Buying a house -- FHA experience anyone?

[Fandango 1,439]

Oh, one more thing...if the area qualifies, USDA loans (imo) cannot be beat.

[Fandango 1,439]

I wanted to include a link for you on this GREAT loan program so you can read up on it. I love this loan so much it's not even funny.

http://www.usdaloanapproval.com/usda_loan_general_information.html

You can loan up to 102% of the appraised value of the home. NO PMI. And note, I said 'appraised value' not 'sale price'. For instance, let's say you bought a home for $100k that appraised for $110. Technically, you could borrow up to $112,200. It can cover your closing costs, fees, etc. Of course there are req's, and I believe the fee is 2% ontop of the sales price, but that's a STEAL for no PMI.

The area of the home needs to qualify, and no, this is not a farm loan. It is for rural-ish areas, but you'd be surprised at what that entails by their definition.

That website offers a ton of valuable information, and when you're house hunting, you can actually plug in the address to see if that home qualifies.

I'm so excited for you!!! lol what can I say, I love my job.

[alienlovechild 75]

Move to Dallas Ft. Worth area for a while.

My wife had never worked a day in her life, and got a RN job after about 3 weeks after starting to look.

We moved and she got another job at a hospital in Plano, within days. She also started looking for a part time job as nurse at another hospital and they offered her a full time job, but she declined and now works there as a part time job.

My wife only has a couple years of working as nurse in USA, but she could quit both her jobs today, and I am positive she could have another RN job within days with excellent pay and benefits.

Bird in the hand for 2 in the bush. . .

I'll pass on throwing away my job which is probably harder to find employment in than in nursing.

Things in Texas aren't so great for all and my wife got her RN in 2008 like this OP.

"And I too hate to be pessimestic; however, I just graduated in December so I can tell you the job market is tough. Hospitals are wanting experienced nurses as there is an abundance of new grads. Out of 10 clinical mates, only 4 of us found jobs so far. Our instructors said this is the first year they have seen it this difficult to find jobs. I went to a job fair in October and there were RNs who had graduated the previous May and December still looking for jobs. I was extremely blessed and got on at the same place where I was lucky enough to do an externship my last semester. I was the only GN they hired this semester. Two friends got jobs before graduation in a rural area, but they were both willing to either move or commute and are working nights."

http://allnurses.com/texas-nurses/where-texas-could-524278.html

[Used to be broken 147]

I have experience with VA and IFA (Iowa finance authority) loans but not FHA sorry. It took us 4 months to close (which is quick for a VA loan) and we had no down-payment and 4% interest. We also got IFA grants and because Tony's ex-military we don't need to pay property taxes.

I think the typical time for closing a VA Loan is 30 days, maybe the military exception to property taxes and the IFA caused the paperwork to drag out for so long. I have closed three VA loans myself in less than 30 days.

On the FHA issue, there is a huge flux in whats going on with them due to changing regulations and I know of several cases right now that are in "limbo" because the loan officers do not understand the new requirements.

A better strategy might be to go with a credit union, and private mortgage insurance if you want to keep the down payment low.

[VanessaTony 3,567]

I think the typical time for closing a VA Loan is 30 days, maybe the military exception to property taxes and the IFA caused the paperwork to drag out for so long. I have closed three VA loans myself in less than 30 days.

Could be a state thing then because mine was fast. I was told VA loans are 90 days. The delay over that was caused by my bankers incompetence. I'm not saying it's possible to do it quicker (we certainly would have preferred it) but we were told explicitly that we weren't even allowed to sign a loan agreement unless it had 90 days for closing because of VA requirements. The IFA stuff was quick, the person the VA had to do the home inspection actually stuffed up and had to go back because she didn't do it right (it was apparent she barely entered the property)... ugh it was hell. We signed the agreement 1st june, we settled 21st Sept which was WELL past the date we agreed to. I was hell, seriously, there was so much incompetence we were going to make complaints about it but in the end we just wanted to try and get past it. Now I'm wishing you were our broker, would have saved a LOT of hassles.

Edited January 15, 2011 by Vanessa&Tony

[HannahP 119]

Lisa - thank you so much for the information! I'm still digging through everything that you've given me. Honestly, I don't envy your job at all -- this stuff is freakin' complicated. I do have a realtor lined up to talk with. (Seems like everyone I know also happens to know a GREAT realtor that they want to hook me up with - lol.) But I'm sure you'll get a PM from me once I've digested everything.

alienlovechild - Your experiences mirror mine. Hospitals want experienced nurses. It's not necessarily because there's a glut of new nurses (matriculation rates are basically the same as they've always been) but hospitals just don't have the money to hire new grads. New grads cost money to train; on top of that, many older nurses aren't retiring because of the poor economy. A friend of mine applied for a new grad Neuro ICU job last year. She was one of 150 applicants for a single position.

Thanks to everyone for your wisdom and advice.

[Ban Hammer 13,334]

about the only advice i can offer is this - have a company do the termite inspection that isn't one that is currently on contract (so there's no conflict of interest)

have a structural engineer check it out too. might save you some headaches down the line.

[HannahP 119]

^Also, mold? We're currently battling with our apartment complex. There is mold in our ducts and they refuse to replace the entire heating/ac system. I was actually hospitalized due to mold in my lungs, which I still have.

/cough

//cough cough

///no, I don't smoke!1

[Ban Hammer 13,334]

^Also, mold? We're currently battling with our apartment complex. There is mold in our ducts and they refuse to replace the entire heating/ac system. I was actually hospitalized due to mold in my lungs, which I still have.

/cough

//cough cough

///no, I don't smoke!1

see, if you smoked, you'd not be affected by mold.

[tallcoolone 102]

Bird in the hand for 2 in the bush. . .

I'll pass on throwing away my job which is probably harder to find employment in than in nursing.

Things in Texas aren't so great for all and my wife got her RN in 2008 like this OP.

"And I too hate to be pessimestic; however, I just graduated in December so I can tell you the job market is tough. Hospitals are wanting experienced nurses as there is an abundance of new grads. Out of 10 clinical mates, only 4 of us found jobs so far. Our instructors said this is the first year they have seen it this difficult to find jobs. I went to a job fair in October and there were RNs who had graduated the previous May and December still looking for jobs. I was extremely blessed and got on at the same place where I was lucky enough to do an externship my last semester. I was the only GN they hired this semester. Two friends got jobs before graduation in a rural area, but they were both willing to either move or commute and are working nights."

http://allnurses.com/texas-nurses/where-texas-could-524278.html

Go to JPS (John Peter Smith) Hospital in Fort Worth, It is the public Hospital in Fort Worth. My wife worked their her first year, they are always short of nurses. They pay nurses a $100 bonus just to come to work on Fridays and Saturdays when they are short staffed which is a lot.

They will hire Graduate Nurses, and it's a great hospital to get your learning experience and first year experience at.

JPS was a great hospital for her to work, but when we moved it was about 50 miles from our house, They would let my wife self schedule and she could work up to 24 hours overtime per week without her supervisor approval. She only had to work 36 hours (3 days per week) if she wanted.

[tallcoolone 102]

about the only advice i can offer is this - have a company do the termite inspection that isn't one that is currently on contract (so there's no conflict of interest)

have a structural engineer check it out too. might save you some headaches down the line.

If I was buying a house today. I would have a Licensed Plumber, Licensed HVAC, and Licensed Electrician check out the house, and a Structural Engineer to check foundation. Home inspectors are good for finding basic stuff like cracks in the windows, or loose tile, etc.

My last house I purchased I didn't have it inspected I did it myself, but I have been buying and selling house for many years.

[tallcoolone 102]

^Also, mold? We're currently battling with our apartment complex. There is mold in our ducts and they refuse to replace the entire heating/ac system. I was actually hospitalized due to mold in my lungs, which I still have.

/cough

//cough cough

///no, I don't smoke!1

Which type of mold. I did black mold remidiation in Texas back when Home Ownners used to pay for it. I probably did about 100 houses and gutted either the bathroom or the kitchen down to the studs.

You do know mold, any type is a naturally occuring event and is present in the air you breath everyday, it has been around for millions of years.

[Fandango 1,439]

Lisa - thank you so much for the information! I'm still digging through everything that you've given me. Honestly, I don't envy your job at all -- this stuff is freakin' complicated. I do have a realtor lined up to talk with. (Seems like everyone I know also happens to know a GREAT realtor that they want to hook me up with - lol.) But I'm sure you'll get a PM from me once I've digested everything.

A lot of realtors' business comes from referrals, so if you have someone who's already done a bang up job for someone you know, that realtor has prolly drummed it in everyone's head that (s)he 'loves referrals, lol. It's not a bad thing, if you have a few different names, to interview each agent to see who you feel most comfortable with. Sellers do that all the time, but buyers can do it too. Get all the names together and go check each one out, and don't feel pressure from anyone to use someone you may not feel so comfortable with! I think that is key...if you feel comfortable with the person you've chosen, then you will create trust, which will help you immensely throughout this process - let alone the peace of mind you'll have!

My job is stressful/ridiculous at times, but honestly, I LOVE what I do. There are times when I don't even envy myself, but for the most part, I am thankful that I have found my niche where I can make a living and feel passionate about what I do...it's not just about the money for me - a home purchase/sale is usually the most expensive purchase/sale in a person's lifetime, and I'm honored to navigate the process for the ones who have chosen me to do so. It really is about about helping people, and most days, I can't wait to get to work.

Yesterday I showed property to two 21 year olds who are getting married. It was so exciting for me to see them walking through each room, talking about where their furniture would go, etc. You could see the excitement in their eyes. That's what it's all about!

[chri'stina 190]

We did the first time home buyer program in March 2006. Attended a class, got a certificate, we have a nice low interest rate etc etc. But here at least, there are certain conditions that applied. One had to do with not being allowed to rent your house out for a certain period of time. Actually back then, we barely made it to qualify for the FHA loan and if I had a job, we wouldn't have qualified for what we got because we would have made too much money. I wasn't working then and I actually had to write a statement saying I was not planning on working in the near future as part of the approval process. The process in general was very smooth for us. I regret buying at that time though - housing bubble. Of course we didn't know the bubble would collapse like this. Our house is worth probably half of what we bought it for.