New first Time Home Buyer

**mytjojo** · 02-15-2008, 01:43 PM

Hello to all.
I am a first time homebuyer/ seeker in the lovely financially obtainable, cheapest place to live and most affordable housing market in the world..... Southern California..

New to the site and new to the real estate market. looking forward to getting answers to allot of my questions.. one of them being where on the site can I go to ask about how mortgage down payments work and if 3% down is a good idea or is a waist, penalties and all that stuff

Thanks nice to meet you all

**maat55** · 02-15-2008, 03:58 PM

The best senario, is putting 20% down, 20 year or less note, payment no more than 25% of your take home pay and having an emergency fund. Any other senario invites murphy into your spare bedroom. Good luck.

**mytjojo** · 02-15-2008, 04:59 PM

I do agree but being a first time home buyer in Los Angeles, the same rules are a bit tough to follow.. it's a bit hard to come up with 80k down on 400k house as a first time buyer.

**RobM** · 02-16-2008, 07:16 AM

Originally Posted by mytjojo

Hello to all.
I am a first time homebuyer/ seeker in the lovely financially obtainable, cheapest place to live and most affordable housing market in the world..... Southern California..

New to the site and new to the real estate market. looking forward to getting answers to allot of my questions.. one of them being where on the site can I go to ask about how mortgage down payments work and if 3% down is a good idea or is a waist, penalties and all that stuff

Thanks nice to meet you all

I think you just did...someone from the mortgage industry will chime in and lend a helping hand. Greatings from Tampa Florida

**carlam** · 02-17-2008, 02:55 AM

Welcome to the forum 1st time home buyer! You will get more than enough help here in this forum. I love working with 1st timers! Becoming a part of this forum is a good start to your buying process.

Talk with a mortgage lender in your area, see what is the best case for you, they will give you direction if you ask. Shop for your lender, each bank or mortgage broker has different programs - one might fit you better than another.

Then shop for your real estate agent, be sure you trust the agent you hire this is a big step in buying a home. A good one will take the time to answer all your questions, will do a comparative market analysis on the homes you are interested in to make sure you are not overpaying....

Then shop for the house! Don't buy the first one you come across, do your homework. Have fun and good luck! It is exciting!