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Anyone have any suggestions for a first time home buyer? Anyone around the Madison/Jackson metro area I should deal with? Any help would be appreciated..

RebDuck wrote:Anyone have any suggestions for a first time home buyer? Anyone around the Madison/Jackson metro area I should deal with? Any help would be appreciated..

Blair Chandler or Adam Black(matador on here) at Prime Lending.

I used Blair to refinance and he was great.

Don't use first time home buyers loans, and if you can't put a down payment then don't buy

H20fowlkiller wrote:Don't use first time home buyers loans, and if you can't put a down payment then don't buy

Don't take this advice.

PM Adam Black/Matador on here. I refinanced through him on a 15 year note about a year and a half ago. When I bought my house 6 years ago, I didn't put a penny down other than paying closing cost and I've been fine.

We just bought our first house and have an FHA loan. You have to put 3.5% down and it's a fixed interest rate at 3.75% for 30 years. There is a limit on the max house price but its pretty high.

H20fowlkiller wrote:Don't use first time home buyers loans, and if you can't put a down payment then don't buy

I'm intersted to hear your reasoning behind your comment. Care to expand?

RebDuck wrote:Anyone have any suggestions for a first time home buyer? Anyone around the Madison/Jackson metro area I should deal with? Any help would be appreciated..

I'd love to help you out. I think everyone I've helped on here will tell you I'm not the pushy sales type. I'm going to give you the information you need and let you make the decisions. I've talked to a lot of people on here, some I could help, some I couldn't. Either way I'm always glad to help.

I would definitely buy. I used April at Mortgage First in Ridgeland. april@m1stms.com

Curtdawg88 wrote:We just bought our first house and have an FHA loan. You have to put 3.5% down and it's a fixed interest rate at 3.75% for 30 years. There is a limit on the max house price but its pretty high.

281k is the price ceiling on FHA...you can buy a pretty nice first home for that

H20fowlkiller wrote:Don't use first time home buyers loans, and if you can't put a down payment then don't buy

You're right...instead of buying and using an affordable mortgage option (like 3.5% down on FHA) to get a monthly payment in your budget and own your home...you should pay 300-400 more monthly than that to rent something you'll never get a return dollar on, that way you can really save up for the 20% down payment on a traditional mortgage.

camlock wrote:

H20fowlkiller wrote:Don't use first time home buyers loans, and if you can't put a down payment then don't buy

You're right...instead of buying and using an affordable mortgage option (like 3.5% down on FHA) to get a monthly payment in your budget and own your home...you should pay 300-400 more monthly than that to rent something you'll never get a return dollar on, that way you can really save up for the 20% down payment on a traditional mortgage.

Yeah that is kind of ridiculous. Take advantage of the good rates if you have a steady job and are fairly solid financially. When we bought our house in the spring there was a rural loan offering with 0% down through the FHA I believe. Basically just had to be so far outside of the city limits I believe. If you plan to stay there for a long time 0% down isn't a bad thing. If you might want to move in a few years probably best to put a decent amount of money down.

Just stated my opinion, I forgot everyone was a mortgage and finance expert. Im just sayin if you can't put anything down, as in you don't have any money saved you shouldn't buy a house again just my opinion.

Adam is a great LO, I also do mortgages for Community Bank and will be happy to help .... don't normally boost my competition but
either of us will steer you in the right direction...as far as different programs, there are several ..... most of your first time deals out there carry additional
fees and cost ...beware!

H20fowlkiller wrote:Just stated my opinion, I forgot everyone was a mortgage and finance expert. Im just sayin if you can't put anything down, as in you don't have any money saved you shouldn't buy a house again just my opinion.

I think the question was why do you say that? I get that it's your opinion - but what caused you to have this opinion? What's the reasoning?

My own self first off me and my wife bought a house with a first time loan, and now were trying to sell due to a growing family and other family reasons. Problem is we have paid so little off in 5 years and no down payment for us to even break even we have to ask what we bought it for which was a deal then and still is now, but if we would have owed less we could ask less with hopes of selling quicker. Again just all my opinions on how I have seen it play out in my own life and several other who have been in the same situation as me. Now if this is the house you plan on living in forever and is big enough for a full-size family by all means feel free to pay it off over 30 years.