IT'S A GREAT TIME FOR BUYING A HOUSE

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SUNDAY, February 9, 1992                   TAG: 9202060176
SECTION: YOUR WEDDING                    PAGE: YW-15   EDITION: METRO 
SOURCE: By ANNE PIEDMONT
DATELINE:                                 LENGTH: Medium
IT'S A GREAT TIME FOR BUYING A HOUSE
It's an image as old as the American Dream. Girl meets boy; girl and boy get married; girl and boy buy a house.
And right now might be one of the best times for newlyweds to fulfill their dream of buying a first home (or their first home together), according to Sue Gotwalt, vice president marketing and corporate relocation at Boone & Company Realtors.
Home prices are attractive and interest rates are lower than they've been in 14 years, she said.
First-time buyers also can apply for VA and FHA loans at 8 percent, as well as help from the seller with closing costs, so that they need only come up with a 5 or 6 percent down-payment. That means they could possibly get into a $70,000 home for as little as $5,000 and have monthly payments under $600, Gotwalt said. "In some cases, that's almost cheaper than renting, and they'll get some of it back on their taxes.
"This is the time to buy," she said. "I don't expect this window to be here all year." Gotwalt noted that variable mortgage rates currently are as low as 6 1/2 percent.
The young couple looking for a first house should buy "the most house they can afford," she advised. They do not want a house they will outgrow in two years, she said. They should plan on living there at least five years, so the house should be big enough - or expandable enough - to meet their needs during that time.
If the couple is not a pair of do-it-yourselfers, they should stay away from the cheaper "fixer-uppers." "If they have the skills, it would be fun," she said, but cautioned that there may be more wrong with the house than just out-of-date fixtures and peeling paint. "They may have to replace the roof and the furnace," she said, noting that if they really had to scrape to buy the house, such repairs could be disastrous.
"The house should be livable" other than painting and wallpapering.
She give two pieces of advice for the house-hunting process. The first is, "don't get the relatives involved. Buy the house for yourselves." The second: Have inspections made of the plumbing, heating and electrical systems, the roof and even, the structure. "There may be more wrong with the house than meets the eye."
She suggests the couple begin the hunt before the wedding. They should determine what neighborhoods they like, what type of house they want and what price they can afford. They also should sit down with a Realtor and find out if they even qualify, as well as what they can afford and what it would take to get them in the house they want.
After the wedding, they can move on to finding the exact house they want and buying it. She said this timetable is especially appropriate if they already have a place to live between the wedding and the purchase.
In the case of an older bride and groom - or a second marriage - when one or both already own a house, Gotwalt recommends buying the house before the wedding, so that they can start out in a new house.
Couples planning to move to a new city after the wedding should work with their Realtor to have information sent from that location. They may have to rent for a brief period after they arrive while they go through the home-buying process.

by Bhavesh Jinadra by CNB