ITT Give me some practical advice on buying a home

[GamerMON]

I have a small savings and an IRA. I have just completed my 2 year degree and my gf is about to finish her BFA this semester. I have no debt (not even school loans) and she will only have about $12k of school loans. We are tired moving ( we have had been in 2 houses and now apartment in the last year). We arent looking at mansions just a reasonable priced home not in the ghetto of Kansas City.
I am going to propose her soon (once my mom gets her mothers wedding ring back from the jeweler for resizing. I think I can write about this here as the is no chance she will ever be on here).

inb4 don't get an adjustable rate mortgage/

[RCBH928]

I can only advice you in choosing a home that is not a dream home,
get one for you two for now based on your budget,
If you grow bigger and richer , sell it and move on

Don't get a house thinking its ok to pay a lot, this is home for the rest of your life.
loans are a terrible thing, you want the lowest amount,

its 2 words
safe and decent, thats it
nothing big, beautiful, expensive, pools
unless u r rich of course

[scrotumwound]

buy what you can afford
look around
defiantly get an inspection
also think about closing costs

[lwcook]

Do the usual math when calculating how much home you can afford. Figure out what percentage of your take home income the mortgage costs you. Remember to factor in taxes, private mortgage insurance, homeowners insurance, etc too, as they can add to the total monthly costs.

[Luke]

WTF with all the "advice threads"?

[GamerMON]

WTF with all the "advice threads"?

Tis the season to better yourself.

[Luke]

Tis the season to better yourself.

You have got a point. It just seems we have a lot of "what should I do?" threads lately.

[alexis524]

good advice so far, as i'm in the mortgage industry ten years now. Get in under FHA now before they make changes to their guidelines (more money needed, higher credit score needed) also, it wouldn't hurt to seek out your local non profit housing counseling agency to help you review current financial profile in terms of qualifying for a mortgage, they may even have a great first time homebuyer program you could take advantage of. Don't ever take anything at face value from a loan officer or realtor, at the end of the day, they're salesman and only concerned about their commission, so do your homework. get approved first before signing any sales agreements with a local community bank or credit union. Please stay away from mortgage brokers. They will charge you fees on way or the other for their services. There is nothing they can offer you that a bank can't today. Please please keep your distance from them. That's what comes to mind now, but if you have any questions, you can always pm me. Good luck to you

[Luke]

good advice so far, as i'm in the mortgage industry ten years now. Get in under FHA now before they make changes to their guidelines (more money needed, higher credit score needed) also, it wouldn't hurt to seek out your local non profit housing counseling agency to help you review current financial profile in terms of qualifying for a mortgage, they may even have a great first time homebuyer program you could take advantage of. Don't ever take anything at face value from a loan officer or realtor, at the end of the day, they're salesman and only concerned about their commission, so do your homework. get approved first before signing any sales agreements with a local community bank or credit union. Please stay away from mortgage brokers. They will charge you fees on way or the other for their services. There is nothing they can offer you that a bank can't today. Please please keep your distance from them. That's what comes to mind now, but if you have any questions, you can always pm me. Good luck to you

^Great advice.
I'd PM alexis and ask his opinion on fixed vs. variable mortgage rates. I have always been sold on fixed rates (20-30yr.), but it does seem that may change in the near future.

[GamerMON]

good advice so far, as i'm in the mortgage industry ten years now. Get in under FHA now before they make changes to their guidelines (more money needed, higher credit score needed) also, it wouldn't hurt to seek out your local non profit housing counseling agency to help you review current financial profile in terms of qualifying for a mortgage, they may even have a great first time homebuyer program you could take advantage of. Don't ever take anything at face value from a loan officer or realtor, at the end of the day, they're salesman and only concerned about their commission, so do your homework. get approved first before signing any sales agreements with a local community bank or credit union. Please stay away from mortgage brokers. They will charge you fees on way or the other for their services. There is nothing they can offer you that a bank can't today. Please please keep your distance from them. That's what comes to mind now, but if you have any questions, you can always pm me. Good luck to you

^Great advice.
I'd PM alexis and ask his opinion on fixed vs. variable mortgage rates. I have always been sold on fixed rates (20-30yr.), but it does seem that may change in the near future.

Me and molly talked to someone at Community America Credit Union. They filled us with some good info. Right now we are looking at an FHA Loan (as I only have enough money for a 3.5% downpayment unless I cash out my IRA which I don't want to do but will). Right now my gf doesn't have a job (she is in school full time and finishes this semester). I am a delivery driver (most of my money is in tips). So we are waiting till Molly gets a job (see is a shoe in for job photographing newborns in the local hospital). Somehow I have good credit (lady at the credit union said my credit scores was in the 800s). I am totally going with a fixed 30 year loan.