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#1
02-18-2008, 05:20 PM
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Buying first house, need some advice
I hope this is the right section for this.
I'm getting ready to buy my first home here in about 6-12 months and hopefully some of you that have already been through the process can help me out. Some people have told me that there are benefits/grants that you can get as a new home purchaser, is this true? If so can anyone point me in the right direction as to how I can take advantage of these. So far I've only been able to find info on FHA. Any help is much appreciated.  Also I live in Florida, not sure if that effects what kind of benefits I may be eligable for.-Dak 
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#2
02-18-2008, 07:26 PM
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I know that here in Texas there is a first time home buyer program in which the state subsidizes your loan and gives you better interest rates. I'm not sure if there is a education or a income requirement. I would bet there is something similar in your area....
__________________
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#3
02-18-2008, 08:05 PM
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If you are looking for some sort of state grant or DPA then there will probably be a pretty strict maximum income requirement, maybe less than $50K-$60K, depending on your HUD area median income figure. The easiest way to get it done would be an FHA loan coupled with a down payment assistance program such as Nehemiah.
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#4
02-19-2008, 01:07 AM
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Thanks for the info. I was already planning on using an FHA loan. I'll definitely look into a DPA. I appreciate the input guys.
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#5
02-19-2008, 12:00 PM
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Another sweet benefit that FHA provides is that they will allow 6% seller concessions, so you can get the seller to pay up to 6% of the purchase price for your closing costs (closing costs usually run 3%-4%). However, the way a Nehemiah home grant works is that they "gift" you the required 3% for your down payment, as long as the seller is willing to "donate" that 3% plus a small admin fee back to them. It's how they get around the interested party guideline, so be aware that you may be asking the seller for upwards of 9% of the sales price, and offer accordingly.
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#6
02-21-2008, 10:44 AM
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Thanks for the info //M32G35.
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#7
02-25-2008, 06:14 PM
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Anyone else? Thanks
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#9
02-25-2008, 10:17 PM
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What about buying from a builder? I found a potential townhouse that fits what I'm looking for, but its not built yet. I know with a pre-owned place I can bargain with the current owners, can I also negotiate prices and closing costs with the builder? Or would I only be able to negotiate options?
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#10
02-25-2008, 10:35 PM
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with this being a buyer's market, I think you can definitely negotiate prices and closings costs with the builder. be firm, and aggressive with the negotiation, otherwise they will probably not budge
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#11
02-26-2008, 03:01 PM
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I'll keep that in mind when I go back this weekend. Thanks
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#12
02-26-2008, 04:20 PM
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My wife and I are going through the buying process right now. It seems as if a lot of buyers of new cars and homes do not think prices are negotiable. A lot of new buyers we've seen while at the model homes just stock pile options and agree upon a price. Some do use agents but a good majority we've seen do not. We didn't use a buyer's agent but did our research as best we could and asked for a lot of free incentives. Yes we could of benefited by using an agent but overall we did okay. If you have a trusted agent, I'd use him/her. With or without one, in most of today's market, you can still negotiate on new homes.
Do note though that most pre-construction homes lack a lot of options to begin with and look nothing like the model home you might have walked through. Be sure to ask exactly what is included and get an itemized list included in the contract. If the builder promises you anything, get it written out clearly and make sure it's very detailed. If things goes wrong, that document has to hold up in court. Again, take everything the sales person says as opinion, rather than fact unless they back it up in writing. Like any other sales business, they're there to sell. They push for a certain price and say certain things can't be done. In the end though, the decision to accept your offer is with the corporate sales manager. Don't be afraid to offer what you feel the property is worth to you. Ultimately, they're moving on while you're living there and paying the bills. One last thing I wanted to add was look at the big picture. When we did our research, we looked bizarre details. Land grading, direction to sun, whether or not we had to make a left or right hand turn to enter the main road and etc. I even mapquest the site just to see what's around us that can't be seen on-site. To be honest, nothing should be overlooked. If it's pre-construction and it's just a pile of dirt right now, there's a lot to visualize and consider before you make your final decision. There's quite a few experts in the field on these forums and I'm sure they'll give you plenty of good advice. Best of luck to you!
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#13
02-26-2008, 04:30 PM
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Haha, it's funny that you brought up "bizarre details". Since the section they are selling right now has yet to be developed, it's just an empty lot. I was out there checking which way the master bedroom windows would face to get a good idea if the rising/setting sun would be a factor. I thought I looked kind of ridiculous walking around the lot, now I don't feel so bad knowing someone else did the same thing.
Thanks for all the input guys.
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#14
02-26-2008, 06:46 PM
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We just purchased a home for our son in a new subdivision. We picked the lot and model, the slab was just poured when we picked. We wanted that lot because there was an easement on the side and we could park our motorhome on it. Well after they framed it we went back and looked again, we discovered that with the roof line we actually couldn't fit the motorhome there. We went ahead and put in an offer and the day after the builder called us in a panic. The model had fallen out of escrow and the builder had already finalized his re-finance papers on the tract without the model in the loan. We acted like we really wanted to stick with our first choice and they were begging us to take the model. They included all the fixture upgrades at no cost, they wanted 535,000 and said they would take 495,000, they gave us 10,000 towards closing costs, 4,000 back from the commission and even pre-paid 1 years storage for our motorhome! So we got the model that is actually 2,495 sq. feet instead of the first house that was 2,446 and this one has a 3 car garage instead of 2, the front and back yard is landscaped and it has nicer interior fixtures, tile, carpet. Their only request was a 30 day escrow which was no problem. We are very happy. It really is a buyers market out there so make as many requests as you can and don't act like you have to have that house, make them think your indifferent and it will work to your benefit. The one question they kept asking is "do they have their heart set on this particular model?" Good luck.
Lisa
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#15
02-26-2008, 06:50 PM
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Thanks for the info I'll definitely try to bargain as much as I can. The more input I get the less I'm starting to worry about getting this whole process started.
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