First-Time Homebuyer Questions Answered by Shahida Hill

Introduction

• Shahida Hill helps first-time homebuyers by answering common questions.
• Focuses on providing confidence in purchasing the first home.

Adding Someone to the Deed

• Question: Can you add someone to your deed without them being on the mortgage?
  • Answer: Yes, in most states.
  • Details: Often done when one spouse gets the mortgage alone but both spouses want ownership.
  • Caution: Being on the deed gives ownership but not the mortgage responsibility.

Buying a House in Any State

• Question: Can you buy a house in any state?
  • Answer: Yes, but you may lose owner occupancy benefits.
  • Details: Lenders consider non-occupants higher risk; higher interest rates and down payments.
  • Proof: Employment verification in the state is needed for owner-occupant benefits.

Buying a House Right Out of College

• Question: Can you buy a house right out of college?
  • Answer: Yes.
  • Details: No need for two years of work history if employed directly after college.
  • Requirements: Job offer or sufficient income.

Getting a Good Interest Rate

• Question: How do you know if you're getting a good interest rate?
  • Methods:
    1. Consumer Finance Commission website for state-specific interest averages.
    2. Get three quotes from different lenders for comparison.

Money for Pre-Approval

• Question: How much money do I need in the bank for pre-approval?
  • Answer: None required for pre-approval.
  • Details: Post pre-approval, you need funds for down payment and closing costs.

Definition of a First-Time Homebuyer

• Question: What is considered a first-time homebuyer?
  • Answer: Generally, someone who hasn't owned a home in the past three years.
  • Variability: Definition varies with different programs.

Using Multiple Down Payment Assistance Programs

• Question: Can I use multiple down payment assistance or Grant programs at once?
  • Answer: Depends on the programs.
  • Details: Check with program administrators for compatibility.

Age and Buying a House

• Question: Am I too old to buy a house?
  • Answer: No age limit except being at least 18.
  • Considerations: Ability to afford, fixed income considerations, tax provisions for seniors.

Using Child Support as Income

• Question: Can I use child support as income?
  • Answer: Yes, if court-ordered and consistent.
  • Details: Must prove it will be received for at least three years.

Mortgage Payment Estimation

• Question: How do I know what my mortgage payment will be post pre-approval?
  • Next Steps: Request a loan estimate from the lender.
  • Components: Principal, interest, insurance, taxes, mortgage insurance.

Conclusion

• Encourages leaving additional questions in comments.
• Recommends checking out detailed playlists for more information.
• Promotes subscribing to the channel for weekly updates.