1st time home buyer.. looking for advice

[yourchoice]

Originally Posted by RPB67

Only piece of advice I have.

Buy what you can afford.

Be sure what you are buying is what you realy want.

A mortgage rep can only tell you what he/she can get you approved for. Don't confuse that with how much you can afford. Only you know that.

A lot of other good advice above too.

Good luck!

[Irons]

Wow! Thanks for the great advice guys. Some I knew some, I didn't. Couple of you have PM'ed me, I really appricate it.

When I get a little I'll tell the story, =)

Bring marshmellows.. cuz yea know.. back in my day. =)

[calistogey]

Originally Posted by yourchoice

A mortgage rep can only tell you what he/she can get you approved for. Don't confuse that with how much you can afford. Only you know that.

A lot of other good advice above too.

Good luck!

This is true, has to do with your income/expense ratio and ability to pay. Like the other have said, home expense does not end at the mortgage. There are also maintenance expenses, taxes, utilities and the like that you would have to figure in to your budget. I remember when we sold our first house in LA and moved to SGV. My insurance premium went down, but our utilites doubled since it costs more to maintain a bigger house.

[Moglman]

Minimum walk-in humidor size: 6' x 10'
Smoking Room: Pawerful but quiet exhaust fan

[TideRoll]

On a quick note, Svillekid is quite correct regarding home inspections. They vary wildly, go for someone with at least several years of actual construction experience.

As far as property requirements go, HUD/FHA has swung from one extreme to another over the past few years, from being ridiculously stringent to currently not as strict as VAs in some circumstances. They are going to be a relatively good way to get into a house if you fit the guidelines, and with the subprime markets in the crapper FHA is going to be a significant player once again particularly for first time home-buyers.

Also, real estate commissions are set by custom, not law, in every jurisdiction of which I am aware. A buyers agent is a very, very good idea. A competent agent will also have solid contacts in lending, and a lot of times there might be first time homebuyer money from the state or locality, or other loan programs which will help you get what you want at a decent price.

Finally, you will probably qualify for more mortgage than you will actually want to use. If someone tries to push you into an ARM, drop them. Same with interest-only unless you just happen to be in a very specific situation. PM Svillekid or myself if you have any appraisal-related questions.