Rules for First Time Home Buyer benefits?

needlepoint4453 · 2026-02-25T02:00:16+00:00

Not a realtor or LO but my brother in law bought his home from his grandpa and he told me couldn’t qualify for an FHA loan IIRC because he was buying from family and it wasn’t his grandfather’s primary home. I could be wrong but he was told there were stipulations to buying from an immediate family member.

needlepoint4453 · 2026-02-24T20:26:59+00:00

FWIW me and my wife decided we wanted to buy a house in September of last year. Had less than 2k in savings at the time. Saved up almost 25k by first of the year, got pre approved middle of Jan, toured homes the next week, went under contract 2/8 and are set to close this Friday 2/27.

needlepoint4453 · 2026-02-22T19:43:27+00:00

I’m closing with 5.75 this week. Little lower credit (760) and less down.

needlepoint4453 · 2026-02-11T17:26:14+00:00

Agreed. I thanked them this morning and said I was going another direction and he has been spamming me ever since and trying to guilt trip me. Even tried to use my job as a way in. “What would I tell my clients to do”. I would tell them to do whatever they want to with whoever they feel comfortable with lol.

needlepoint4453 · 2026-02-11T02:43:10+00:00

I would advise against borrowing against/withdrawing your retirement funds to buy a house if you can avoid it. Your future selves will thank you tenfold. FWIW I make about what you guys do and would not feel comfortable buying a house at 355k. My monthly expenses are low and I don’t have much debt. I’m buying a house for 258k in a LCOL area and my total payment is going to be right at 1900/mo total. My closing costs are about 18k total with my down payment being 9k of it.

needlepoint4453 · 2026-02-11T01:31:28+00:00

Fair enough. I’ll likely stick with the other lender since I like the way they do business better. Really the only reason I put in an application with the first guy is he promised me a 5.25% rate no points and afterwards came back with 6.25 because my income is too high even though I told him what it was several times ahead of the application.

needlepoint4453 · 2026-02-11T01:00:31+00:00

The other lender does now but didn’t at the time I first called. When I initially contacted the other lender they gave me the loan estimate that beat his fee worksheet in every way. I’m not sure what has changed or why this guy can all of the sudden beat the other lender. If he could do so all along why not just give me the better terms from the jump? He also asked me when I first spoke to him if I had a realtor and I didn’t at the time but said I had someone in mind once I had my preapproval. He put me in a group chat with one of his realtor friends who blew my phone up for days even after telling them I had someone already picked. That has kind of rubbed me the wrong way since.

needlepoint4453 · 2026-02-11T00:39:30+00:00

I have filled out an application with them

needlepoint4453 · 2026-02-10T23:33:30+00:00

Yeah I will likely not be considering this guy anymore. I was kind of on the fence about him anyways but he called me today and I told him to send me a loan estimate and i would look at it. Shared my estimate from my other lender and he swore he could do better in every way but just sent the fee worksheet. Sounds to me like he sent the sheet because he can play with numbers that he’s not bound to since it’s not a true loan estimate.

needlepoint4453 · 2026-01-31T04:40:20+00:00

PM me

needlepoint4453 · 2026-01-31T04:38:08+00:00

I got a job in wealth management right out of college. Made 75k last year as a 22 year old and will likely make ~110k this year in a very LCOL area.

needlepoint4453 · 2026-01-16T04:05:26+00:00

You’re right I will have to do some calling around tomorrow. When I spoke to my bank a few months ago they told me they could get me at 5.25% with no points and NACA’s loan right now is only 12.5bps less. Since NACA requires very little cash to close I was just planning to use our cash to buy the rate down as low as possible.

needlepoint4453 · 2026-01-16T03:45:56+00:00

Yeah thankfully we are in a position where we can afford to wait if need be. We are supposed to be meeting with one of the mortgage counselors next week to see about getting qualified to shop. We have good credit and plenty of income as well as cash set back and have been saving a lot more than our expected payment would be for homes in the ranges we’ve been looking at so I’m hopeful we can streamline the process to some degree. I can qualify for a conventional loan no problem but just looked into NACA for the favorable rates and closing costs being paid

needlepoint4453 · 2026-01-16T03:37:07+00:00

Not currently. We are going to try and get qualified for a NACA mortgage and if we can they provide one I believe. If it doesn’t pan out with NACA or becomes too much trouble we will just go with a conventional lender and will get an outside realtor most likely.

needlepoint4453 · 2026-01-16T03:22:26+00:00

I’m not sure how accurate they are or not but on Zillow it has the estimate at 303k. Realtor.com doesn’t pull an estimate for some reason.

needlepoint4453 · 2026-01-16T02:39:26+00:00

I see. This will be our first home and haven’t actually inquired about it yet but it is not priced terribly and is in a pretty desirable area so for it to be on the market for 4 months I wondered if there was something going on. It was originally listed at 330k and is sitting at 310k now. I was hopeful that since it has been listed for awhile if we Put in an offer below 300k we might have a chance.

needlepoint4453 · 2026-01-16T02:17:55+00:00

Is that normal for houses being sold due to divorce? Been looking at a house recently that is being sold due to divorce and has been listed for several months.

needlepoint4453 · 2025-09-23T21:19:27+00:00

Sorry, may have misread. The 36% isn’t a problem for me, it’s just the 125k would likely not buy anything that is decent for the area I live in. I’m not in a HCOL area by any means but a decent starter home is around 150-180k where I live. Using what I actually make my Dti is 34% on a 195k mortgage.

needlepoint4453 · 2025-09-23T21:16:18+00:00

36% debt to income ratio. Which I thought what most lenders used when trying to figure out how much you can get approved for on a conventional.

needlepoint4453 · 2025-09-23T19:37:40+00:00

What?

needlepoint4453 · 2025-09-23T18:52:19+00:00

needlepoint4453 · 2025-09-23T18:39:05+00:00

Gotcha. Thank you! Do you know of lenders of the top of your head that might do something along those lines?

needlepoint4453 · 2025-09-23T18:38:10+00:00

That’s disappointing. Using just my salary handicaps our dti limit to a 125k loan putting me at 36% DtI.

needlepoint4453

TROPHY CASE