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I'm thinking of purchasing a home at 135k, 6.375% rate, 30 yr fixed. The property taxes are about 4k per year. Anyone out there able to give me a rough estimate at what kind of montly note I'd be looking at including mortage, taxes and insurance?? Any info will be greatly appreciated, Thanks!

Check out the calculators on bankrate.com

I have had an inspection of the home about 4 weeks ago and that was where my concerns started. The home owners were home so I was not able to to tour the entire house with the inspector. The inspector noticed that the siding will need replacing in about 5 years. After walking throught today I noticed that there is a hole in one door (that was not noted on the inspection or by myself earlier) and that the siding is in bad shape (starting to rot and peel away in areas - much worse that I noticed before.) The siding is a type of board. The insurace company says a step has to be placed on the front of the house within 60days on the purchase for them to cover home owners insurance. Can I back out of the purchase for the items I noticed? And at what cost if any? I feel as if I was pressured by my agent to purchase thsi house for the price. I can afford it, but I feel like I could have offered less, but my agent told me that I should offer more "no one writes offers back and forth anymore
The inspection is past the point where amendments can be made (so I am told) since closing is in two days! I noticed these things as I walked through today. Eventhought the mortgage has been approved and everything is set for the closing can amendments be made yet? Or more negotiations? I was not aware that the insurance would not cover the house unles the step was paced in until today. The step is onl $300 but still, that money was not a planned investment at the moment. Thank you for your responses, they are very helpful.
The inspection went well, accoriding to the person who performed the inspection. But I felt rushed since the home owners were at the home. I noticed that the siding is in worse condition than (satisfactory) today. I wonder if there is another inspection that could be done for a second opinion? (The house has appraised at $1000 more than what we are paying. We did make an offer and then there was a counter offer but we were never informed that we could counter the counter offer (sounds funny but this is our first home purchase)

Check to see if you have an insurance contingency. In PA we have this in the agreement of sale. And, if checked, the buyer can back out if they are unable to obtain homeowners insurance. Plus, if you can not get the insurance, there is no way you will get the loan … in which case you should be able to back out if you had a mortgage contingency. Check your agreement and see if you have these.

Also, the house should be in the same condition it was in when you placed the offer. If there is a hole in a door that was not there before, they should fix it. I do not think this is something you can use to back out of the deal since it is a fairly easy fix.

Like someone else mentioned, you can always back out, but if there is no legal reason for it, you can lose your deposit money. Hopefully you also had something in your agreement that limits the seller to deposit money so they can not sue you.

If you do manage to get out of this, find another agent. Two of my last 3 deals were back and forth for about a week …. with many lines through crossed out and re-written … so we do go back and forth on offers. Why buy if you are not happy with the agreement? Not all agents are like the one you have, it is just unfortunate you had him or her for your first home buying experience.

Hope this helps, and good luck!

A look at one person’s HUD home purchase.

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My husband & I moved to Virginia less than a year ago to a small apartment. We are looking to buy our first home when our lease was up but were told by some friends that if you relocate to Virginia & find a home to purchase within your first year you can get out of your rental agreement.
Is this true & if so what are the requirements other than purchasing in the first year?

Any help is appreciated.
Bostonian…

I'm aware of the penalties that typically arise from breaking a lease early.

This provision I've heard about is specific to Virginia & new residents to the state. Trouble is I can't find anything on it…Do you have any knowledge specific to VA or is your answer just in general?

Anyway thanks for your answer.

Here is a website that might help answer your questions.

http://www.vdacs.virginia.gov/consumers/f-landlord.shtml

Hope that helps a little bit.

I purchased my first home this year July. My score was 627. I have never had credit cards and was thinking of applying for a gas card. How long should I wait before applying or should I even bother. Should I apply for a department store card first.

No, don't get a department store card. They have ridiculous interest rates. A gas card is a very minor card and is very convenient to have. It doesn't negatively impact your credit score to have a credit card, as long as you don't run a high balance, pay late or go over your credit limit. I'd suggest getting a Visa or Mastercard. With your credit rating, you can get a good one with a low interest rate (9.9% or less). That's your most usable card. Just keep it paid off or pay it off quickly when you use it.

my son purchased a home in 04/06, he then renovated the home, using a credit card, in 2007 he decided to withdraw money from his 401 retirement, and pay off the credit card balance. can he avoid paying the 10% penalty imposed by irs or did he wait to long?

The exclusion of $10,000 for first time home buyers is for IRAs only.

I just purchased purchased my first home for $181,900. I put 10% as a down payment$18,400 plus $500 ernest money. I had only 10K on hand a had to borrow the other 8K from another lender. My question with the 10% down payment does that give me some kind of equity if so when can I refi to get some cash to pay off the high interest 8K loan. Or could I get another loan at a lower rate and pay off the higher rate loan. I need some advice on the best way to go about this. Because we can handle the mortgage and the loan but want to get out of it as soon as possible. All serious suggestions are appreciated

You can refinance your mortgage any time that you would like in order to get rid of that high rate 2nd mortgage. You can either try to refinance both mortgages together into one or you can simply refinance the 2nd mortgage only. However, what you want to look out for is:
1. make sure you do not have a pre-payment penalty on your current loan that you are refinancing.
2. make sure the deal will actually save you money and is in your best interest
3. make sure you refinance to a fixed rate with the uncertainty of interest rates right now and for the next few years.

My 'husband' and I are not legally married but are considered common law. We just purchased a new home in September and I am starting to receive all of the tax documents for house. I am not sure if our state (Oklahoma) recognizes common law marriage so I don't know if we'll be able to file jointly. If we are required to file single who is suppose to claim the house or do we split it?

you may also try Turbotax.com. its a free site and it can figure up all kinds of stuff and options. It will ask you all sorts of question. It doesnt charge you unless you try to print or if you try to E-file

I am in the workings of purchasing a modular home in California, and the space it will sit on it is not owned by me of course. Can this be used as a property tax write off on my next Tax filings?

Any ad valorem property taxes (as well as mortgage interest) on a primary or second home are deductible. A home does not have to be attached to the land to quailify. In fact, it doesn't even need to be a home in the traditional sense. An RV or boat can qualify if it has cooking, sleeping, and sanitary facilities.

We live in alabama and have lived in our home over a year under a rent to own lease ,Now we want to purchase our home ,and we do not have the best credit , where could we go?

Most importantly: DO NOT TRUST THE NEUTRALITY OF LINKS PEOPLE SEND YOU HERE.

(take it from a former broker, most of these people are not your friends) Trust those whom have nothing to gain from the advice they offer you.

i would suggest finding a reference from a trusted friend or neighbor. if this is not available to you, inquire with a major bank (ex. wamu, BofA, wells, etc.). Know the upside and downside of working with a bank vs. a broker. Be very cautious with who you trust in assisting you in this process, as personal information such as your SS# must be disclosed to get an approval. Don't give out your social security until you have at least 3 trusted sources that you can compare.

Your credit score is the oil that powers the engine of home-buying-potential

- your credit is pulled to find out what your FICO score is (Fair Isaac score that reflects your relationships with current creditors). This along with your income will ultimately define your interest rate.

- running your credit results in decreases to credit scores (this is because it serves as an indication that you are seeking more potential debt, via homeloan, credit card, etc)

- providing that you have 3 different banks/brokers in line to give you quotes, you can have your credit run within the 14-day grace period allowed to avoid multiple inquiries; this is a new feature alleviating consumers from being punished for shopping around <– in other words, your credit only will show as being pulled once (rather than several times), providing the inquiries are within a very close proximity of time

best of luck

(BTW, you mentioned your credit is not so hot. You may want to check online for some mortgage basics. RESIST the urge to fill out any applications, approvals, etc. There are 'sub prime mortgage bankers' that will take on loans with blemished credit, hence all of the "creative financing" that you hear about. I know this may sound overwhelming, but a little research will go a long way)