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Mortgage/First-Time Buyers

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osugrad21

osugrad21

Capo Regime
Staff member
Any advice on first time buyer programs...I keep getting references to first time buyer programs that will cover closing costs and such. Supposedly, there are programs for teachers specifically but I can't find them....

Anyone with experience?
 
osugrad21;806713; said:
I've got a good one lined up but I keep hearing about teacher grants andfirst time buyer grants...
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The best thing to do is find a really good mortgage company or credit union (if you belong to one). If you are a teacher, you should have a credit union. There are many first time home buyer programs, and a good mortgage broker will be able to help you identify the best programs (I was able to get one through the State of Ohio based on income and location of my home). You want to get pre-approved. The lender will give you an amount you qualify for based on your income. This will make things go much smoother when bidding. I used a local mortgage company, but I was told by a trusted realator that Countrywide is pretty good. A good real estate agent will help you negotiate closing costs and what not, but that is often dictated by the market.

Edit: A good place to start:
http://www.hud.gov/buying/index.cfm
Teacher program: http://www.hud.gov/offices/hsg/sfh/reo/goodn/gnndabot.cfm

I see you are in SC, so you'll want to go here: http://www.sha.state.sc.us/
 
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While I'm thinking about it, we ended up going with a local mortgage broker which can sometimes be a good move as they are able to work with numerous lenders. If there is a local mortgage company that has been around forever, they often know all the ins and outs of dealing with the paperwork in your area. Thanks to our broker, our closing went so smooth it wasn't even funny.

Make sure your real estate agent shows you homes in your price range. Ours kept trying to go out of our range, drove me nuts. We finally got smart and started going through the on-line listings and driving by homes. When we found ones we wanted to see, we emailed her a list and had her set it up.

Ask for a home warranty. They are relatively inexpensive and the seller will almost always buy you one. They cover quite a bit of issues and you can usually renew them from a few hundred a year.

If I think of anything else, I'll post it. Good luck!
 
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I cannot tell you about any special programs, but shop both your mortgage lender and find the best home inspector you can get. Talk to everyone you know who has used an inspector and hire the one who has the best personal references. That will be more important than the cheapest mortgage in the long run.
 
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Step on, find a decent mortgage lender. Lord knows there are enough in town. You want one that doesn't have a reputation for selling your loan, etc...

We us Union Savings Bank and have been very happy with them. Countrywide is also supposed to be good. The key naturally is the rate. a half point swing will cost you a lot more than paying closing costs.

Once you are pre approved, then you are what the seller is looking for. A buyer who can commit quickly. This gives you negotiating power.

You really want a good Home Inspector. He should take about 1.5 hours for every 1200 square feet of home. He should be able to access the attic, crawlspace areas, etc....


Use the inspsectors report in your negotiation. Remember, you have the $$$ and should be willing to walk away from unreasonable sellers. It is a soft market.(translated- a buyers market) so you have the upper hand.

Also remember if it is on the wall, the seller has to state if it is included with the property (i.e. we had written into our contract that the seller keeps the flat screen tv which was afixed to the wall)

Right now interest rates are still decent. Go with a fixed rates. They are a lot more likely to increase than decrease, and that is what a lot of these arm loans are all about.

Lastly do the math yourself when negotiating a mortgage. Take a look at the total payout. Some people will try to sell you two loans to avoid PMI, but often the interest on the second loan is greater than your PMI payment. (since the second loan is typically at or about twice the interest rate of the first)
 
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Thanks for the advice so far...

I have an excellent opportunity to build at $73/sq ft. Long story but the contractor is an old friend looking to drum up local business...going to build what is essentially a "model" home to get the pot boiling (No I will not have to show the house). Basically, its too good of a deal to pass up even though it was not in my plans...this house is going to be immaculate and he simply needed someone to get the ball rolling for him. He has done all of the specs from flooring to sodding the yard to furnishing the kitchen hardware to a 2 car garage and bonus room...I took the plans and specs to 2 other contractors and both estimated $95+/sq ft and wanted to diminish the "perks" to cover the difference.

...and the land is thrown in as an incentive. Only an acre, but its plenty for what I need. He owns the adjoing land also and has written a covenant for the neighborhood so he can control the area and its growth.
 
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sandgk;806875; said:
Sounds like a great deal grad21 - are you going to have to let folks in to see the house while it is under construction so your builder might grow his business?
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Nope, he only asked that he could display the plans, covenant, and architect drawings on the property during construction.

coastalbuck;806869; said:
Too small, all I could grow on there is a softball field or some Baccer' ( you know what I mean)

side note, good job at the beach...:biggrin:
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Thanks bro...it was tough holding back pitching for the first 3 days...that Osbourne, VA team is the real deal but I would have loved a shot with one of our top 4 on the hill. Then we had to face MB on weds (third time this year) and will likely face them in 2 weeks in the districts...so we went down the roster and threw every NON-pitcher we had. :) It was fun to watch...

On Thursday, we started out with the top of our rotation and it was on...the 2 WV teams were overmatched and Bamberg was game on saturday, but we pulled it out. Good time for sure.
 
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scooter1369;806893; said:
I know you aint dissin' the softball field... :grr:
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Nah, CB makes the softball field look just as good as the baseball diamond:

watson%20stadium.jpg

Click for larger image:


 Man has serious skills...
 
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