Looking Into Buying A House

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Dylan1982
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Looking Into Buying A House

Postby Dylan1982 » Mon Feb 23, 2015 11:03 pm

Well, the g/f and I want to get a house now. What is/are the proper steps to finding a house? I don't know how the whole process works. Is there a step by step guide online on how to buy a house?


If I talk to more than one mortgage lender, how will that affect my credit score? What Banks (mortgage lender) should I be talking to?


My credit is better than hers, I'm not sure by how much but I know that it is better. Couple of questions. When doing a pre-approval, should I just use my credit and my income or should we do both credit and incomes? She's afraid that her credit not being on par like mine might drive the loan price down. So is it better to have 2 people for a pre-approval or 1 person?

Credit Karma says my TU and EQ scores are 750, CreditSesame who uses EX says my score is 765. I know those are FAKO scores.


Now Citibank is now offering FICO scores, and according to Citibank my FICO score is 805!

Thanks guys!
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Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
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Dylan1982
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Postby Dylan1982 » Tue Feb 24, 2015 1:10 am

Being that I am a first time home buyer, where can I get go to apply for grants? What about FHA loan? I've heard the term HUD thrown out there before.


I am doing some research now, but its making my head spin. I think first and foremost, I would like to be able to find out grants that I can qualify for.
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)

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jumbo
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Postby jumbo » Tue Feb 24, 2015 10:05 am

If you can go through MemberSince99's posts about buying a house, you will get most of your answers.
Good luck.
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InCreditWeTrust
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Postby InCreditWeTrust » Tue Mar 03, 2015 7:44 pm

If you're a first time home buyer you may want to research mortgage plans from the FHA.

http://portal.hud.gov/hudportal/HUD?src=/buying/loans

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rhipsher
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Postby rhipsher » Wed Mar 11, 2015 7:44 pm

I'm on house number three. If she is not your wife then she doesn't even matter in the qualifying at all. You can add her income to yours. But if you two break up and she leaves then she is not liable for anything. It's all you dude.

Dylan1982
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Postby Dylan1982 » Sun Mar 15, 2015 8:05 am

InCreditWeTrust wrote:If you're a first time home buyer you may want to research mortgage plans from the FHA.

http://portal.hud.gov/hudportal/HUD?src=/buying/loans

The link that you provided me, what am I supposed to be looking for?
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)

JamesMS
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Postby JamesMS » Tue Apr 14, 2015 11:52 am

First of all, congratulation on wanting to buy a house. As you will come to learn, it can be a tedious process, but it is worth it. Depending on the amount you want to finance and your down payment, FHA might be the way to go. The one concern that I have with your statement is if you are going to put both, you and the g/f, on the loan. Seeing as you are not married, I would do it just with you (my preference but your decision). That is the way I went when purchasing my house. I was with my now ex when we found out we were having a baby. I put the house in my name only. Which was a good thing seeing as a year and a half later we split up.
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MemberSince99
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Postby MemberSince99 » Tue Apr 14, 2015 2:29 pm

Keep in mind if you go FHA, you will never be able to drop PMI, which will likely cost you thousands extra over the term of the loan.


Being able to put 3.5% vs 5% down is a tradeoff - you save a little upfront, but you pay it back probably many times over in the long run.


I went conventional so that I can dump PMI. I had to put more down but in the long run it should save me thousands back.

JamesMS
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Postby JamesMS » Wed Apr 15, 2015 1:36 pm

^^^ Very true. Everything will depend on a couple of items:
- How much is the house?
- How much of a down payment do you have?
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