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First time homebuyer

We did an FHA loan for 1st time home buyers that required only 3% down and a 30-yr loan. Luckily the mortgage rates dove from mid 5% to sub 3% as we refinanced twice in the first 5-yrs. We now have a 15-yr loan for the same monthly payment as the original 30-yr loan.

Word of caution with the current FHA loans is that their PMI cost is now for the entire term of the loan and does not fall off at 78% LTV mark. You will want to look at refinancing once you hit that LTV mark into a conventional mortgage to get rid of the extra payment / cost.
 
CycloneDaddy said:
Dang I only put 5% down when we bought 7 years ago. If my monthly payment is less then 1 of my paychecks and my wife makes more then me does that mean I cant afford my house?
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Certainly seems like you can afford it but it also sounds like you you guys don’t know how to save/manage money.
 
  • Funny
Reactions: CycloneDaddy
2020cy said:
Have a legit inspector check it out. Don't take previous owner's word for good on anything, get everything in writing. Buy on top of hill, low ground = water problems. Don't buy the most expensive property in the neighborhood.
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Additionally, do NOT go with your realtor's recommendation either. We made the mistake twice to trust the realtor's inspector and both times they missed something enormous and quite expensive to repair. This, with no exception, short of interest rate on a loan is the MOST important element. Look for referrals. Look for one which is 'proud' to go beyond what they're legally obligated to inspect. You want one which will give you the proper perspective to negotiate for flaws. This requires legwork on your part. But, trust me, the effort will not be wasted.
 
HGoat1 said:
I'm looking at buying my first home by the end of summer/fall. I am pre-approved for a loan and have a realtor I'd like to work with. There is a lot that comes with it, so I am looking for some advice on your experience being a homebuyer and owner.

Any house shopping tips?
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IMO there really isn't a whole lot to buying / selling a home. If you're in Iowa I'd suggest IAhomes or FSBO. At miminum schedule a meeting with one of those outfits. You might be surpirsed how easy it is. Of course FSBO & IAhomes.com have some fees. However, they are assisting you and are substantially less than realtors.
 
Retirement accounts,
DreamyCy said:
Can’t put 20% down on a reasonable house compared to your income? If you’re saving it then where the hell is your money?
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Retirement accounts, 529 plans, long term brokerage account, day trade brokerage account and my favorite of all a FU account in case me or my wife decide to quit our jobs. All those accounts are making better then the 3.5% Im paying on a 30 year mortgage.
 
Cloneon said:
Additionally, do NOT go with your realtor's recommendation either. We made the mistake twice to trust the realtor's inspector and both times they missed something enormous and quite expensive to repair. This, with no exception, short of interest rate on a loan is the MOST important element. Look for referrals. Look for one which is 'proud' to go beyond what they're legally obligated to inspect. You want one which will give you the proper perspective to negotiate for flaws. This requires legwork on your part. But, trust me, the effort will not be wasted.
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You do realize that sellers can just say no and move on to the next buyer. Some people will never be happy so this is a balancing act.
 
cytor said:
Stand in the front yard and just listen.... Listen for the daily traffic going by in the neighborhood or nearby highways. Most people forget to think about the quiet factor and are disappointed how noisy it might be AFTER you already bought the place.
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This. If you are interested in a place, just drive there a few times and check out the traffic, what kind of neighbors are there, if you can hear any major highways or trains. Those kinds of things make a difference. I also agree on potential water damage. If the basement is musty, move on.

I also think that you need to buy a house with resale in mind. How long you will potentially stay there and what kind of projects need to be done to get the most resale money you can. We usually did one major project a year...deck, flooring, landscaping, etc. If you'd like to eventually move to something bigger, have a plan of the projects that you'd like to get done to get the most for your next down payment.
 
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CycloneDaddy said:
Retirement accounts,

Retirement accounts, 529 plans, long term brokerage account, day trade brokerage account and my favorite of all a FU account in case me or my wife decide to quit our jobs. All those accounts are making better then the 3.5% Im paying on a 30 year mortgage.
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Eh... Someone who paid PMI to keep money invested.... I’ll stand by the money management comment.
 
Walden4Prez said:
Check the inlet valve for continuity. It is easy to replace and costs about $40. I am betting that is your issue.
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Well, it was a decent guess but no good. Replaced the valve this morning and it still quit about 3 minutes into the first cycle with Heavy and Smart Auto flashing. New run new code. I really think the board has gone bad.. That would make a problem with the board on all of my Samsung appliances all within about 6 years. For an electronics company that is so awful it's likely planned. Don't feel like spending $150 on something that "might" work.

Bottom line. I won't buy another Samsung appliance, period.
 
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ArgentCy said:
Well, it was a decent guess but no good. Replaced the valve this morning and it still quit about 3 minutes into the first cycle with Heavy and Smart Auto flashing. New run new code. I really think the board has gone bad.. That would make a problem with the board on all of my Samsung appliances all within about 6 years. For an electronics company that is so awful it's likely planned. Don't feel like spending $150 on something that "might" work.

Bottom line. I won't buy another Samsung appliance, period.
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If you're gonna swear off appliance companies because you have a failure in 6 years, you're gonna run out of appliance companies in about 12 years :confused: :D
 
  • Agree
Reactions: 2020cy
NickTheGreat said:
If you're gonna swear off appliance companies because you have a failure in 6 years, you're gonna run out of appliance companies in about 12 years :confused: :D
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I bought all Samsung appliances, well save the refrigerator.

Oh, and I forgot the most important part. You can't get a repairman around here because they tried to monopolize and only allow a few people they controlled.

Washing Machine had several major problems within 2 years - gone
Microwave - would run after door was opened, but magically went back, still running
Dryer - spit out errors codes from about year 1 but up until 3 months ago ran fine, have to troubleshoot still
Dishwasher - several minor problems but now the control board appears dead, ~6 years
Range, some minor problems but the "best" of the bunch
 
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Cloneon said:
Additionally, do NOT go with your realtor's recommendation either. We made the mistake twice to trust the realtor's inspector and both times they missed something enormous and quite expensive to repair. This, with no exception, short of interest rate on a loan is the MOST important element. Look for referrals. Look for one which is 'proud' to go beyond what they're legally obligated to inspect. You want one which will give you the proper perspective to negotiate for flaws. This requires legwork on your part. But, trust me, the effort will not be wasted.
Click to expand...

While on this subject, I'll throw a shameless plug out for a buddy of mine - Paul with Inspect Des Moines - https://www.inspectdm.com/

He graduated from ISU a few years ago with an architecture degree, and is now running this company. The inspection I got from him this year was a lot more in depth than the one I got with my first home purchase (I can send you a copy for reference privately if you're interested). He also designs basement/additions.
 
CtownCyclone said:
Is that made by Wayne Enterprises and just branded as a Samsung?
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Don't think so. Says it was manufactured in Malaysia. It was the strangest thing. You could open the door and it would keep humming like it was running but I think I figured out it was not heating. Would have thrown it out as that is just too dangerous.

I am finding a small amount of water in the base so the leak sensor is probably doing its job. I just have no clue where the water is coming from. Hoses look fine. Tubes are cleared. Anyone want a cheap dishwasher?
 
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