1st time homebuying advice needed...

[KMurphy]

I graduate in May with an BSEE; married with twin 6 month old boys and a little debt.

I have a small student loan $10,000, 2 credit cards (5000 limit about %75 reached on both) and a car payment. I also qualify for a VA home loan and have my certificate in hand. I will be taking a job in the DFW area starting in the mid 50k/year range.

I really want to get into a house upon my move the DFW. I'm looking at houses between 50k and 60k and need advice on realtors and who not to deal with. I don't want to waste any more money than necessary on rent.

I don't think I will have to come up with a down payment due to the VA loan. Seeking good advice from people familiar with this experience.

 

[Ornery]

Clear up all the debt and buy as much house as possible. I can't believe anything is available in that range! How long do you plan to live there? If you're going to turn it over, don't put too much into it. Just paint and clean it if you can get away with that little. Try for a garbage house in a great area. It would be worth putting a few more bucks into one like that. Try HUD and sheriff sales.

GOOD LUCK!

 

[Aceman]

Shouldn't have any problems there. I had about the same income, probably worse credit rating and a higher debt ratio and got a VA loan approved for $110k. Remember, you'll need to pay a percent of the loan as a fee for the VA loan. I believe it's like 2%.

 

[beer]

Well, consider this. As a Dallas resident myself, I can attest to a few things:

The ONLY way you will get a house in that price range would be to go far north of the downtown dallas (30 miles or so), into the areas around Frisco/The Colony. Or move into areas south of Dallas, or into the areas around Arligton (although I am not familar with that area). Most areas south of Plano all the way to Downtown are fairly well built out. The remainder of Northwest Plano that isn't fully built is $300,000+. If you plan on taking a job near downtown you can almost bet on a 90 minute commute; when I work in Highland Park off Lemmon/Wycliff, it is 23 miles from my house in Plano and that can take on average 60 or 70 minutes. And it's only projected to get worse. And public transportation sucks ass - the city keeps putting money into DART (Dallas Area Rapid Transit) but unless you work in the heart of downtown it never goes where you will need it to.

 

[etech]

FWIW, I would advise renting for 6 months unless you know the area well and have decided where you want to live. The commute in Houston is not something to look forward to.
Get the credit cards paid off and build up a reserve. It will take some ready cash to get into a house.

 

[Sluggo]

Realtors dont make a big difference, since the money comes from the seller. I think for a VA loan the home has to have a VA inspection, which might entail some items the seller might not be willing to do, unless you are giving them a good offer.

My #1 advice, ask for the world, all they can say is no.

Ask for seller to pay closing costs, or at least half of them.
Ask for a new roof.
Ask for carpet allowance.
Ask for paint allowance.
Offer at least 10k below asking price, in the price range you are looking at, offer 15k-20k less on $100,000 property.
Demand a home inspection, revise your offer based on the results.
Dont dick your Realtor around, tell them excatly what you are looking for, and tell them exactly what you plan on doing, so far as offering prices and such. The Realtor can do lots of your work for you as long as you let them in ono the plan. The realtor you pick is going to get 3% of the closing price, or 6% if it is a one Realtor deal. They get paid to help you with the details, let them earn their money.

 

[MISTER 2 U]

Sluggo seems to be right.
I just bought a house June 2000 with a VA loan.
FIRST get pre approved it will let you know how much house you can afford.
most Mortgage companies will have the same rates,ask your realtor who to use and shop around.
Get a realtor who knows your neighborhood and be honest like Sluggo said.
you will need a inspection that is done by the VA this could take 45 days or so to do.
you should also plan on getting the house inspected by a home inspection Co.
I paid 3% funding fee.(rolled into loan)
check out this web page it has a lot of info.
mortgage info
All this depends on the state you live in also.
good luck

 

[Dee67]

I think that Realtor.com is invaluable. If I knew about it before I purchased my house, I would have been much better prepared and possibly would have chosen a different house. It allows you to shop before you shop. Good stuff.

 

[thedarkwolf]

I just started looking 2 months ago for my first home and have found www.realtor.com to be very handy. Just go to the find a home section. Also I am fairly sure you are only allowed to have a total of 40% of your gross monthly income going to dedt so I would atleast pay off some of that.

edit
Damn't should have typed quiker