First time home buyers

[RC Didnt Offer]

I've narrowed it down and it looks like we'll be making an offer on a house some time this week. I've met with independent mortgage person (works out of her house) and she wants to go the FHA route. My rate will depend on the day I sign the paperwork.

Any advice for a rookie? The house is a foreclosure so it looks like I'm be making an offer to a bank.

 

[FloridaHorn]

I would not suggest the FHA route. You pay mortgage insurance up front and then monthly too. There are many zero down or 3% down programs available. It all depends on your credit scores and how much you have to put down. If you like the loan officer and trust her then ok. At least call and compare rates and closing cost. Good luck.

 

[The Dog]

I'm looking forward to buying and owning a home like I did my first root canal.

 

[RC Didnt Offer]

Its less fun than that.

 

[Sasquatch69]

We looked at the FHA loan, but ultimately went with a 0% down, just because there was less mess at the time of purchase but the monthly payments were nearly identical. Keep in mind that even with a 0% down you'll still end up paying some $$$ up front (ours was around $1.5k) for the earnest money and a few other fees. If you can avoid rolling other closing costs into the loan by asking the seller to pay them (as we did) or paying them up front, you'll be able to keep your monthly payments lower.

 

[NameAlreadyInUse]

I went with Bank of America who was offering a first time home buyer deal of 3% down, no PMI, 5.025% fixed interest for 30 years. Had to drive down to San Antonio to take a 2 hour class but it was well worth it.

 

[PacSER]

Well..
I just bought my first house. Been in it for less than three weeks.

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