skittersk8er

within the next year im goin to be in the market for a house. rite now im buildint my caredit and my fiance has good credit already and in a year i will have pretty good credit. anyways. ive herd of first time homeowners and i wan to look into that but i cant6 really fidn wat i want on websites they all want me to sign up and ----. i live in ga and want to get like a 120000$ house witch here they are going for about 80000 rite now because the market is slow so i wanna jump on the band wagon while they got them deals goin round. and i really really want a house.

so if i get a loan for the house do i have to get one that is enuff to purchase the house? i would figure so but im not sure hence the reason im asking. i also will have saved about a grand or two to go as a down payment is that enuff. ive read that the first time homeowners is a low intrest loan and it helps with the closing costs and such. anyways some one please help. lol

cliff notes- i wnat to buy a house with the advantage of first time homeowners in a year. me and my fiance will both a good credit. wat all do need to look into. also i live in ga

GenLx

the finish work. landscaping, views from the windows, find out if theres any underground water movements, if they backfilled over a wetland, where your lines hookup from the street for power, water, sewer. quality of siding, roofing, are the shingles 10 or 40 year shingles? windows, are they vinyl, double pane glass or what. concrete work, look for cracks. on the inside, look at the moulding, the caulking work in the bathrooms. the tile work if there is any, the cabinetry, flooring, edges, the builders history of problems, inspection reports. theres a lot to buying a house. then you gotta go to the bank side for the loan. i'm not even going to go there

88dx

Ur suppose to put 10% for a down payment. Ur ------- lucky if you can get a house for 80-120,000

Jorsher

Real estate is cheap in the southeast My mom got a brand new 3br 2bath house, garage, porch, etc etc for somewhere around 130-160k, can't remember exact.

Where do you live in Georgia? I lived in Columbus for 14 years.

I'm hoping to get a house this summer as well...

skittersk8er

in albany,ga close to colombus. yea houses have dropped here alot. there are houses for sale everywhere rite now and hte ,ore there are for sale the cheaper they get cuz they gota compete.

thanks 5th gen for that info but im lookin for hte bank info. if i read rite then first time home owners lets you get away with out hte downpayment and you get lower payments and low interest rate but as soon as you mess up one payment then you get screwed lol. basicly you cant mess up lol.

-SKUM-

I would just go to the bank and ask them what you need and ect. Make shure that you dont fill out any paperwork till you are ready. You can do a home loan without a down paymet out of pocket. They will do a $8,000 loan (for a down payment)at a higher interest rate and the other loan for $72,000 at market rate. Then a couple of months/years later you can re-fi for a single loan at the lower rate. I went to a couple of different banks and had them fighting for the best rate, and I went with who had the best rate. Also you can get all crazy and do arm loans and ect. I will be building my second house in the summer of 08, gona start looking for more land in the fall. I wish that houses here in Washington state were that cheap. In this state you would be lucky if you could even buy some land for 80k. I found 5 acres by my house for 125K and that is a smoken deal for this area.

J-MAN

i'm actually a realtor in wa state and deal with this stuff all the time. i wouldn't go to a bank for a loan though. they normally charge higher interest rates and don't goto a mortgage broker because they charge you points (interest) just for them filling out the paperwork. goto an actual lender, we have plaenty here that we work with on a regular basis and they are all pretty good but some can get more deals done then others. what you want is one that will work with you and what you are looking for. the first time home buyers program is normally a state bonded program wich means you get grants for your down payment and usually costs you nothing out of pocket except for maybe origination fee's wich is normally 3% of purchase price. and the "firstime homeowner" actually only goes back 3 years meaning if you haven't claimed a homes interest on your taxes in the last 3 years then you can qualify. another great benefit is the lower interest rates, normally around here they are around 6-7% where a person on the first time buyer program can get in as low as 5.25% wich equals tens of thousands of dollars saved all depending on the price of the home. and your credit doesn't need to be that great to qualify for that program either, i had one of my lenders qualify somebody a week after the filed bankrupcy and had a 580 credit score . any other questions you have post them up. real estate is about the only thing you can actually buy and not lose money on now a days. ---- the property value went up 12.8% just last year around here. meaning if i bought a $100,000 house i would have already made $12,800 on it.

udaredme

yep housing in the southeast is cheap. I got my house almost 3 years ago now, found 1.5 acres for 15k..jumped on that, thats shitty cheap for around here as far as land goes..got a brand new modular house built on it, got 1600 sq ft, 3 bedroom 2 bath...i love it..only out 118k all together, most being the work on the land...considering before it was cleared you couldnt even walk thru it...my payments are 913 a month with insurance, taxes, prm ----..all included...actually had 3k equity walking in, which is rare..I ended up doing my whole house thing in a hurry, only put a 500 dollar down payment..first time homebuyer so i didnt get reamed too bad...I'm paying every 2 weeks, im paying it off faster that way. I only owe 110k now and some change, appraised at 121k 2 years ago, probably about 125k now..so im not complaining...

J-MAN

nice. i am about to be listing my dead grandmas house that is ------- huge. it is an older 2 story with 5 large bedrooms and 2 baths with 4,500 sq feet a full basement with seperate rooms for a wood shop and a laundry room with shower and huge attic. it needs alot of updateing and cleaning up with some landscaping and would be easily be wirth 400,000. might be listing it for 220,000-250,000. was thinking about getting it myself and flipping it with-in 30-45 days so i wouldn't have to make a payment. would be an awsome investment .

udaredme

Thats a good flipping type investment..BUT thats the kinda house I'd rather live in!