Just bought my first home!
- Thread starter Mach1Chick
- Start date
Sorry to hear that, now you will be stuck in DE foreveryou will be in my prayers.
lol reminds me of that scene in Waynes World where they have Delaware on their blue-screen
"Or imagine being able to be magically whisked away to... Delaware..............Hi, I'm in Delaware."
Will it be your first home purchase? If it is, you should check with your mortgage consultant because you could qualify for the Rural Housing Program: you wont need a down payment
Congrats. You will learn quickly that a home consumes more dollars than your car will be able to get a chance to use up. Every time I save up some money to use on the Cobra my wife has something she wants to do around the house. Then I see stuff I want to do around the house so there goes my Cobra money again. HA HA. Its a never ending cycle but you will love it having your own place to call HOME!!!. Congrats again.
My wife and I bought our first about 3 months ago. She's been watching home improvement crap so now we've redone the bath and bedroom already.
When I order direct tv for my house when I get it I am going to have them block that channel.
I wish I were in your boat....I'm in a similar process right now but am catching a lot of probs with the Rural Develop Loan. Having to fix / get a lot of estimate of little things in order to meet there guidelines.....needless to say its testing me patience!
Hmmm... if you dont mind me asking, what do they keep asking from you? Im dealing with Wells Fargo mortgage consultant, and i have been emailing her back and forth for almost a month now about homes and such. She hasnt once asked for weird things to show i meet the Rural Housing Program guidelines?:shrug:
Just thought i would share this this morning because this is a big step in anyone's life
Yes, it is Jessica - and congratulations! Remember, make the house payment first before other bills.
Congrats. I closed on my first home OCT 30th in NOVA. Could not beleive how much they approved me for. I have VA so now down payment either which was nice. put new Hardwoods and Carpet in it. Actually spent about 14K fixing it up already. Actually refinancing in about an hour. When do you close? It annoys me that i actually have to budget my money now. No more vacations for me.
Thats awesome! I cant wait to start painting and doing some things to my OWN home for once! Well im waiting for all the paperwork to go through (thought i was going to throw up last night signing the bagillions of them). But the latest date of settlement is February 28th, so im pretty sure it will be before that. The thing is, ever since i got my first job i have been budgeting my money. Im one of those people that when i get too many receipts laying around that havent been written in my check book, i freak out. hahaha i guess its a good thing?
Its a program that you have to qualify for. Before my raise, i couldnt get it so i had to put like 3% down or something like that. Once i got my raise, i was able to get this which means no down payment at all. Im sure other people will be able to comment more about it considering im still a newbie when it comes to this stuff.
Congrats man buying your first house is alway fun.
You might want to block the HGTV channel because my wife watches the crap out of the channel. Because of those shows I've been painting walls and working like a plumber!
Congrats man buying your first house is alway fun.
You might want to block the HGTV channel because my wife watches the crap out of the channel. Because of those shows I've been painting walls and working like a plumber!
Congrats man buying your first house is alway fun.
Last edited:
20 yrs old? 4.5 fixed?
hahahhaha OMG i LOVE Napoleon Dynamite! hahaha THANKS!
congrats!:rockon::rockon::rockon:
Being 20, you've made a wise decision at an early age. Investing in a home instead of throwing it away on rent = wise!
If you are this smart at 20, no telling what 30 will bring ya, keep up the good work & let your ambition flourish.
Being 20, you've made a wise decision at an early age. Investing in a home instead of throwing it away on rent = wise!
If you are this smart at 20, no telling what 30 will bring ya, keep up the good work & let your ambition flourish.
Damn thats awesome. I'm 20 and no way could I afford a house right now. Congrats to you and the hard work it must have taken to get there.
Ditto here, just finalized all my upgrades and signed off. Did the same thing as Mach1Chick and bought a townhome. They will break ground in the next week or two and will be able to move in to get the tax credit before the 1st of July. I am also going through Wells Fargo, or sort of through my Builder who uses them. I haven't checked my rates but last I say they were below 5.5 two months back. I am going to keep a close eye on the rates after Obama gets in to see if the Fed does anything with Fannie Mae and all them to lower the rates more. I am going to put down 20% to avoid paying the PMI, do you have to pay that?
I am excited though and plan to stay for a while being young and single. Plus being a townhome I have less insurance to pay, no yard work, and will turn out better to rent it out as an investment property down the road if I so choose to go that route. Congrats to you! I wonder if I can check to see if I get approved at 4.5 yet? I am not able to lock in a rate until after they start building, so I am in no hurry. But yeah, it will be tight for a little while...
Tyler
I am excited though and plan to stay for a while being young and single. Plus being a townhome I have less insurance to pay, no yard work, and will turn out better to rent it out as an investment property down the road if I so choose to go that route. Congrats to you! I wonder if I can check to see if I get approved at 4.5 yet? I am not able to lock in a rate until after they start building, so I am in no hurry. But yeah, it will be tight for a little while...
Tyler
DrZacharyus
Banned
That is awesome, congratulations! I wish I was fortunate enough to have my own home!
amxguy - congrats! My townhome is already built. Its the last one available in the unit. What i love about the community in which i bought it is i saw the proposed map of where they plan to build the rest of the townhomes, and the community is not going to be packed with them. They are all spread out which makes it very nice! What do you mean by PMI?
I REFUSED to rent. Rent is money going no where to prove nothing when you finally decide to buy. You have nothing to show after years of paying $700-$1500 a month. With the market is the way it is, mortgage payments are the same, if not less, then what renters are paying.
I REFUSED to rent. Rent is money going no where to prove nothing when you finally decide to buy. You have nothing to show after years of paying $700-$1500 a month. With the market is the way it is, mortgage payments are the same, if not less, then what renters are paying.
PMI is a mortgage insurance added to your mortgage as a back up incase you can't pay, it is generally reserved for people who don't put the 20% down. When they ran the numbers with 10% down and 20% down, the 10% down had $96 a month added on for PMI as opposed to nothing for the 20%. It operates similar to what insurance does in the case of someone buying something and not being able to pay on it.
"PMI or Private Mortgage Insurance is normally required when you buy a house with less than 20% down. Mortgage insurance is a type of guarantee that helps protect lenders against the costs of foreclosure. This insurance protection is provided by private mortgage-insurance companies. It enables lenders to accept lower down payments than they would normally accept. In effect, mortgage insurance provides what the equity of a higher down payment would provide to cover a lender's losses in the unfortunate event of foreclosure. Therefore, without mortgage insurance, you might not be able to buy a home without a 20% down payment."
I made sure to get a unit that backed up to a green belt with trees and no homes behind me, i don't want someone looking in from 30ft away on their second story. We have 6 units to a plan, and am an interior unit. We do have a pool, and I will put in my own hot tub since I have enough backyard too.
Ditto on not renting, I refused to after college. Paying $800 a month to someone else is not my idea of smart, and you have nothing to show when you are ready to move out down the road.
Enjoy and take pictures when you are all moved in!
Tyler
"PMI or Private Mortgage Insurance is normally required when you buy a house with less than 20% down. Mortgage insurance is a type of guarantee that helps protect lenders against the costs of foreclosure. This insurance protection is provided by private mortgage-insurance companies. It enables lenders to accept lower down payments than they would normally accept. In effect, mortgage insurance provides what the equity of a higher down payment would provide to cover a lender's losses in the unfortunate event of foreclosure. Therefore, without mortgage insurance, you might not be able to buy a home without a 20% down payment."
I made sure to get a unit that backed up to a green belt with trees and no homes behind me, i don't want someone looking in from 30ft away on their second story. We have 6 units to a plan, and am an interior unit. We do have a pool, and I will put in my own hot tub since I have enough backyard too.
Ditto on not renting, I refused to after college. Paying $800 a month to someone else is not my idea of smart, and you have nothing to show when you are ready to move out down the road.
Enjoy and take pictures when you are all moved in!
Tyler
Last edited:
Users who are viewing this thread
