February 11, 201016 yr I thought it was through June?The credit runs through 4/30, but they give you a 2 month period to close if you sign a binding contract by 4/30. In other words, if you sign a binding contract by 4/30, then you have until 6/30 to close on the home and you can still qualify. No word yet on whether they will extend it for all of 2010, but it is widely speculated that they will.
February 11, 201016 yr You are crazy not to buy a house right now. For the $530 a month you are currently spending you can get a very nice home. I remember my dad was worried that I could not afford my first house and when I showed him my house payment was less than an apartment he bought into the idea. Worse case is that you buy a condo instead? Less risk of something major going wrong and even if your payment remains the same as what you are paying you get the equity built up! You can get a condo for a great deal right now but the HOA fees in this area are averaging $160-$165 a month now with some just under $200.
February 11, 201016 yr The credit runs through 4/30, but they give you a 2 month period to close if you sign a binding contract by 4/30. :thumb: Thanks, I didn't know that. My youngest son just got approved by the Underwriter and is waiting to see how much he is approved for. I think I'm more worried than he is.:lol: He graduated last May and has a good job but is still single. Me and Mrs. will be empty-nesters.:cry:
February 11, 201016 yr :thumb: Thanks, I didn't know that. My youngest son just got approved by the Underwriter and is waiting to see how much he is approved for. I think I'm more worried than he is.:lol: He graduated last May and has a good job but is still single. Me and Mrs. will be empty-nesters.:cry: More information can be found here.
February 11, 201016 yr You can get a condo for a great deal right now but the HOA fees in this area are averaging $160-$165 a month now with some just under $200. I have my condo for sale, just put it on the market this week and my HOA fees are approaching $200. They've increased every year since I've owned.
February 11, 201016 yr I have my condo for sale, just put it on the market this week and my HOA fees are approaching $200. They've increased every year since I've owned. It is absolutely killing the condo market in this area. I almost bought a condo but my realtor said I won't make any money back in 10 years with the fees just going up. 500-600 mortgage with a 200 fee... Smart move to get rid of it now with the tax credit out there. Hopefully, someone with money to waste who doesn't wanna cut grass buys it and you can get a house. :thumb:
February 11, 201016 yr One thing I would suggest to anyone thinking about buying a home. Get preapproved before you starting looking for a home. You will get better service from a real estate dealer and you'll also know exactly what you can afford. We have our home owner's insurance, property taxes escrowed. We don't have to worry about paying them. They are automactically paid each year.
February 11, 201016 yr Try to either pay 20% down or get two loans a 20-80 loan so that you won't have to pay the PMI which is an extra $65-$80 a month that goes into your mortgage only you'll never see it again. You'll pay that amount every month until you own 80% of your home.
February 11, 201016 yr Get a realtor, but look and live UNDER your means. If you qualify for a $100K house, the realtor will steer you towards those because that means more $$ in commission for them. Just because you QUALIFY doesn't mean that that amount will be easy for you to live with. On PAPER is one thing, real life is usually another. Adjust what they tell you DOWNWARD about 20%, and you'll end up more comfortable with your payments/expenses. No, the house won't have granite countertops and walk-in closets-prepare to aspire to those things later on.
February 11, 201016 yr Get a realtor, but look and live UNDER your means. If you qualify for a $100K house, the realtor will steer you towards those because that means more $$ in commission for them. Just because you QUALIFY doesn't mean that that amount will be easy for you to live with. On PAPER is one thing, real life is usually another. Adjust what they tell you DOWNWARD about 20%, and you'll end up more comfortable with your payments/expenses. No, the house won't have granite countertops and walk-in closets-prepare to aspire to those things later on. :thumb: Correct I was told I could get a 200K house by one and I said well yeah If I dont want electric :lol: Yourmortgagecalculator.com is pretty accurate if you know your rate.
February 11, 201016 yr Author Can I get approval based on my salary and my fiancee's even though we are not married yet ?
February 11, 201016 yr If you're not comfortable with buying a home, don't buy a home. Its that simple. Don't let an incentive force you to rush your decision.
February 11, 201016 yr Can I get approval based on my salary and my fiancee's even though we are not married yet ? As long as your is enough I would think so. I don't know your credit score/home price/income though.
February 11, 201016 yr Can I get approval based on my salary and my fiancee's even though we are not married yet ? Yes, as long as the house is going to be in both of your names. The wife and I bought our first house prior to being married.
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