Need advise on buying my first home?

My girl and I are looking to buy a home, we both are 22 years old and have excellent credit and are looking for a house 200,000 and under. I heard there are grants out there that will help you out with the down payment, anyone know of any grants that are good, plus is there any information you wish someone told you before you bought your first home that you could help me out. Thanks!Need advise on buying my first home?
I teach a class for people buying their first home and I think the best advice I can give you is to surround yourself with an excellent support team - a realtor (experienced, works f/t in real estate, knows your neighborhood well), a mortgage broker (one who will get you the v. best financing, avoid paying points or an application fee to a broker), and a home inspector (one who is experienced, knows the kind of property that you are buying - for example, if you're buying an older home, your inspector should know what to look for in an older home).





Because financial incentives vary so greatly from city to city, state to state, I would ask your realtor and mortgage broker. My first house my closing costs were paid for through a special plan because the neighborhood was ';economically distressed';. I bought a house in DC, and the next year, I was able to get a $5,000 tax rebate on my tax return.





Buying a house is kind of like playing chess - you have to think several moves ahead. Chances are, you will end up buying what people call a ';starter house'; and once you become more established in your jobs, start a family, etc., you will move to something else.





But - when you think about buying, think ahead to how difficult it will be to resell. In other words - is it a ';sellable'; house for people who typically buy in that neighborhood.





Buy in the best neighborhood you can afford - but never buy the most expensive house in any neighborhood. That house will not rise in value as much as a house that's a bit less expensive.





I suggest having 10% of the value of your future house in the bank before you close on a house. So if your mortage is $150,000, I'd recommend having $15,000. That will help you pay not only a down payment and closing costs, but also help you with move-in expenses. That way, you're not cash poor and jack up your credit cards by all of those trips to the Home Depot and the furniture store! :)





Best of luck to you! JulieNeed advise on buying my first home?
I've never heard of grants either. However, currently major builders are offering substantial incentives on existing new home inventory and new builds. Friends of ours just locked in a new house near Apache Junction,AZ for about $147K. 3 bdrm, 2 bath, kit, lr, den, rec. rm and front landscaping.





Look around and do lots of research. AN educated consumer is a great thing.
Yes, there are state grants out there check with your state for housing grants. Being a first time home buyer you qualify for the first time home buyers loan which is lower interest, also find a experienced Real Estate Agent that can help you, the are also programs that pay your down payment and closing cost and at times you end up receiving a check back because the value of the home is more then the sale price. Be sure to have the home inspected now days many home sellers will only do the cosmetic repairs and nothing else to make the home look good and once sold you are stuck with faulty wiring, a leaky roof or bad plumbing. It all goes back to the saying BUYER BEWARE! Best Wishes and Happy House Hunting!
Most important tip,make sure it's got lots of bedroom because you'll have kids soon,so make sure its preety big
Sorry, no grants. Sometimes developers will offer incentives to help out with downpayments, but those are specific to the developer. Check your local papers.
In my country Argentine is used to sell garants but I will not recomend you, is a problem in the future, and the garanties are not from legal origins.


That is the advise I make for my clients, in my country.











http://www.puntamillennium.com.ar
Nobody is going to give you money for a down payment..but you maybe able to qualify for a FHA loan.
First Advice - your home won't be an asset, its a liability. Calculate what it really cost you, taxes, repairs, utilities.


Now, compare it to a rental.


Next, rent and save the difference every month and you will be much richer in 30 years, then the guy who bought a house.