what's YOUR advise for a first time home buyer?

[me123]

Good luck to you both Matt, im not going to get into the advice but we just bought our first home (in a situation like yours as well) back in January.

Good luck and Congrats on your new adventure!!

 

[bcp]

Rule #2 - If it is your girlfriend you are buying with, make sure you can afford it on your own AND you are the only one on the deed.

and in another forum that he is not aware of,,
they are telling his girlfriend the same thing.

 

[kvj21075]

haha, totally had the same thoughts. i just hope u have lived with your bf first. and i hope you both are comfortable with the word "our", cause after getting a house together, nothing is "yours" anymore. it sucks, dont do it!!!

Yes, I am reading everyone's thoughts. It's just a matter of time that my boyfriend puts a ring on my finger (which I hope is days instead of months)...He wants to buy a house first before getting married; me on the other hand - I wanted to get married first before buying a home...but with how low the real estate market has gone down, I figure if we find a house that we both like and can get a good deal on it, let's go for it.

 

[chernmax]

home inspection
lead paint check
well inspection
septic inspection
bug inspection
property survey
check for any homeowner done home improvements (deck, finished basement), if found, check for permits

Great advice, also check county taxes, type of flood zone, and what other homes in the area may have recently sold for.

 

[Queenofdenile1]

1: Do not enter into a financial entanglement with someone who is not your spouse.

2: Do not get an adjustable rate mortgage, no matter how attractive it may sound.

3: Ditto for an interest-only mortgage.

3: Check out the neighborhood carefully. Drive through during the day and at evening to get a full feel for it.

4: Be aware of your monthly payments. The mortgage people may say you qualify for X, but if you can't afford the monthly payments without living on ramen, you can't afford it. Make sure they tell you PITI - principal, interest, tax, insurance. THAT is your monthly payment, not just principal and interest.

5: Shop for a home with an eye toward the future. If you want to have children, don't buy a house that isn't appropriate for that.

Good luck and have fun! There are a lot of great houses on the market these days with reduced prices.

EVERYTHING SHE SAID!!!

 

[Queenofdenile1]

Well that is just great.So when he gets bored just kick her into the gutter.Why would she waste her time and money . I take it if he was the only one on the deed she would not be paying-oh sorry she would be paying rent to her boyfriend .That just sounds lovelySorry I think that attitude sucks.

If he does not love her enough to make sure she has a future roof over her head then why bother in the first place. If they broke up she would get her share of money out of it to put to her future home if they were both contributing and on the deed.

Chill frozen ...just looking at reality, she might leave him, and at least he could afford the digs.........had a cousin learn this recently........

I have a true story. The BF and I got a 1 bedroom apartment together back in 90. I was in my mid 20's, he was divorced w/2 kids to pay child support. Anyway, got this apartment together, and no sooner had we moved in, the "CHANGE" happened. My Father told me before we did this....DO NOT PUT YOUR NAME ON THE LEASE...because if he decides to leave you, who's gonna pay the rent? You can't afford it on your own. I took a chance and ignored it. Well, sure enough, we were 3 months maybe into this and he found himself another sweetie to pick up the slack. In the end, I moved out but still had to fork out 2 months rent until she decided to move in with him w/her kid. I WILL NEVER DO IT AGAIN!!!

 

[dsparrow06]

I have a true story. The BF and I got a 1 bedroom apartment together back in 90. I was in my mid 20's, he was divorced w/2 kids to pay child support. Anyway, got this apartment together, and no sooner had we moved in, the "CHANGE" happened. My Father told me before we did this....DO NOT PUT YOUR NAME ON THE LEASE...because if he decides to leave you, who's gonna pay the rent? You can't afford it on your own. I took a chance and ignored it. Well, sure enough, we were 3 months maybe into this and he found himself another sweetie to pick up the slack. In the end, I moved out but still had to fork out 2 months rent until she decided to move in with him w/her kid. I WILL NEVER DO IT AGAIN!!!

I'm sorry to hear that it didn't work out for you, but maybe it was for the better? My boyfriend and I have been living together for 1 year, so I'm hoping nothing much will change between us - I should think anyways knowing who my b/f is and myself of course.

To everyone else, thank you for your ideas for buying our first house; as for our relationship, I think we'll be fine - we both laughed when we were reading comments about how we are going to kick each other out on the curb. I think that would've already happened by now since we've already lived together for a year and have been dating for 2.5 years.

Wish us luck on the house though!

 

[Wenchy]

IIRC, if you bought the house before you were married, it's a personal, not marital asset; so if you divorce, he doesn't get crap.

I did, but we have cohabitated the entire time. Only my name on the mortgage and title. I could have put him on the title, but didn't for business reasons. He has saved every cancelled check he deposited into my account. In my mind he is entitled to 50%. He will be buying me out of my share of the value of the home, and only his name will be on the mortgage and title.

Married: Divorce Support - Maryland Property Division Factors

Not married: Property Rights of Unmarried Couples in Maryland

 

[Chain729]

I did, but we have cohabitated the entire time. Only my name on the mortgage and title. I could have put him on the title, but didn't for business reasons. He has saved every cancelled check he deposited into my account. In my mind he is entitled to 50%. He will be buying me out of my share of the value of the home, and only his name will be on the mortgage and title.

Married: Divorce Support - Maryland Property Division Factors

Not married: Property Rights of Unmarried Couples in Maryland

Good, interesting read. Looks like I was wrong and the judge could make you split it.

 

[Queenofdenile1]

I'm sorry to hear that it didn't work out for you, but maybe it was for the better? My boyfriend and I have been living together for 1 year, so I'm hoping nothing much will change between us - I should think anyways knowing who my b/f is and myself of course.

To everyone else, thank you for your ideas for buying our first house; as for our relationship, I think we'll be fine - we both laughed when we were reading comments about how we are going to kick each other out on the curb. I think that would've already happened by now since we've already lived together for a year and have been dating for 2.5 years.

Wish us luck on the house though!

I wish you the best!!! Looking back, it was definately for the best for me in the long run, but tell that to a 20 something year old and you won't get that answer!!

After that length of time, I hope everything stays the same.

 

[Chain729]

I wish you the best!!! Looking back, it was definately for the best for me in the long run, but tell that to a moron and you won't get that answer!!

After that length of time, I hope everything stays the same.

:fixed: Age has nothing to do with it.

 

[chernmax]

I'm sorry to hear that it didn't work out for you, but maybe it was for the better? My boyfriend and I have been living together for 1 year, so I'm hoping nothing much will change between us - I should think anyways knowing who my b/f is and myself of course.

To everyone else, thank you for your ideas for buying our first house; as for our relationship, I think we'll be fine - we both laughed when we were reading comments about how we are going to kick each other out on the curb. I think that would've already happened by now since we've already lived together for a year and have been dating for 2.5 years.

Wish us luck on the house though!

I think in hindsight what most are saying through sarcasm is you guy's may be great together but the worries and responsibilities of home ownership have been known to drive a wedge between couples just like lack of money!!!

 

[SouthernMdRocks]

My Girlfriend and I are about to buy a new house and we are both first time home buyers.

For those who have recently purchased a house, what are some tips and/or tricks that we should need to know about.

Basically fill us in with the worthy details. We have read a lot of the informational sites and book that tell you do this and that. But, what are the real world experiences like with buying a house?


Yes, we are working with a Realtor and a Mortgage company at the moment.

Purchase way over your means and allow the dems to bail you out...

 

[clevalley]

What if the person who makes the greater income still wouldn't be able to afford the house on their own?

As for the second part - shouldn't there be a clause in one of the "contracts" about what happens to the house if something should happen to either or both of us? Or would this be in our last will?

If you or him cannot afford it on your own, wait until you get married. Reason I say this a good friend of ours went through this 2 years ago - we told him (and her) the SAME thing. He could BARELY make the house payment on his own but did it in his name. The relationship fell apart and she moved back home with her mother, then got an apartment. He was left with the home and eventually sold it because taxes went up and he just could not swing it, even with a second job... it would have been real messy if the both of them where on the deed and loan and she left him; she could have stuck it to him, ruined his credit, etc, etc... same if it happened the other way around.

About the contract about "what happens to the house if something should happen..." That would have to be a legal binding agreement between the two of you, outside of the legal paperwork of buying the home - kind of like a pre-nuptial agreement, before you are married.

You can't expect someone to contribute to a household and then get nothing out of it if the relationship fails.

If both people are on the deed and one of them dies, then the survivor would obviously get the house. If there's a split, then they have to sale the house, just like married people do.

You are correct in death, it goes to the surviving member... but when relationships fall apart so does the part of being amicable. Yes, it would be the same as being married - but I feel more is at stake when you are married (pension, alimony, child support if any, furniture, property, etc...) in a legal sense.

 

[Jbeckman]

Don't know what has been discussed, but I like to offer the following;
My oldest just purchased a home. Look under More House (home) 4 less in Maryland. There are multiple programs for lower rates for first time homebuyers, to grants and or non-interest loans to repair at the sale or refinance of home for downpayment and/or closing costs. Check with the county and business you work with to see if they participate in the employee/ers keys program with a grant/loan for downpayment assistance also.

Most will require you take a first time homebuyers class which is only available locally through the Southern Maryland tri-County Community Action. However, these classes are mostly during the work week, require a follow up (normally during the work week) and are very difficult to get a return call. I don't understand the concept of this type of education held during the workweek (workday) when those to attend are those working to afford to make a big purchase. But anyway...

Look into the Maryland Housing Fund for 100% financing. You do finance the 3% PMI (if you don't have a down payment) into the loan, but with many of the homes today with foreclosures many need some repairs once purchased and the money saved could be used for these expenses. I recommend a home inspection.

My son was able to get 100% financing (with credit score) and $2500 downpayment assistance grant (no interest repayment when sold or refinanced).

Good luck to anyone buying in this market. Good luck to families trying to hold on to their biggest investment and most important investment.

 

[SoMDGirl42]

I am married, and my DH is not on the title. However, being in the state of MD he will get 50% of the value when we split.

Please correct me if I'm wrong.

That's thinking ahead

 

[Oz]

IIRC, if you bought the house before you were married, it's a personal, not marital asset; so if you divorce, he doesn't get crap.

Unless you use your salary/paycheck to pay the mortgage. Your income while married is marital property in Maryland. So the other spouse would be entitled to a portion of the equity growth which occurred after marriage.

 

[Chain729]

Don't know what has been discussed, but I like to offer the following;
My oldest just purchased a home. Look under More House (home) 4 less in Maryland. There are multiple programs for lower rates for first time homebuyers, to grants and or non-interest loans to repair at the sale or refinance of home for downpayment and/or closing costs. Check with the county and business you work with to see if they participate in the employee/ers keys program with a grant/loan for downpayment assistance also.

Most will require you take a first time homebuyers class which is only available locally through the Southern Maryland tri-County Community Action. However, these classes are mostly during the work week, require a follow up (normally during the work week) and are very difficult to get a return call. I don't understand the concept of this type of education held during the workweek (workday) when those to attend are those working to afford to make a big purchase. But anyway...

Look into the Maryland Housing Fund for 100% financing. You do finance the 3% PMI (if you don't have a down payment) into the loan, but with many of the homes today with foreclosures many need some repairs once purchased and the money saved could be used for these expenses. I recommend a home inspection.

My son was able to get 100% financing (with credit score) and $2500 downpayment assistance grant (no interest repayment when sold or refinanced).

Good luck to anyone buying in this market. Good luck to families trying to hold on to their biggest investment and most important investment.

Already posted the link to the CDA loans (More House 4 Less.)

As for the $2500, yes there is a grant, but you end up paying for it since that particular loan tacks on an additional 2% to the interest rate. You might be thinking about DSLEP, which is a $2500 loan (used to be $5K, and occassionally $10K), that's interest free and payment deferred until you sell or refi, at which time it's due in full.

You do have to take a free class to be certified to get the loan. It's a BS class and you'll learn A LOT more by reading the housing stuff on The Motely Fool's website: Fool.com: Stock Investing Advice | Stock Research

 

[Jbeckman]

Already posted the link to the CDA loans (More House 4 Less.)

As for the $2500, yes there is a grant, but you end up paying for it since that particular loan tacks on an additional 2% to the interest rate. You might be thinking about DSLEP, which is a $2500 loan (used to be $5K, and occassionally $10K), that's interest free and payment deferred until you sell or refi, at which time it's due in full.

You do have to take a free class to be certified to get the loan. It's a BS class and you'll learn A LOT more by reading the housing stuff on The Motely Fool's website: Fool.com: Stock Investing Advice | Stock Research

Sorry, you are correct...it was the DSELP.

I feel the same way about the class. My son and his finance took the class. Took almost a month to get a call back and I call, she called, he called, talk to 2 other people, could only refer to the one, finally got a message at home from the specific person of contact with her yelling and pretty much pissed off at us stating she was extremely busy. Then the next message was an apology. I can understand being busy, but call back and if one person can't do the job, they need to refer to another close agency or get more people involved.

 

[Chain729]

Sorry, you are correct...it was the DSELP.

I feel the same way about the class. My son and his finance took the class. Took almost a month to get a call back and I call, she called, he called, talk to 2 other people, could only refer to the one, finally got a message at home from the specific person of contact with her yelling and pretty much pissed off at us stating she was extremely busy. Then the next message was an apology. I can understand being busy, but call back and if one person can't do the job, they need to refer to another close agency or get more people involved.

FYI: The class is non-profit, paid for with a grant from the state.