This is topic buyin a house in forum General Talk at Northern California Ford Owners  .


To visit this topic, use this URL:
https://californiafords.com/cgi-bin/ultimatebb.cgi?ubb=get_topic;f=1;t=054141
Posted by DIRTY SALLY (Member # 7845) on :
 
how did you guys proceed on ways of buyin a house [Confused]

what things can i use to help me?
what things do i need to look out for?
who has the best loan rates. fixed or no?

[Confused]

any info helps thanks
 
Posted by East Bay 50 (Member # 8081) on :
 
Talk to a realator. Get pre approved and look for a house
 
Posted by DIRTY SALLY (Member # 7845) on :
 
quote:
Originally posted by East Bay 50:
Talk to a realator. Get pre approved and look for a house
im in the process of doing that, i just cant belive how much fuckin money you have to spend [Frown]
 
Posted by nando50lx (Member # 8295) on :
 
I just recently purchased a home..I went through fha loan.
I went through a lender who advised us through process.clean up your debt cuz it will affect your debt to income ratio.I qualified for 80 grand but I didn't have 5 grand in bank sitting for 90 days.tried process over again in Jan this year.qualified for 100 grand.better options in homes.I cleaned up the little debt I had..found a,home.pit in offer offer was in.as of April I own a home.fixed rate at 4.75 % .
Includes property tax and home insurance.
Note if your spouse has crap for credit it Will affect u even though they are not applying.
 
Posted by RONIN (Member # 9987) on :
 
There's alot to consider when buying a home. Definitely go with a fixed rate mortgage loan so that way you don't have to worry about it going up on you years later. I bought a home in 2008, I paid cash though. The market was better back then but has gotten better for buyers and worse for sellers nowadays. So I'd say it's a good time to buy. Just make sure that you can afford it in the long run.

[ May 07, 2012, 04:04 PM: Message edited by: RONIN ]
 
Posted by nando50lx (Member # 8295) on :
 


[ May 07, 2012, 04:07 PM: Message edited by: nando50lx ]
 
Posted by Cobra 93-4992 (Member # 4992) on :
 
You should have a min of 3.5% down in a bank account, 2 or 3 lines of credit(trade lines) open for at least 12-24 months, be in the same line of work for 2 years or a degree with a job in the field your degree is in and you should be ready.
 
Posted by adower (Member # 5955) on :
 
Best the worst home in the best neighborhood yiu can afford. Don't buy the nicest home in a crap neighborhood.
 
Posted by NavidR (Member # 3164) on :
 
My first loan is with Wellsfargo and I'm looking for a second loan and I'm going with wellsfargo. I really like hwo I was treaded, Rates were good. Also I can pay my payment today and it will be posted in 30 minutes (online).

I would say becareful. Find a house and research it. Look up yahoo realstate and you can find out how much that house is valued at, last price sold and more info. If you qualify go with a 30 year fix (if you can).
 
Posted by venomous99 (Member # 1917) on :
 
how did you guys proceed on ways of buyin a house
-research the area where u wanna live and get a feel for the prices, have a stable job, have a healthy 20% down payment(+ closing costs) to avoid PMI or higher rates of going with other loan types like FHA, have excellent credit, favorable debt to income ratio, find a realtor that has many years of experience in the field and preferably find one with real reviews and feedback from their clientele, same goes for a loan brokaer, if at all possible stay away from short sales unless youre willing to go in on the long haul accepting the risk your efforts might not pay off.

home buying obviously is a big financial obligation so make sure youre finding the right house and youre prepared financially to take it on.

what things can i use to help me?
-research a lot and talk to many who have gone through the process. i used zillow, redfin, trulia, zip realtor as tools to look up mls and look up comps. another useful tool i used was propertyshark which allows you to look up the property stats like previous owners, assessments, sales prices, bank lienholder, etc.


what things do i need to look out for?
-look out for craters in the foundation or police crime scene tape, dead bodies in the basement. those sorts of things.

who has the best loan rates. fixed or no?
-difficult to answer as this will depend on the time of day, broker you go with and how healthy your application is.

good luck
 
Posted by Luke87GT (Member # 21) on :
 
It doesn't sound like you know much about the topic and cafords probably is not the best source.

Go to websites like redfin, trulia, zillow, and realtor.com to start reading about the topic.

I just went to google.com and typed in "what is home buying process"

http://homebuying.about.com/od/buyingahome/qt/121907_buy-path.htm
 
Posted by DIRTY SALLY (Member # 7845) on :
 
quote:
Originally posted by venomous99:
how did you guys proceed on ways of buyin a house
-research the area where u wanna live and get a feel for the prices, have a stable job, have a healthy 20% down payment(+ closing costs) to avoid PMI or higher rates of going with other loan types like FHA, have excellent credit, favorable debt to income ratio, find a realtor that has many years of experience in the field and preferably find one with real reviews and feedback from their clientele, same goes for a loan brokaer, if at all possible stay away from short sales unless youre willing to go in on the long haul accepting the risk your efforts might not pay off.

home buying obviously is a big financial obligation so make sure youre finding the right house and youre prepared financially to take it on.

what things can i use to help me?
-research a lot and talk to many who have gone through the process. i used zillow, redfin, trulia, zip realtor as tools to look up mls and look up comps. another useful tool i used was propertyshark which allows you to look up the property stats like previous owners, assessments, sales prices, bank lienholder, etc.


what things do i need to look out for?
-look out for craters in the foundation or police crime scene tape, dead bodies in the basement. those sorts of things.

who has the best loan rates. fixed or no?
-difficult to answer as this will depend on the time of day, broker you go with and how healthy your application is.

good luck
THANKS BRO [patriot]
 
Posted by JUNKYARD5.0 (Member # 10398) on :
 
quote:
Originally posted by DIRTY SALLY:
quote:
Originally posted by venomous99:
how did you guys proceed on ways of buyin a house
-research the area where u wanna live and get a feel for the prices, have a stable job, have a healthy 20% down payment(+ closing costs) to avoid PMI or higher rates of going with other loan types like FHA, have excellent credit, favorable debt to income ratio, find a realtor that has many years of experience in the field and preferably find one with real reviews and feedback from their clientele, same goes for a loan brokaer, if at all possible stay away from short sales unless youre willing to go in on the long haul accepting the risk your efforts might not pay off.

home buying obviously is a big financial obligation so make sure youre finding the right house and youre prepared financially to take it on.

what things can i use to help me?
-research a lot and talk to many who have gone through the process. i used zillow, redfin, trulia, zip realtor as tools to look up mls and look up comps. another useful tool i used was propertyshark which allows you to look up the property stats like previous owners, assessments, sales prices, bank lienholder, etc.


what things do i need to look out for?
-look out for craters in the foundation or police crime scene tape, dead bodies in the basement. those sorts of things.

who has the best loan rates. fixed or no?
-difficult to answer as this will depend on the time of day, broker you go with and how healthy your application is.

good luck
THANKS BRO [patriot]
That is very useful! [patriot]
 
Posted by 68dustin (Member # 5388) on :
 
quote:
Originally posted by DIRTY SALLY:
quote:
Originally posted by East Bay 50:
Talk to a realator. Get pre approved and look for a house
im in the process of doing that, i just cant belive how much fuckin money you have to spend [Frown]
YUP.. i paid 170k for my first house and all together i had to come up with about 12k, and they paid closing cost. This was with first time home buyer as well. Any my FHA loan is 3% fixed for 30 years

[ May 07, 2012, 05:32 PM: Message edited by: 68dustin ]
 
Posted by stanger50 (Member # 1665) on :
 
the wife and I bought our first home in newark in july of last year, which was a short sale/ fixer upper. Its in a court with side access so it was worth the remodel. Down payment and a top credit score (mine was 799) is highly needed. It took us only 3 weeks to get our keys from the time we made a offer. Be patience during this process because it is a waiting game for sure. Good luck. 4.25% fixed for the win. Im sure its lower now. BTW, we had a FHA loan.
 
Posted by 915.0gt (Member # 9518) on :
 
You should hire someone to help you handle the affairs, I haven't bought a house but I've hard of Hella back door shit today they try and charge people with
 
Posted by DEVERO2 (Member # 6155) on :
 
dont rush into a house. Take your time, dont settle. The right house will come to you. It takes time. I found my house, but it was a short sale. I decided to wait becuase it was exactly what I was looking for. 9 months later I got the keys. I did however never stop looking for another house. I always kept my options opened. look for dry rot, mold, and just plain nastyness, those are red flags
 
Posted by slow96cobra (Member # 6001) on :
 
I'm in the process of doing the same and my girl is a realtor so she told me i can put down 0.50% as first time buyer and of course the house has to be FHA
 
Posted by JBeezy53 (Member # 3960) on :
 
quote:
Originally posted by 915.0gt:
You should hire someone to help you handle the affairs, I haven't bought a house but I've hard of Hella back door shit today they try and charge people with
Things have changed a lot since 2004-2006. Go with a FHA 30 year fixed and you'll be fine. Last time I checked rates were around 3.75/3.875% but mortgage insurance just went up as of April 1st.
 
Posted by rgtrahn (Member # 7133) on :
 
I'm in the process of buying a house also... It's definitely unhealthy, but it has become a bit of an obsession, especially, with the wife being pregnant. The area in which I am looking (Roseville/ Placer) is very competitive and there is a huge shortage on inventory. I've been pre-approved for an FHA loan with a rate of 3.75%...

You have to be careful though. We had an accepted offer and were in contract, but the deal fell through on the appraisal after it under appraised. Now, we're out $500 for the appraisal fee.

I do I my own market research in between viewing houses...

Market/ Mortgage Rate:

http://www.mortgagenewsdaily.com/mortgage_rates/

Mortgage Calculator (PITI):

http://www.realestateabc.com/calculators/PITI.htm

Property Listings:

http://www.redfin.com/home

State of CA First Time Home Buyer Down Payment Assistance:

http://www.calhfa.ca.gov/homebuyer/programs/chdap.htm

Misc. Good websites I find useful:

http://cgi.money.cnn.com/tools/houseafford/houseafford.html

http://www.movoto.com/mapsearch.aspx#MoveResult&Roseville$044&38.73804676327655,38.7710451056197,-121.36011749774173,-121.29402786761477,14&Area_0|Roseville|CA|102plc0019/MinPrice_ 225000/MaxPrice_300000/MinBedroom_3/MinBathrooms_2/PropertyType_1/ListingType_0/SortBy_0/PriceReduced_0/HasPhotos_1/HasPool_0/NewListing_0/HasOpenDate_0/MetroArea_1/&38.75454784137 1284,-121.32707268267825,14/

http://www.zillow.com/

There are a few other sites, but I cannot find them right now...
 
Posted by svfreerider87 (Member # 5748) on :
 
how much are you trying to spend? How much do you make? you might be able to qualify for a BMR program (below market rate) my friend got into a bmr condo for 200k, it's worth like 450-5 but if he ever sells has to give pretty much half back to the program, but it's a good help to first time buyers and great way to build your credit. Find a realator who truely has a passion for helping people find a home, they will point you in all the right directions. if your in the bay area I can reccomend a great sales team.
 
Posted by stangin' (Member # 514) on :
 
first thing you need to do is grow up, lol j/k.
 
Posted by phonso302 (Member # 9260) on :
 
I believe the minimum credit score needed for a fha loan is 620. They will require 3.5% down and will require mortgage insurance with any down payment under 20% (will make your monthly payment a little higher). The lender will want to see your tax returns for the last two years. Bank statements for atleast 6 months checking/savings. They will ask you for your paystubs. Those are some examples,there is no generic list as each lender has their own requirements.

You need you sit down and think if its what you really want. Its a big responsibility time wise and financially. Aside from your down payment you should have atleast 10k set aside. You will need to buy a fridge,furniture,misc upgrades,paint the list goes on and on. It adds up so fast its crazy.
 
Posted by SF Coupe (Member # 1810) on :
 
quote:
Originally posted by adower:
Best the worst home in the best neighborhood yiu can afford. Don't buy the nicest home in a crap neighborhood.
This is the best advice I've seen. You can remodel the house but you can't change the neighborhood. Once you get through the mortgage BS and figure out what you qualify for start looking on Redfin for houses in your desired area and price range. Compile a list of homes and take it to your realtor. He may want to show you other similar homes which is fine but don't let him push you into a home or neighborhood you don't want. Avoid short sales like the plague. It's a nightmare dealing with them, I know from personal experience.
 
Posted by SSF_5.0_WARRIOR (Member # 10170) on :
 
quote:
Originally posted by SF Coupe:
quote:
Originally posted by adower:
Best the worst home in the best neighborhood yiu can afford. Don't buy the nicest home in a crap neighborhood.
This is the best advice I've seen. You can remodel the house but you can't change the neighborhood. Once you get through the mortgage BS and figure out what you qualify for start looking on Redfin for houses in your desired area and price range. Compile a list of homes and take it to your realtor. He may want to show you other similar homes which is fine but don't let him push you into a home or neighborhood you don't want. Avoid short sales like the plague. It's a nightmare dealing with them, I know from personal experience.
I also liked this advise
[Big Grin]


-Preparing to buy a home also sometime hopefully soon. Need to get my credit up a bit more and better my debt to ratio but yea goodluck bro.
 
Posted by adower (Member # 5955) on :
 
quote:
Originally posted by SF Coupe:
quote:
Originally posted by adower:
Best the worst home in the best neighborhood yiu can afford. Don't buy the nicest home in a crap neighborhood.
This is the best advice I've seen. You can remodel the house but you can't change the neighborhood. Once you get through the mortgage BS and figure out what you qualify for start looking on Redfin for houses in your desired area and price range. Compile a list of homes and take it to your realtor. He may want to show you other similar homes which is fine but don't let him push you into a home or neighborhood you don't want. Avoid short sales like the plague. It's a nightmare dealing with them, I know from personal experience.
I sound like a moron. I hate my phone auto correct. Glad you could understand what I was trying to say lol.
 
Posted by venomous99 (Member # 1917) on :
 
as some have already mentioned, why not give some specifics on what your plan is so the cafords mortgage and financial experts can guide


[Razz]
 
Posted by DIRTY SALLY (Member # 7845) on :
 
quote:
Originally posted by venomous99:
as some have already mentioned, why not give some specifics on what your plan is so the cafords mortgage and financial experts can guide


[Razz]
lmfao im good on that 1 [Wink]
 
Posted by venomous99 (Member # 1917) on :
 
quote:
Originally posted by DIRTY SALLY:
quote:
Originally posted by venomous99:
as some have already mentioned, why not give some specifics on what your plan is so the cafords mortgage and financial experts can guide


[Razz]
lmfao im good on that 1 [Wink]
comon they'll need this info like you're applying for a loan:
home price
list of debt(cc, car loans, school loans, alimony child support etc)
list of assets(how much bread you got in the bank, cars owned, property)
credit score
income from last filing, gross monthly income

until then, they wont be able to provide you w/ the necessary assistance.
u might as well throw in your SSN too.
 
Posted by svfreerider87 (Member # 5748) on :
 
quote:
Originally posted by venomous99:
quote:
Originally posted by DIRTY SALLY:
quote:
Originally posted by venomous99:
as some have already mentioned, why not give some specifics on what your plan is so the cafords mortgage and financial experts can guide


[Razz]
lmfao im good on that 1 [Wink]
comon they'll need this info like you're applying for a loan:
home price
list of debt(cc, car loans, school loans, alimony child support etc)
list of assets(how much bread you got in the bank, cars owned, property)
credit score
income from last filing, gross monthly income

until then, they wont be able to provide you w/ the necessary assistance.
u might as well throw in your SSN too.
as well as maybe a CC number? don't think it's too much to ask for.
 
Posted by DIRTY SALLY (Member # 7845) on :
 
lets just say i dont have debt [Wink]
all cc cards are paid off

more that 5k in the bank [Roll Eyes]

just want to buy a house new at this shit and you old fucks know whats up lol [Wink]
 
Posted by cobraracer46 (Member # 1142) on :
 
When considering purchasing a home, I would avoid buying a house that would result in crazy commuting hours to work.

The stupid motherfuckers that buy houses in shit hole cities Stockton and end commuting hours each day are fuckin nuts!
 
Posted by NEIGHT (Member # 8741) on :
 
Word of advice, don't get a gardener. I mean shit I'm Slowback67's gardener N I do his wife all the time!
 
Posted by venomous99 (Member # 1917) on :
 
hopefully youre far north of 5k. LOL. that 5k will barely cover your closing costs. then again, you should look into FHA loans that cater to the 1st time home buyer and require a much lower down payment.
as already mentioned, if youre low income and looking to buy in a more desirable area look into BMR properties. its not for everone but might be what youre looking for.

these old fucks have experience so listen up and learn lol. on a serious note, i wouldnt go on this site much for financial advice. go research online and maybe join a forum that is more related to what youre trying to get into? trulia has a discussion forum where you can post questions where many are answered by folks in the industry.

[ May 09, 2012, 10:48 AM: Message edited by: venomous99 ]
 
Posted by DIRTY SALLY (Member # 7845) on :
 
quote:
Originally posted by NEIGHT:
Word of advice, don't get a gardener. I mean shit I'm Slowback67's gardener N I do his wife all the time!
oohhhh ddddduuhhhhhh llaaayyyyyyyyy [Big Grin] [Eek!]

i mow my own lawns [Wink]
 
Posted by DIRTY SALLY (Member # 7845) on :
 
quote:
Originally posted by venomous99:
hopefully youre far north of 5k. LOL. that 5k will barely cover your closing costs. then again, you should look into FHA loans that cater to the 1st time home buyer and require a much lower down payment.
as already mentioned, if youre low income and looking to buy in a more desirable area look into BMR properties. its not for everone but might be what youre looking for.

these old fucks have experience so listen up and learn lol. on a serious note, i wouldnt go on this site much for financial advice. go research online and maybe join a forum that is more related to what youre trying to get into? trulia has a discussion forum where you can post questions where many are answered by folks in the industry.
thanks bro ill check that out [patriot]
 




Fueled by Ford Mustang Owners
on CaliforniaFords.com