In about a year or so, I will be actively looking to purchase a house. Since houses in my area costs an arm and a leg, does anyone have any sound advice when it comes to buying a house? What to look for and what not. :)

Get an independant home inspector. They'll make sure your seller's disclosure is accurate.
Townhouses are a surprisingly nice alternative. Look out for floodplanes though. Your mortgage co could require you get additional flood insurance. Muy expensive.

Get an independant home inspector. They'll make sure your seller's disclosure is accurate.
Townhouses are a surprisingly nice alternative. Look out for floodplanes though. Your mortgage co could require you get additional flood insurance. Muy expensive.

The only places on Long Island that has a tendency of flooding are towns that are right on the water on the south shore. I dont plan on living that close to the water so that wont be too much of a problem. Flooding is a very, very rare occurence.

Me and my fiance want to avoid living in a townhouse (they are suprisingly expensive also).

Me and my fiance want to avoid living in a townhouse (they are suprisingly expensive also).

We went through the same thing when we went house hunting. For a starter home though, they may not be as expensive and tend to have better electrical and lower heating/cooling costs as free standing houses. It may be best to start out in something that you don't plan on staying in until you can build up equity and then move to something bigger & better.
Good luck with it though.

We went through the same thing when we went house hunting. For a starter home though, they may not be as expensive and tend to have better electrical and lower heating/cooling costs as free standing houses. It may be best to start out in something that you don't plan on staying in until you can build up equity and then move to something bigger & better.
Good luck with it though.

We have plenty of time to decide what we want to do. Thanks for the help :)

find a former crack house in the ghetto. cheap as ****, and you'll have all sorts of places to hide your valuables!

find a former crack house in the ghetto. cheap as ****, and you'll have all sorts of places to hide your valuables!

Thats fine and all but where do I keep my TV and car? Should I surround my house with land mines and barbed wire to keep the undesireables off my property? :D

Move to the midwest.

Move to the midwest.

Naa, I have a good paying job with room for advancement here and I dont like being landlocked. I must be near the ocean. I have no desire to live in the mid-west. I like it here on the east coast and I like being in NYC.

Naa, I have a good paying job with room for advancement here and I dont like being landlocked. I must be near the ocean. I have no desire to live in the mid-west. I like it here on the east coast and I like being in NYC.

That's the one thing I really miss out here. I met some people who have never seen the ocean. Wierd. It is affordable however.

Thats fine and all but where do I keep my TV and car? Should I surround my house with land mines and barbed wire to keep the undesireables off my property? :D
you need to sell crack and build up your rep in the neighborhood as a blood thirsty dealer. no one will bother you then! :D

you need to sell crack and build up your rep in the neighborhood as a blood thirsty dealer. no one will bother you then! :D

You know anyone who can get me started? :D

In about a year or so, I will be actively looking to purchase a house. Since houses in my area costs an arm and a leg, does anyone have any sound advice when it comes to buying a house? What to look for and what not. :)


if you're not buying a new home ..... have an assload of cash on hand. I am finally serious about home buying (I even put an offer in on a home two weeks ago.... they took the other offer even though the $$$ was the same :( ) .... anyways; it's a sellers market right now... I'd avoid VA/FHA loans (at least here they're not good, sellers don't have to take them and go through the extra crap required on their part, that's what my realestate agent says.... so I went conventional).... you'll need the cash, as much as possible .... mine is in the form of US savings bonds (same as cash as far as they care).

Improve your credit, use the cards and pay them off as soon as possible. I'm 10k in debt (counting my Truck).... and I got a credit score of 811, that pretty high from what the agent said, and it helps alot.... and means you can get any lender to hook you up and you wan't get shafted on the intrest rate as you would with ****ty credit. .... I did nothing special to get my credit rating high.... just charge up the cards and payed them off (sever times in the last two years).

Rental history..... the only thing the hurt me (and it really did not hurt much, because of the credit score).... it's good to have a rental history established.... something in your name.

an ass load of money in your 401k helps... not sure if you started one yet or not, but I would if I were you.... the only thing I asset to list to qualify for $250,000 (by myself) was the 401k.... the finance dude said don't even wory about the other ****... like paid off cars, and other assets. (you don't have to take any money out of the 401k, I'm not.... but it really helps to have a bunch in there)

Life insurance.... The finance dude said I did not even have to list mine (even though it's over 300k), but I see it listed on every application .... guess they want to make sure your beneficiary could have enough to pay the house off or something :shrug:

anyways, the process seems pretty eash, get an agent... look for some houses.... search for financing (all institutions are not the same, one of my credit unions has a much better rate the the others, and a much better rate then the agents finance person had) .... and get ready to sign a **** load of papers :) .... I'll let you know how the closing stuff goes after I go through it. oh yeah, I guess is a good idea to be a member at a few credit unions if you can, they're rates seem better and all credit unions are not the same.... one that has kick ass rates on car loans may not be the best for house loans (that's what I'm seeing between my two anyways)

if you're not buying a new home ..... have an assload of cash on hand. I am finally serious about home buying (I even put an offer in on a home two weeks ago.... they took the other offer even though the $$$ was the same :( ) .... anyways; it's a sellers market right now... I'd avoid VA/FHA loans (at least here they're not good, sellers don't have to take them and go through the extra crap required on their part, that's what my realestate agent says.... so I went conventional).... you'll need the cash, as much as possible .... mine is in the form of US savings bonds (same as cash as far as they care).

What is VA/FHA loans?

Improve your credit, use the cards and pay them off as soon as possible. I'm 10k in debt (counting my Truck).... and I got a credit score of 811, that pretty high from what the agent said, and it helps alot.... and means you can get any lender to hook you up and you wan't get shafted on the intrest rate as you would with ****ty credit. .... I did nothing special to get my credit rating high.... just charge up the cards and payed them off (sever times in the last two years).
My credit rating is over 750 the last time I checked and that was over 4 months ago. By now it should be over 800 since all my cc bills get paid in full every month. :) I have no debts, I do not have any loans to pay off (paid off my student loan earlier in the year) and everything I have, I own.


Rental history..... the only thing the hurt me (and it really did not hurt much, because of the credit score).... it's good to have a rental history established.... something in your name.


Rental history, meaning loans?

an ass load of money in your 401k helps... not sure if you started one yet or not, but I would if I were you.... the only thing I asset to list to qualify for $250,000 (by myself) was the 401k.... the finance dude said don't even wory about the other ****... like paid off cars, and other assets. (you don't have to take any money out of the 401k, I'm not.... but it really helps to have a bunch in there)
I will be starting one next month. :nice:


Life insurance.... The finance dude said I did not even have to list mine (even though it's over 300k), but I see it listed on every application .... guess they want to make sure your beneficiary could have enough to pay the house off or something :shrug:

I will also purchase some life insurance after the holidays are over.


anyways, the process seems pretty eash, get an agent... look for some houses.... search for financing (all institutions are not the same, one of my credit unions has a much better rate the the others, and a much better rate then the agents finance person had) .... and get ready to sign a **** load of papers :) .... I'll let you know how the closing stuff goes after I go through it. oh yeah, I guess is a good idea to be a member at a few credit unions if you can, they're rates seem better and all credit unions are not the same.... one that has kick ass rates on car loans may not be the best for house loans (that's what I'm seeing between my two anyways)

Thanks, ace! :nice:

What is VA/FHA loans?
Some different loans.... VA I think you have to buy a "VA" house.... or be prior military.... they (the VA) secures the first 20% for you so that you do not have to pay PMI (Private mortgage insurance).... Which as I'm finding out costs like 200 / month on top of the loan. FHA, I have not idea to be honest w/ you.... but I think sellers don't like them

My credit rating is over 750 the last time I checked and that was over 4 months ago. By now it should be over 800 since all my cc bills get paid in full every month. :) I have no debts, I do not have any loans to pay off (paid off my student loan earlier in the year) and everything I have, I own.

:nice: good move sweet-ckeeks!



Rental history, meaning loans?

.... like an apartmant or something in your name

I will be starting one next month. :nice:

.... :nice: You'll be happy you did, that **** starts to add up real quick!


I will also purchase some life insurance after the holidays are over.

.... :nice: put me down as a beneficiary, big fella :nice: lol


Thanks, ace! :nice:

no problem balla!

What is VA/FHA loans?
Some different loans.... VA I think you have to buy a "VA" house.... or be prior military.... they (the VA) secures the first 20% for you so that you do not have to pay PMI (Private mortgage insurance).... Which as I'm finding out costs like 200 / month on top of the loan. FHA, I have not idea to be honest w/ you.... but I think sellers don't like them

I've heard of PMI... Banks enact PMI when you have less than 10% to put down. One of the guys I work with just bought a house and he has to pay PMI. By the time I'm ready, I intend to have atleast 10%. Me and my fiance are just about halfway to 10% and we still have plenty of time before our wedding.


.... like an apartmant or something in your name

I dont have one.


.... :nice: You'll be happy you did, that **** starts to add up real quick!

Word,holmes :cool:

.... :nice: put me down as a beneficiary, big fella :nice: lol

I already have a mistress on the side ;) :D


no problem balla! [/QUOTE]

You're welcome, jizzhead!

Sounds like an excellent credit score. Next to that they will weigh your debt to asset ratio. If you're a first time buyer you get raked over the coals. Under 40% is what I'd expect. Capital matters. Everything in the bank, stocks or bonds, even 401K money will help show you can handle the mortgage. They want to lend the money to you. Right now lenders are more liberal than usual as interest rates are low and policies are less stringent. But first time buyers really do get raked over the coals. All you can do is eliminate as many reasons as possible that they would not loan to you. You might want to check out assumable loans if they have any. It's easier to assume an already existing note than it is to start a new one, especially for a first time buyer. Good luck Rizzo.

VA, verterans administration loans. Essentially low cost loans for military folk, alot of paper work and dealing with a funding fee. Easy for buyers

FHA - Federal Housing Administration, home loans backed by the government. Easy for buyers to qualify for, don't need as much in cash reserves, pre-pays or a big down payment.
Downside for sellers, if there are any structual problems like foundation issues, have to have an engineers report stating that it was fixed properly before they will do the loan. Also there are closing costs that are transfered from buyer to seller.


PMI Private mortgage insurance. Required on loans with less than 20% as down payment (sans most VA loans). Can be dropped once the loan value is less than 78%/80% (depends on loan setup) of the property value.


If putting down less than 20, can do piggyback loans, like 10% down, 80% 1 loan and 10% another. No PMI but a higher rate on the second loan, which is deductable