In the market for my first home

Im looking at buying house before may 2012, I have a few areas in mind, but this is my first time buying a house, im 22 a veteran, married with a son. I bank with USAA, ill have about 10,000 for a down payment on a house. As of right now im trying to stay around 160k, does anybody have any advice on VA home loans, or finding foreclosures, or if I should try and do as much as i can w/o a realtor, or should my first step be going to talk with a realtor, or any other home buying advice you might have

 

I think that since you are with USAA they can help you find and buy a house, you should also see what you qualify for and get a pre qualified letter, a lot of realtors wont even help you start looking without this letter, the letter means you are serious about buying

 

Nice that you started at 22

I started by getting my loan pre approved and then asked if they could recommend a good real estate agent

 

Browse Craigslist for foreclosed homes to give you an idea what you're getting into. It's a learning experience and sooner or later, you'll find different sources to find them. There are a few websites for foreclosures that I found from just doing some research. I'm sure every state has them. I purchased my house as a foreclosure and paid a little over half of it's current value. GL

 

thanks, does anybody have any expierience with VA loans,

 

Realtors are scum. Trust none of them.don't let them trick you into buying a house more than you can afford.short sales suck to deal with.my wife is an real estate lawyer and title officer.she tells me all the time how bad people are tricked into bullshit fees by the mortgage broker.you can right to bank for a loan.screw a mortgage broker.Good luck with your search.don't rush into anything.I live in jersey are we get raped in taxes every year

 

Yea thats why im trying to jump in this asap, im not trying to be rushed into anything, but are you say realtors or mortgage brokers? or are they the same thing

 

Yes a VA loan is a good deal for first time home buyers, can get with 0% down and no PMI since it's a goberment backed loan.

 

A cheap lawyer can walk you through a closing for less than a realtor. For sale by owner is sometimes a good choice.

 

so is still good if ill have 10k to put down, and whats PMI

 

You can buy a house for 160k ?

 

Got a VA loan on my house through GMAC. Originally it was through iFreedom direct, but they sold it to GMAC. You can get a VA loan through just about anyone. My next house I will most likely use Navy FCU. The only thing with a VA loan is that a VA appraiser will have to come out to appraise the house. As long as the house apprases for more than what you are going to pay, then you're good. You should hold on to that $10k of yours and get 100% financed. You never know what a haouse is going to need after you buy it. Better to have cash on hand. Good luck with finding your home, and don't settle for something that you may regret later.

 

yes, something decent, i take it cost of living is through the roof in BC

 

Ya man , where I live the average house is about $500k

 

Private mortg insurance... We used usaa for a preapproval and then signed up for their homebuying program...sets you up with a realtor in the city you are looking. Our realtor was helpful but we never found anything to buy. Will definately be trying again next year when we move to OK. the cash you have saved you can use as a down payment if u want but remember all the closing fees and inspections that need to be done too.

 

holy shit, i thought i cost of living in WA was high, but thats insane

 

PMI is Mortgage insurance. Any loan other than VA will require you to pay it unless you put 20% down. Or you'll pay it till you have 20% of the value of the house paid, and then you'll have to contact the mortgage company to get it dropped, which can take a very very long time and it's not cheap.... can add 100.00 plus to payment.

 

Definately never know what you will need afterwords...also the va requires it to be liveable before funding the loan. In cali that means a stove would have to be included. Friend bought a 20$ one off craigslist and put it in place before the inspection just to satisfy the va lol

 

Realtors are not scum. And it doesn't cost anything to talk w one. VA loans are great but If you have great credit a reg FHA mite be cheaper. It was in my case. And in some area the state mite offer some type of program. At least talk w a realtor. Ask around i bet somebody you know can rec one they were happy using.

 

make sure you get it inspected, don't settle on a fixer upper unless you are a carpenter/plumber/electrician/roofer/drywall etc..trust me on that! your inspector should make sure everything is up to code and then its up to your realtor to go to work for you. re: make a offer, counter offer. The current home owner is responsible to fix things but that is what offers/counters will do for you. Unless your buying new than no worries. get homeowners insurance/warranty's etc.
as far as VA loans go, you can't go wrong at all, they should walk you through every step of the way. last i heard right now home loans are at a "all time low" so great to start at your age.

Once it’s determined that you qualify for a VA Loan, the next step is finding out how much you qualify for based on your income. A VA Loan Specialist will discuss with you what you can afford and will make sure based on VA Loan requirements that you’re not getting in over your head.
The key to getting started is making that initial contact with a VA Loan Specialist so you know all your options. Once you’re confident and ready to move forward, the VA Loan Process is very straightforward and there are checks along the way to make sure you’re getting a good, safe home and a quality, affordable mortgage.






google va loans and you will have a ton of info...

good luck in finding your home........