Home purchasing

[Ratters]

Originally Posted by ATobin

Thanks for your thoughts so far guys. A walk in humi is definitely a no go at this point in time, but a nice smoking porch is a must.

Our plan is to pay off the second car next week and wait 3-4 months then check our credit score and see where we're at (my student loan balance makes my income-debt ratio look outstanding ) Right now I think we're looking at a 30 year VA @ 5.5%, which isn't bad IMO and we would repay early.

Has anyone dealt with buying a foreclosure or short sale property? There seems to be a lot of them in today's market and they seem like a deal, and we (me) aren't afraid to get our hands a little dirty with slight remodeling.

Mine was a short sale. They can take a long time to get approved. Luckily mine had already been through the approval process so it only took a month to get back to me with the approval. But waits of a few months are common. Short sales are better than forclosures in that people are usually still living in them and they are better cared for. All the foreclosures I looked at were pretty thrashed or the previous owner gutted them before leaving.

In a couple years 5.5% will seem rediculously low.

And yeah, don't buy at the top of your price range, make sure the payments are comfortable. I got approved for way more than I was comfortable spending. And make sure you have a cash reserve for all the stuff you'll need to do moving and after you move in.