> All of you guys have so much worldy experience, maybe you guys can > help...I'm buying my first house and I just learned that I've been > preapproved for my mortgage . . .
This is what agents do to ensure you have the credit and standing to pull off a loan for the houses you are looking at. Also, many selling agents will not present a contract to their seller's unless the buyer has been pre-approved. =) > Also I am just working with the mortgage guy that the person who is selling > the house refered me too, and I'm sure they are running some sort of > deal...they all are (damn capitalist pigs!). This is normal practice. Normally an agent will have a few choice lenders they will work with. They do not get a kick-back, as that is illegal. Usually the benefit of using one lender you work with often is that they will attempt to pull strings for the loan and give more attention to it, etc. The agent just wants the house to close, and working with a lender that will work until midnight to make it fund on time will guarantee their paycheck. Feel free to shop around, but this is probably not as devious as you think. =) > Last question, the mortgage guy keeps talking about FHA loans and I have no > clue what they are, but it sounds governmental, and I don't want the govt > hosing up my house. Anybody have any advice, or info about the FHA thing? FHA IS AWESOME!!! As long as you are buying a house that is under a certain amount and you do not currently have an FHA loan, you can get one. There is however a price limitation on FHA loans, in TX I believe it is $149,000 or less. FHA offers protection to the buyer like you wouldn't believe. For example, you have to have a different type of inspection for a house to meet FHA standards. You house is protected with a 10yr warranty on certain items such as foundation. It's also a financial safe-house - you have to have not made a payment for 6 months in order for your house to be repo'd. If you make one payment in the 5th month, the 6 month waiting cycle starts again. (bye bye credit of course) - If you can, get an FHA If you can't due to the price, and must get a conventional loan - There is an awesome program I bought my house on - it's called an 80-20-10. You place a 20% down payment on the house. Mortgage 80% for 30 years, and 10% for 5 or 10 years on a lien. What is so cool about this is 1) - you don't pay MIP (mortgage insurance premium) - and that lowers your house payments, offsetting the higher interest of the second lein 2) - when you pay off that 2nd lien you house payment drops! (and you don't have to re-finance, spending $$ on closing costs) > That said...just an fyi from what I've learned so far, apparently it's > pretty easy to get into a house with no money down these days. That's > incredible if you ask me. There is also a first-time-buyer grants available for FHA loans on occasion from the government, you should look into them. The only downfall is that if you sell the house within a certain time period (1 year i think) you have to pay that money back. -this is to prevent investors from using this program to "flip" houses. ADVICE - Find a friend or hire one from a 3rd party mortgage company to check out your closing costs sheet. My wife and I have never bought a house without taking off a hundred to upwards of a thousand dollars of "junk fees" - these are fees that you are paying out of your pocket, that serve no purpose other than padding someone else's (usually the mortgage company) Nate Nielsen [EMAIL PROTECTED] P.s. - My wife is a real estate agent - you can e-mail me any questions and I can ask her if you want - this is just what I know from her and my own purchases. =) ----- Original Message ----- From: "Jon Hall" <[EMAIL PROTECTED]> To: "CF-Community" <[EMAIL PROTECTED]> Sent: Wednesday, May 29, 2002 3:02 PM Subject: first house questions... > All of you guys have so much worldy experience, maybe you guys can > help...I'm buying my first house and I just learned that I've been > preapproved for my mortgage, but I was wondering, are houses negotiable like > cars, or should I just take the asking price? > > Also I am just working with the mortgage guy that the person who is selling > the house refered me too, and I'm sure they are running some sort of > deal...they all are (damn capitalist pigs!). Is this a good idea, or should > I hunt around for different mortgage guys? The house guy is saying "another > agent" is showing the same house, and I get the feeling he is trying to rush > me...gives me bad vibes. > > Last question, the mortgage guy keeps talking about FHA loans and I have no > clue what they are, but it sounds governmental, and I don't want the govt > hosing up my house. Anybody have any advice, or info about the FHA thing? > > That said...just an fyi from what I've learned so far, apparently it's > pretty easy to get into a house with no money down these days. That's > incredible if you ask me. > > jon > > ______________________________________________________________________ Structure your ColdFusion code with Fusebox. Get the official book at http://www.fusionauthority.com/bkinfo.cfm Archives: http://www.mail-archive.com/[email protected]/ Unsubscribe: http://www.houseoffusion.com/index.cfm?sidebar=lists
