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v0lten
v0lten asked in Business & FinanceRenting & Real Estate · 1 decade ago

Looking to buy our first house. What are the first steps?

My girlfriend and me have been living in my parents basement for too long now, we dont make a lot of extra money after factoring all of our bills, but we would like to know where we stand and what kind of loan we can afford. Where and what should we do to start heading in the right direction of moving out? Who exactly should we go talk to? Are there any types of loans that offer a low monthly payment for first time home buyers? (Ive heard of a first time buyers loan, or something like that). In another year or two, most of our bills will be payed off and we could easily afford a place of our own, thats the sad part, we are sick of living with my parents. Any suggestions?

Thanks!

5 Answers

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  • beenthere
    Lv 7
    1 decade ago
    Favorite Answer

    Start by getting married. Then go see a mortgage broker who can advise you on the best mortgage for your situation.

    If you choose not to get married, go and see a lawyer about writing up a contract to buy a house with another person. Spell it out very clearly so that each of you knows what will happen when you split up and need to either sell the house and split the proceeds or buy each other out.

  • Anonymous
    1 decade ago

    Rent - owning is overrated, as a lot of people find out.

    Start saving some money, as more down payment you have, as lower your interest on a mortgage will be (the mortgage company rewards you for the height of your down payment with lower interest rates)

    Get informed, read books, take a couple of years and then make an intelligent decision.

  • freckles
    1 decade ago

    We went FHA. Get started with a pre-approval. Also, this book really helped us "100 questions every first time home buyer should ask" by Ilyce Glick. We have almost bought our first home.. in the process now. good luck!

  • Debra G
    Lv 4
    1 decade ago

    The first thing that you should do it go to a bank or broker and get pre-qualified for a loan. They will tell you if you even can afford to buy a house, and if you can, how much you can afford.

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  • me
    1 decade ago

    look on the FHA website for FHA approved lenders and go speak to one.

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