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tips on first time home buyer?

i am looking to buy a home soon hopefully for the first time. It will be with my boyfriend which who has never purchased a home either. Are there things available to first time buyers who are married? Are there things available for first time buyers who are just dating? Just wanted any tips anyone could give me. The houses i like are around 130k but i want my mortgage (taxes and insurance included) to be no more than $800 per month so I will probably have to find a house around $105k. Any tips or any info on how i might be able to afford a $130k house for $800 a month ( and im not talking about putting a big down payment). I will prob be putting a 4k or 5k down payment. i dont have alot of money. Any positive advice would be greatly appreciated. Thanks. Sarah

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  • A D
    Lv 5
    1 decade ago
    Favorite Answer

    I suggest you and your BF meet with a lender to get an idea of how much of a loan you will qualify for.

    You might also want to interview two or three real estate agents. You certainly deserve and should have a real estate professional representing your interests in the transaction. Buying a house is not hard, but it can be frustrating and seem *tricky* to the uninitiated.

    A local, experienced real estate agent should be able to help you figure out how much it will cost you to purchase a home and what your monthly costs will be. A lot of this may depend on the cost of property taxes and home owner's insurance where you want to live.

    There may be some 1at time home owner loan programs available. You don't say where you want to buy property, but in certain areas of the US you can get a 100% USDA loan with meeting a few criteria.

    There is also the $7,500 tax credit program which may interest you, although it will be at tax time, not at the closing of the property purchase.

    If you go with an FHA mortgage loan you will be required to have a 3.5% buyer participation. The seller can contribute up to 6% for your closing costs.

    Keeping your monthly costs to $800 per month may be tricky. If your budget is that tight and you do not have much reserve cash, you might want to consider putting off the purchase for a little while and continue saving up money. The purchase price of a house can be just the beginning of your costs. I would caution you against purchasing a house that may be several thousand dollars cheaper to buy, but put you in the poor house with repair and maintenance costs.

    Good luck.

    Source(s): TX REALTOR
  • 1 decade ago

    Often times the city you want to purchase in have first time buyer programs. Where I live they grant a large amount but your required to live in the home for a certain amount of time or you have to pay it back.

    You can have the lender run the numbers with you by yourself and then with your mans income to determine the best loan they can get for you. The will also be able to calculate exactly how much money you can spend to get the monthly payment you want.

    I strongly reccomend getting a fixed rate mortgage as adjustable rate mortgages seem to be a large part of the current issues home owners are facing.

    Look into the large amount of foreclosures, you will get a lot more house for your money that way.

    When I bought my house I also purchased a home warranty. the warranty saved me thousands as the gas appliances and heat didn'nt work and we didn'nt know because the gas was off when we viewed the house.

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