New House, First Time Buyer, Bank Loans (Howe: insurance, buyers)

[marykate1]

The seller recommended Wachonovia but as you know now they don't do 0% down because of the market crash.

They take 3% with high APR OR 5% down with 6.75% APR.

[LJarrett]

Talk to Countrywide or call a few different brokers.

[marykate1]

Thanks a lot for your help!

[marykate1]

The only problem that we see is that we are young couples 26 and 27 so we don't have a lot of liquid assets. My husband has invested in stocks with hopefully will pay off in few years.

Thanks again for all the help!

[MDMontemayor]

Originally Posted by marykate1

The only problem that we see is that we are young couples 26 and 27 so we don't have a lot of liquid assets. My husband has invested in stocks with hopefully will pay off in few years.

Thanks again for all the help!

I just closed a client on a Pioneer new inventory home today and my client got a 6.5% with being about 22 years old and the only one on the loan. You just have to know what your doing and stop taking advice from someone who is trying to SELL you their house. Remember that she is only looking out for herself no matter how nice she is.

~Mark

[Poltracker]

Originally Posted by marykate1

Hi banker,

Anyway, not sure why the house is cheap! I guess the seller just wants to sell the house and that's it!

Do you realize that your statement just sent up red flags! You do not know why the house is so cheap? Have you checked what homes have been selling for (actual sales not asking price) in that neighborhood? I hope you plan to hire a very good inspector (one NOT recommended by the seller). Also make sure you get the property surveyed. Those two items will cost you about a 1000. Have you selected a reputable title company to do closing yet? Sounds to me like your about to let yourself get taken advantage of.

[MissDaisy]

Originally Posted by MDMontemayor

I just closed a client on a Pioneer new inventory home today and my client got a 6.5% with being about 22 years old and the only one on the loan. You just have to know what your doing and stop taking advice from someone who is trying to SELL you their house. Remember that she is only looking out for herself no matter how nice she is.

~Mark

I concur...or if at the VERY LEAST, if you are completely in love with this home..

1) HIRE A PRIVATE INSPECTOR, it will cost a few hundred dollars, but WELL worth the expense...we purchased a Brand New home last April, and about a week prior to close (home was fully completed) we had an inspector come out and he found a few things for the builder to repair/adjust/tweak. I will give you the name/number of the inspector we used.

2) INSIST THAT THE SELLER PURCHASE A HOME WARRANTY FOR YOU (if she won't in my mind, THAT would be a red flag and a deal breaker.
When we bought a condo for a rental property in 2003, the seller (after the agent slapped her around a bit) purchased for us a one year warranty through Fidelity National Home Warranty Fidelity National Home Warranty: California, Arizona, Nevada, Texas, Oregon, Washington, Colorado. Not only did we use it in the first year, we have renewed it annually at a cost of $405.00,
each year getting far more value than the premium. Well worth it..and don't let her go cheap on you with a basic plan....You want the Comprehensive Plus coverage...

3) HIRE A REAL ESTATE ATTORNEY...This is a major investment, that with errors, omissions, or downright trickery, you could get seriously hurt..

And a final thought Marykate1, There is ALOT of beautiful homes well priced in the Houston area...We had trouble not finding one we loved...but deciding which one to choose!!! And with all the current builder incentives within your reach...you don't have to settle or be coerced into anything..

Be Careful

Good Luck

[marykate1]

Hi Poltracker,

We checked the houses in those areas and they are about 183K. And the house we are interested in is about 185K.

>> Have you selected a reputable title company to do closing yet?
The seller is also a realtor and she is going to pay for the closing cost.

Hi MDMontemayor,

>> You just have to know what your doing and stop taking advice from someone who >>is trying to SELL you their house

We are not taking advice from the seller. We are doing our own research and hunting for the best loans.

>> I just closed a client on a Pioneer new inventory home today and my client got a >>6.5% with being about 22 years old

Which company did your client used for loans and how much down payment?

[marykate1]

Hi MissDaisy,

We are not buying a new home. This was built in 2000.

>> HIRE A REAL ESTATE ATTORNEY...This is a major investment, that with errors, >>omissions, or downright trickery, you could get seriously hurt.file:///C:/DOCUME%7E1/AZAMSH%7E1/LOCALS%7E1/Temp/moz-screenshot-1.jpg (broken link)

We know that's why we are doing complete research. Real Estate Attorney's cost way too much..

[marykate1]

Originally Posted by MissDaisy

1) HIRE A PRIVATE INSPECTOR, it will cost a few hundred dollars, but WELL worth the expense...we purchased a Brand New home last April, and about a week prior to close (home was fully completed) we had an inspector come out and he found a few things for the builder to repair/adjust/tweak. I will give you the name/number of the inspector we used.

Yes we are going to hire a home inspector. Please send me his number as a PM.