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Thread: 1st time home buyer - help!

  1. #1
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    1st time home buyer - help!

    Hey guys, I'm about to be a first time home buyer. I found a home I like in the House Creek North neighborhood, got pre-approved, have a pretty good realtor, and am in the beginning stages of negotiation that seem to be off to a pretty solid start. I did my own inspection of the house based on the minimum that I know and the house is looking pretty solid. There's a little bit of water damage under the kitchen sink that the seller agreed to repair/replace, the A/C and fire place are both going to be serviced by the seller, and there are a few minor outdoor repairs that I can do myself (a/c pvc drain pipe broken, sewer cap hit by lawn mower, etc). The home inspector should be coming by early next week (maybe Monday?) and as long as things go ok with no mold or cracked foundation, then it looks like I'm going strong for a closing date of 1 Dec. My lease on my home is up 31 Dec, so that would give me a full month to move and clean which is great. The papers say that the loan shall be no more than 4% for the home loan and no less than a 30 year loan.

    Do those loan numbers seem ok?
    Is there anything I'm overlooking so far?
    Any helpful tips and tricks that y'all have learned through purchasing/selling homes?
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    Points make a big difference over a 30-year mortgage. Currently, you can find rates as low as 3.25% with 4% being on the high side. For example, Quicken Loan will give you a 3.25% rate (3.9 APR). If you're a veteran, you may want to check into the rate for a VA Guaranteed Loan as well.



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    Ludwig is correct. 4% is on the high end right now. Of course if you go with a VA loan don't plan on closing on 1 Dec - takes them freaking forever. But VA will actually inspect the house and could, possibly, find
    more wrong with it. Ensure the roof is thoroughly examined. Make sure the inspector looks in the attic as to what kind/how much insulation is there. Is this on a septic system? Regular or aerobic? Last time it was emptied? Make sure it's inspected. They are a royal pain if something goes wrong with them.
    And don't overlook a 15 year mortgage. They aren't as much as you may think.
    Congrats.
    Last edited by CenTexDave; November 1st, 2017 at 12:57 PM.
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    So because it says no more than 4%, I should be able to try and get that down closer 3.5%-3.25%? It is on a VA loan - do they have an inspector separate of the one my agent has coming out? The roof has been noted as being 13 years old - even though it looks fine, we did go through a bunch of hail storms a few years back so I will be asking that the inspector pays special attention to that. It is on city plumbing, so no septic to worry about. I popped up in the attic and it has the loose insulation pretty much everywhere except above the garage which I'm guessing is normal. One thing I did like though is all of the A/C piping (for lack of better term) is hung up by straps.
    The entire purpose of a bayonet is to bring a knife to a gunfight.
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    Don't tell someone they're wrong. Explain why. If you can't, maybe you're the wrong one.

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    Check out Tex Vet loan discount... We got that on our current house and shaved half a percentage point off the loan... We paid the house off in 5 years and saved a bunch too... The key to saving after the sale is to put as much towards principal as you can. You wind up saving a ton on interest over time. I would have shot for a 15 year loan, but whatever makes you happy is fine. AND, a fixed rate. None of that adjustable rate BS.

    The other smart thing we did was have Eva Keagle set us up with a tough but fair home inspector... The guy took all day and went over everything from sprinklers to Ac to oven temp settings to make sure we didn't get a lemon. All he found was a minor seal leak on the dishwasher and the fact that the roof needed replacing. All of which the seller did before move in. A good inspector is everything before the sale closes. Especially where things like structure, plumbing (think possible slab leaks) and insulation.
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    Pay attention to the foundation inspection. Portions of that development have had settling issues, to include doors, windows, slab etc. Also get ready for the school traffic congestion. They have improved, and are continuing to improve the traffic flow in that area. It will be great to finally be rid of landlords.

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    Sounds like you did your homework Jeremy. One thing on that insulation - blown in. There should be a certificate up there in the attic stating the "R" value. How old is the house? If more than 10 years old that insulation has probably settled so much the R value is half now what it was. Negotiate for a credit to add insulation - easy to add roll out insulation and is not all that expensive
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  13. #8
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    House Creek North.
    1. what is the traffic like at 0700? 1700?
    2. How busy are the streets at 2100? on a Saturday?
    3. are there a lot of cars parked curbside?
    4. What cracked/broke the AC PVC drain pipe?
    5. On a VA guaranteed home loan, the inspection and mortgage credit report (different from a consumer credit report) takes time, good luck with 1 December.
    6. PM Grumpy and offer to buy him a cup of coffee at Hallmark and he has over 40 years of home inspecting. There is a wealth of knowledge and real good guy to talk to.
    7. good luck and congratulations
    Last edited by fchafey; November 1st, 2017 at 2:31 PM.



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  15. #9
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    Quote Originally Posted by Shotgun Jeremy View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Hey guys, I'm about to be a first time home buyer. I found a home I like in the House Creek North neighborhood, got pre-approved, have a pretty good realtor, and am in the beginning stages of negotiation that seem to be off to a pretty solid start. I did my own inspection of the house based on the minimum that I know and the house is looking pretty solid. There's a little bit of water damage under the kitchen sink that the seller agreed to repair/replace, the A/C and fire place are both going to be serviced by the seller, and there are a few minor outdoor repairs that I can do myself (a/c pvc drain pipe broken, sewer cap hit by lawn mower, etc). The home inspector should be coming by early next week (maybe Monday?) and as long as things go ok with no mold or cracked foundation, then it looks like I'm going strong for a closing date of 1 Dec. My lease on my home is up 31 Dec, so that would give me a full month to move and clean which is great. The papers say that the loan shall be no more than 4% for the home loan and no less than a 30 year loan.

    Do those loan numbers seem ok?
    Is there anything I'm overlooking so far?
    Any helpful tips and tricks that y'all have learned through purchasing/selling homes?
    you might want to get that clause out of there that says no less than a 30 year loan. sounds to me like that would preclude any re-financing or anything like that....maybe even to sellling......"no more" would be ok (possibly) for some....but I sure wouldn't like it in mine.......but, for sure, that "no less than 30 years has got to go. it's just bound to cause you a ton of grief on down the road...and of course you want to make sure that the lender doesn't slip in an adjustable rate on you.....that's super super important! actually, I think VA may even prohibit it....but just check to make sure......mac
    Last edited by mac; November 1st, 2017 at 2:24 PM.
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  17. #10
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    Also be sure that the seller provides a home warranty plan that covers appliances, heating and air, etc. it is a standard item but you didn't mention it. Glad to see you didn't go for a new home.





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