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Old 12-15-2008, 08:32 PM   #1
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Default Need house buying advice

I need some advice from people who either work in this industry or have a good knowledge about it, because I just dont know. Is now the best time to buy a house? I keep hearing it is and from all the news about a crappy economy, it seems to me like it is. I want to seriously get the home buying ball rolling, but SWMBO thinks we should wait a while. How much longer until its no longer a good time to buy?

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Old 12-15-2008, 08:44 PM   #2
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Yes, now is the best time.. if you can afford it. If you can, be debt free, have some savings.. and put 20% down..

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Old 12-15-2008, 08:45 PM   #3
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Great time to buy, terrible time to try to get a loan. If you've got great credit, great, not good, you'll be good to go. And put as much down as possible.
You can get a nice house for cheap. Depending on your circumstances, it's securing a loan that might be difficult.

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Old 12-15-2008, 08:49 PM   #4
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Now is the best time there has ever been to buy your first home. Mortgage rates are the lowest in history (literally) and the housing market is for crap so those who are selling will accept lower offers. If you don't have an existing house to sell, and are buying your first house, IMHO you would be crazy not to jump on this opportunity.

The first step is to go to your bank, or any reputable lender, and find out what you can afford and get pre-approved for that amount. Then you can shop knowing your budget, and will have much more bargaining power when talking to the sellers because you know what you can spend and you are ready to spend it.

You can also get a pre-approval that is called ready-to-close approval or something like that that basically means if the sellers agrees to your given price, you could close on the house tomorrow. Again, that's a good bargaining/incentive chip.

I hope it all works out for you!

EDIT: Shecky is right, if you have a sketchy lending rating it will be difficult, and you will have to front at least 3% now (you used to be able to loan 100%) as a down payment. If you have good credit and a high income you will be fine. Go and get pre-approved and they will tell you about all this stuff.

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Old 12-15-2008, 08:49 PM   #5
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If you can get financed, then go for it.

Sellers are at the point of taking reasonable offers. You might also find one who needs to get out of thier house before its taken from them.

I bought a house back in August. The seller refused my first offer, then the counter offer was more than the original asking price. I refused and did not make a counter.

2 weeks later they contacted me with a more reasonable offer. We went back and forth a few times and I feel I got a decent deal.

Other than my one house purchese, I have no other experience. If I had waited to buy, I would be looking for forclosures, or near forclosures.

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Old 12-15-2008, 09:04 PM   #6
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Thanks for the advice. My credit is pretty good and my wifes is decent. I am eligible for a VA loan. I would think we would be elgible for financing as we both have stable well paying jobs and the only debt between us is our car. I guess I will make an appointment with the bank and see what they have to say. Thanks!

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Old 12-15-2008, 09:09 PM   #7
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Through a VA loan you have a lot more flexibility and can still finance up to 100% if you need to. Make sure you tell your lender that right away as it opens a bunch of options for you.

Cheers!

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Old 12-15-2008, 10:35 PM   #8
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Definitely jump on it! Check the current limits on conforming VA loans. I think it's around $400K, but there are adjustments for various higher cost areas. You can go higher, but typically you'd need 25% down.

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Old 12-15-2008, 10:54 PM   #9
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Yes! Buy a house now. It is a buyers market. Sellers that need to get out will accept reasonable offers.
I am in the business, and now is the time to buy.

Feel free to PM, I don't want to put my website up without permission.


And you do not need a huge downpayment.

There are many factors to be considered when purchasing a home.
Credit and Income being important.

But even with not so great credit(mid 600's) I am getting approvals in the high 5% to low 6% range on a 30 year fixed with no PMI.

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Old 12-15-2008, 11:57 PM   #10
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I want to buy a new house right now, but the problem is selling our current home first.

This is not the kind economy where I want to carry two mortgages for more than one month.

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