Want to Purchase A Home? Tips for Couples or Singles

[Afrochic]

Originally Posted by 1browngirl

You might want to check out the NACA program, there aren't any income limitations but there is a limit on the loan amount - I believe its $206,000. The interest rate is much lower than the standard rate. Its a no downpayment, no closing costs program. There's no PMI (private mortgage insurance) either. I'm going through the program now, their website is www.naca.com

I was just about to post about that program. My mother's friend went through the program and her interest rate was less than one percent. Her home was 150,000. I went to an orientation about the program, it's great.

[1browngirl]

Originally Posted by Afrochic

I was just about to post about that program. My mother's friend went through the program and her interest rate was less than one percent. Her home was 150,000. I went to an orientation about the program, it's great.

It is a great program. The money you would use for a down payment can be used to buy down your interest rate. After I went to the home buyers workshop and heard about people buying homes at interest rates of 2-4% I was really excited.

[mccoyred]

As far as a program goes, check out http://www.homenow.com/, DST's home ownership intitiative.

Some things I would advise:

• Don't make an offer on the first thing you see. When it comes to buying a home, your first instinct is not always your best.
• Only buy a fixer upper if you TRULY like doing that kind of work yourself and you have the time. Buying a fixer upper with the intention of bringing in a contractor to fix it up is a waste of money.
• Ask your home inspector as many questions as you need to; after all YOU are the one that has to live with it. BTW, don't let anyone tell you not to get a home inspection; it is your protection.
• When touring a home, always take someone with you (spouse, friend, family member) besides your real estate agent. Even confer on the side if you need to do so in order to make sure that you didn't miss something significant.
• Also, it may seem rude to look in closets and stuff but do it when you are touring a property; it can save you some unpleasantness down the road.

Good luck!

[PinkPop]

Yes, I hear NACA is very good. You have to qualify though. You have to earn less than the median income for the city your buying the house in or something like that. And if I'm not mistaken, after you buy the house you have to attend x amount of workshops. Which is good by the way. Nothing more spectacular than gaining knowledge(correct knowledge) and then spreading it around.

[SummerChild]

Hi Soror. I may be mistaken. It looks like NACA does not have an income limitation, but they have a max loan amount limitation. Do I have this backwards?
SC

Originally Posted by PinkPop

Yes, I hear NACA is very good. You have to qualify though. You have to earn less than the median income for the city your buying the house in or something like that. And if I'm not mistaken, after you buy the house you have to attend x amount of workshops. Which is good by the way. Nothing more spectacular than gaining knowledge(correct knowledge) and then spreading it around.

[SummerChild]

Even though a good real estate agent will provide one with comps, here is a link if you want to see the amount that homes in a neighborhood sold for - https://ingdirect.homepricemonitor.c...ByLocation.jsp

you can type the address into google and trulia.com will tell you the number of bedrooms, etc.

[jubilance1922]

Great thread SC....I'm also looking to buy my first home, and unfortunately I make too much to take advantage of any local govt programs.

I'm going to check out that NACA org.

A soror of mine also told me that Countrywide Loans has a program for first-time home buyers, either a lower interest rate or no closing costs.

[Infamous12]

Great thread SC, I'm looking to buy a condo by the end of the year.

I'm attending a first-time home/condo buyers course tomorrow night and will post any 'new knowledge' up here for all.

*If anyone has any pertinent questions they want to know, send them to my PM, I'll add them to my list to ask*

[SummerChild]

Great. I'm glad that it's a useful thread. Yes, it is a drag to not be able to take part in the government programs. Shoot, what makes them think that we have all of this money to make a downpayment, etc. I will look into countrywide. I just found a problem with my credit report that I pulled (I haven't seen it since 6/06) so now I have to try to take care of that. Meanwhile, I'm trying to start trying to pre-qual so this is going to hold up the process b/c the problem makes my score lower than usual.

I wonder if there is a way to just use income for the loan qual. Is that a stated loan? Have to look that up.

What do you guys think of 80/20 setups? I'm scared of interest-only loans so that's not an option. Thinking about the 7/1 ARMs too.

Anyone have any experience with any of these?

SC

Originally Posted by jubilance1922

Great thread SC....I'm also looking to buy my first home, and unfortunately I make too much to take advantage of any local govt programs.

I'm going to check out that NACA org.

A soror of mine also told me that Countrywide Loans has a program for first-time home buyers, either a lower interest rate or no closing costs.

[PinkPop]

Originally Posted by SummerChild

Hi Soror. I may be mistaken. It looks like NACA does not have an income limitation, but they have a max loan amount limitation. Do I have this backwards?
SC

I'm not sure. I thought they had an income limitation and then I just read on their site that they didn't but then I also read this:

WHO DOES NACA HELP?

To qualify for NACA's services you must have a household income lower than a specific percentage of your city's median income or be willing to purchase in a neighborhood that has been cut off from access to credit ("Priority Areas"). Income restrictions differ by NACA office location. You may not own other property, and you must live in the home while you have the mortgage you obtained through NACA.

So I'm not sure.

[SummerChild]

Hi Soror. Yes, that is confusing. Well, I know that I'm out for sure as I'm sure my income would push me out and the loan limitation also excludes me as I'm in Cali and those loan limitations are jokes for this area.

I hope it works out for you!

SC

Originally Posted by PinkPop

I'm not sure. I thought they had an income limitation and then I just read on their site that they didn't but then I also read this:

WHO DOES NACA HELP?

To qualify for NACA's services you must have a household income lower than a specific percentage of your city's median income or be willing to purchase in a neighborhood that has been cut off from access to credit ("Priority Areas"). Income restrictions differ by NACA office location. You may not own other property, and you must live in the home while you have the mortgage you obtained through NACA.

So I'm not sure.

[SummerChild]

This website is associated with a real estate agency that specializes in condos (loft and conventional) and townhouses.

They have a very informative set of pages that takes one through the process from preparing to shop to moving in. I have not seen anything so thorough, even in the book that I read on buying condos/townhouses.
The webpage is located at http://www.condosource.com/buyers/ and the steps in the process (from preparing to shop) can be found in the left margin of the page.

SC

[SummerChild]

Thanks McCoyred, I will look into this program. Also, thanks for the tips. I will be trying to take a friend/relative with me, if possible, and looking into all closets from now on. Is there anything in particular that I would be looking for in closets b/c things like damage from leaks, etc.?
SC

Originally Posted by mccoyred

As far as a program goes, check out http://www.homenow.com/, DST's home ownership intitiative.

Some things I would advise:

• Don't make an offer on the first thing you see. When it comes to buying a home, your first instinct is not always your best.
• Only buy a fixer upper if you TRULY like doing that kind of work yourself and you have the time. Buying a fixer upper with the intention of bringing in a contractor to fix it up is a waste of money.
• Ask your home inspector as many questions as you need to; after all YOU are the one that has to live with it. BTW, don't let anyone tell you not to get a home inspection; it is your protection.
• When touring a home, always take someone with you (spouse, friend, family member) besides your real estate agent. Even confer on the side if you need to do so in order to make sure that you didn't miss something significant.
• Also, it may seem rude to look in closets and stuff but do it when you are touring a property; it can save you some unpleasantness down the road.

Good luck!