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I am buying my first home in another state but I have a few questions. I want to buy it in Kansas and the bank is asking how much I am paying for hazard insurance. What is that? Also, The bank the owner wants me to go through is demanding 20% down but I only have 5% (it is a 50,00 house), do I have to go through their bank? Last question, the real estate agent says that Kansas is a non-disclosure state and therefore will not answer questions about the house nor can I get a preliminary full inspection. Is this how it is normally?

4 Thoughts on Buying my first house,can you answer…?
  1. Reply
    marxistharpist
    November 6, 2012 at 3:36 pm

    That doesn’t sound too good to me. You’re not paying hazard insurance yet, because you don’t own a home. Second, there are banks out there that don’t require 20%, in fact I’m doing one that is 100 percent financed right now. Third, most banks require an inspection and or an appraisal prior to approval. It sounds a little shady to me.

  2. Reply
    alex_mar23
    November 6, 2012 at 4:35 pm

    This seems sort of odd? 20% down? that’s a lot. and you say the bank and owner want you to go through that? I suggest talking to your own bank or getting a second opinion somewhere else. Usually you give an offer with one of your conditions being on a home inspection. In other words you offer is void if the inspection comes back bad..but that might vary by state. You might want to make sure this real estate agent isn’t trying to take advantage of you because you are from a different state..there is nothing wrong with getting a second opinion from another office. Just because agents have a license doesn’t mean they wont use it to their advantage. be very defensive! seems fishy to me.

  3. Reply
    silhouetteincounter
    November 6, 2012 at 4:36 pm

    Run for the hills sweetie, I work for a bank in the Mortgage Dept, and by law they have to disclose everything that is wrong with the home (unless bank sale) You should try out FHA and get a gov. loan fannie mae or something like that when you go with a gov loan they must follow policys and procedures,

    Hazard Insurance is a must: Insurance that covers property damage caused by fire, wind, storms, and other similar risks. Sometimes earthquakes and floods are also covered, while other times they are not.

    Usually this is how it goes down,

    with a FHA the max you can put down in 3% also the city has programs that will help with closing cost, which are 6% of the homes total value,

    Remember this is a buyers market and dont feel presured into getting into something that you might be ready for,

    Ask the Bank to do a DTI to see if you really can afford the house,

    Also Most Important:
    GO WITH A 30YR FIXED LOAN NEVER EVER A HOME EQUITY LINE OF CREDIT, NEVER TAKE OUT A 2ND MORTGAGE ON YOUR HOME GET IT ALL ON THE FIRST, NEVER REFI NEVER!!

    I dont know your financial situation or credit score but if you cannot get the 50k on the first then you don’t need the home, get yourself together rent for a year or two until you get it together, then apply, Beware of predatory lenders, always go with a bank!!

    Hope it all works out for you, any questions email me,

    Be Blessed

  4. Reply
    Anthony
    November 6, 2012 at 5:33 pm

    It sounds like your agent isn’t too sharp. You should use a buyers agent, that way you know your interest will be represented, not the sellers. You can get a home inspection on any home you want to buy. Also as far a “non disclosure”, in most states, I am sure it is against to law to “fail to disclose material defects” even if you are using a property disclaimer or selling a property “as is”.

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