First time home buyer

[DSM4Life]

I might be getting laid off soon. I make good money now and so does b/f. We are looking at getting a house soon but not sure where to start. We know the area we want but thats it. I guess we need a realtor but i had a few questions.

1)If i am about to lose my job soon, could i get pre-approved for a loan now while i am making good money and still use that loan if i lose my job in say a month ? Will they look into my employment again before they actually hand the money over ?

2) How long is a pre-approved house loan normally good for ?

Anything else i should know as a first time buyer ?

[Vettester]

Pre-approval is a good thing to have when you're talking with the seller, which gives everyone a warm feeling with what you have initially qualified for, but it will all start over again once you go into escrow on a property. The mortgage company will more than likely be calling your place of employment while you are in escrow, even possibly shortly before you close.

Try to get into something before your lose your job.

[ModelInProgress]

Does your bank/credit union (or your B/F's) offer pre-approved loans for members? Look into that first as it may be your best option if the possibility of unemployment is in the near future (they are less likely to double check and then deny a loan or withdraw their offer after it is initially made). Good luck But don't rush into buying something simply because you may lose your job, make sure that you both thoroughly look into the house, the neighborhood, and the fine print before you sign anything.

[Kratos]

Obama wants to give you 8k for new home buyers to help keep the bubble inflated. Don't forget to cash that one it, it's a keeper.

[NMacFar]

Obama wants to give you 8k for new home buyers to help keep the bubble inflated. Don't forget to cash that one it, it's a keeper.

Yea, I bought mine under the Bush Admin. They offered $7500 but it has to be paid back.

Maybe you should hold out on buying a home DSM. It's a big commitment and it will cost you if god-forbid you can't afford it because of your job.

[Kratos]

Yea, I bought mine under the Bush Admin. They offered $7500 but it has to be paid back.

Maybe you should hold out on buying a home DSM. It's a big commitment and it will cost you if god-forbid you can't afford it because of your job.

Don't you ever watch HGTV? The gay people always gay up the houses and make them much more valuable, then sell them for a profit.

[FranciscoG]

Don't you ever watch HGTV? The gay people always gay up the houses and make them much more valuable, then sell them for a profit.

A little out of line don´t you think?

[Kratos]

A little out of line don´t you think?

what would you call it? fancy?
http://www.youtube.com/watch?v=FWpwOgeD3IA

what ever you want to call it, there are a lot of gay people on hgtv making a lot of money

but anyway it was a joke, and I don't care if I'm PC or not

[ghettoboyd]

Obama wants to give you 8k for new home buyers to help keep the bubble inflated. Don't forget to cash that one it, it's a keeper.

hay why not take advantage of it...i did....i owed the irs backtaxes so it payes them back and i still get some $....win win....not to mention i bought a great home that was undervalued cus of the market conditions at the time....i think this program was a sweet deal cus i had been on the fence for years about buying a home then the tax credit came along and suddenly it was a no brainer....

[MotoLifter]

as of right now the tax incentive for purchasing a new home ends apr 30th. although i have a feeling it will be extended in some form.


Moto