Jon - just finishing my second home. My first advice is go talk to as many mortgage companies as you can and see what the fees are.. some of them don't have many fees but will make you pay alot of point to get a good interest rate and vice versa... You don't have to use that mortgage company just because they were referred to you by the seller. You'll learn alot by talking to different companies.. It brought a lot of questions up in my head that I started asking.
As far as FHA my first house was an FHA loan which I still have. It allowed me to get a 7% interest rate at the time the rate was 8.25%. Its something the government does offer to make the sale of a new home to first time buyers attractive. Look at the US Housing and Urban development website ... (www.hud.gov I believe).. there is a section where you can look up free counselors in your area to go talk to about buying a home, fha loans and whatever you want that deals with buying a home. I did this and learned alot from them. If he is showing the house and you want it for your asking price, all you have to do is put a contract on the house to hold it for a specified amount of time. The contracts I have put on homes were for 90 days that the seller had to wait while I got my loan approved and in place. Hope this helps. "Jon Hall" <[EMAIL PROTECTED]> on 05/29/2002 04:02:34 PM Please respond to [EMAIL PROTECTED] To: CF-Community <[EMAIL PROTECTED]> cc: (bcc: Scott Raley/LPEC/ASD/SEMCORINC) 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 ______________________________________________________________________ Your ad could be here. Monies from ads go to support these lists and provide more resources for the community. http://www.fusionauthority.com/ads.cfm Archives: http://www.mail-archive.com/[email protected]/ Unsubscribe: http://www.houseoffusion.com/index.cfm?sidebar=lists
