We bought our present house about a year ago, and it is a house in the suburbs. Most of our search for the house was done online, where I personally scoured the websites of real estate agencies looking only at houses with photographs.
We had no clear idea of what we wanted and what we could get at the beginning. But since we had made a decision to buy a house ASAP, we got pre-approved for a loan. We now had a better idea of what we could really afford and which part of town we could afford as well.
We started discussing what kind of house we would like to ultimately choose, and decided that we were not ready to invest in any major repairs for now. We don’t know how to fix things, so we started to look for houses that didn’t even need much repainting done.
Our first house we looked at was an old fixer-upper in the best part of town. This was not a good idea, since the whole budget for the house would have been used up just to purchase it. Not much would be left for any fixings.
From then on we started to be more picky about the houses we would consider looking at. The second house we looked at was actually the house that we bought!
Finally, this home in the suburbs we settled with and we don’t regret it a bit! It is an immaculate house about 1 hour away from downtown. Since we work from home, commuting is not really an issue.
According to the FHA lending guidelines, is it possible for escrow to be paid out of packet instead of rolled into the loan? What are the guidelines for a 2nd time home owner? These are answered below…
Would you like some FHA help? Perhaps you are wondering if it is wise to add a significant other to the mortgage? Or why a mortgage company would ask you to go conventional instead of FHA? Find answer…