My bf’s family friend has a cute little lakefront house that they are willing to sell to him (us) and I don’t even know how to begin looking into a mortgage lol. I would try to do FHA for lower down payment. Any advice or warnings?
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I do, but i think it may be different in UK vs US?
It's not a fun process. FHA loans have downsides, which is why we opted out of doing it. We also didn't buy our home from someone we knew, so an FHA loan might be better for you guys. We just got a lower downpayment approved from our lender instead of doing the FHA route, I believe we did 8% down.
See if you can "buy points" from the bank to lower your interest rates. Interest rates are kinda high right now, so it would probably be worth it. We bought when interest rates were low and also bought some points, so not much of our payments go to interest, which is amazing.
Upon closing, read your documents closely and don't just blindly sign. A good realtor will help with this. They spelled my name wrong in every single document, which would have been very chaotic had I not caught it.
other than that? Dont let the process stress you out too much, it can be somewhat hellish. At the same time its super exciting, so try to focus on that more than anything. If you have anymore questions dont hesitate to reach out!!
