Any homeowners on IA?

[jdm-civic]

just curious like how much things cost and the average prices for things and wat kinda loans were available because im interesteed in buying a house because im getting tired of apartments. any help would be useful!!!!

[Humphrizzle]

zillow.com

look for HUD homes.

[jdm-civic]

ok so i see some homes for sale for like $10,000. thats all i would have to pay? that seems kinda cheap to own a home,is that right?

[quickdodge®]

That's all there is to it, man. Later, QD.

[ISAtlanta300]

ok so i see some homes for sale for like $10,000. thats all i would have to pay? that seems kinda cheap to own a home,is that right?

Yep. $ 10.000 sale price with $ 90.000 in repairs..... lol

[ARH1192]

I paid 106k for my house @ about 5% and the payment is about $850 a month.

(This is in Warner Robins. Houses down here don't cost as much as in Atlanta.)

[jdm-civic]

ok. just looking around for some options because ive been blessed with a pretty good job anf honestly, im tired of going through the drama with theses apartments and really want to own my own! any tips to go by when looking for houses,like what should i look out for and be aware of?

[Vuongy_Dong]

I bought a house last year with 5% interest on 30 year fixed. its more to it than wanting to buy.

*Down payment in your bank account for atleast a few months. ($5,000 to $10,000 is what they want to see)
*Good job history ( They WILL check. Then they will check again before closing )
*Get your house appraised, normally $400 ( out of your pocket )
*home inspection for peace of mind ( $200-$400 out of your pocket )
*Termite inspection
*Closing cost if you dont know the game. up to $5k in your money if you dont play it right.
*extra money to fix things here and there. more money if you buy foreclosure.
*extra money to buy appliances.
*Home insurance
*lawn care.
*yearly HOA
*Have property tax $ for the rest of the year at closing.
*PMI insurance added to your monthly mortgage if you have under 20% down payment. ( the cost is added to your monthly mortgage)
*moving expenses
* It goes on and on. You will find that once you move in, you will start needing things that you never thought of before hand.



The list goes on and on. All in all, I've spent a total of $22k after down payment, funiture, lawn mower and everything mentioned above on a $180,000 house. ( Last owner had a $217,000 loan on it. Housing dropped dramaticly) Owning your own house is a great thing, only if you have the cash and time for it.

[ISAtlanta300]

true. Buying a house is the easy part. Maintaining a house is where it gets tricky.

[bu villain]

ok. just looking around for some options because ive been blessed with a pretty good job anf honestly, im tired of going through the drama with theses apartments and really want to own my own! any tips to go by when looking for houses,like what should i look out for and be aware of?

I just closed on my house a month ago. All I can say is that apartments are a lot less drama than owning a home. At an apartment, you are not responsible for most of the biggest hassles like landscaping, appliances, roofing etc. Houses require a lot of upkeep and repairs to keep them in good condition. Also you will be paying a significant amount more every month than just the mortgage payment.

The list above gives you a good overview of some of the big things. I would also add property tax (thousands of dollars a year) and stucco inspections if you have any stucco. Make sure you do tons of research, and not just on IA, before you make such a big decision. If you determine that it is right for you, then I wish you the best of luck.

[blcksi]

If you thought about it a couple of months ago you could have got the 8k tax credit.
VD had a good list. To save an extra $80-100 a month it takes a %20 down payment to keep from having mortgage insurance.

[Julio]

I paid 106k for my house @ about 5% and the payment is about $850 a month.

(This is in Warner Robins. Houses down here don't cost as much as in Atlanta.)

Why is your payment so high ? How many years?

[Barefoot]

we are using a 203k loan on a hud forclourser. the sale price of the house is 40k the escrow for repairs are 5k. we are putting another 25k in upgrades in. total loan amount is 70K @ 5.25% 30year fixed. out of pocket cost was about 400 appraiser, 500 holders fee, 100 down payment (hubs 100 down program), inspection 400. the house is worth 135k in restored condition. the bank is paying all our closing costs. all we got to do at closing is show up with a 100 check in hand. mort insur and taxes come to 602 a month less than i paid for rent at the apt.

what u pay will all depend on what u are willing to handle yourself. there are a lot of programs from 2nd and 3rd party org. that do big things for first time buyers.