Your realtor will tell you to waive contingencies when making an offer. Money talks. If the cash offer with no inspections if $50k less than yours they will have a hard time turning you down. 3% earnest money, 30-35 days to close with an inspection and finance contingency is more common in the bay area.First-time home buyer in NJ. Hello, I am researching on buying my first home in NJ. I have been a permanent resident in the US for quite a few years with a good credit score (~800). I know there is a first-time buyer mortgage program that indicates if you have not owned a property in the past 3 years, you are qualified to enroll.First time home buyer loans (Indiana) There’s so many to choose from but every time I hear of a new one someone suggests another one. Original plan was going for a USDA loan being in Midwest I figured that be a easy one to look for but it’s a needle in haystack finding one In this county. Is there a complete list for all loans in Indiana/US.Investing in real estate is a significant decision, and buying an apartment is no exception. Whether you are a first-time buyer or an experienced investor, there are several factor... I am looking into buying a home this year with my partner. This is both our first times. We are looking at homes that range from $400k-$500k. Me: $50k salary, 682 credit score (will go up a bit with some recent payments I did), $550 car debt each month - will be paid off next year, student loans of $50k, credit card debt $450 (Pay off this month) First time buyer of a condo. All outside appearances (grounds, common areas, etc.) look extraordinarily good. Really well maintained, clean and decorated with a lot of attention to detail. Unit itself was just fully renovated. Brand new kitchen and bathroom, original hardwood floors refinished and everything newly pained.Keep in mind that a house should have a higher price tag than a condo, precisely because of the HOA fees. For example, a $270K house is comparable to a $220K condo, assuming condo has $300 monthly HOA and you're putting 20% down. I am a bot whose sole purpose is to improve the timeliness and accuracy of responses in this subreddit. Talk to a realtor. Watching videos might help to an extent but going and checking out houses witha realtor is the best way to learn. Even if you are not ready to buy now tell your realtor about that upfront. 2. JerseyKiwi. • 1 yr. ago. I bought the Dummy's series book on first time home buying, just off Amazon. A first-time home buyer education course is a workshop that walks you through the process of how to buy a house. Some lenders recommend – and others may …1. Thinkwronger12. • 1 yr. ago. In a sellers market, FHA offers are often eschewed for offers that have more stable financing and don’t require an assessment that could kill the deal. An FHA offer is looked at with some suspicion because on the whole, they are less likely to successfully close on time.5. balanceandpeace. • 9 yr. ago. Duct tape and scissors -- make sure the scissors aren't sealed in a box somewhere. Garbage bags and paper towels. One of the last boxes you pack, and of the first you want to open is bedding material. Make up your bed before you start unpacking anything else. 3.Investing in real estate is a significant decision, and buying an apartment is no exception. Whether you are a first-time buyer or an experienced investor, there are several factor... 11) Be careful with the brand new homes. You would not believe the cost cutting measures some of the builders take. Research the builder if you go that route and make sure they are reputable. Maybe discuss a warranty on certain aspects of the home. 12) Look up any fees associated with your neighborhood. HOAs, etc. You will also have a hard time qualifying since this payment is on your credit. If they can qualify on their own now they would probably need to talk to their lender about doing a removal of a co borrower. But they would need to qualify for the loan on their own now. so you were on the mortgage.A Reddit first-time home buyer is defined by most government and nonprofit programs. The word, however, can be deceptive. If you haven’t owned a home in the last three years, you’re considered a first-time home buyer. Even if you’ve previously owned a property, you may still be qualified to participate in some first-time home buyer ...My long time partner and I are buying a house from a family member of mine. Since we getting the house from a family member, we are getting a good deal and paying considerably less than market value. We have reliable monthly income but we didn’t have very much in savings to put towards down payment or closing costs so our lender … First homeowners! GOT THE KEYS! 🔑 🏡. My partner and I closed on our cute little dream home right before Christmas 🏠♥️. Sort by: AutoModerator. Oftentimes, homeowners do not become aware of the need for a backup power source until something terrible happens. Especially in the winter time, a sudden power loss that goes on f...Are you considering buying a pre-owned mobile home? Whether you’re looking for an affordable housing option or a vacation property, pre-owned mobile homes can offer great value. Ho... For applications submitted on or after May 1, 2022, the base incentive amount is $10,000 for first-time homebuyers with a household income at or below 80% of the area median income. That’s 62k for a household of one. Reply reply. Puzzleheaded-Lab3330. Here are the points I'm looking for opinions on. Our realtor had us make an "escalation" offer of $5,000. He called us the night of the best and final offer to say that we were the highest and strongest offer. This was when our price was named. $25,000 over asking and at the very top of our budget, but still doable. First time home buyer programs for non-low income in Texas/DFW? I live in DFW with my husband and we're looking to become homeowners. I've been trying to find any programs that can help with the process as I've heard that there are programs for first time home owners but we make too much money.Double check your grants don't raise your interest rate. Here in Oklahoma you can get a 5% gift from OHFA, but your rate will be about 1.3% higher than if you got a loan (FHA & conventional) without it. You should take a look at your state's housing finance agency website to see what programs and grants you may be eligible for. For context, I purchased a $170K home in 2015. The current market value is $420K based on past photos and details. Between the upgrades, changes, and landscaping that I mainly did - it’s worth at least $700K or more honestly. JEPI Dividend amount $0.606 and JEPQ Dividend amount $0.681 both payed on November 4. 100. 70. r/RealEstate. Join. • 22 days ago.Ontario has a number of provincial, plus some municipal, first time home buyer incentives available such as: The Home Buyer’s Plan The Home Buyer’s Plan (HBP) lets you withdraw up to $35,000 from your RRSP to put toward a down payment on a home, which you would repay over a 15 year period. To qualify, you must be a first time home buyer ...A little over $30k which includes $15k in points, $6k in prepaid taxes, $3.5k in legal/title, $1k in prepaid interest and $6k in escrow. House is around $725k. So 2% (and 2% in points) I closed 2 weeks ago our house was $82,000 with closing costs at 8,000. Our seller paid $5,000 towards closing and we paid $3000.Are you considering bringing a Dalmatian puppy into your home? These adorable and energetic dogs make great companions, but it’s important to do your research before making a purch... Early 2021 - Thought about buying house with potential date of early 2022 March 21 - Registered for the initial Homebuyer's Workshop given a date of May 22 May 22 - Attended Workshop July 8 - First Intake Counseling Session; met mortgage counselor who gave some minor requirements before approval July 14 - Follow-up session with counsellor. On the Virginia Housing website, there's a first-time homebuyer course. They offer in-person classes, or an online version. It's very basic info that my partner and I found helpful this year while we were shopping.CalHFA is entitled to 15% or 20% of the appreciation gained the purchase date. Whether you pay 15% or 20% will depend on your income. Per the guidelines, buyers whose income is between 80% - 150% of your county's Area Median Income (AMI) pay 20% of the appreciation. Most buyers are going to be within this range.Your in a tough spot. The market cost is high right now but the Feds are raising the interest rate in March. That means do you want to pay a lower interest on a house now at a higher cost or you could wait and risk the market crashing because of the interest hike. If the market crashes you will get a house for thousands cheaper but will the ...There's not a credit for last year or this year. The only deductions you might get are real estate tax and mortgage interest if you itemize your deductions on schedule A 👍. kcdc25. •. No. Closest thing is a mortgage credit certificate that you need to apply for with the original loan application.Sep 13, 2023 ... It would depend on your situation but a conventional loan is generally the best. Waiting on interest is only something you can decide on ...Yes, most mortgages require it. Go to a broker or call a direct-sales insurance company and set up a policy starting on your completion date. Schill Insurance (I think they have two Coquitlam locations) is a good broker for home insurance. There are also some direct-sales companies such as TD Insurance and ScotiaLife.A Reddit first-time home buyer is defined by most government and nonprofit programs. The word, however, can be deceptive. If you haven’t owned a home in the last three years, you’re considered a first-time home buyer. Even if you’ve previously owned a property, you may still be qualified to participate in some first-time home buyer ...A Simple Home Buying Timeline for First-Time Buyers. Many home buyers begin their journey before talking to a lender. Home-buying begins when you first see …My specialty is first time home buyers. It is up to $10k for either downpayment or closing costs. I'll send you a PM. tomnjmlo • 9 mo. ago. Most common down payment assistance program is with the NJHFMA which is through the state. Eligibility for these programs depend on income limits and as another poster said it’s a 10 or 15 thousand ...First of all, you don't need 20% down and honestly you probably shouldn't attempt to pay that for your first house. Concentrate on getting a house/location you don't hate, but look to probably put 3-5% down, plus about $10k in closing …Are you tired of the clutter in your home? Do you have old furniture that no longer fits your style or needs? If so, it may be time to sell your furniture and make some extra cash....Jul 2, 2023 ... ... house. Also check your state to see if there is any first time home buyer assistance, ours has $15k. We also have $10k as an emergency fund ...The market cost is high right now but the Feds are raising the interest rate in March. That means do you want to pay a lower interest on a house now at a higher cost or you could wait and risk the market crashing because of the interest hike. If the market crashes you will get a house for thousands cheaper but will the interest rate raising ...Investing in real estate is a significant decision, and buying an apartment is no exception. Whether you are a first-time buyer or an experienced investor, there are several factor...Here are the programs first-time buyers use. 1. HomeReady: Low Down Payment Mortgage. HomeReady is a 3-percent down payment mortgage that offers reduced mortgage rates and lower loan costs for low- and moderate-income home buyers. HomeReady is a modified conventional mortgage, backed by Fannie Mae.There is no such thing as a first time buyer mortgage. Most first time buyer programs are down payment assistance, and sponsored at the state or local level. Because you are using other people's money, there are many hoops to jump and rules to follow. Good news is that FHA is not a first time buyer program, and allows down payment of as little ...As far as taxes, yes NJ is high on average, but there's still a lot of variability. Looking at the property tax bill of a property here is almost more important than looking at its listing price. Sometimes you can find a property with a $4,000 yearly bill, and the next town/county over, the same house (at the same list price) costs $15,000 yearly.Some national ones that are good is Sofi, Quicken, Better, Lenderfi. They are mostly the same tbh. Just try to get the best rate and get it rate matched with the one that gave you the best customer experience when shopping. ZangiefThunderThighs. • 2 yr. ago. Honestly, whoever gives you a good rate.Nov 6, 2023 ... Thank you u/efFishency for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. I ...grumpyITAdmin • 2 mo. ago. Yeah, never EVER waive the home inspection. Your realtor was wrong to advise you to waive it, especially as first time homebuyers. I know how tough it is because I'm also in the market and I've lost 13 offers so far, some of them to people who waived inspections.The first-time homebuyer incentive has been discontinued by the Canada Mortgage and Housing Corporation (CMHC), the federal agency announced on …So keep in mind you have closing costs as well, which could be between 2-5% of the loan, especially if you’re buying points. Given a take home of $2,000, ideally your monthly payment would be in the ballpark of $750 and you should not exceed $1,000. Some very rough calculations say you could possibly purchase a 100,000 house with 10% down.Buying your first home is probably of the most exciting adventures of your life. Going into the process armed with the knowledge you need can help make the process smooth and strai...First time home buyer Questions. I've been working for a year out of college and have about 50k in cash saved up and make 80k/year before taxes. I'm hoping that will be enough for a down payment on a townhouse (<300k) but I'm just lost and confused at this gigantic task before me. What resources would you guys recommend for first time home ...Some localities offer first-time homebuyer grants however you have to make UNDER a certain amount of money to qualify and then are often paired with FHA loans which charge PMI and have a higher interest rate. In DC there is a tax credit first-time buyers can utilize. Ask your Realtor or lender. And congrats on deciding to buy your first home!View community ranking In the Top 1% of largest communities on Reddit. First time home buyer assistant grants . Hi everyone, me and my wife currently live in philadelphia pa and were seeking possible grants for first time home buyers. We do make around 120k a year but assistance would be helpful.6 days ago · The $10,000 First-Time Home Buyer Tax Credit is a mortgage relief program to help low- and middle-income households stop renting and start owning. The program gives eligible buyers $5,000 a year in tax credits for their first two years of homeownership. Tax credit money can be used for any purpose. Let's say that the difference is $75.00 a month. The DPA program is giving you $6,000. Take 6000/75=80. That is 80 months or 6.666 years that it will take you to recuperate/save the $6k you received from the bank. keep in mind that a first time buyer stays in their home for about 7 years and then sells. Published: January 23, 2024. First-Time Home Buyer Tips From a 20-Year Mortgage Professional. Prior to starting Homebuyer.com, I was a top-producing mortgage loan …It's a comprehensive guide to the basic workings of a house and how to DIY simple repairs and jobs. Learning some basic skills can save you thousands down the road and help prevent you from getting taken advantage of by contractors. If your near an area with Redfin, they have some home buying "classes".Here are the programs first-time buyers use. 1. HomeReady: Low Down Payment Mortgage. HomeReady is a 3-percent down payment mortgage that offers reduced mortgage rates and lower loan costs for low- and moderate-income home buyers. HomeReady is a modified conventional mortgage, backed by Fannie Mae.Dave’s first choice is always 100% down. But if you are first time homebuyer you should aim for at least 10%. Some first time homebuyer programs have no PMI if you are over 80% LTV but these can come with a higher interest rate. Just make sure you have a pile of cash for down payment and a pile of cash for closing costs.Thoughts on pricing for renters or buyers. So we bought a house in a very small oil/military town with limited housing options. The house we bought is old, but in our price range and honestly not in bad shape. We’ve spent maybe 6K in renovations, but we had a budget of $10K. Our house is fairly large compared to houses in this area and in ... Hello! I've been thinking about buying a first home in 2024 and hearing about mixed sentiments around a looming housing market crash. What I've noticed a lot is that people in favor of 'yes' make an analogy to 2008 housing market crash, and the other people in favor of 'no' make an analogy to 1981 where the interest rate hiked over 18%. If you’re a fan of billiards, investing in a 7ft slate pool table for your home can be an excellent choice. Not only does it provide endless hours of entertainment, but it also add... I purchased my first home - a condo, two years ago. Best decision I made. At the end of the day, after renting, you have nothing to show, except a pitiful $300 cleaning deposit refund. Dec 10, 2022 ... I don't think you need 20% down these days but most will require at least 3%. You also might not realize that closing costs along can be better ...An American homeowner currently looking to sell a $1 million home should expect to spend up to $60,000 on real estate commissions alone, with $30,000 going to … Well a few things. In certain states, first time homebuyers are exempt from paying transfer taxes which are very high where I live. Down payment assistance programs are great. We made just under enough money, and things lined up perfectly. They exist for first time home buyers. 1. Start saving early. When calculating how much money you need to buy a house, consider one-time expenses as well as new, recurring bills. Here are the main upfront costs to consider when saving ...I'm working on purchasing a home from a friend of mine using the VA loan. First time using the loan, I'm going through Penfed and since he's selling it to me, there is no realtor involved. I'm 70% disabled with TDIU, so my current state …We love to boast about no state income tax, but man, we stick it to homeowners. You might be able to find a LOCAL OR STATE first time buyer program. There are no federal goodies. FHA is not a first time buyer program, but you can put as little as 3.5% down. So theoretically you have the down payment for a$ 200k house.As far as taxes, yes NJ is high on average, but there's still a lot of variability. Looking at the property tax bill of a property here is almost more important than looking at its listing price. Sometimes you can find a property with a $4,000 yearly bill, and the next town/county over, the same house (at the same list price) costs $15,000 yearly.Think before buying a home at your max loan amount because the higher the loan the bigger the monthly payment and the larger a deposit you will need. Down payment on a house is usually 20% of the total loan amount depending on where you live. FHA and VA loans might be different. Looking for a house: Never buy a house the very first time you ...25, first time home buyer, need advice. I'm looking to buy my first home in 12-18 months and would like advice on the finances of it all from someone other than my parents. The areas I am looking to purchase in would cost about $250-$300k for a two bedroom, one bath condo. I live in a big city. Salary: $64000, including bonuses.Hi, Im mortgage loan officer and can offer some insight. Yes, there are programs. Most states and some local agencies have down payment assistance programs. There are also programs like Chenoa that offer down payment assistance that covers the entire down payment. Some programs can be combined together.Jul 7, 2023 ... Are there any 1st time home owner grants you recommend? Which lender did you go through? What type of loan did you use? Conventional, FHA, WHEDA ...Mar 14, 2023 ... Home inspection (houses). Homeowners insurance. $2-5k in misc fees, application charges, etc. Moving costs. 12+ ...Sep 13, 2023 ... It would depend on your situation but a conventional loan is generally the best. Waiting on interest is only something you can decide on ...If you’re an avid stamp collector, you may have accumulated a valuable collection over the years. However, there may come a time when you decide to sell your stamps or find new add...Carpets have been a treasured indoor decoration going back thousands of years. The Persian, Indian and other Asian cultures have developed a heritage of making fine carpets that ha...25, first time home buyer, need advice. I'm looking to buy my first home in 12-18 months and would like advice on the finances of it all from someone other than my parents. The areas I am looking to purchase in would cost about $250-$300k for a two bedroom, one bath condo. I live in a big city. Salary: $64000, including bonuses.I just bought a house a few weeks ago. One thing that stands out for me is the sewer system. Have it inspected. Eight days after closing on my house, lower level flooded due to clogged sewer lines in the front lawn.Artful Home is an online marketplace that connects buyers with unique and handcrafted artwork from independent artists. With their commitment to customer satisfaction, Artful Home ...A "Sale Pending" sign is posted in front of a home for sale on Nov. 30, 2023, in San Anselmo, California. Real estate agents face lower commissions after a major …First-time home buyer programs aim to simplify the financial challenge of buying your first home. They can provide benefits such as competitive mortgage rates …
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Tips for first time home buyers. We may be purchasing a house this year (northern Virginia). What are some things that you wish you had known or done before purchasing …Take a first time home-buyers course (free from VHDA) here. Very helpful and walks you through the process from scoping out your finances to working with an agent to selecting a mortgage provider to home inspection. Do the financial budget exercise seriously, even if you have good budgeting/spending habits.No, the first time homebuyer incentive is NOT worth it in my opinion. Unless you really need it, you’re essentially putting an additional mortgage on your home. 7. carnewbie911. • 3 yr. ago. If you need that extra 5% then it's worth it. If you don't need the money, don't use it. You are losing 5% equity in your house. 4.JEPI Dividend amount $0.606 and JEPQ Dividend amount $0.681 both payed on November 4. 100. 70. r/RealEstate. Join. • 22 days ago. Understand what your home warranty covers, and pay attention to things like roof age, gutters, A/C and furnace age, trees close to the house, window age etc. Ask for utility bill costs to gauge efficiency of the home. School ratings increase resale value, so keep that in mind if you are buying a 3 bedroom. Beware of any HOA. Good luck. 16 votes, 26 comments. The first time homebuyers tax credit is now $10k per the new budget… First time home buyer. 1 / 3. My fiance and I recently bought a house back in April. Since then there have been several heavy rains unusual for the area. However our basement has flooded twice in 4 months. The first time wasn't bad I merely cut away the insulation and cleaned up the water. The first Photo is the second time it flooded. Roomba vacuum cleaners have revolutionized the way we clean our homes. Their advanced technology and efficient cleaning capabilities make them a popular choice for many households....Honestly, it's kind of hard to define what a starter home is here....I guess it depends on your price point. You can find decent 2/3 bedroom homes in places like Greenfield or Mt. Washington that are around $200-250k. But you may need to make concessions on things like bathrooms, central ac, or cosmetics.Dec 9, 2021 ... Unless your parents are dropping $100k on you for a down payment, plan on saving up 5% for down payment, plus closing costs, and a cushion of ... My fiancé’s dad owns the home (worth about $520k) and he is wants to sell it to us for $380k. We asked for the loan for $380k and my fiancé’s dad wants to also cover the closing and all from that $380k. (About $32k). He would net about $340 from the sale, which he is fine with. I made a gross income of $126,000 this year + a 12,000 bonus. 237K subscribers in the FirstTimeHomeBuyer community. The ultimate subreddit for everything a first time home buyer NEEDS to know.If your home value increases to $300,000 your payback would be 5% of the current value or $15,000. • You receive a 5% incentive of the home’s purchase price of $200,000, or $10,000 and your home value decreases to $150,000, your repayment value will be 5% of the current value or $7,500.by koala5643. First-time home buyer! Is 5.29% a good rate for 2022? **EDIT: 5.49%, not 5.29%! Just got pre-approved from Chase for $350k* for a condo in Chicago. They've offered a 5.29% interest rate on a 30-year fixed loan. Our annual gross income is about $125k, and we carry no debt. My credit score is 740-799 range and his is 800-850 range..