Home Buying & Real Estate Thread

[eugenile gts]

My coworker bought a home there a few months ago for $384k. Brand new homes and all but the neighborhood isn't for me. It's not ghetto, it's country. There isn't anything in quiet old Dixon, except Cattleman's.

word fam, its understandable, that suburb living isnt for everybody. but i grew up right in the city, then moved to SJ, always been in crowded places. now that im "old" with a fam of my own--growing up i always see those nice cookie cutter homes all new clean neighborhoods, and i always wanted that. im koo off the busy urban/city living now. folks can still do day trips to the city on the weekends or something. but again, i have friends who rather pay high rent and have small spaces just to be in the city. Dixon looking like mountain house, just middle of no where small town of all residential homes, they gotta drive to the next closest big city to do anything or buy anything.

speaking on commute, one of my bros on my jobsite is driving from Dos Palos to Cupertino EVERYDAY.

at this point of how things are in norcal, im actually not surprised at all. people from los banos commute to south bay on a regular and i think thats what caused the rise of home prices over there. them homes only use to be in the 100s and low 200s. now ive seen homes inching close to high 300s. i dont know how bad traffic is during the work week, but it looks like the commute from los banos or dos palos is similar going to the south bay-- requires going to 152, 101. im wondering if its still less TIME then say folks commuting from tracy area to south bay simply because theres more traffic up over there on the 680/580. it takes over 2 hours which normally should only be an hour drive lol

 

[eugenile gts]

Not to be all in ur business
But how much a year do you and ur lady make combined a year
Me and my girl combined make a lil over 100k combined
Basically 50/50 minus her like $2-$3000
But I'm not even sure if that's enough for a fha loan
I have a lil over 21k saved
I'm just getting my things in order to start the process of tryna get that loan
Hopefully I make at least the required amount

I think it came out to like 98k combined. I believe we slid in right under the income limits for our area for FHA. We over qilualified for grant money which is basically the down payment assistance but looks like you don't have to worry bout that...

damn bros, to hear and read all of us making over or close to 6 figures combined income and we cant get a decent home is saddening. lol but its reality here in the bay.

$21K is great saved up. we can all tightrope in to buying 500K homes, but what keeps me back is am i going to be living paycheck to paycheck. what if one of us loses our jobs, if not how bout the quality of living. something ive always been factoring before pulling the trigger even on a home in the bay. im not sure if either of you have kids, or planning to, any other car loans or student loans etc, but its still gonna be tight

just some basic figures on the calculator

$500,000 home,
with 4% down ($21,000)
30 year term, and ill just say 4%
1% property tax is $5000
home insurance i'll say $400
PMI
assuming no HOA

thats $3128 monthly mortgage, you can mess with the figures, but im sure thats about the average rates, even if you drop it to 3.7 interest, still gonna be $3K about. thats $37,536 a year, then start deducting other expenses, car payments, credit card bills, gas, utilities (internet, phone, tv, water, electricity etc), food, etc. bye bye shoe fund, how bout vacations or outings?

and as someone mentioned gotta have that chunk ready for closing costs, i think some banks also want to make sure you have "reserves" in your account before they even approve your loan.

ughhhh :x good bye california

 

[xPowdrdToastMan]

My situation

First time buyer
Single
Living in Charlotte
25K Saved
Make 102K a year
Horrendous credit (Seriously horrendous)

Focus on credit repair or just take the glasses off and just get in the pool?

 

[lightweight champion]

What's your credit score and how did it get that way?

 

[pdino]

My situation

First time buyer
Single
Living in Charlotte
25K Saved
Make 102K a year
Horrendous credit (Seriously horrendous)

Focus on credit repair or just take the glasses off and just get in the pool?

Need 580 for FHA loan. Some brokers have ways around credit scores

 

[nawghtyhare]

My situation


First time buyer

Single

Living in Charlotte

25K Saved

Make 102K a year

Horrendous credit (Seriously horrendous)


Focus on credit repair or just take the glasses off and just get in the pool?

Need 580 for FHA loan. Some brokers have ways around credit scores

I thought the minimum was 640
And u can't have any collections

 

[lightweight champion]

620 fico. Don't necessarily need a clean credit report but collections are a huge detriment.

 

[nawghtyhare]

Also should I not report some of my liquid cash
So that I can get a grant for down payment

 

[nawghtyhare]

620 fico. Don't necessarily need a clean credit report but collections are a huge detriment.

Repped
BUT
See Ive heard 640 620 and 660
Anyone got an official link so we can get the right credit score minimum
May help others in the thread also may be able to put important info like that in the OP

 

[lightweight champion]

I asked the same thing to one of my MLCs and he said it doesn't matter about liquidity but what you earn. He worked with a guy that had $100k saved but only made $32k gross so he qualified for low income down payment assistance assistance.

 

[lightweight champion]

580 for 3.5% fha but less than 580 is a 10% fha down payment

 

[nawghtyhare]

Damn man
I wish another housing market crash would happen
I need to scoop a 4bdrm home for the low

 

[nawghtyhare]

Stop taking all my reps

 

[yeah]

620 fico. Don't necessarily need a clean credit report but collections are a huge detriment.

Repped
BUT
See Ive heard 640 620 and 660
Anyone got an official link so we can get the right credit score minimum
May help others in the thread also may be able to put important info like that in the OP

The "minimum" credit score to qualify for all of the benefits of FHA is 580 (benefits essentially meaning qualifying for a low down payment, and FHA-based home renovation programs.) You can still be approved for a FHA loan with a score less than 580, but your down payment will have to be significant to make up for the poor credit. There's no real, concrete minimum listed anywhere because a credit score is just one factor in risk analysis. Even if you had a credit score of 78, I'm sure you could be approved with enough capital.

Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. For FHA loans, down payment of 3.5 percent is required, which is far less than the traditional down payment of 20 percent. Borrowers with credit scores as low as 580 can qualify for an FHA loan.

Borrowers who cannot afford a 20 percent down payment, have a lower credit score, or can’t get approved for private mortgage insurance should look into whether an FHA loan is the best option for their personal scenario.

http://www.zillow.com/mortgage-learning/fha-loan/#advantages

Personally, I would work on my credit first xPowdrdToastMan . Your credit score impacts everything: the interest rate you receive on loans, insurance premiums, prospective jobs, the types of bank accounts and credit cards you can open, etc. If you're comfortable where you're at, taking some of that money and fixing your credit will pay off in many areas, whereas buying a home before fixing your credit can lock you in on an undesirable loan with a terrible interest rate.

Does your need/desire to own a home outweigh the many benefits of fixing your credit? Only you can say. Just keep in mind that there's a huge difference between 3% and 5% interest when you're talking about a $100K+ loan being paid over the course of 30 years.

 

[capital sb]

WIth that income in Charlotte I would rent 1 more year and focus on rebuilding your credit then start looking to get approved for a house.

 

[crcballer55]

My situation

First time buyer
Single
Living in Charlotte
25K Saved
Make 102K a year
Horrendous credit (Seriously horrendous)

Focus on credit repair or just take the glasses off and just get in the pool?

If you have a steady job, another option is just to close all of your credit lines and pay off any delinquencies and go for a manual underwriting loan based on your income, savings, and alternative credit history like bill payments not associated with debt.

 

[monstar]

Damn man
I wish another housing market crash would happen
I need to scoop a 4bdrm home for the low

Bra all of this, but i dont see one in sight at all


wish one would happen tho id be ready

 

[iamjusayn]

My situation

First time buyer
Single
Living in Charlotte
25K Saved
Make 102K a year
Horrendous credit (Seriously horrendous)

Focus on credit repair or just take the glasses off and just get in the pool?

Right now with those figures, you are the man!

$102k in Charlotte bro?! With $25k in the bank, I'm assuming all liquid. You should be able to get what you need out there and more.

 

[nawghtyhare]

My situation

First time buyer
Single
Living in Charlotte
25K Saved
Make 102K a year
Horrendous credit (Seriously horrendous)

Focus on credit repair or just take the glasses off and just get in the pool?

Right now with those figures, you are the man!

$102k in Charlotte bro?! With $25k in the bank, I'm assuming all liquid. You should be able to get what you need out there and more.

My dude would be living like a king in Charlotte with that

 

[ekrev98]

Down to the home stretch....
Countertops installed

Neo angle shower for the master bath

 

[dam itz lou]

That shower.

 

[degenerate423]

Yea it's crazy in solano county. Sac is actually cheaper for what you get. 400k in Sac gettin you 4-5bds, 2100-2500 sq ft. Vacaville, 1600-1900...actually contemplated heading to sac but the lady didnt want to commute cause she works in Fairfield...

Good call on her part. Even if there's no traffic, that commute still sucks. I had to commute from Sac to Richmond for a couple weeks when I first stated my job, I don't know how I got anything done at work during that time .

 

[babygawd]

Went and saw a house that my husband and I really like. It's an old house and still has some knob and tube wiring. Waiting to hear from the listing agent if they put in new electrical and turned off the knob and tube. Anyone have any experience with that kinda old wiring? The house is priced really well and needs some updating so I wouldn't mind putting in new electrical but I just don't know how safe it is. It's stressing me out.

 

[supermanblue79]

Down to the home stretch....
Countertops installed

Neo angle shower for the master bath

Nice work. Loving the waterfall countertop

Went and saw a house that my husband and I really like. It's an old house and still has some knob and tube wiring. Waiting to hear from the listing agent if they put in new electrical and turned off the knob and tube. Anyone have any experience with that kinda old wiring? The house is priced really well and needs some updating so I wouldn't mind putting in new electrical but I just don't know how safe it is. It's stressing me out.

The knob and tube wiring no longer meets codes in many areas across the US and can be a safety issue. You'll want to make sure the new wiring was done correctly and not spliced in directly with old the knob and tube. The listing agent works for the homeowners, so don't count on him/her to disclose issues with the wiring or any thing else wrong with the house. You'll need to be sure to hire a good home inspection to uncover any problems. Rewiring a home the right way can cost anywhere from $4,000 to upwards of $10,000, but this cost can be negotiated into the final price of the home. Good luck.

 

[ekrev98]

Countertops installed

Nice work. Loving the waterfall countertop

Thanks! When we decided to do the waterfall countertop, I was worried how it would look against the tile floor but in person, it looks real good.