3000 of the down and/or closing costs.
We both have had steady employment for the last seven or more years, and are working on getting degrees for better paying jobs.
Again, thanks for the advice!
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Wed Apr 04, 2012 4:46 pm |
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littleroc02us
Moderator
Cash: $ 384.35
Posts: 1891
Joined: 09 Feb 2009
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So again what is your plan if in case this relationship doesn't work out? There is no legal contract marraige wise. I've hears this over and over again where a couple buys a house together that isn't married, something happens and now they are just trying to get rid of the place and are hurt financially. One idea would be to put the title only in one of your names and then later on after your married to have the title fixed legally...
Risk comes from not knowing what you're doing. (Warren Buffet)
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Wed Apr 04, 2012 6:20 pm |
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AspieO1990
New Member
Cash: $ 1.30
Posts: 6
Joined: 02 Apr 2012
Location: AZ
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Um, not really sure. Probably refinance, with only one name on the house, or something. Neither of us has good enough credit yet to qualify on our own.
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Wed Apr 04, 2012 6:43 pm |
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littleroc02us
Moderator
Cash: $ 384.35
Posts: 1891
Joined: 09 Feb 2009
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quote:
Originally posted by AspieO1990
Um, not really sure. Probably refinance, with only one name on the house, or something. Neither of us has good enough credit yet to qualify on our own.
The problem is if you cannot get a mortgage on your own, how will you do that if the worst possible scenario happens? I'm just trying to make you think about the disasterous situation that could occur.
Risk comes from not knowing what you're doing. (Warren Buffet)
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Wed Apr 04, 2012 6:54 pm |
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AspieO1990
New Member
Cash: $ 1.30
Posts: 6
Joined: 02 Apr 2012
Location: AZ
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I understand. I make enough money to pay for a mortgage on my own, I just don't have the credit for it.
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Wed Apr 04, 2012 6:56 pm |
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