So trying to get a house

We're currently looking at getting the wheels in motion for buying a house ourselves, when the time is right (is it ever these days?). I wish you all the best and if I can give you one piece of advice, it is that you consider very carefully the option of getting any form of loan from a family member. Friends and families have been lost and sent to ruins over it many times despite prior arrangements etc. and it wouldn't be something I'd ever want to do if I can help it at all. Of course, everything could work out just fine that way, but do consider it carefully. Once again, all the best!

It does feel like it is the best time possible for you to buy a new house. Your daughter is nearly two years old and you have a new baby on the way. Do think carefully before you take a loan for a family member of yours. It sounds like your husband's cousin should give your more money for her share of the household expenses. I used to live in a 2 bedroom terraced house overlooking the countryside. It was in a quiet location on the edge of the coastal town that I still live in. I had bought it in 2005, then in 2007 my disabled son was born and then in 2009 my daughter was born. I was told by two occupational therapists that my house was not suitable to be adapted for my disabled son. He was getting heavy for carrying up and down stairs. They told me he needed a downstairs bedroom and bathroom. They expected me to sell my house and buy a bungalow. I went to see a mortgage consultant and looked at if I sold my house how much money I could get from a building society. He told me and my mortgage was allowed in principle. I put my house on the market and the second viewer agreed to buy it. I found a 3 bedroom bungalow in a peaceful location. I gave all the money from my house sale and paid the remainder with my mortgage. I prefer owing the money to the building society than my own family. Good luck.

I would really think twice (or maybe three times) before buying a house without some kind of savings. First, if you get a loan, you'll have to be making payments on that, then if you get a loan for a downpayment, you'll have to be making payments on that. You could take the money you would be paying for the downpayment and put it in savings until you had enough. There are costs that are not covered in the loan. You may need to have a house inspected or appraised before you can get a loan. That will cost money. You may need things like lawn mowers and water hoses, drapes or furniture to fit a house - more money. The grants and loans that were available a few years ago have disappeared because of the housing bust and the economy. The government stopped many banks and other lenders from loaning money to just anyone who wanted to buy a house.

Go to the Homepath website. It has all the fha foreclosures for sale. I would say that about 90 percent are move in ready! there is no PMI required, no appraisal fees, and the best part is it is only a min of 3 pct down! and it can be borrowed. At different times in the year they also throw in 3.5 % towards closing. I want to get my next one through them. I wish you luck!

We were sort of in the same boat! We have been renting for years - and figured we would be renting for more years to come (never figured we could afford a home - especially where we live). We have 2 kids - and we moved out of a 2 bedroom apartment to move into a 3 bedroom (same complex) - and the space made all the difference in the world. But, of course rent was higher . . . we could manage, but still, all that rent money was going down the drain. We were thinking to be content on staying here as everything was good . . . we just weren't "owning" a home as we dreamed. We live in a rent controlled apartment and they can't raise our rent any more than 3% a year. That's good, but still, eventually the rent would be too high and too ridiculous even for this place. So one day earlier this year our friend got a nice townhome with his girlfriend - we couldn't believe it. He let us in on how now was a good time to buy, etc etc - and we hadn't even think to look - just because we knew we couldn't afford it. Well, turns out we could. We got a pre-approval on a loan - it was underwritten and set - so then we had to look for "that" house in our price range. It was rather frustrating . . . many of the homes did not suit our needs - or were too much of a fixer - or the neighborhood just was not right. It all was a learning experience for us as we had never looked into getting a home before. It was a waiting game and days of searching, but we wanted to get something we wanted. Finally we did end up finding a decent house - and we beat out 26 other offers on the house! It was a standard sale - not bank owned - so the owner had the heart to pick us out of everyone. We were very fortunate to get this . . . because since our offer was accepted, it seems the market in our price range has shrunk even more. As of this week, escrow should be closing - and we will be owners of a house - can't believe it. We are thrilled our kids will be getting a real yard! And the rent money will be going somewhere as opposed to nowhere. And with everything included (mortgage, PMI, taxes, insurance, etc) - it all comes to only about 100 dollars above the rent we are paying. We did look into some grant offered to first time buyers - but the income had to be this low amount - and we didn't qualify. We don't know how long we will be there, but we hope to either upgrade to a bigger home eventually - or maybe a smaller one if we get too old - ha ha. Or maybe we will use it for rental property someday. I can't even of that right now . . . just need to get moved in and live there for a while. Anyway, if we can do it, certainly others can do it. We didn't have a lot to put but we did have excellent credit (that helps tremendously!). Does your husband's cousin have to live with you guys? It's hard because it seems people like that tend to stay that way - they never pay back what they owe. My parent in laws experienced that with their daughter's family living with them - such a financial risk! Good luck to you and your growing family!!! I'm sure there are better priced homes in Kentucky than in California!!

My husband and I bought our house 5 years ago and I do not regret it. There were some months where we lived off of pasta and sandwiches and we had to turn down friends to go see movies, but having a place that you can decorate as you please and not have to worry about moving every year was definitely worth the Ramen and PBJ.

Aren't there programs by the government that allows you to loan a good amount for buying a house and could be paid in a span of 15-25 years? We have a good housing program here in our country. A lot of Filipinos were able to buy their own house and lot through a mortgage system. All real estate developers and contractors have a tie up with this organization, too. We've had this house for about 5 years now, and we plan to have our loan restructured from 25 years mortgage to just 10 or 15 years. That would mean we'll be paying a bigger monthly due, which we think we can already afford by the start of next year.

When you are looking for buying new home it would be better if you have professional real estate agent with you. You can find number of real estate agent in your area, but you need to identify the right person based on user feedback, usually these feedback are updated in the real agent website itself. But, you also need to refer some business listing website to confirm it. Once you hand over your requirement to the right realtor you can free out of various problem. They take of all major problems that come on buying new property or house. Reference:-