First time home buyer...Need some help from experienced people!!!?

from a former realtor here who had a house once that I refurbished and being up on the news and economy, well first of all I'd need to know your age and income so that I can figure what you can and can't afford. The last I knew the banks loaned on 80% of the home and so that means you'd owe 20%. If you're buying a home for $150K stands to reason you should be earning $150K a year if you want affordable payments so that you could do maintenance on the home, you can refurbish it, can cover the cost of home insurance that's increasing, can put in new appliances, bring the house up to code, pay the taxes and such. Ok so $150K would mean you'd have to save $33,000 and you don't have that. For a home of $75K then you'd have to save $15K but the problem with that is that although homes have lost their value to 1/2 that's starting to rise now, so you might be able to get yourself a condo. You didn't say your income so I don't know if you'd have money to buy the furniture and inside needs plus tools, lawn mower, etc. Yes you have to put down all your money. So it's not yet time for you to buy.

In 2008 there was a mortgage fiasco in that loans were given to people who couldn't afford them and there was creative financing to get them into the homes and then they couldn't pay for them and that caused six states (but actually occurred all over the world) to have lots of individuals (I think it was 1 in 5 homeowners) to go into foreclosure and end up owing thousands of dollars and have their credit ruined. And that caused homes to no longer be an asset, but today they are a liability. Usually men buy the homes because they have the income to invest since they earn more than the females do. But a couple doesn't need a home unless they have children. Homes are usually purchased for children to play in and plus the county usually requires that each child have their own bedroom.

Your first step when you're ready is to find out how much the bank will loan you, and then buy a home of lesser cost because the monthly payments will probably be high. If you lost your job, or couldn't find a job, how long could you go making those monthly payments without that house going into foreclosure?

Your final amount of the loan will be based on the purchase price of the home and not the amount approved for.

In your example, the loan would be based on $100k and not $150k.

If you qualify for FHA, you would only need 3.5% down plus closing costs so you should still have some breathing room if you have $15k saved up.

Hi there!

First of all, congratulations on buying your first home!

I would advise you NOT to spend all your savings on the down payment. Most first-time home buyers don't budget enough money for unexpected circumstances, once they move into the home. You have to account for things like appliances going bad, any damage to the home, and problems with the home that weren't caught in inspection. I've included a link below with a great article about why you shouldn't spend all your money in the down payment. The decision for how much money to put down is completely yours.

Good luck with the new home! I've also included a link to a page about FHA loans if you need more information.

An FHA loan will require that you put down 3.5% of the purchase price. It does not matter what loan amount you are approved for. $50k more than the purchase price just means you are qualified to buy a home up to that loan amount. If under it is OK too.

With $15K in savings you should be OK along with 2 yrs steady employment and your debt to income matching up to the underwriter's requirements.

The amount of loan you can get is based on your income, debt to income ration, and credit history.

income = 2.5-3 times your annual salary - if you earn $30000, the MOST you will get is $90000

debt to income ratio = needs to be AT LEAST 34% of less, prefered more like 31%

FICO score = 620 to be considered, over 720 to get a decent interest rate, 750 to get a top interest rate.

You and the house have to qualify for the loan separate. If the house is worth $100,000 your loan will be $100,000 minus your downpayment. The extra $50,000 is not available for this property (the house does not qualify).

There are currently 203K home improvement loans avaiable which will give you extra cash for major improvements like an entire plumbing or electrical redo.

You always have to put down a minimum of 3.5%. You can decide to have a higher downpayment or not.

Buying new furniture, general fix up (paint, tile, faucet replacement, etc) come out of your pocketc.

It may be possible to get a govt subsidized loan that does not require 10% down. Your loan amount will be limited to the price or value of the home less any down payment requirement. They will not include money for repairs or furniture in your home loan. That would have to be a completely separate issue.

Try for an FHA loan. Your down payment would be only 3%. You could use the rest of the cash to fix up the place.

My husbands loved ones has had NOTHING but residence births with all of their youngsters. His mother had 5 kids, her mother had 12 youngsters and his dads first wife had four kids, and out of all those births just one went horribly flawed. I think it is entirely as much as the mother to decide, it is something that you ought to do wide research on and as long as you're at ease and good expert everything should be great. My husbands grandma misplaced a baby from the chord being wrapped across the neck and so they lived in the absolute core of nowhere, there was no manner they might get her any form of help. Just ensure you have got a plan if anything goes improper.