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First time home buyer

My husband is active duty military but is stationed here until 2017 when his contract ends. We are looking to buy our first house between oct and the end of the year. My grand-parents-in law are real estate agents out of FL,but we are completely new to buying a home.I've been looking at this site,and have found quite a few homes I'm interested in,but one thing is throwing me off.I see where there is a monthly payment. How does that work. Do we make monthly payments to buy the home?
  • February 24 2014 - Yorktown
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Answers (9)

You should consider getting a mortgage or a loan so you can buy the home. Then you would pay off the mortgage monthly to the lender you are borrowing from. One loan you should consider is a VA loan. VA loans are exclusive to veterans and have great benefits. These benefits include competitive rates and 0% down payment. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • February 28 2014
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Midoriku,
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  • February 28 2014
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First, let me say, congrats on beginning the process of home ownership !
Second, tell your husband, I, as well as many Americans, appreciate his service !
Third, The above comments are correct...your first move should be to find out if your grandparents know of a referral they can give. If not, contact an agent in VA, they can be of SO much help to you...with the WHOLE process. They can refer you to a great mortgage lender with many loan options, grants and programs, all the while, setting you up with a search that can be sent to you daily, with homes that meet your criteria....that way, once you have that pre-approval from the loan officer, you already have the home search list that has been sent to you, so you know which homes you'd like the agent to show you.

Good luck and feel free to contact me if you need any further assistance.
Have a great day !!
  • February 25 2014
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You know, since your grand-parents-in-law are real estate agents in FL, they could actually refer you to an agent where you are going to buy. This would serve you in getting an agent to represent your best interests and explain the whole home buying process to you and it might also mean that that agent might pay your grand-parents-in-law a small referral fee.

I bet that they would really appreciate it if you asked their opinion in any case.

Best wishes on a smooth home buying experience!
  • February 24 2014
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Good day, Midoriku,

Homes, when purchased, are either paid in cash in full, or financed through a mortgage for from 5 to 30 years.
Most mortgages require a downpayment, 3.5% of sales price to 20% or more down. In your case, you can also
qualify for a Veterans Administration loan since your husband is active duty military. VA loans do not require a down payment, just a monthly payment.
The monthly payment will consist of your Principal and Interest (P&I) payment to the lender, a tax payment to your city or county, and an insurance payment for homeowner's insurance. Although not included in most payments, any Home Owners Association Dues may be included in assessing your qualification for the loan.
Congratulations in advance on your pending new home purchase. Feel free to contact me should you wish to proceed further.
Best wishes, Jim
  • February 24 2014
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Thank you all very much!
  • February 24 2014
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First, I appreciate that your husband is serving our country.  The monthly payment
is just a ballpark of what the payment could be depending on several factors: interest rate, down payment, 15 or 30 year loan.

Contact a local mortgage company that specialized in VA loans.  This company can "pre-approve' you
which allows you to confidently look for homes in your price range.  Interview a couple of Realtors and
determine which one suits you best to help you navigate the homes that are in your market.

Good Luck.
  • February 24 2014
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  • February 24 2014
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Are you asking if you have to make a monthly payment when you purchase a home?

A VA mortgage loan program is in your future first off. Second unless you are buying the home in one lump some with cash then you will need to finance the property and yes make a monthly mortgage payment.

Your best bet initially will be to reach out to a lender and have he/she run some scenerios for you and get more information of your current situation and then come up with a game plan for you.

Good luck and best wishes!
-Scott
  • February 24 2014
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