buying a house

[KCFDcat]

Hi guys, buying my first house soon. been a perpetual renter for my entire adult life (like to move around a lot)

I know next to nothing about financial stuff, so any expertise is appreciated. looking to buy a fixer upper as I am a contractor on my off days.

can't wait to see what you geniuses have in store for me 

[puniraptor]

Hi guys, buying my first house soon. been a perpetual renter for my entire adult life (like to move around a lot)

I know next to nothing about financial stuff, so any expertise is appreciated. looking to buy a fixer upper as I am a contractor on my off days.

can't wait to see what you geniuses have in store for me 

buy a trailer. then you can still move around as much as you want.

[wetwillie]

Keep renting

[OK_Cat]

don't buy a house until you get over the commitment issues that you clearly have.

[KCFDcat]

don't buy a house until you get over the commitment issues that you clearly have.

am over the commitment issues. hence why I am buying. I mean come on, do I have to spell everything out for you?

[steve dave]

buy, like, a duplex and rent the other side of it and be your own maintenance man or whatever.  this is not a pro-tip by any means as I am not "handy" and have no experience doing this. just sounds like an awesome thing to do if I was.

[wes mantooth]

where at?  how much you want to spend?

great time to buy, redic low interest rates.

[OK_Cat]

you clearly didn't address the commitment issues in the original post, just hinted at them.

i feel like in order for your friends at goEMAW.com to give you the best advice, we need more info about you.

age?
relationship status?
pets?


i also feel like if you have to ask you friends at goEMAW.com if you should buy a house, then you should probably not buy a house.

[KCFDcat]

you clearly didn't address the commitment issues in the original post, just hinted at them.

i feel like in order for your friends at goEMAW.com to give you the best advice, we need more info about you.

age?
relationship status?
pets?

i also feel like if you have to ask you friends at goEMAW.com if you should buy a house, then you should probably not buy a house.

I'm not asking IF i should buy a house, just asking for some advice here. like you know, how the whole home buying things work, what to look for in a realtor, etc...

age: late 20's
relationship: in a relationship (soon engaged  )
pets: one dog
area: must be in KCMO, unfortunate
price range: ~150-175

want to buy now because my lease on my sweet downtown loft is up and I hear "interest rates are low" although I don't fully understand what that means.

also does that 20% down rule still apply, if so I will be renting again.

[ben ji]

You dont need 20% down but its a good idea. My buddy just bought a house and only put down 5%, he was still able to get a superlow rate.

Since you have to live in KCMO I would look around brookside, should be able to find something in that pricerange.

Or you could go look at KCMO north of the river so you can send your kids to public school.

[RickRampus]

depends on which loan you get, you can get some for as low as 5% down.  Interest rates are low right now for conventional you are looking at 3.375 for a 30-year note and 2.750% on a 15-year.  Just my .02 as I am looking as well

edit:  I did quick figuring and a 30-year loan for $166,250 at 3.375% ($175,000 minus the 5%) puts you at $773.67/month.  This doesn't include closing costs, taxes or insurance.

[KCFDcat]

You dont need 20% down but its a good idea. My buddy just bought a house and only put down 5%, he was still able to get a superlow rate.

Since you have to live in KCMO I would look around brookside, should be able to find something in that pricerange.

Or you could go look at KCMO north of the river so you can send your kids to public school.

definitely want to live in the brookside waldo area, I work in that part of town and a short drive would be sweet. DO NOT want to live north of the river.

tell me more about this 5% down friend of yours. how does that work?

[ben ji]

Not sure what type of loan but I think it was the first time homebuy one. Just talk your bank and some mortgage companies to see what you can get.

[steve dave]

you could qualify for an FHA loan as well which would require less down I think

[Institutional Control]

You can get FHA loans with no money down.

[steve dave]

http://www.fha.com/lending_limits_state.cfm?state=MISSOURI

[pissclams]

KCFDcat, have you approached HGTV for possible inclusion on a future episode of House Hunters or Property Virgins (w/ Sandra Rinomato)?

based upon your posts here i think you'd make a great subject for the show

[Institutional Control]

I think he should buy something in Meade and commute.

[KCFDcat]

KCFDcat, have you approached HGTV for possible inclusion on a future episode of House Hunters or Property Virgins (w/ Sandra Rinomato)?

based upon your posts here i think you'd make a great subject for the show

this is a great option. do they pay you for that kind of stuff? I'll look into it. would wear an emaw shirt for every shot of course.

[Institutional Control]

KCFDcat, have you approached HGTV for possible inclusion on a future episode of House Hunters or Property Virgins (w/ Sandra Rinomato)?

based upon your posts here i think you'd make a great subject for the show

this is a great option. do they pay you for that kind of stuff? I'll look into it. would wear an emaw shirt for every shot of course.

I recommend the #life tee.

[KCFDcat]

KCFDcat, have you approached HGTV for possible inclusion on a future episode of House Hunters or Property Virgins (w/ Sandra Rinomato)?

based upon your posts here i think you'd make a great subject for the show

this is a great option. do they pay you for that kind of stuff? I'll look into it. would wear an emaw shirt for every shot of course.

I recommend the #life tee.

would need to get one. anyone interesting in donating one to the cause? (I wear a medium, preferably a fitted tee)

[slimz]

Flip it.

[yoga-like_abana]

Jeffy says"Relax don't do it, pay straight cash homie!"

[pissclams]

KCFDcat, have you approached HGTV for possible inclusion on a future episode of House Hunters or Property Virgins (w/ Sandra Rinomato)?

based upon your posts here i think you'd make a great subject for the show

this is a great option. do they pay you for that kind of stuff? I'll look into it. would wear an emaw shirt for every shot of course.

did you talk to anyone when you called HGTV? 

http://www.hgtv.com/about-us/are-you-getting-ready-to-buy-a-home/index.html

[OK_Cat]

i got an FHA loan and didn't pay anything down.