Want to Purchase A Home? Tips for Couples or Singles

[SummerChild]

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.

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]

Soror, see my email to Lady of Pearl about Fannie Mae loans. It seems to be a G-Dsend! And how about loans and programs based on your occupation? I will see you Saturday!
SC

Originally Posted by abaici

I am. I'll see you there next Saturday! I did not see any 2 bedrooms in my areas of interest. You are right, two bedrooms are more desirable. I am interested in a single family, however, I don't think it fits my lifestyle. I'm not one to worry about lawns and what not. I see that I will have to compromise a little bit on the location. Torrance is usually very expensive. I don't mind Gardena. I personally want to live on the Westside. That's my thing. I saw a really cute bungalow a while back in Hollywood. Overall, I'm not feeling Hollywood too much. Kinda cool, but I don't know. I'm trying not to look too much. I don't want to be too depressed with the loan people snap me back to reality. lol.

[SummerChild]

Dang Soror, you've done everything in the real estate market! I want to be like you when I grow up.
I often see foreclosures listed but the ad often states something that made me think that you could not inspect the property before you bid. A realtor was telling me that he gets listings of pre-foreclosure properties so I'll follow-up with that. Did you find that it was much more expensive (like you had to pay out of pocket some huge % or could you just come with proof of loan funds)? I been reading a few articles and read a short book.
So it sounds like it was not all that risky at all - in your experience b/c you were able to get an inspection ahead of time.

SC

Originally Posted by Conskeeted7

I've bought 2 foreclosures. I, personally, did not find the process to be any different than conventional real estate. Of course, you want to have an inspection to determine if you'll move forward with the property. I never had any trouble getting an inspection. However, you may have a hard time getting the bank to fix anything that you find. So, be prepared to handle that cost on your own. For me, it was worth it to fix things on my own because I bought the houses at 50% of market value and there were no structural issues, strictly cosmetic.

You can find information on foreclosures in your county office (if it's being foreclosed because of taxes) or some realtors work closely with them as well. We actually found ours by driving around and seeing houses that looked 'under the weather.'

[SummerChild]

Here's further info from my agent re foreclosures.

You get an inspection, as Soror Conskeeted7 stated, and have your contract contingent on the results of that - as with any other house that you make an offer on. Also, the loan for obtaining a foreclosure is the same as for any other property.

Here are two links for pages with listings of foreclosures.
http://www.all-foreclosure.com/reolist.htm
http://www.mortgagecontent.net/reoSe.../reoSearch.jsp

Originally Posted by SummerChild

Dang Soror, you've done everything in the real estate market! I want to be like you when I grow up.
I often see foreclosures listed but the ad often states something that made me think that you could not inspect the property before you bid. A realtor was telling me that he gets listings of pre-foreclosure properties so I'll follow-up with that. Did you find that it was much more expensive (like you had to pay out of pocket some huge % or could you just come with proof of loan funds)? I been reading a few articles and read a short book.
So it sounds like it was not all that risky at all - in your experience b/c you were able to get an inspection ahead of time.

SC

[Conskeeted7]

When I bought foreclosures, I used conventional financing, so I didn't have to come up with anything out of the ordinary.

The only issue that you might find if a property is in a great deal of disrepair is that you may not be able to get insurance coverage for it. This would impede the closing process, since conventional loans require home insurance at closing. With our first foreclosure, although the repairs were cosmetic, the insurance company still wanted us to repair them. They allowed us to start a policy with the contingency that the repairs would be made within 30 days. We actually didn't have the repairs complete, but were able to show receipts from vendors to complete the work and that was enough for them.

[rho4life]

I bought my place in '05. My best advice is to sit down and make an HONEST list of what you have to have and what you want to have. IE, it has to be in a certain zip code, and it would be nice if it had granite counters. Once I came to terms with the fact that my first place was not going to be my dream home, but a step towards my ultimate goal it was a lot easier.

Also, go to some areas you're thinking about living for open houses, and then go back during times of day or night when you're usually coming home. I eliminated one area because once the sun went down the character of the area changed DRASTICALLY and I didn't feel safe.

Good Luck!

[SummerChild]

Great book for those thinking of purchasing a condo, co-op or townhouse -
"Tips and Traps When Buying a Condo, Co-op, or Townhouse" by Robert Irwin.

SC

[SummerChild]

Hey Soror, it was great to see you. Just to let you know, there are 2 bedrooms/2 baths falling below the NACA limit in our area. I can tell you about some of the complexes that I've found if you like whenever you get ready.

SC

Originally Posted by abaici

I signed up for that workshop. I'll see. I spent the last year working on my credit. It wasn't bad, but there was room for improvement.

You are far ahead of me.

I think the downtown lofts are cool, however, it's just way too much. I think my problem is tied to being a native Californian. There are not enough gorcery stores and other things to make it attractive to me. But, they are in the process of building it up. I hate to even THINK of how much it will cost once they are finished.

[Still BLUTANG]

This is from an announcement at my church. Please pass along to anyone in the MD/DC/VA area who might benefit from this seminar.

The Young Adult Ministry and Delta Sigma Theta Sorority will host a Homebuying Expo on Saturday, April 21st from 8:00 am - 2:00 pm in the Main Sanctuary. Lenders, mortgage companies, insurers, and financial advisors will lead free seminars and workshops ranging from "Understanding the Mortgage Process" to "Repairing Credit." Pre-register at www.DeltaChallenge.com or email YoungAdults@ebenezerame.org.

Ebenezer AME Church
7707 Allentown Rd
Fort Washington, MD 20744

[abaici]

Originally Posted by SummerChild

Hey Soror, it was great to see you. Just to let you know, there are 2 bedrooms/2 baths falling below the NACA limit in our area. I can tell you about some of the complexes that I've found if you like whenever you get ready.

SC

COOL! My appt is in June.

[SummerChild]

Hi Soror. If you want to get in earlier, you can call on Mondays and they will fit you into any cancellation slots. I got an apptmt last week after calling on Monday (I was scheduled for May) but I had to cancel at the last minute...but I still got re-scheduled for April. So if you want to get in sooner, it's possible.

Originally Posted by abaici

COOL! My appt is in June.