r/FirstTimeHomeBuyers

As the title says, I can't and I'm highly reconsidering even becoming a homeowner. My husband and I have been looking for a house for TWO FREAKING YEARS. We put an offer in on a house and went through the inspections only to find out that house had termites that did extensive damage as well as potential leak in the HVAC system, cracking in the foundation, and the roof would of needed to be replaced. We decided to back out of that deal and that was 1.5 years ago. We have attempted to look at several other houses only to find out after reaching out that they went under contract already. We looked at a house yesterday, absolutely loved it. The seller has moved out of state and the house is sitting empty. It went under contract back in May but the financing fell through on that so it got listed for 17.5k less, plus the seller is funding the repairs for the septic, roof and mold remediation. Estimated total cost for that is 30k. She is not willing to do any additional repairs/negotiations etc..which is fine, I get it you are already putting 30k into an escrow for us to use to make these repairs. I reached out to my lender and this house wouldn't get approved for conventional loan because they don't do escrow holdings, but would qualify for a renovation loan, but the repairs would have to be completed within 6 months. I think this is why the previous contract fell through or got denied due to amount of repairs it would need. We looked at the inspection report that the seller had done in June and yes it does list the roof, septic and mold remediation as major items. It also listed, carpenter ants damage and the boiler release valve would need to be replaced as it's all rusty, but i do think the entire boiler will have to be replaced as it looked to be at the end of its lofe.At the advice of our attorney, we are deciding not put the offer in as I'm pre-approved for a conventional loan and used to handle the escrow accounts for renovation loans and those tend to get messy...and let's be real, the scope of the repairs usually ends up being more than what was originally quoted. She also said that she would never buy a house without a working septic system and I am in agreement with her. My issue is, the homeowner knows it needs to replaced, like why not just do the repairs and call it a day instead of escrowing those repairs. I'm sure it probably has to do with the fact that they also know that those repairs are going to be over the 30k. Like I just want a home that we can move into that at least has a working septic.

Please give me some words of encouragement because I'm really losing my mind. We don't have have many listings in our area for 300k. Most of the houses within our search area are going for 490k+ and the houses within our price range just always end up requiring a ton of work before we are able to move in. Like I can't afford to pay the mortgage, rent, bills, pet expenses, etc. while paying for all the major/problematic repairs at the same time. I just don't understand how previous owners buy houses, do zero upkeep, zero upgrades and then expect buyers to pay 300k for a house that is still stuck in the 1950s. Why is it that I have a feeling that some of these owners wait for major things to reach the end of their life and immediately put the house up for sale. I don't, I grew up with parents who made the repairs as they came up and did their upkeep and have had quick, easy, basically flawless sales. Most of their issues during sales came up for minor things that seller wanted fixed because the major repairs were handled.

I'm losing my mind and this process is not for the weak. It is brutal out here.

Thanks for coming to my Ted talk/ vent session.

Hello all!

My husband and I currently reside in rural TN; we are interested in becoming homeowners by this time next year. We have intentions of going with a FHA, as USDA is not an option due to an old bankruptcy of my husband’s (young and dumb). We have already pre-qualified for a traditional FHA for a few hundred thousand, however since we aren’t intending on moving for another year, we don’t plan on acting on it at this time. In the meantime, we are paying off all of our debt (luckily we don’t have much) and putting money into savings. During this idle period of working towards our home, we’ve been tossing around two ideas, 1) buy a home with traditional FHA then tweak/add to it over the years, or 2) get land then build our home with the FHA One-Time Close Construction-to-Permanent Loan. The way we look at it, HYPOTHETICALLY, we could take out a traditional FHA for $325k and buy a home, or we could fit land and all other home building costs under the alternate FHA construction to permanent loan for the same $325k…

With all of that being said, here comes the big question, would it be better to buy or build? Pros and cons to both? Are we thinking about this right? We’d love to hear everyone’s opinions and experiences, in a polite manner please! :)

** edit to add : $325k is HYPOTHETICAL. That is not our “set in stone” budget. Just a number I drew to sort of help explain how we were looking at it. **

Currently in escrow for a condo in an area we love with high rated schools for our daughter. We received the documents from the HOA and come to find out they only allow 1 pet per condo. We have 2 dogs that we’ve had for 12 years, they are both 14 years old. I’m devastated and I can’t imagine getting rid of them. My husband is sad we will loose this place because we’ve been looking in this area for over a year in this price range. Houses are out of our price range so condos are the only option.

Has anyone been in this predicament? Any advice or suggestions? Our hope is to get in touch with the HOA and plead for an exemption. They’re on the older side so I’m hoping they’ll recognize they won’t be around for that much longer. Ughhh this sucks!

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This post got more attention than expected. Unable to reply to all. The instant we found out we couldn’t have more than one I wrote this post just to hear if anyone else had found themselves in this predicament. I personally dont know anyone who has. So thank you to all the constructive feedback and to those who shared their personal experience.

We haven’t signed anything yet! We aren’t looking to start off on a bad note with the HOA and have submitted a letter. We were very transparent. We sadly do not plan on getting more dogs after these guys pass on, which was also mentioned in the letter. We cannot give another pair the same attention and care. They are beyond spoiled rotten! I got these dogs when I was young, long before getting married and having children. We have a daughter and a little one on the way.

Im approved to buying a house 250,000. I found one for 120,000 im single don't want much but a yard. Well FHA loan. Went and seen house 4 times was told to get insurance and utilities in my name on closing date 8-10. I did then moved to 8-17 on the closing date. Chirp chirp from realator and mortgage lady. They sent me a another house Friday at 445pm. now they are saying the foundation is cracked and unlevel. We knew that and realtor said it would be ok $700 later for appraisal I paid. And the house did not pass. So next house I gotta pay that too. For appraisal. What is my realtor doing he should know. I can't keep wasting money like that. I'm lost on what to do

My wife and I really want to use our VA home loan, but we're concerned that we might not qualify for a house we'd actually want to live in.

We currently have one car payment, and my wife has around $9,700 in student loan debt. Is there any way to use a VA loan to pay off one of these debts, either as part of the home purchase or through some other VA loan option?

We're hoping to buy a house here in North Texas and are just trying to get an idea of how this works and what we might realistically qualify for. We’re both first-time homebuyers, so any advice, tips, or things you wish you knew before using your VA loan would be greatly appreciated!

Also, is the VA loan truly 0% down, or are there fees/costs we should expect to pay upfront? I've heard about the VA funding fee and closing costs, so I'm trying to understand how much cash we should realistically have saved before buying.

Thanks in advance!

Two months of house hunting, saw 5-6 homes, found “the one” — Toll Brothers single house plan near ATL suburbs, checks every box (price, layout, location). Problem: the specific lots we want haven’t released yet, no timeline given. Sales agent says we can only offer once released, and only if pre-approved through Toll Brothers Mortgage specifically — so she wants us to pre-approve now to be ready.

Questions:

\*\*1.\*\*	Is requiring pre-approval with the builder’s own lender, before lots even release, normal for new construction?    
\*\*2.\*\*	Any room to negotiate price/lot premium with builders, or is flexibility usually limited to closing costs/upgrade credits?    
\*\*3.\*\*	First home ever, no contract seen yet, nothing negotiated — are we moving too fast, or is this a reasonable pace?    

4. The plan we are interested in has an unfinished basement and Toll brothers won’t finish it even if paid extra, can anybody help in understanding as unfinished basement?

Anyone dealt with Toll Brothers or similar pre-release situations? Trying to avoid a rookie mistake.

First time home buyer here and I’ve been looking for a house for 2 months now, but I still haven’t found one that I really like or feel like I want to buy.

At this point, I’m starting to wonder if maybe I’m just not mentally ready to buy yet. Buying a house is such a huge financial commitment, and maybe I’m hesitant because I’m scared of making the wrong decision. I honestly don’t know.

How do you know when you see a house that you actually want to buy? If there's a one decent house I like, I keep finding stuff that are not my taste.

It’s honestly getting frustrating because I can’t keep looking at houses forever. I’ve been doing this for months and I’m getting tired of it. Maybe it’s just not the right time for me to buy?

My plan is to buy a house, live there for 4-5 years, then sell it and either move to another state or buy a bigger/nicer house. I’m just tired of renting and having to move all the time, which is a big reason I want to buy now.

I guess I’m just struggling with figuring out whether I haven’t found the right house yet or if I’m not actually ready to buy.

This is a house of horrors! I don't know how it passed the municipality inspection to rent let alone sell. This guy hid so many things, it's a nightmare. Our electricity, is at 30% for the house. Outlets at water fixtures aren't compliant. The plumbing under the sink isn't connected. Garage door is metal between rotted wood. He did the same with the house next door, that he owned and sold. I'm at a loss, as I used my last 20,000 to purchase. I'm disabled and am not handy.

My wife and I are first-time home buyers, and we’re seriously considering a new construction home in TX
The house is $490k. The builder is offering a 3.99% fixed VA loan rate through their lender, along with incentives toward closing costs/rate-related costs.( $0 out of pocket ) The estimated total monthly payment is around $3,300, including property taxes, homeowners insurance, and HOA.
Our combined monthly income is about $8,800 (take home)
We currently rent and our rent is $2000 and after looking at our budget, the payment seems doable, but my wife is nervous because this would be the biggest financial commitment we’ve ever made. I’m more interested because I think the 3.99% rate and builder incentives make this a pretty good opportunity.
A few other things:
We have a VA loan, so no down payment.
We have some existing car expenses, but one of our larger car payments will be paid off in december this year.
My wife would also have a much shorter commute after we move, which should save us a significant amount on gas.
The house is about 2,850 sq ft and brand new.
We don’t have a huge amount of cash sitting in savings, so I’m also concerned about having enough emergency reserves after closing.
For people who have bought their first home, especially with a VA loan:
Would you consider a $490k house reasonable with an $8,800/month household income and a ~$3,300 monthly payment?
Are we being financially responsible, or are we stretching ourselves too much?
And if you were in our position, would you take the 3.99% builder deal or walk away and look for something cheaper?
I’m looking for honest opinions, including people who think we’re making a mistake. Thanks!

How do you think about the house? We like the place a lot! ❤️ It's the only house that has the desirable location, school district, layout, sqft for us. Best, it retains the old Berkeley charming decoration with upgraded electrical wiring and pipes. There are many other groups attending open house while we were there. We anticipate competitive bids.

Any bidding strategy advice is appreciated!

https://www.redfin.com/CA/Berkeley/2726-Wallace-St-94702/home/1643788

#housing #mortgage #berkeley #eastbay

They've just informed us (grown siblings and I) of their downsizing. Inner city 1960's 3 bed 1.5 bath bungalow with full basement, an incredible backyard and double detached garage, walking distance from elementary schools, junior highs, and high schools. Lovingly maintained and upgraded, not a large house many any means but not small. I grew up there with two siblings and pets and all manner of friends popping by.

I live in a much newer and highly sought-after neighborhood in a townhouse and on assessment my home value is only slightly less than theirs. They're moving next year into their new condo so I have some time, but my life circumstances have drastically changed recently so I'm considering the move. I'd be much closer to work and the rest of my family. I'm a bit scared of the jump in responsibilities from townhouse to real house. What am I not thinking through?

I have a question hopefully someone can answer. I’m in the process of buying a house in Tennessee, I’m in contract, clear to close and closing is the 28th of this month. Now title company found that I shop on the property slightly encroaching neighboring property and they won’t insure it. Now sellers may ask neighbors for permission to use land and get this recorded and then submit to insurance company. Now the problem I have is I want to own the property that the shop sits on not permission. Will title insurance company now insure that shop with that easement permission or whatever they may call it and issue a clear title with only standard exceptions like my contract states or will it be with special exceptions. What I’m trying to say will it be a clear title as if there was no encroachment at all and can there be problems in the future with the shop being on others person’s property vs not being on any ones property.

Hello All,

Me and my wife have been in our house for 2 and a half years now. I am the sole provider - our household income is 80k. We have a FHA loan at 4.99% - Our initial mortgage payment (with escrow) was initially $1650. Our mortgage went up $900 (due to property taxes), so we should now be paying $2550 starting this month. We haven't been able to afford the 1650 mortgage payment as of last year due just after my wife's diagnosis and rising medical expenses, etc.That's why I selected forebarance last year. I'm also getting very concerned because we have accrued 9k in back payments or arrear from the forbearance.

My ultimate question is, since the house is 100% unaffordable now and we have NO equity as of now, should we try to short sell or just give the house up and take an L? OR go through the process of keeping the house because the gained equity in the future theoretically should eat up the arrear?

By the way: our house is located in the North East dallas region

Any tips or advice from your experience with pennymac or forebarance in general?

I've been house hunting since February and I've put in four offers, all in the same price range. Three of them went to buyers who waived the inspection, and the last one went well over asking on the day it listed. I'm starting to think I'm shopping in a bracket that never actually sells for what it's listed at.

For the people who got through this and closed on something, what changed about the way you were making offers?

I’ve been looking into manufactured homes/trailer homes. I don’t have any land so I was probably just going to purchase one that’s in a trailer park and rent the land from them. Would love to hear any positive or negative experiences. From what I’ve researched it seems like a pretty good idea but I’ve also never bought a house before so I’m not sure

My husband and I found a home we want but there have been a lot of hurdles.. the property is bank owned and being sold as is. The secondary roof is incomplete and we need to complete it before closing so it can pass the appraisal inspection and we can get the loan..

Our realtor has been against us getting this property from the jump. So has our broker.. by against I mean trying to tell us they are worried about us getting it and what all it entails.

We hired a home inspector and he mentioned him doing an inspection on the house before and he feels like there is also a lot wrong with the house..

Us having to pay to complete the roof before closing is terrifying and the broker and realtor also have been saying the appraisal inspector are more lenient with conventional loans.

We’ve gone back and forth whether we should or shouldn’t go through with buying this house.. on top of that the closing costs fall on us since the property is bank owned..

Has anyone had anything similar to this and it ended up being okay? Having the broker, realtor AND house inspector seemingly be so against us getting this house has been anxiety crippling and we don’t even know what to think or do anymore..

I spoke to a home inspection company and was surprised to learn that they are not responsible for reporting back to the buyer any problems with the home. I specifically asked about finding and reporting any code violations and their response was that I would need a city inspector for type of report. Instead, the inspector would file a report on the condition of the home. I'm confused as to what purpose of a home inspector is not to identify potential problem areas of a home in escrow. For context this inspector was recommended by our agent.

Hello,

I wanted to get some advice here;

My wife and I are getting ready to close on a house. Built in 1986, 2nd story in our price range, which is awesome. It received its inspections and we had a structural inspection done and found some work needed to be done to the foundation( exterior Pier and beams). The AC unit needs to be updated to be more to current code as well as the electrical sockets to be functioning properly ( some don’t work at all, our inspector said) we also encountered faucets that do not work properly as well as bathroom fans not functioning

Overall, we have quite a list of things that need to be done before moving in and the sellers have agreed to pay for the structural and most of the other repairs, but not all. However, I am getting a bit anxious and concerned trying to figure out if these repairs are a warning of things to come in the future. Will these fixes come back to hurt us even more in the future and with more severity?
I’m not very knowledgeable in home repairs or DIY and I wanted to reach out to ask if this is a legitimate concern if all of these repairs , especially if the major ones will occur again and ruin our investment

We (buyers) have an agent who has been doing this forever and are closing in a couple of weeks.

We have had not much communication with him since our contingencies expired or were not needed any longer.

He seems as if he doesn't want to ask the listing agent or sellers too many questions.

The sellers agreed to have electrical problems fixed by a licensed electrician before closing and our agent said that they will have to provide receipts. This was in a signed addendum by both the sellers and us (buyers).

We asked for an update to see if the repairs have been scheduled or completed since we close in just a little over 2 weeks.

I texted our agent this morning and he read my message and hasn't even acknowledged it.

I know we are not his only clients, but we have never been through the home buying process before are just trying to have it go as smooth as possible and our questions answered .

He has been quote responsive in the past so not sure what is up.

What would you do or think?

Are we in the wrong for asking this ?