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Answers (20)
- Linda Strasberg, "L Strasberg"
- Contributions:2315
There are several programs available to first time home buyers including when down payment assistance is needed.
- Arnold Camps | Asset Accel, "Arnold Camps"
- Contributions:164
She should attend a state sponsored first time home buyer workshop. These workshops are non selling, unbiased and free. There's also special "income bracket" home developments that work with first time home buyers. Healthier Buyers Program
Congrats and good luck!
Congrats and good luck!
- Pat Bourgo, "Pat Bourgo"
- Contributions:1051
talk to a mortgage officer to see if see can buy first.
- Steve Heaney, "SteveHeaney"
- Contributions:148
Make sure you are truly prepared before purchasing a home. Buying a house is one of the biggest investments that you will make. As a trained real estate professional, I know the value of careful planning when buying a home. If you initially define your buying goals and priorities, then you will find it easier to overcome some of the common buying obstacles.
Narrowing the field:
It is important to remember that you are in the market to buy a home that fits your family, individual, economic, and special needs. You should find the house that is best for you, not the best house on the market.
What are your Family Priorities?
Set aside time as a family to discuss family needs. Remember, this is a needs list, not a want list.
1. Ask yourself how long you expect to live in your new home. How long do family members expect to live in their new home? Be prepared for changing needs.
2. Determine which locations are most convenient for all family members.
3. List your family's current needs and anticipate their future needs. Will your family lifestyle change a great deal in the near future? Will the size of your family change in the near future? Consider how your family lifestyle and size influences the rooms that you will need. Example: nursery, office, rec room etc.
4. How many rooms do you need? How many bedrooms? How many bathrooms?
5. Determine how much closet space your whole family will need for clothes, seasonal storage, sports equipment, games, hobbies, and valuables.
6. Are you willing to overlook minor repairs? For example: paint, roof, appliances, carpet etc.
7. Determine which architectural styles of house you and your family prefer and whether it fits your needs.
8.Determine whether you want to purchase a new construction or a previously owned house. Outline the advantages and disadvantages of both options. Sample questions to consider: Are you willing to pay more for a new construction? Do you have the time, patience, and money to spend on a "fixer-upper?"
What are your Economic Priorities?
- Know which mortgage rate you qualify for.
- Know what your monthly mortgage payment will be.
- Know how much you have for a down payment.
- Find out how a house purchase will affect your taxes.
- Ask yourself what type of financial investment you are making? Is this a short-term or long-term financial investment? Is it only a financial investment?
- Determine how much you are willing to pay for the house that fits your needs.
If you need help navigating the home-buying process feel free to call us at 800-706-1052
Narrowing the field:
It is important to remember that you are in the market to buy a home that fits your family, individual, economic, and special needs. You should find the house that is best for you, not the best house on the market.
What are your Family Priorities?
Set aside time as a family to discuss family needs. Remember, this is a needs list, not a want list.
1. Ask yourself how long you expect to live in your new home. How long do family members expect to live in their new home? Be prepared for changing needs.
2. Determine which locations are most convenient for all family members.
3. List your family's current needs and anticipate their future needs. Will your family lifestyle change a great deal in the near future? Will the size of your family change in the near future? Consider how your family lifestyle and size influences the rooms that you will need. Example: nursery, office, rec room etc.
4. How many rooms do you need? How many bedrooms? How many bathrooms?
5. Determine how much closet space your whole family will need for clothes, seasonal storage, sports equipment, games, hobbies, and valuables.
6. Are you willing to overlook minor repairs? For example: paint, roof, appliances, carpet etc.
7. Determine which architectural styles of house you and your family prefer and whether it fits your needs.
8.Determine whether you want to purchase a new construction or a previously owned house. Outline the advantages and disadvantages of both options. Sample questions to consider: Are you willing to pay more for a new construction? Do you have the time, patience, and money to spend on a "fixer-upper?"
What are your Economic Priorities?
- Know which mortgage rate you qualify for.
- Know what your monthly mortgage payment will be.
- Know how much you have for a down payment.
- Find out how a house purchase will affect your taxes.
- Ask yourself what type of financial investment you are making? Is this a short-term or long-term financial investment? Is it only a financial investment?
- Determine how much you are willing to pay for the house that fits your needs.
If you need help navigating the home-buying process feel free to call us at 800-706-1052
- Linda Strasberg, "L Strasberg"
- Contributions:2315
There are fabulous condos offering a carefree lifestyle that are priced just right:
http://www.youtube.com/watch?v=P5wFZ1XUoP0
http://www.youtube.com/watch?v=P5wFZ1XUoP0
- real estate mike
- Contributions:2001
What can she afford and where does she want to live? First a mortgage professional appointment then the search begins.
- Eric Kossian, "InsurePro"
- Contributions:29
From an insurance underwriter's perspective, please view my post on "earthquake insurance, is it worth it?" The whole second half of my post gives important info you will want to know as a condo owner.
- Keith1111
- Contributions:34
Shop for subdivisions first.
See my discusion post on this subject if you like.
Good luck,
Keith
See my discusion post on this subject if you like.
Good luck,
Keith
- Dana Kolodney, "Dana Kolodney"
- Contributions:191
Some great answers on this blog! follow their advice all were fantastic!
In my opinion a condo is something she should stay away from in this market. Number 1- Very difficlt to get financed. #2-When another condo sells for less it creates a new comp for appraisal and devalues eveybodies unit. #3 unpaid condo fees are passed along to all unit owners. #4 Just to hard to resale. I could go on and on.
Consider a "PUD". Fancy for a planned urban development. In english, look for a townhouse that is owned in fee simple. Meaning you own the land underneath it. A condo you own a divided interest in the land.
Definately check with your state housing financing agency for availibility of downpayment assistance. However keep in mind that many are riddled with paperwork and red tape. Plan on an extended closing time if you plan on government assistance.
The USDA in certain suburban areas offers 100% financing with litlle to no red tape.Seller can pay all closing costs or they can be rolled into the mortgage up to the appraised value. Meaning zero to move in. A lender who understand the needs of first timebuyers is Debbie Myers at Platinum Community Bank 1-8-777-DEBBIE (1-877-733-2243) dmyers@platinumbank.net
In my opinion a condo is something she should stay away from in this market. Number 1- Very difficlt to get financed. #2-When another condo sells for less it creates a new comp for appraisal and devalues eveybodies unit. #3 unpaid condo fees are passed along to all unit owners. #4 Just to hard to resale. I could go on and on.
Consider a "PUD". Fancy for a planned urban development. In english, look for a townhouse that is owned in fee simple. Meaning you own the land underneath it. A condo you own a divided interest in the land.
Definately check with your state housing financing agency for availibility of downpayment assistance. However keep in mind that many are riddled with paperwork and red tape. Plan on an extended closing time if you plan on government assistance.
The USDA in certain suburban areas offers 100% financing with litlle to no red tape.Seller can pay all closing costs or they can be rolled into the mortgage up to the appraised value. Meaning zero to move in. A lender who understand the needs of first timebuyers is Debbie Myers at Platinum Community Bank 1-8-777-DEBBIE (1-877-733-2243) dmyers@platinumbank.net
- Linda Strasberg, "L Strasberg"
- Contributions:2315
We hold a weekly first time home buyer seminar in our office.
- Jeremy Patterson, "jeremy755"
- Contributions:28
She must first get pre qualified to begin making offers. There are a lot of agents and brokers on zillow that can help her put this together.
- Arnold Camps | Asset Accel, "Arnold Camps"
- Contributions:164
There is great First Time Home Buyer Workshops sponsored by state organizations for your daughter to take a part of. The class outlines the affordable programs and offers answers to FAQ's.
Hope this helps
Hope this helps
- Terry Osburn, "PawsitiveRealEstate"
- Contributions:106
After you have determined your daughters loan limits, and FHA loan is utilized, any condo development must also be an FHA approved project and/or the ability to have a FHA spot approval. There is a site you and/or your agent can access to check out.
On Condos it is extremely important to check out their financials and owner occupancy rate as well as if there are any assessments.
We have many HOA's in trouble in our area due to the defaults.
A good agent should will be able to guide you on this.
- Brenda Pierce, "BrendaPierce"
- Contributions:73
I would defintely have your daughter talk to a knowledgeable lender who deals with first time buyers and also an agent who specializes in first time buyers. To find both of these together can be difficult but a great way to get an education about the entire process is to attend a home buyers class put on either by the Washington State Housing Finance Commission (and they have programs that require taking this class to qualify for their assistance) or through a lender-real estate agent team. I teach a first time buyers class in the Monroe/Snohomish area with a lender from Wells Fargo, and I am sure you can find one in your area.
See below for the Washington State Housing Finance Commission classes are held in your area - they are free!
http://www.wshfc.org/buyers/education.htm
Also, I would be happy to email you with a first time buyers guide - just let me know!
See below for the Washington State Housing Finance Commission classes are held in your area - they are free!
http://www.wshfc.org/buyers/education.htm
Also, I would be happy to email you with a first time buyers guide - just let me know!
- Melissa Riley, "mrsriley"
- Contributions:57
I would have her contact a trusted lender before she does anything else. She will want to know exactly what she can afford before she starts to shop and once she finds the right condo putting a pre-approval letter in with her offer will strengthen her offer, many times sellers will not even look at an offer that doesn't have a pre-approval letter with it. If you would like the names of some reputable lenders send me an e-mail and I can e-mail you a couple of folks that I have worked with in the past. Thanks
- Sam DeBord, "SeattleHome.com"
- Contributions:3472
Definitely get pre-approved with a lender. She should qualify for an $8000 tax credit if she buys by Nov 30 of this year. There are some great low-down payment financing options through the FHA. Send me an email if you have more specific questions and I can get you in touch with a good local lender.
- HomeSand.net, "White Picture"
- Contributions:4398
When I bought my house, i hire the real estate agent, who i'm trusted, then the agent refer one of mortgage agents, who he's trusted to me.
- Larry Jacobson, "Clearpoint"
- Contributions:1214
I would not put the cart before the horse. Contact a lender/broker/banker prior to talking with a Realtor. Your daughter needs to go over her financial situation with a knowledgable local individual that can guide her through the mortgage process. Finding out exactly what your daughter can afford and what programs are available is vital. She needs to understand the difference between affordability and approvability. Many homeowners, first time or not, base their purchase on approvability versus actually understanding the costs of owning a home after the purchase.
- The Leonardo Team
- Contributions:631
Hi Plash,
I would start by contacting a reputable buyer's agent in the area. I am attaching a link to my blog where i posted some of your questions in regards to "benefits" to first time buyers. Hope this helps.
Leonardo
first time buying home
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