Keep your fingers crossed. I just spoke to a bank today about a first time buyer loan

[Hawkeye-X]

He got my information, and will crunch the numbers to see if we qualify for it. My parents currently own that house, and they're willing to sell it to me for 2/3 of the appraised value. I also requested a little extra money for remodeling...

This is their company: http://www.theprivatebank.com/

Found it through Lendingtree.com

[Lost-in-FL]

1. Good luck to you! nt

[stop the bleeding]

2. I wish you well. NT

[Warpy]

3. Good luck, but don't forget to open your options

to include the bank or credit union where you are a depositor.

They might actually give you a better deal.

Also, don't let anybody sell you a creative mortgage. It's a 30 year fixed or a 15 year fixed or you're out the door.

[KansDem]

4. I rented apartments for 15 years before I bought my house...

I hope I never have to share walls with anyone ever again!

Seven more years and it's mine!!!

[Parker CA]

5. Remember that even though they might sell at a lower price,

you will still be paying property taxes based on the appraised value as the county will not take the hit just because you're getting a deal. Just more numbers to factor into the future payments. Property taxes suck!! Congratulations on beginning the process!!

[MiniMe]

7. There can be tax implications too since you are related

Just something to check out.

[shraby]

6. Make absolutely sure you get a fixed rate, not

an adjustable rate mortgage!

[blm]

8. Best wishes to you Hawk....

.

[Hassin Bin Sober]

9. Be a little leary of Lending Tree lenders.

Lending Tree charges some pretty substantial fees to the lender when your loan closes (in addition to lead fees generated by the lender for loans not closed) - this fee will be built in to the rate or the upfront/closing fees. The problem for you, as a consumer, is you may be comparing rates with lenders who are building in the same large fees so you may not know what a good rate and fee structure really looks like. Also, the fees can be punitive on a small ($100k ish) loan.

I know this because I am a lender and once worked for a company who paid for the Lending Tree leads. I signed up for the program for about a week until I realized what a screw-job it was for everyone involved - except for lending tree..........although, I'm not one to begrudge them their gimmick that they spend millions in advertising to promote (and pass the fees on to you).

The more successful lenders using their program are successful by sending out low-ball bids and packing on "points" or higher fees at closing - sometimes this comes as a surprise to the customer who was focused on "rate" alone.

If I were you, I would look for a referral from a local bank or maybe a realtor friend. A personal referral will be most likely to handle your transaction efficiently AND not screw you over.

[we can do it]

10. OMG Stay Away From Lending Tree - They Prey On 1st Time Buyers

Their fees are outragious, they hook you up with people you never see......Seriously, find a local loan officer someone you know has used Use them or even better get a few quotes from other RECOMMENDED loan officers. You should be able to get a 30 year loan under 5% fixed (or near that)

[MindPilot]

11. Oh please stay away from Leading Tree -- I've heard many horror stories

Find a local broker or a bank. They will know the neighborhood and have good contacts for everything from and engineering inspection to insurance. (Yeah, spend the extra few thousand for that engineer's report--it is well worth it) Speaking of insurance, talk to your agent, you can sometimes save significant money by insuring your car and house with the same company. Also check for any extras you might need like flood or earthquake insurance. All that will affect you monthly payment.

And ALWAYS remember no matter who the realtor is, they are ultimately working for the seller, not the buyer.

Good luck new homeowner!!

[Hawkeye-X]

13. Fortunately the loan officer I spoke with is local

and knows my area very well (Works nearby)

Colorado doesn't flood (we live on top of a hill) and rarely gets earthquakes. We do get tornadoes but very, very rare.

Oh and the seller in question is my parents. This house used to be my grandfather's, and we have been living in it for 6 years.

[Hawkeye-X]

12. A little correction here...

It's not the correct website. It's actually a PRIVATELY OWNED bank called Prime Lending USA - www.primelendingusa.com

I'm told it's the 14th largest privately owned bank.