First Time Homebuyer - Who Else?

[thrasher865]

I'm super pumped that I might finally be able to say I'm a homeowner.  I have big plans for how to spend the $8000 and possibly then some.  A deck out back, a chain link fence for the dogs and a 1/2 bath in the hallway.  By the time I'm done, I may be able to reappraise and get rid of the PMI payment

So anyway, who else is closing in May?  Right now my closing date is set on the 28th, but we're hoping to push it up.  I know the end of the month is crazy busy, so we've got the date reserved.

We're going FHA, our inspections have been done.  Appraisal is next week, but we're still waiting to see what on the list of inspection items the seller will agree to.  Just thought we could support each other through the process.

[Anonymous]

My escrow closes on May 29th.  I should get my appraisal back next week as well. the listing agent and the bank (seller) already know what needs to be fixed (leaky roof, dry rot on decorative wood in the front) but they won't start until the appraisal comes back.  everything else is in so we're just waiting for the appraisal right now.

what to do with the tax credit...we're going to build a patio out back and extend the concrete slab out there.  wood floors through and tile in the kitchen and bathroom, paint, etc.  my dad is journeyman and is very handy so luckily we will be able to save on labor costs and do everything ourselves.

I'm hoping for cool weather when the time comes to move.  Last week it was mid 90's and this week it's low 70s. It could go either way!

[WannaHouse]

Me....Our close date WAS April 30th (yesterday) but of course they were not ready! I am not too happy, but we will close Monday at 1:00. If not, SOMEONE is getting an EARFUL from me!

We did our part and had everything done promptly.

The $8K?

Well, I am thinking about a new (used) vehicle, so I am hoping to use 2K as a down payment, then the other 6 for housing improvements, as well as 1K in savings.

[Anonymous]

We are closing a little later than all of you, June 12. We wanted late May/early June, seller wanted early July, 6/12 was the compromise. We had the inspection this week and are working on negotiating repairs (Radon mitigation being the biggest, everything else was minimal). Appraisal should be next week. This has already been the longest week of my life, I can't imagine how long the next month and a half is going to take!

As for the $8000, we had originally planned to buy a house with an unfinished basement and use that money to start finishing (although it would have taken a lot more to fully finish!), but ended up with a house with a finished basement, so we plan to use some to furnish the large rec room in the basement and my husband will build a bar down there. Everything else will be put into savings. 

[SilverBerries]

Closing is scheduled for one month from today. June 1st. In some ways, it seems so far off - in others, like it's tomorrow!!!!

As for the $8000.00 - my initial plan is to stick as much away as possible into my own home maintenance escrow account. Since DP and prepaids are taking the  majority of my savings, I want to have my emergency fund built back up for all those what-ifs. I may take $1000 of it and do a few upgrades to the home, like new ceramic tile in the bathrooms. Or maybe take a class or two in home improvements!

SilverBerries

[Anonymous]

I close on June 3rd (hopefully before then) The apprisal comes out Monday and the we have to schedule the inspection I can't wait!!! The 8k I planned to used 1k of things I need for the house and the rest put into savings

[Anonymous]

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@Anonymous wrote:
I close on June 3rd (hopefully before then) The apprisal comes out Monday and the we have to schedule the inspection I can't wait!!! The 8k I planned to used 1k of things I need for the house and the rest put into savings

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No offense, but we were told it's *very* important to get the inspection *before* the appraisal. That way, if the house has major issues (that *you* can't see, but an inspector can), you can save the appraisal fee for another house.

If you do it the other way, and the house has problems, you're out the appraisal fee (in our case, the inspection was $200 and the appraisal $450). And then, if you need another house appraised, that's another appraisal fee out of your pocket.

[Anonymous]

Im closing May 29th...I have already did inspections, apprasial just done yesterday---I have to turn a few documents to underwriter ---But Im so excited, I am first time home buyer---And do have big plans for my $8000 already....Im going fha, an keeping my fingers cross so that everything goes smoothe the rest of the way.

[Anonymous]

Not intending to be a 'wet blanket' here, but $8,000 ain't what it used to be! Since close, I've paid for a 'fridge; bought a new, manual lawnmower and a used riding one; bought some plants and landscaping items; brought in some bookcases; repaid my savings depleted by closing costs; bought a patio furniture set; and, well, made a list of all the things I'd like to do if I had any money left. I suspect, frankly, if the $8,000 tax credit is the deciding factor in your decision to purchase a home, there's a great chance you shouldn't do it. I know it was meant as 'stimulus', but it's not enough money to really make or break a real-estate deal.

[Anonymous]

I thought PMI (or MPI) had to be on an FHA loan for a minimum of 5 years,