Tips for a first time home buyer needed, please

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Chizip said:

its time to get out of my parents house and i dont want to rent because i just feel like its throwing money away, when you buy something at least you have something to show for it

and since i have been with my parents for a little while i have some money saved up, so that is nice


funny, this sounds just like what I think and what I am doing. Best of luck with the condo! Keep me/us posted. :)
 
That's smart and the right thing to do. I've been throwing my money away for 6 years now :scream:
 
Sicy said:
Does anyone know if you can get tax deductions and equity on manufactured homes?

My housemate is a mortgage loan officer and he's sitting right here and says you'll get a tax deduction like everyone else. He also said it's a little more difficult to get a loan for a manufactured home but if you have good credit you should be fine.
 
Well actually I just had a mobile home lender run our credit (it is excellent) and we qualify for a $195k loan, which is great since most of the cool houses are only $100k.

But we still need to do a lot of reseach. Still undecided between that or a condo. From what a few people have told us, a condo is a better investment for the long run and no lot space rent to pay. But they are also more expensive. *sigh*


I wonder if the loan amount we qualify for a mobile home would be different if it were for a condo. It would be cool if it were more.
 
Its not just how much the banks will lend you but also how much are the repayments. If the banks provide more finance are you able to make the repayments? What about if the interest rates increase?

/accounting lecture : lol:
 
repayments = the bit of money you have to pay each month to pay of the loan eg the bank wants you to pay $1000 a month for 25 years.

The repayment increases with the size of the loan.

The repayment also increases with the interest rate.

What do you call it in the USA?
 
Sicy said:

From what a few people have told us, a condo is a better investment for the long run and no lot space rent to pay. But they are also more expensive. *sigh*

I'm having some neighbor issues already in my condo so that's something to keep in mind. Newer ones should be more soundproof, though. But I find I feel very restricted in not being able to play my music loud (and I definitely don't want to hear anybody else's music) and everytime a friend smokes in the yard I hear windows shutting. That's been a pretty difficult adjustment for me coming from a big house with a big private yard and zero neighbor issues. :( But I just have to work with it because I do think this investment is my stepping stone to what I really want.
 
nbcrusader said:
:sad: you can buy 50-year old dumps for $800K here :sad:

:tsk: California is too expensive.

Here is an example of $190K home in the ATL
*this is one of the many examples of the style of townhomes that I am looking at*
Wellsley_glam_0.jpg





Here is an example of $800K home in the ATL
*this one is $729K*

lot-314lg.jpg
 
The one thing with condos are condo fees. I know several family friends who are paying anywhere from $200-$650/month on condo fees, depending on whether they are in a high rise, a townhouse and how nice the accompanying facilities are. When you add that to your mortgage payments, you would probably just be better off buying a more expensive house over the longterm, as then you're investing in your own property whereas condo fees cannot be reclaimed by you at time of sale.

I'd always prefer a house with no associated fees, but then again, houses are a lot of work, especially for those of us who end up shovelling snow for half the year.
 
my condo fees are gonna be 140 bucks, so not too bad

if i bought a hous ei know id probably spend at least 140 bucks a month for upkeep and repairs and stuff

houses are a lot of work
 
anitram said:
The one thing with condos are condo fees. I know several family friends who are paying anywhere from $200-$650/month on condo fees, depending on whether they are in a high rise, a townhouse and how nice the accompanying facilities are. When you add that to your mortgage payments, you would probably just be better off buying a more expensive house over the longterm, as then you're investing in your own property whereas condo fees cannot be reclaimed by you at time of sale.

I'd always prefer a house with no associated fees, but then again, houses are a lot of work, especially for those of us who end up shovelling snow for half the year.

That's a good point but it really depends on the market. My condo fees are $210. For me a mortgage on a house still would be more than double what I pay now combining the condo fees and mortgage, plus any house I could buy would require thousands of dollars in renovations since housing here is so expensive that anything I could afford in mortgage payments would be a step above a fixer-upper.
 
first house

martha said:
Find out if your city helps first-timers. Some cities have programs that help first-timers get funding.


Isn't there also a federal program, called Fannie Mae or Sallie Mae or something???
 
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