Want to Purchase A Home? Tips for Couples or Singles - Page 2

SummerChild · #1 03-19-2007, 04:58 PM

I just spoke with my lender about Fannie Mae loans.
The financing is 100% (so you don't have to save up for the 20%) and the interest rate that he is able to get for me is 5.8%, which is very good right now. The only catch is that the property has to be one that is built to strict Fannie Mae requirements.

Quote:

Originally Posted by Lady of Pearl

I hear that now is a good time to buy, unlike last summer when I was looking. There are even some real estate agencies that are now offering assistance to those who work in the public sector like teachers, and firefighters to buy at reduced rates. However, I am not in the market now as I am tired of moving! and will save for that 20 percent downpayment to lessen that mortgage payment!

SummerChild · #2 03-05-2007, 03:16 AM

Have any of you done it (purchasing while single)? A home, I mean.
Did you have apprehensions about not having someone to take that mortgage with you? Did family and friends support you? What were your experiences?

For those of you that have not purchased a property, would you do it while single? What are your thoughts?

SC

#3 03-05-2007, 09:01 AM

Hi SummerChild,
I was single (still am) when I purchased my home in 2003. AND, my home was a rehab. house so I had to find a contractor and make very big decisions on my own. I also did a lot of the work myself (painting, plastering, etc...) It was a lot of hard work but in the end, it is something I look back on everyday I walk into my house and say, "I did this on my own".

I view paying a mortgage the same way as paying rent.... you get what you can afford. There are a lot of extras you have to pay (insurance, taxes, etc...), which is usually combined with your mortgage payments. I made sure I found out what my mortgage payments would be, including the insurance and taxes, before I purchased my house to make sure I could afford the monthly payments. Also, I called to all of the utility companies and found out the average monthly bills for my house... especially the winter bills. I also made sure I was able to save a little money after paying all of my living costs.

Before I signed the closing papers, I was a little nervous. But it was mainly because it was my first home purchase, and I knew I had a lot of work ahead of me because it was a rehab house. I didn't bother me one bit that I was buying my house as a single person, and four years later, I am still maintaining my house on my own.

treblk · #4 03-05-2007, 10:04 AM

I purchased my home almost 5 years ago, while single (some what single now) and it was a lot of work, but it was something I knew I could handel and if I needed help, I had good friends with contacts to contractors and what not. I went through NACA (I know folks have sited that program) and though the process was horrible in certain aspects, I was able to get great things from them.
My mortgage and other fees were tough in the first 6 months or so, but just like any routine, it got easier.

KAPital PHINUst · #5 03-05-2007, 10:45 AM

I bought my home (a new build) when I was single at the age of 27. Because it was new, I had few problems with it as far as upkeep and repairs.

The challenges was keeping the yard mowed, weed-free, and watered, as well as keeping its interior clean. Since I lived by myself, I didn't dirty up the house as rapidly as that if I had a family. So once a quarter, I would do a deep cleaning, where I would dust, vacuum, and scrub the house keeping it nice and clean.

Later I put in blinds for the sliding back door and installed ceiling fans in the main room and master bedroom.

The problem was that the property values in the area was dropping dramatically, as there was a very high foreclosure rate in the area, prompting me to sell my home. I finally did that last July, and the sad thing was, I lost money on the deal. Had I waited a month or so, I would've had a buyer (who was very interested in my house but had to sell his home in Florida first) buy my home at my price and at I would've wound up breaking even on the deal.

The next time I buy a house, I want to be married, and I want to own a home in a state with a warmer climate (I really gotta get outta Ohio).

Still BLUTANG · #6 03-05-2007, 11:04 AM

I purchased while single, and i will never do it again. For me, it was a very challenging emotional process. I never thought i'd be 27 and single. Much less 27 and single and buying a place to live. Everything has been o.k., i love the physical space, but like i said for me its more of an emotional thing.

Good luck!

Conskeeted7 · #7 03-05-2007, 10:47 PM

I bought my first house while I was married. However, I don't think that made it much easier. The only thing that was a little easier was having someone to help occassionally. But with work and our schedules, it wasn't like we were both at home to do everything necessary. A lot of the same worries and concerns are there whether you buy as a family or a single. As other posters have said, you have to pay to live somewhere, so I'd encourage you to pay into your own wealth and get tax deductions too!

mulattogyrl · #8 03-06-2007, 05:20 PM

This is a really good thread. Thanks for starting it Summerchild!

SummerChild · #9 03-06-2007, 06:10 PM

Sure. I'm glad folk are getting something out of it.

Did anyone hear about the effect on the interest rates that the stock market plunge last week had? A loan agent was telling me that numerous companies and divisions of mortgage loan companies are out of business. He was saying that the rates have gone up to 11-14% for some programs for the 20 part of the 80/20 setup. He also mentioned, however, that the rates went down to 5.75% for some loan programs if one has a credit score of 680 or better.

Quote:

Originally Posted by mulattogyrl

This is a really good thread. Thanks for starting it Summerchild!

SummerChild · #10 03-06-2007, 06:19 PM

It seems to me that purchasing while living in a place that has high real estate prices can really bring out the implications of buying solo or jointly with someone else. For example, here in Cali, the median home price is 550,000 or so. Accordingly, many professionals that I know are still renting (as am I) or living with a roommate. It sseems like it's almost prohibitive if you don't have someone else to go in on the monthly payment with you. Even for a property in the 4s, when you add taxes at 1.25% (and the additional 400 per month that taxes brings), even at 6%, which apparently is a fairly good rate right now, you're at roughly 2400 (before taxes or HOAs or utilities)...and that's for a place that is 400,000 - which is usually not a very well maintained, older, 2 bedroom (yes 2 bedroom) house or an old one or two bedroom condo.

I have been very surprised at the number of young professionals that I have met in Cali who do not own.

Accordingly, in Cali, it *might* be helpful to get married, just to try to buy a place to live in. lol.

SC

abaici · #11 03-07-2007, 01:11 AM

Quote:

Originally Posted by SummerChild

Accordingly, in Cali, it *might* be helpful to get married, just to try to buy a place to live in. lol.
SC

When I say this to my friends in other states, they think I'm insane. But, it's so true. My thing is I want to live in the city. I'm a city girl.

I'm going to look at NACA again. There are condos in areas that are tolerable for me very close to the range.

SummerChild · #12 03-07-2007, 11:20 AM

I know Soror!! How have you been doing? We need to get together. I was targeting the downtown market due to its great potential for appreciation but I'm not feeling those mortgage payments - not with it just being me as I don't want to carry the stress of a 4800 mortgage payment alone. It's nuts.

Girl, I am now looking in the area that I currently live in. It's still on the pricey side but it's more tolerable. There are supposed to be some new condos coming in the city of LA but adjacent to your city. Let me know if you want me to PM you with details.

PM or call me and let me know how your search is going. We can share info!

Quote:

Originally Posted by abaici

When I say this to my friends in other states, they think I'm insane. But, it's so true. My thing is I want to live in the city. I'm a city girl.

I'm going to look at NACA again. There are condos in areas that are tolerable for me very close to the range.

SummerChild · #13 03-07-2007, 11:47 AM

Soror, I just looked at the site and there is a workshop coming up on the 24th.
SC

Quote:

Originally Posted by abaici

When I say this to my friends in other states, they think I'm insane. But, it's so true. My thing is I want to live in the city. I'm a city girl.

I'm going to look at NACA again. There are condos in areas that are tolerable for me very close to the range.