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my wife and I are ready to buy a house finally 8) What are some of the things that we need to know because this is all new to us ? Also what are some of the deals out there as far as first time buyers go ? The other problem is what will the mortgage company say because we will be moving to another state and my wife and I won't have jobs "plan on taking a 6 months to a year off to get settled in" . Will this be OK as long as I have money in the bank and put a large down payment down ? Thanks for any help . I would rather ask you guys then the mortgage compeny that is just trying to make money "lol" .

Lew
 

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what state are you planning on moving too.. my fiancee is a realtor and may know a good lender in that area so you dont get screwed by some of these dirty lenders :evil:
 

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Bluustang71 said:
what state are you planning on moving too.. my fiancee is a realtor and may know a good lender in that area so you dont get screwed by some of these dirty lenders :evil:
we are in NJ but are moving to Bowling Green KY .

Lew
 

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First thing I would suggest is to get ready to pay at least %20 or minimum %10 down of the homes cost. I would do the %20 to avoid the mortgage insurance.
Get your free credit report and check your credit. Make sure their are no mistakes and see if there is anything you might can do to make it little better.
Don't even think about any other type of loan beside a fixed.

Check to see if the home you are buying may qualify for a green home. Then check with the local power company about certification. Most power companies will come out free of charge and do a blow door test, pressurize your duct for leaks, other test and inspection. My home got an energy star rating of 4 of 5 and I got $500 from the power company.

As far as loans, if this is your first house and you don't make a ton of money you might can get a FHA loan.

But the main thing is the more money you have to put down the smoother and the better loan you can get so long as your not trying to get over your head. Also remember you will need to have probably $5,000 in closing cost that they are going to require you to pay.

One other suggestion that I could give is to. Don't let your monthly house note go over 30-35% of your bring home pay. The banks will tell you it's no problem for 35-50% of your gross monthly pay!! (Big differance)

I like to keep bellow 25% of bring home.

This was just some of the things that I thought might be helpful.
 

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have you done job research there? id worry about getting a job first... mortgage companies wont lend anything to anyone that doesnt have steady income. if you look to some of the smaller suburbs you may be able to pay cash for a house, and just commute. my friend from work is buying a house for 30k- small house only about 15 miles from work.
how much house are you looking to buy?
 

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Well, Lew,I am glad to hear that people are telling you to go to a fixed rate loan. That's the most important thing. The majority of foreclosures that are skyrocketing in number across the country are due to those variable rate mortgages. Stay away from them, and get a fixed rate loan.

I agree that not having a job will be a problem for a loan. I'd wait until you 1) have that job and that reliable income, and 2) know the region better. My wife and I waited a while after coming here to Chattanooga to find a house. Glad we did, because her job changed, we got to know which areas were good, which were bad, and which were going either way. We are now in an area that in increasing in value, so we are making money on our investment.

Find a good book on real estate and home-buying to learn all the details of the transactions. It's quite overwhelming, so you need a resource. I even bought a "home-buying for dummies" book.

Now, once you become familiar with things, and you find one you like, make sure you get a professional inspection. We did on a beautiful home that needed some TLC. An inspector found a lot of things wrong with it, and because the homeowners refused to address them, we wound up not buying the place. Someone else did. We drove by that house recently, and saw three different companies working there-- a roofer, a plumber, and a general contractor. That inspection saved us a truckload of money, and prevented some heartache.
 

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Make sure you get a full house inspection on the home that you want to buy. For the most part, if there is any problem's, that will let you know what they are.
 

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Lew,

If you were moving closer to the Louisville Area I'd hook you up with Semonin Realtors/Wells Fargo/Home Services Lending where my wife works. 3 of the last 4 years we have went on trips to Cancun, Texas and a Bahama Cruise for the top 11 out of 2500+ branches across the nation due to customer satisfaction, capture rate blah blah blah...... They are REALLY good at what they do. See if you can find a Wells Fargo office in or near Bowling Green.

http://www.semonin.com/RECoHomepage.aspx

https://www.wellsfargo.com/mortgage/

Good Luck!



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Why not rent for awhile untill you learn the area and figure out where your going to work? Then proceed with a house purchase?
 

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^many good points

Fixed rate, inspection and have a job are paramount.

I would suggest getting a pest inspection. I was a framer/finish carpenter so I did my home inspection. I saw a guy do one and figured I'm savvy enough. The house I almost bought had termites though. It was pretty cleverly hidden damage that I saw but didn't see how bad it was.

A pest inspector thumbs down killed the deal for me
 

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I like the rent first idea... I live in Louisville (2 hours north of Lexinton) and you are gonna love Kentucky, you get all four seasons... Sometimes all in the same month!!! The track in Bowling Green is really nice too. I bought my house from an individual and neither of us used a real estate agent, the bank did all the work and closing costs were $999. The home inspection, title insurance/inspection, 20% down, and fixed loan are all excellent practices to follow. Good luck, and maybe I'll see ya at the NMCA finals in BG!
 

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Advice

Visit the house you're planning on living in during periods where the environment is especially important to you. Mornings, Saturday nights, Friday Nights, Evenings during the week when you'd rather sleep than listen to the neighbors dogs...etc. Walk the neighborhood at night.

Talk to the neighbors on all sides, ask them how they like the neighborhood. Get a feel for who they are, how long they might be inclined to live there, and whether or not you could live next to them...or if they're moving, realize the new neighbors are a crap shoot.

Get a statement regarding fence ownership/maintenance in WRITING. If you don't, you'll quickly learn that all the fences are miraculously owned by all the neighbors shortly after you move in. In fact, if the fences are at all run down, make them replace all of them prior to move in, and make sure that you are the owner or have an agreement in writing with the neighbors that shows who owns what and who maintains what.

Watch out for fresh blown-in insulation. It's a good way to cover/hide rat feces and pass a home inspection.

Watch out for crawl spaces that are immaculately clean or freshly raked. It's a good way to hide/clean/dispose of termite and rodent sign.

Watch out for green realtors. Ask them how long they've been licensed, and when the last home sale was and get the MLS number. Check into it. Make sure they are in practice and updated with whats going on in the market. MOST realtors get involved with the profession, then vanish. Try not to pick one of those.
 

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Figure out how big a pole barn you need for all you hobbies and toys. Then double that size. That should last you about 5 years.
 

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Discussion Starter #15
Thank you guys for the info this is some scarry stuff for us ! Let me give you guys some more info on what we are looking for . We spent a week in Bowling Green KY last summer with the kids and found the area where we would like to live "we live in NJ now" . We already have a realtor "RE/MAX in BG" and he showed use a few house to give use a idea of what we will spend for the kind of house/land we are looking for . I came into a very nice chunk of change so we have about $100k-$150k to put down and still have a big chunk in the bank . But if I don't have to use that much I would rather invest it somewhere else . We are looking at houses in the $200k-275k rang like this one 8) http://www.homesinbowlinggreen.com/residential.htm

I know what you are saying about finding a job first and rent for a year but we are just tired of renting ! We have paid over 100k in rent in the last 6 years where we are and I'm sick of throwing money away !! I don't think my wife and I will have any problems finding a job because she is a hair dresser and I'm a heavy equiptment operator . One reason that I doen't want a job right away is because I want to use up all the unemployment that my wife and I have paid into over the last 15 years . I hate New Jersey and don't want to give them anything !! We both make good money and have been at our jobs for a long time so could we just get pre-aproved here using our jobs now and say it is a summer home or something ??"lol"?? Guys I'm not that worried about how much the house will be worth in the next 10 years because the house we buy will be the one I plan to die in , no more moving for me !!

Thanks Lew
 

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Lew

You will love it here you can get 5 times the house here as you could in NJ for the same money.
If you didnt have your heart set on BG, I've got a house here in Murray KY that might be in your price range.Its a great pace to raise kids, lots of fishing, I also have some connections in the local operators union. Plus we have a fairly strong BBF comunity in these parts, and several local dragstrips (7 with in 1-2 hours drive)

http://homes.realtor.com/search/listingdetail.aspx?mindt=1/1/0001+12:00:00+AM&maxdt=12/31/9999+11:59:59+PM&zp=42071&ml=3&mnp=24&mxp=25&bd=5&bth=6&typ=1&sid=4205c3fb69e14a029d0943563096bfd5&lid=1079339962&lsn=4&srcnt=11#Detail

Its my brother inlaws house, and I bought the lot across the road from it last week.

Try this if the first link doesnt work

http://homes.realtor.com/prop/1079339962


PM me if you need more info, the house is going to get a major discount in the next few weeks when the realtor contract ends. They're going to sell-by-owner.
 

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Discussion Starter #17
8liter said:
Lew

You will love it here you can get 5 times the house here as you could in NJ for the same money.
If you didnt have your heart set on BG, I've got a house here in Murray KY that might be in your price range. Plus we have a fairly strong BBF comunity in these parts.

http://homes.realtor.com/search/listingdetail.aspx?mindt=1/1/0001+12:00:00+AM&maxdt=12/31/9999+11:59:59+PM&zp=42071&ml=3&mnp=24&mxp=25&bd=5&bth=6&typ=1&sid=4205c3fb69e14a029d0943563096bfd5&lid=1079339962&lsn=4&srcnt=11#Detail
Its my brother inlaws house, and I bought the lot across the road from it last week.
Thats a very nice house but we want some acres . I want to be able to put a nice size shop in the backyard and not have to worry about making noise if you know what I mean :wink: The wife also realy likes BG because of all the stores and as you know she is the boss "lol"
 
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I agree with Lem, You'll be shocked at what you can buy for the prices you've mentioned in KY compaired to NJ and the property TAXES will be ALOT LESS.

I just moved to Washington from NY and man The tax man is a little less invasive here too !!

Screw living on the East Coast !!! It to much freakin $$$
 

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Just my opinion, have owned about 5 houses and been through the mortgage wringer several times with conventional, private, FHA, wrap, variable, etc - but you'll have a snowball's chance in hell getting a home loan for that money in the current lending climate without a job. When it was "easy money" the last few years, a dog could buy a house. way back before the lenders all got high from sniffing sub-prime mortgages if you didn't have 6 months on the job you had a struggle for high buck mortgage. Good luck - but you best be hunting a lender well before you hunt a house. you can find houses all day long - it's money you have to root around for. Also read the fine print - if you apply and are granted a mortgage based on your employment history and you don't disclose that you're planning to kick back for several months - and then the lender finds out, they can technically call your note in default. The catch there is that your loan will get sold, probably within days of it being let and may be sold 2-3 times after, so your "lender" may not even be anywhere around. After it's sold, most don't give a crap as long as the payment shows up on time.

Find the money, then find the house. Unless someone on the board is a banker, mortgage broker or similar - you need to be talking to a lender. Shop them as hard as you'd shop the house or a set of heads. Harder, actually.
 
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