first time home buyer

[princeofheaven]

11 hours ago, BulletBaskar said:

Looked at a home, liked it. Want to buy the home. But undecided. Because of many situations like contract job, trrrruummfff tatha, etc etc
but wife wants to buy the home (as we waited for more than 5 years)

UNDECIDED....pichi lestudni....alochanalatho....what if, what if anukunta....

i know this is personal choice that i need to make....but wanted to know your opinions when you when you guys were in this situation

second thing....pre-qualify ayi velladam better aa leka akkadiki vellaka pre-qualify avvadam better aa? 2-3 times check cheste credit history dobbutada?

next thing em cheyali? 

pichi lestundi...asalu home buying idea kuda sariga telvadu...hoa, taxes, realtor...isuvanti basics kuda telva kunda illu konala? em cheyalo kudda teliyani paristhithi....

contracting aite lite teesko eppudu em avutado telidu better shift to FT if 140 approved and then buy

[chicchara]

due to new trump tax bill housing market is going to crash in coming up 6 months. all housing stocks are down. 

buy it then... 5 yrs wait chesav..inko 6 months wait chey

[SRK_SRK]

1 minute ago, chicchara said:

due to new trump tax bill housing market is going to crash in coming up 6 months. all housing stocks are down. 

buy it then... 5 yrs wait chesav..inko 6 months wait chey

Bro adi 750k+ houses ......manollu ah kovaloki raru 

[naas]

This is my opinion based on my interest and experience. 

What I would do before I start thinking of buying a home?
Do I have good credit? If credit score is 720 plus and good income (considering expenses for dependents and other things in mind), Get pre-approval when ready to but in next 60 days. Please note pre-approval is different from pre-qualification. 
How were the prices last two years. Check this in county auditor site and compare it with current sale prices in neighborhood.
Consider your budget limitations, monthly EMI and closing costs and figure out which plan and home type suites your family.
Check school district rating if your kids good to join school now or in next 2+ years.
Check proximity to work location, interstate, grocery stores, restaurants, happening events, traffic and malls.
when buying old property, Hire/contact a local realtor who will guide you for suitable property based on your requirements. When buying you don’t need to pay realtor.
When you are sure to buy, go ahead and get pre-approval before visiting properties and plan to spend time to visit property rather than waiting till weekend.
Once you finalize property in one or more communities, check How much is HOA per month/year and what is covered with HOA fee.
Also check tendency to rent the property in case if you are moving out of the country. Few communities may have restriction on %of properties to be on rent in few communities. Few communities may need property need to be owner occupied.
For financing, always approach local mortgage providers, they give at the best interest rate per your income and credit history. Banks are little different from local mortgages.
Understand various financing types, down payment requirement and closing cost. I personally chose conventional with 0% down for new homes with in 250K slae price. 
Know the taxes for your county and home insurance requirements (financier will guide) and also understand how/when property taxes are paid. Also understand what is escrow account.
Usually taxes for previous year are paid now. Eg: for property tax between Jan to Jun 2017 are paid in the month Jan 2018.
Based on your closing date, your escrow payment would change over the time. Escrow includes property tax and home insurance.
Also understand the steps and timeline in home buying process. In contract, pre-approval, home inspection, repair/remediation period, appraisal, down payment arrangement, closing cost, home insurance quote and closing time.
And prepare to ask all the questions(don’t assume few would be silly) to your realtor when you are interested to get into a contract. Best realtor will always guide you in right direction.

------------------

Pros
First thing is you will have a feeling of your home and enjoyment from new home.
Value would increase over the time.
New home will have warranty around 10 years. Builder will take care of all the repairs. Not sure if it includes maintenance.
Old home, needs better inspection or be ready to bear few expenses for repairs.
Most of the best ambient areas, if you want to sell, it would go in contract with in 1-2 days or max with in a week.
You would not need to pay rent and what ever monthly mortgage/EMI spent is just your investment on the property.
Also over the time, your home will gain equity(???, read about this) on your property.
Based on your preference and interest, you may buy lot of stuff for home. Either decorative/garden/housekeeping.
 

--------------------------------------

Cons
Closing cost/down payment.
Visa limitation fear.
No job/ may loose job/change job location.
You may end up spending more for repairs for second sale/old homes. You would have time and energy to estimate cost for repairs while buying. Your realtor would help you. 
While selling, you need to pay 7%(3.5 + 3.5) for buyer and seller realtors. And some adjustments towards taxes and hoa.
If you need to be out of county and want to rent it, you may look for property manager.
Understand the terms like foreclosure and foreclosure type.
If you do not want to sell, Search for the ideas to make payments for mortgage in case if you need to move out of the country. (my thought: You would ask  permanent resident/us citizen friend to help you for renting and reward him appropriately). 
 

-------------------------------------

[Kalam_Youtheman]

11 hours ago, whistleblower said:

Go for it, you live life once, it's only a matter of time before you see everything in the rearview mirror on your way to the destination.

If you want something really bad, just get it, but remember one thing, you'll need to work you rear end off to keep your dreams alive. 

There is a difference in buying a "house" and making a "home", a home is where you come to and leave the worldly worries at the doorstep, it is the place you cherish the most and keep the closest ones to your heart, make memories that are yours and only yours to keep. A "home" can be an apartment or a 3 bed room, older construction that gives you shelter from anyone and anything when you want to tune off. 

Don't ask what I did or do for living, it doesn't really matter, you'll need to decipher between suggestion, opinions and advices. What really matters in this case for you is - Do you want a house (5000+ sq ft, 15 mins to work with a proposed new interstate near to the subdivision, schools 10/10/10 and that boast sending 99% kids to ivy leagues, 3 car garage, basement with a wet bar, TANA approved, Olympic swimming pool, east facing lot) or make a home that doesn't break your bank and you can rent it out when things go south, hopefully you'll not fall to peer pressure cycles. 

Hope everything works out for you, cheers ! 

endhi idhi... ila kooooda undhaaaa... ante aaaa TANA laafoot Lnjkdluu approve cheyyakapothe manaku nachinaaa kona vodhaaa ?..

LOL TANA approved.. my ass...

[MegaPowerRockstar]

even FT jobs are lossing.. i have seen people falling in that block.. all of a sudden if FT employee removes us you cant find an empl to transfer and on top of this installement...

you will be bang bang anthe...

[Quickgun_murugan]

13 hours ago, BulletBaskar said:

Looked at a home, liked it. Want to buy the home. But undecided. Because of many situations like contract job, trrrruummfff tatha, etc etc
but wife wants to buy the home (as we waited for more than 5 years)

UNDECIDED....pichi lestudni....alochanalatho....what if, what if anukunta....

i know this is personal choice that i need to make....but wanted to know your opinions when you when you guys were in this situation

second thing....pre-qualify ayi velladam better aa leka akkadiki vellaka pre-qualify avvadam better aa? 2-3 times check cheste credit history dobbutada?

next thing em cheyali? 

pichi lestundi...asalu home buying idea kuda sariga telvadu...hoa, taxes, realtor...isuvanti basics kuda telva kunda illu konala? em cheyalo kudda teliyani paristhithi....

ee reason valla aagithey U will be a fool... thatha valla thatha digochina konni rules marchaledu... only sounds no actions .... ligth teeskoni US lo anni plan chesko.... 

Obama was way more dangerous... Trumf thatha is easy going.... lolli ekkuvuntadi kani andulo em stuff undadu... nothing to worry....

[tywinn_lannister]

1 hour ago, naas said:

This is my opinion based on my interest and experience. 

What I would do before I start thinking of buying a home?
Do I have good credit? If credit score is 720 plus and good income (considering expenses for dependents and other things in mind), Get pre-approval when ready to but in next 60 days. Please note pre-approval is different from pre-qualification. 
How were the prices last two years. Check this in county auditor site and compare it with current sale prices in neighborhood.
Consider your budget limitations, monthly EMI and closing costs and figure out which plan and home type suites your family.
Check school district rating if your kids good to join school now or in next 2+ years.
Check proximity to work location, interstate, grocery stores, restaurants, happening events, traffic and malls.
when buying old property, Hire/contact a local realtor who will guide you for suitable property based on your requirements. When buying you don’t need to pay realtor.
When you are sure to buy, go ahead and get pre-approval before visiting properties and plan to spend time to visit property rather than waiting till weekend.
Once you finalize property in one or more communities, check How much is HOA per month/year and what is covered with HOA fee.
Also check tendency to rent the property in case if you are moving out of the country. Few communities may have restriction on %of properties to be on rent in few communities. Few communities may need property need to be owner occupied.
For financing, always approach local mortgage providers, they give at the best interest rate per your income and credit history. Banks are little different from local mortgages.
Understand various financing types, down payment requirement and closing cost. I personally chose conventional with 0% down for new homes with in 250K slae price. 
Know the taxes for your county and home insurance requirements (financier will guide) and also understand how/when property taxes are paid. Also understand what is escrow account.
Usually taxes for previous year are paid now. Eg: for property tax between Jan to Jun 2017 are paid in the month Jan 2018.
Based on your closing date, your escrow payment would change over the time. Escrow includes property tax and home insurance.
Also understand the steps and timeline in home buying process. In contract, pre-approval, home inspection, repair/remediation period, appraisal, down payment arrangement, closing cost, home insurance quote and closing time.
And prepare to ask all the questions(don’t assume few would be silly) to your realtor when you are interested to get into a contract. Best realtor will always guide you in right direction.

------------------

Pros
First thing is you will have a feeling of your home and enjoyment from new home.
Value would increase over the time.
New home will have warranty around 10 years. Builder will take care of all the repairs. Not sure if it includes maintenance.
Old home, needs better inspection or be ready to bear few expenses for repairs.
Most of the best ambient areas, if you want to sell, it would go in contract with in 1-2 days or max with in a week.
You would not need to pay rent and what ever monthly mortgage/EMI spent is just your investment on the property.
Also over the time, your home will gain equity(???, read about this) on your property.
Based on your preference and interest, you may buy lot of stuff for home. Either decorative/garden/housekeeping.
 

--------------------------------------

Cons
Closing cost/down payment.
Visa limitation fear.
No job/ may loose job/change job location.
You may end up spending more for repairs for second sale/old homes. You would have time and energy to estimate cost for repairs while buying. Your realtor would help you. 
While selling, you need to pay 7%(3.5 + 3.5) for buyer and seller realtors. And some adjustments towards taxes and hoa.
If you need to be out of county and want to rent it, you may look for property manager.
Understand the terms like foreclosure and foreclosure type.
If you do not want to sell, Search for the ideas to make payments for mortgage in case if you need to move out of the country. (my thought: You would ask  permanent resident/us citizen friend to help you for renting and reward him appropriately). 
 

-------------------------------------

0 % down will make PMI rate more.

Not a good suggestion .Atleast 10% down or if possible 20% down.

[Neutral]

Single person earning (Full time/Contracting):

Plan for worst situations always have min of (4 months of mortgage + monthly Expenses) in bank

Both working:

Make sure you consider the lowest salary and plan your mortgage + All monthly expenses in that salary. Also save for min 4 months as mentioned above. 

If you can do this pichaa lite konesuko....

[Quickgun_murugan]

13 hours ago, Pori said:

Current situations lo visa lo buy cheyadam risky

lot of people are losing their jobs..this month 2 families went back to India for good in my circle

vallu enni years nundi US lo untunnaru??

[naas]

1 hour ago, tywinn_lannister said:

0 % down will make PMI rate more.

Not a good suggestion .Atleast 10% down or if possible 20% down.

Yes. PMI is additional $ need to be spent each month until total mortgage payment reaches 20% of principal.

For me PMI is around $100 per month. and Still monthly mortgage would be comparable to rent payment for 150K -200K property for 15 year term and below 4% apr. 

[Vaampire]

Picha li8 koneseyyi.

visa kastalu ani alochisthuntey 60+ vachina konalevu.

ippudu visa kastalu untayi. Gc vachaka diff kind of issues. Aa tharuvatha pillalu pedhavallu avutharu. Valla school fee, dance classes, swimming classes etc chaala karchulu untayi. End of the day, mana life motham eppudu edo okka worry/financial commitment untadi. Vaatiki bayapadi backstep vestha antey, may be usa is not better country for u. 

 

Worst case lo visa issues vasthey illu ammesi vellochu. Ledha bank ki foreclosure kinda icheyochu. U will not be loosing more than 20k. 20k ki bayapadatam lo ardham ledhu.

just my 2 cents

[Vaampire]

5 hours ago, BostonBullodu said:

need vs want ane topic meeda discuss chesukondi mee wife tho and then decide... 

my 2 cents contracting lo vaddu ane suggestion istha..... 

 

 

Need vs want ani discuss chesthey life lo edagalem. 

Job lo promotions, salary hike, vacations, luxury life etc ivi evi need kaavu. All fall under want.

[pahelwan]

23 minutes ago, Vaampire said:

Picha li8 koneseyyi.

visa kastalu ani alochisthuntey 60+ vachina konalevu.

ippudu visa kastalu untayi. Gc vachaka diff kind of issues. Aa tharuvatha pillalu pedhavallu avutharu. Valla school fee, dance classes, swimming classes etc chaala karchulu untayi. End of the day, mana life motham eppudu edo okka worry/financial commitment untadi. Vaatiki bayapadi backstep vestha antey, may be usa is not better country for u. 

 

Worst case lo visa issues vasthey illu ammesi vellochu. Ledha bank ki foreclosure kinda icheyochu. U will not be loosing more than 20k. 20k ki bayapadatam lo ardham ledhu.

just my 2 cents

[pahelwan]

Koni d uncle for a 250k house max amount you will be losing is 15k including commission. Suppose India povalsi vachina amrica la anni chesinav chusinav ane satisfaction tho pothav