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post #31 of 3338
Quote:
Originally Posted by G mat ic View Post

Is it possible to get a home with no down payment what so ever and a loan but good credit for a home in the $300k range?

FHA requires 3.5% but good luck with that PMI... also $300k? Again, good luck with that $2,100 mortgage.
post #32 of 3338

You do know that in some area's across the country, cost of property/living is much higher..I am currently looking for a 1-family house and my budget is $2500 mortgage but houses under $300k need a lot of work to update them..

 

In my area in NY, our rent rates compare to most of the mortgage rates around the country...

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post #33 of 3338
good luck to those saving in NY I can only imagine no way that is easy but im out here in the bay and property prices are so serious
and cash offers are in abundance
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post #34 of 3338

I bought a short sale home. I wasn't necessarily looking for one but the house i wanted just happened to be and was in my price range. I put a bid on the house Sept 17 and closed on January 3rd. Did the FHA loan with 3.5% down. Mortgage is $1,600/month.

 

Now the house was in good shape but every room (10 rooms) needed to be spackled, sanded and painted. It gets expensive and very time consuming. I work 11-12 hours a day so it seriously feels like its taking forever. The hardwood floor in the living room needs to get sanded down, buffed & waxed. 

 

Just ordered a new fridge and getting that on friday :hat

 

Once the weather here in Jersey gets better, hoping for April, i can power wash the house and get it painted.  

post #35 of 3338
10 rooms!? eek.gif
post #36 of 3338
I'm in the process of getting my pre approval done. Just payed both credit cards down. Have a small cushion of about 10k but the house I'm looking at is only 180k 4 bd rms 3 baths. Tx btw.
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post #37 of 3338
I'm trying like hell to get rid of my house, had an offer a few days ago but it was a troll, lowball offer. Had to counter and dude moved on
post #38 of 3338
Quote:
Originally Posted by mr jordan04 View Post

10 rooms!? eek.gif

I'm pretty sure he didn't mean bedrooms... some places count kitchen, living room, dining room... ect. as rooms.
post #39 of 3338
Quote:
Originally Posted by DatZNasty View Post

I'm trying like hell to get rid of my house, had an offer a few days ago but it was a troll, lowball offer. Had to counter and dude moved on

 

You trying to buy another house, or are you taking a break from home ownership for awhile?

 

Personally, I can't wait to not own a home anymore.  :lol  

post #40 of 3338
I don't know, but I know I'm going back to the crib (parents' house) for a month or two while I think about it. With no bills, pockets gonna be extra swollen. I live out of in the country so there's less to no choices on services so everything is extra expensive. I pay $99 a month for internet, whereas in town I could get internet, home phone, alarm monitoring, and cable for $85. They raised everybody in OK's insurance over $100 because of the Moore tornadoes, which were no doubt a tragedy, but it's still geography based that those killer ones don't come here. It;s 55 miles away where all those air streams meet that cause all of that.

I'll probably just stay at my old room for 6-8 weeks, then get an apartment or rental home on a short 6 month lease and that'll give me some time to look and see if I even want to stay here or maybe move
post #41 of 3338
BUMP for a good thread...

I'm looking to buy a home in Long Island next year but the property taxes are pricey. They could be anywhere from 7k-12k/year.

I've been looking into co-ops but alot of places charge 700-900 for maintenance and they dont have a gym,pool, etc. I've heard maintenance never really goes down so not too happy about that idea and my girl hates the idea of co-ops & dealing with the board when you want to make changes.

I've been paying off my debt and should be debt free in 4-6 months. happy.gif
Edited by Dam itz Lou - 11/8/14 at 7:01pm
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post #42 of 3338
Hopefully should be closing early December. That mortgage payment is hefty but I'm not about that 1hr+ commuting life.
post #43 of 3338
What you guys think about owning a building or just having rental income from your property? 3 family home and renting out 2 of them etc?


This usually takes place in urban areas though
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post #44 of 3338
Quote:
Originally Posted by CoolGrayMemo View Post

Home loans have gotten a lot stricter in the past year. Especially for investment properties. The process took several weeks a few years ago. In the last property we bought, it took over a month,
Quote:
Originally Posted by Carver View Post

All I can say is down 20% and avoid the PMI

PMI = sick.gif

Even if you have a down payment of 20%, you can still get hit with the PMI.

Mostly people with bad history though.

What's the PMI? Feel like I should know this.

I'm thinking about buying a condo here in the bay area to rent out. I'd continue living at my old man's home and collect the profit from the rental house and my job and repeating multiple times.

Gonna meet up with a Realtor early next year to see what they say about a first time homeowner deal. Hopefully that will help with my taxes too mean.gif
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post #45 of 3338
I bought my first home with a 580 credit score with zero money down. Anyone can. It's called a rural loan from the gov. The give you the loan to move into so called rural areas that need filling

Bought my 2nd house years later off a FHA $100 down loan.. Credit score then was just of 600.

Pmi I got. It's basically insurance...
Edited by Superb - 11/8/14 at 8:52pm
post #46 of 3338
Quote:
Originally Posted by zapatohead408 View Post
 
Quote:
Originally Posted by CoolGrayMemo View Post

Home loans have gotten a lot stricter in the past year. Especially for investment properties. The process took several weeks a few years ago. In the last property we bought, it took over a month,
Quote:
Originally Posted by Carver View Post

All I can say is down 20% and avoid the PMI

PMI = sick.gif

Even if you have a down payment of 20%, you can still get hit with the PMI.

Mostly people with bad history though.

What's the PMI? Feel like I should know this.

I'm thinking about buying a condo here in the bay area to rent out. I'd continue living at my old man's home and collect the profit from the rental house and my job and repeating multiple times.

Gonna meet up with a Realtor early next year to see what they say about a first time homeowner deal. Hopefully that will help with my taxes too mean.gif

 

PMI (mortgage insurance for the lender in case of borrower default) is pretty low now if you're going conventional. However, if you get an FHA loan, the PMI is with you for the duration of the loan and it's pretty hefty too!

 

From experience, stay away from any California down payment assistance loans (CHDAP) too. I bought my first home in '08 with a down payment loan and they refused to allow me to refinance the first even though i was underwater and the rate was significantly higher than the going rate at the time.

post #47 of 3338
I am in a unique situation. The home that was owned by my grand parents was left to my aunt, uncle and father. My aunt has 2/3rd of the house and my uncle and father each have 1/6th. My aunt and father approached me with an offer I can not refuse. They will gift me their share of the house and I would only have to pay my uncle's portion. The only condition is that I have the same deal with my brother and sister if I ever sell the house. I get 2/3 and they each get 1/6. The house is currently valued at around 250K. So it would cost me roughly 42K. How should i go about this. Would a Realtor be able to draft this up, do i need to get a lawyer involved? Looking to get a mortgage of about 60K so that I could use the remainder to make improvements to the house.
post #48 of 3338
Is 10k in the bank and 6k in your 401k as a 24 year old be enough cushion to move into home ownership? For lets say a $1500/month mortgage? (Taking into consideration that your currently paying $1600/month rent and are comfortable with it)...mortgage would be 100% financed (no down payment)
post #49 of 3338
Quote:
Originally Posted by FlyNY View Post

Is 10k in the bank and 6k in your 401k as a 24 year old be enough cushion to move into home ownership? For lets say a $1500/month mortgage? (Taking into consideration that your currently paying $1600/month rent and are comfortable with it)...mortgage would be 100% financed (no down payment)
Worst thing you want is to pay 3 years of your mortgage and then default. If you've got a great job, maybe.
post #50 of 3338
No down means you're relying solely on other economic conditions to preserve value or appreciate without a cushion

Factor in maintenance, prop tax and insurance to compare costs first.
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post #51 of 3338
Quote:
Originally Posted by jumpman0217 View Post

I am in a unique situation. The home that was owned by my grand parents was left to my aunt, uncle and father. My aunt has 2/3rd of the house and my uncle and father each have 1/6th. My aunt and father approached me with an offer I can not refuse. They will gift me their share of the house and I would only have to pay my uncle's portion. The only condition is that I have the same deal with my brother and sister if I ever sell the house. I get 2/3 and they each get 1/6. The house is currently valued at around 250K. So it would cost me roughly 42K. How should i go about this. Would a Realtor be able to draft this up, do i need to get a lawyer involved? Looking to get a mortgage of about 60K so that I could use the remainder to make improvements to the house.

Real estate attorney.
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post #52 of 3338
Quote:
Originally Posted by crcballer55 View Post

PMI (mortgage insurance for the lender in case of borrower default) is pretty low now if you're going conventional. However, if you get an FHA loan, the PMI is with you for the duration of the loan and it's pretty hefty too!

From experience, stay away from any California down payment assistance loans (CHDAP) too. I bought my first home in '08 with a down payment loan and they refused to allow me to refinance the first even though i was underwater and the rate was significantly higher than the going rate at the time.

Yeah but at least in Ca those are unsecured effectively with no clawback
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post #53 of 3338
Quote:
Originally Posted by jumpman0217 View Post

I am in a unique situation. The home that was owned by my grand parents was left to my aunt, uncle and father. My aunt has 2/3rd of the house and my uncle and father each have 1/6th. My aunt and father approached me with an offer I can not refuse. They will gift me their share of the house and I would only have to pay my uncle's portion. The only condition is that I have the same deal with my brother and sister if I ever sell the house. I get 2/3 and they each get 1/6. The house is currently valued at around 250K. So it would cost me roughly 42K. How should i go about this. Would a Realtor be able to draft this up, do i need to get a lawyer involved? Looking to get a mortgage of about 60K so that I could use the remainder to make improvements to the house.

If your buying the house you won't need a lawyer or anything just buy it for 40k and give them their money. Once the house is in your name nothing else can be done. Just make sure you hold to you word.

No need for them to gift you anything just buy the house for 40k and put it in your name
post #54 of 3338
Quote:
Originally Posted by FlyNY View Post

Is 10k in the bank and 6k in your 401k as a 24 year old be enough cushion to move into home ownership? For lets say a $1500/month mortgage? (Taking into consideration that your currently paying $1600/month rent and are comfortable with it)...mortgage would be 100% financed (no down payment)

All depends. When I first got my first home i only had $400 in my account. It stayed that way for years. I was able to survive
post #55 of 3338
Quote:
Originally Posted by zapatohead408 View Post

What's the PMI? Feel like I should know this.

I'm thinking about buying a condo here in the bay area to rent out. I'd continue living at my old man's home and collect the profit from the rental house and my job and repeating multiple times.

Gonna meet up with a Realtor early next year to see what they say about a first time homeowner deal. Hopefully that will help with my taxes too mean.gif

Good luck my man. Im out here to towards the south east bay now stoll looming but its so expensive. Still waiting for things to slow down. Prices are crazy and we get little sq ft ojt here not to mention hoa's are crazy
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post #56 of 3338
I really want to move out my uncle's house next summer, but it maybe until 2016 that I feel comfortable enough to move out.

I got about $20k saved up, but housing prices in NoVA. mean.gif
post #57 of 3338
Quote:
Originally Posted by FlyNY View Post

Is 10k in the bank and 6k in your 401k as a 24 year old be enough cushion to move into home ownership? For lets say a $1500/month mortgage? (Taking into consideration that your currently paying $1600/month rent and are comfortable with it)...mortgage would be 100% financed (no down payment)

 

1. Make sure you have 3-6 months of expenses in your emergency fund.

2. Pay off any debts

3. Make sure the entire amount of your payment (principle, interest, taxes, insurance, etc.) are no more than 1/3 of your take home pay.

 

If you have all those in place, then consider buying a house. No matter what anyone says, a house will cost you more than renting unless you're in a blighted area. Even if the monthly payments pen out, you WILL have to make your own repairs to the home and that will add up over time. The advantage to owning is that you can write off the interest portion of the loan and eventually have NO payment, which can be used for whatever you want down the road.

post #58 of 3338
Does anyone know how taxes on homes are calculated ? I'm looking at homes in the 200-250k and I've seen taxes on houses from 7k to 12k. Is it possible to get them lowered?
Edited by Dam itz Lou - 11/9/14 at 10:41pm
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post #59 of 3338
I just went through the process and closed on my first home. I saw earlier that one cat would rather rent and I personally disagree. Yes you have repairs that can be costly at times but your home is an investment which appreciates in value. I would rather pay my mortgage than paying someone else's by renting from them. Now I was fortunate and don't have to pay PMI because I served in the USMC and was able to get a VA loan which helped tremendously! Good luck to you guys trying to purchase a home.
post #60 of 3338
Normally your taxes stem from the appraisal of the home you are buying and what area is the home located in.
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