Since I am the owner of this website, I wanted to demonstrate how you can share your own home buying experience. So I will tell my story. The first home I bought was a HUD foreclosure.
I will never forget the day I first looked at the home. The windows and doors were boarded up. I had to look at the house with a flashlight.
The real estate agent warned me before getting there about the condition. He told me to try and visualize what the house would look like with all new paint and flooring.
So after looking at it, I could see it would make a nice home since it was going to be repaired into brand new condition. I was told I would need to sign a purchase agreement and could watch the progress of the house and I would not have to close on it until it was all done and ready to move in.
We got to pick the colors of paint and carpet. The same thing for the vinyl flooring in the kitchen.
Move In Time
Soon it was all done and ready to move in. I closed on the house and soon we moved into it. Everything was like new.
That was in 1978. The house cost me $19,000. My house payments were less than $250 a month including taxes and insurance.
I got my first FHA home loan. It was so nice, I only had to put down 3% which was only $570. The seller paid my closing costs.
My Real Estate Agent
The real estate person did a great job helping me know what to expect. So my first home buying experience was very good.
I cannot even remember how I got the financing. I know the real estate person helped me get in touch with the right people.
I lived in that house for about ten years. I sold it for $45,000 and bought my next house.
Since then, I have owned over 12 homes. Many of them have been foreclosures. I have only lived in 3 of them. The rest of them I fixed up and sold them for a profit.
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…