Information About First-time Home Buyer!

Make sure you understand EVERYTHING and have your broker explain EVERYTHING. When we bought (5 years ago) we offered slightly more than the asking with the understanding that the seller would cover all of the closing costs. We did not have money to put down or pay closing so this deal was perfect for us. That might be an option for you. I will also say please get a fixed interest rate. Don't go with an adjustable. You could end up a year or two down the road and not be able to afford your house any more if your rate goes up. Also don't think you have to buy a house that costs what you are approved for. If you are approved for $100,000 then buy an $85,000 house.

Bank of America did a great job with low rates for our mortgage. I did a lot of research to find this deal. Good luck.

Hello, N.,
I am a Realtor and your Lender should have been able to explain down payment assistance to you. There were allowable programs for downpayment assistance that were discontinued. Fort Worth and Arlington have programs that are pretty complicated and only allow certain reputable Lenders. Obviously your Lender isn't one of them. They take a while to do and there are income limits. I have lived in the Metroplex all my life. Contact me if you wish and I will answer any questions you have and would be happy to explain the homebuying process to you. Realtors are obligated to do what is in their Clients best interest.
Happy New Yesr!
M.

Hi N.! I bought my first house a year ago so i know exactly what you are going through. Here are a couple things that i learned. One, if you want the seller to pay for closing costs, they are legally only allowed to cover 6% of the total amount of your home. so if closing costs are over 6%, you're stuck paying the rest. That happened to us. Two, if you go HUD, it is manditory for the buyer to put down 3%, no matter if the seller is willing to cover closing or not. Also, be prepared to pay $300-$400 for an appraisal (HUD requires an appraisal) and $400 for an inspection. Three, plan on adding at least $300 a month to your mortgage payment for insurance and taxes. Forth, my mortgage company made me take an online course called The Nehemiah Online Homeownership Education Course. This course will show you how to get downpayment assistance (requirement: 600 or above credit score). Please take this last one to heart. Fifth, do not go out and spend the maximum you were approved for. I was approved for $120K but found an amazing forclosed house for $74K! My payments are a little under $900 a month and thank God for that. A few months after we bought the home, my now ex-husband had an affair and left. If i had gone out and gotten the maximum, I would have had to sell my house and move. Things happen unexpectidely. Get a home that you know you can afford on your own. Good luck!!

one thing I will say is ASK A LOT of QUESTIONS!!!! anything and everything. make sure the house you are looking at is truely what you want and not just okay. don't get too over excited, or you will be jaded. and also, talk to the city where you live (or buying the property) sometimes they have money set aside for 1st time buyers to help out with closing costs and such. good luck.