Home Buying Virgin Please Advise

DH & I will be property virgins when we buy our first home. We are renting now & our lease is up the end of July. We want to find a home & move in before then as our first child will be born in June. Is this enough time to do this? I am worried about finding a home too early (and then having to close while still paying rent), or it taking too long, and not being able to get out before our lease is up. We could swing paying the rent for a month if we close on the house in July, but not for more than one month.
We know very little about home buying. We plan to go to the bank in the next few weeks to get pre-approved, and then start the hunt. Should we get a real estate agent, and if we do how much does that cost us. I have found several properties online that I would like to look at. Do I just call the listing agent? As you can see we are pretty lost. Oh & we live in DC currently. Looking to buy in MD or VA near DC as DH works in the city. We moved from LI last Sept.
I am currently not working, and will be a SAHM. I am worried this will effect what they will let us borrow. We have 100,000 for a down payment, as we will be selling some stocks. We plan to buy a home for under 350,000. We would like to go as low as possible while still finding a decent piece of property that we love. So prob around 300,000. We are lucky to live off the island or I know this would never be possible. How will our car loan effect what they let us borrow? Also I have some credit card debt that is being paid down currently, always on time.
Thank You in advance for any information.

Re: Home Buying Virgin Please Advise

I am sure of the laws in your area but in new york having a buyers agent doesn't cost the buyer out of pocket

They split the comission with the sellers agent- it's a common practice

Also- the sellers agent is obligated to get the highest price for the seller- so personally I would want someone on my side as the buyer

How much credit debt is it? With $100k sitting there for a down payment why not just pay it off

You already have more then 20% so you should be fine as long as your husband makes enough to get approved for the loan with just his income

Re: Home Buying Virgin Please Advise

Thanks for the information. My mom was trying to explain this to me, and it just wasn't working. Lol. I have to check what the laws are down here. Hopefully they are the same. I feel the same way about wanting someone experienced on our side. As for the credit card debit that could be an option if they hold it against us. I never thought to just do that instead of trying to pay it down a bit at a time. I have to talk to DH about it, the stocks were in his name before we were married, and the debt unfortunately was in mine. I guess I always felt weird about him paying it for me. KWIM. At least we both have good credit scores regardless. Thanks again that was really helpful.

Re: Home Buying Virgin Please Advise

can only help you with time frames. START looking now! we started seriously shopping for a home in June and we still aren't in a place!! sometimes it happens overnight and its smooth, and other times its a bumpy road and things take forever, fall through alot, etc.

If your ready to buy, shop now. once you find something, you can figure out when you will move in.

I would also shop around for banks to get the mortgage from and get pre-approved or pre-qualified. pre-qualified is better, but either will work. that way you don't waste time looking at houses you can't afford, or houses that are well under your budget.

Good luck, and happy house hunting!!

Re: Home Buying Virgin Please Advise

Thanks. That is why we are going to start looking now. I know sometimes it can take forever. I thought pre-approved was better than pre-qualified. I thought it went pre-qualified, pre-approved, approved?? I need to get a book on all this or something.

Re: Home Buying Virgin Please Advise