Congrats. Inflation will eventually dilute your concern away. I think you are starting well and don't borrow too much as you will have extra expense after you start living in a house. It is scary but eventually you will be glad you have a home.
first home purchase, with fiancee
- Thread starter earlyre
- Start date
His way of saying "get outta my house boy!"
^This. I had a sales-rep for a builder try to sugar-coat going over the amount I was comfortable paying by saying that a house payment should hurt a little. I told her that what she was suggesting was more like intense pain than a little hurt.
Only you guys know what is best Good luck!!!
A few years back we were looking to build a new home and sell our current one. Got through much of the beginning phase like picking the location and layout, loan approval, earnest deposit, and talking to a relator about selling the current house. Well then came the contract and that’s where it ended.
I noticed that the builder required our current home to be sold by roof up on the new home. I asked how much time it took from roof up to ready to move in and they said a few months. Then I asked where are we supposed to live if the new house isn’t ready and the old one is sold? Rep said we recommend being prepared to be displaced. I quickly replied you mean being homeless? She responded meekly with yes. So I said yeah sorry but not interested unless that is removed or altered.
Of course we didn’t move forward. That entire industry acts like huge sums of money and horrible terms is no big deal. I understand they have to make money but we aren’t going to throw a fire sale and/or be homeless for their benefit.
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Congrats!
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Be aware, You should check into how buy a home with gifted money. I think at a minimum your dad will have to sign some paperwork confirming the source of the money and that there is no obligation the buyer pays him back.
This will come up at closing.
There could be tax implications too depending upon the state he lives. Good advise
Looks like you can get some solid nice little houses there in that price range. Pay attention to how your nephew is inspecting the house, if he isn't in the attic, on the roof, in the crawl space looking at plumbing, moisture meter tests in the basement or in some walls, testing some wiring, then maybe quietly hire a pro to look afterwards. Also if you want a garage(you do), get a house with a good one now. In almost any realestate market, a buying a house with one is much cheaper than building one after.
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You are in Allen County, right?
It looks like $170K will buy you something clean in a good location.
Congrats on the pending purchase as well as your pending marriage.
May you and your bride enjoy many years of contented life together living in your own home.
It looks like $170K will buy you something clean in a good location.
Congrats on the pending purchase as well as your pending marriage.
May you and your bride enjoy many years of contented life together living in your own home.
Owen Lucas
$100 Site Donor 2023
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- 4,808
Run all your mortgage docs through AI to familiarize yourself with all of the terms.
Congrats and good luck!
Congrats and good luck!
Sounds like you have a GREAT Dad.....don't forget that
This isn't mass-mailed pre-approved offer from a credit card, whose issuers also give card holders rope to hang themselves with, based on stated income.
A mortgage lender isn't going to give a borrower more than what they're qualified for, based on documented income, debt and other factors.
The two work very differently, at least since 2008.
he is a licensed home inspector... should have mentioned.
The house with land you own is way better than a mobile home on land you rent. Once you settle into the latter, they have every right to jack your rent up to intolerable levels.
I know it's intimidating now looking at what you owe but you've done good.
I know it's intimidating now looking at what you owe but you've done good.
Can't get a dirt lot here for $50k. Enjoy the new life experience
