Home Buying & Real Estate Thread

[polosanddunks]

Yall boys better set up shop in Katy

if I had a family I would be in Katy ASAP. Im tryna be in the city though.

 

[mr jordan04]

Can I get any lower than 3.5 for a 30 year refi? That's what they're offering me right now

 

[itshlittt]

does FHA accept coops and condos? bout to purchase within the year

 

[ekrev98]

does FHA accept coops and condos? bout to purchase within the year

FHA will do condos but not co-ops. But you have to make sure the condo is HUD approved
https://entp.hud.gov/idapp/html/condlook.cfm

Can I get any lower than 3.5 for a 30 year refi? That's what they're offering me right now

You may want to hit up another mortgage company just to see what is available and compare apples to apples. I had a buyer who was pre-approved for a loan and I told them to go get a second opinion and referred them to my loan officer and she was able to get lower rate. It doesn't hurt to try.

 

[wavy daddy]

What part of Houston you trying to be in? Im looking right now as well in Houston.

Man i stay on the border of spring branch and memorial.
They tearin homes down and re buildin like a mofo.

Yall boys better set up shop in Katy

Man we been llokin at katy here and there but i dont like **** out there but the prices on the houses. Its far, everything is stretched out...:and its katy i gota be closer to that nawf.

 

[dam itz lou]

So I was dealing with a bank and my agent wanted a DU approval from them when he presented our offer to show we were really qualified. He said he couldn't provide it because of rules & regulations. He can only send a letter saying we were DU approved. My agent referred me to a bank and they provided it with no problem. They didn't tell me "oh we're not suppose to do this but we're going to do it for you" type of thing.

I liked the guy I was dealing with but if we have an issue with making an offer then I'm worried about the rest of the process. He then sent me a text saying "remember your agent works for the seller, not you. I work for you". I'm not sure what that means because our agent is not representing both sides. Is he just salty ?

 

[crcballer55]

So I was dealing with a bank and my agent wanted a DU approval from them when he presented our offer to show we were really qualified. He said he couldn't provide it because of rules & regulations. He can only send a letter saying we were DU approved. My agent referred me to a bank and they provided it with no problem. They didn't tell me "oh we're not suppose to do this but we're going to do it for you" type of thing.

I liked the guy I was dealing with but if we have an issue with making an offer then I'm worried about the rest of the process. He then sent me a text saying "remember your agent works for the seller, not you. I work for you". I'm not sure what that means because our agent is not representing both sides. Is he just salty ?

Sounds like it. Your agent has an interest in getting you the best deal possible. Most agents make a good amount of their business off referrals, so a happy client is more likely to refer someone else to use them for future deals.

There shouldn't be a problem with a pre-approval letter. We ask to cross qualify all of the buyers that we accept on our listings just to make sure if they run into any problems, we have a backup plan.

 

[D StaXX]

I called on an investment property and the guy told me I would have to put down 30% due to the majority of ownership being rentals.
Has anyone ever dealt with this? Are there any ways around it?

 

[Moheezy]

For any first time buyers, here is something to think about:

 

[mynameaintg]

great video. discipline is the key in everything. lol.

 

[206to813]

Video doesnt work

 

[ekrev98]

I called on an investment property and the guy told me I would have to put down 30% due to the majority of ownership being rentals.
Has anyone ever dealt with this? Are there any ways around it?

You should contact a local mortgage broker to see if other lenders can approve you based on the ownership of the units. I'm assuming it's more than 50% are rentals?

 

[D StaXX]

You should contact a local mortgage broker to see if other lenders can approve you based on the ownership of the units. I'm assuming it's more than 50% are rentals?

Correct. Thank you.
Going to make a few calls tomorrow to see if there's anyway around it.

 

[dam itz lou]

Sounds like it. Your agent has an interest in getting you the best deal possible. Most agents make a good amount of their business off referrals, so a happy client is more likely to refer someone else to use them for future deals.

There shouldn't be a problem with a pre-approval letter. We ask to cross qualify all of the buyers that we accept on our listings just to make sure if they run into any problems, we have a backup plan.

When we sat down with our agent for the first time he told us that the DU findings is something he would definitely need. We are buying with a low down payment in a area that people usually have the 20-30% to put down. I guess in a market like this its important to show the sellers that there won't be an issue going froward.

We got lucky with the home we found. It was overpriced which probably turned people off, the sellers agent doesn't know what she is doing, and the owners are in a rush to move.

The sellers have accepted our offer and we'll be signing contracts by Wednesday.

 

[crcballer55]

 

Sounds like it. Your agent has an interest in getting you the best deal possible. Most agents make a good amount of their business off referrals, so a happy client is more likely to refer someone else to use them for future deals.

There shouldn't be a problem with a pre-approval letter. We ask to cross qualify all of the buyers that we accept on our listings just to make sure if they run into any problems, we have a backup plan.

When we sat down with our agent for the first time he told us that the DU findings is something he would definitely need. We are buying with a low down payment in a area that people usually have the 20-30% to put down. I guess in a market like this its important to show the sellers that there won't be an issue going froward.

We got lucky with the home we found. It was overpriced which probably turned people off, the sellers agent doesn't know what she is doing, and the owners are in a rush to move.

The sellers have accepted our offer and we'll be signing contracts by Wednesday.

Good luck. Hopefully the listing agent is on top of things or else headaches will be had.

And remember, the 10 commandments of buying:

Congrats!

 

[ekrev98]

crcballer55 10 Commandments So true tho.

 

[jthagreat]

 

Sounds like it. Your agent has an interest in getting you the best deal possible. Most agents make a good amount of their business off referrals, so a happy client is more likely to refer someone else to use them for future deals.


There shouldn't be a problem with a pre-approval letter. We ask to cross qualify all of the buyers that we accept on our listings just to make sure if they run into any problems, we have a backup plan.

When we sat down with our agent for the first time he told us that the DU findings is something he would definitely need. We are buying with a low down payment in a area that people usually have the 20-30% to put down. I guess in a market like this its important to show the sellers that there won't be an issue going froward.


We got lucky with the home we found. It was overpriced which probably turned people off, the sellers agent doesn't know what she is doing, and the owners are in a rush to move.


The sellers have accepted our offer and we'll be signing contracts by Wednesday.

Good luck. Hopefully the listing agent is on top of things or else headaches will be had.

And remember, the 10 commandments of buying:




Congrats!

I did just violate #7 when I asked for a credit increase. I got the increase, and a week an a half later, I am starting the refinance process with the same company (USAA).

Hopefully it had no real effect. I am currently "locked in" at 2.375% for a 15 yr...Hoping things go well.

Estimated closing cost are much higher (nearly double) what their website stated

 

[crcballer55]

 

 

 

Sounds like it. Your agent has an interest in getting you the best deal possible. Most agents make a good amount of their business off referrals, so a happy client is more likely to refer someone else to use them for future deals.


There shouldn't be a problem with a pre-approval letter. We ask to cross qualify all of the buyers that we accept on our listings just to make sure if they run into any problems, we have a backup plan.

When we sat down with our agent for the first time he told us that the DU findings is something he would definitely need. We are buying with a low down payment in a area that people usually have the 20-30% to put down. I guess in a market like this its important to show the sellers that there won't be an issue going froward.


We got lucky with the home we found. It was overpriced which probably turned people off, the sellers agent doesn't know what she is doing, and the owners are in a rush to move.


The sellers have accepted our offer and we'll be signing contracts by Wednesday.

Good luck. Hopefully the listing agent is on top of things or else headaches will be had.

And remember, the 10 commandments of buying:




Congrats!

I did just violate #7 when I asked for a credit increase. I got the increase, and a week an a half later, I am starting the refinance process with the same company (USAA).

Hopefully it had no real effect. I am currently "locked in" at 2.375% for a 15 yr...Hoping things go well.

Estimated closing cost are much higher (nearly double) what their website stated

Out of pocket? Depending how long you plan on staying there (under 8 years) it might be worth it to roll them in and take a higher rate.

 

[206to813]

Good luck. Hopefully the listing agent is on top of things or else headaches will be had.

And remember, the 10 commandments of buying:




Congrats!

Im house hunting, got pre approved but havent put any offers down yet. Can i close a bank acct? I have 3, just want 2, been meaning to close it, just hasnt been a priority

 

[jthagreat]

 

 

 

Sounds like it. Your agent has an interest in getting you the best deal possible. Most agents make a good amount of their business off referrals, so a happy client is more likely to refer someone else to use them for future deals.



There shouldn't be a problem with a pre-approval letter. We ask to cross qualify all of the buyers that we accept on our listings just to make sure if they run into any problems, we have a backup plan.

When we sat down with our agent for the first time he told us that the DU findings is something he would definitely need. We are buying with a low down payment in a area that people usually have the 20-30% to put down. I guess in a market like this its important to show the sellers that there won't be an issue going froward.



We got lucky with the home we found. It was overpriced which probably turned people off, the sellers agent doesn't know what she is doing, and the owners are in a rush to move.



The sellers have accepted our offer and we'll be signing contracts by Wednesday.

Good luck. Hopefully the listing agent is on top of things or else headaches will be had.


And remember, the 10 commandments of buying:






Congrats!

I did just violate #7 when I asked for a credit increase. I got the increase, and a week an a half later, I am starting the refinance process with the same company (USAA).


Hopefully it had no real effect. I am currently "locked in" at 2.375% for a 15 yr...Hoping things go well.


Estimated closing cost are much higher (nearly double) what their website stated

Out of pocket? Depending how long you plan on staying there (under 8 years) it might be worth it to roll them in and take a higher rate.

I considered rolling them in, but then it puts me a bit too close to the PMI (80%) threshold. Considering my last loan, PMI would be about $60 more a month, plus im raising my monthly payment a lil over $100 to change to a 15yr.. I just spent $3000 getting my PMI removed...I made a bad decision about 6 months back to pay to get rid of the PMI and not refi at the same time. (think I posted about that)

So upin my payment $160, doesn't seem to be the best decision. I have the money for closing costs they estimated, and Ill still have a 6 month emergency fund, just thought closing costs wouldnt be that high. (5900$)

 

[crcballer55]

 

Good luck. Hopefully the listing agent is on top of things or else headaches will be had.

And remember, the 10 commandments of buying:




Congrats!

Im house hunting, got pre approved but havent put any offers down yet. Can i close a bank acct? I have 3, just want 2, been meaning to close it, just hasnt been a priority

 

If it's not hurting anything, just let it sit until everything closes ok. Even if there's no money, there's no harm in just letting it be.

 

[206to813]

ok [emoji]128077[/emoji]

 

[Moheezy]

Video doesnt work

Does it work now?

 

[jaypesoz]

Me and the wife are two weeks into the new crib and we still have about 20% left to unpack. This whole experience has been so surreal. I'm gonna work on wall mounting all of our tv's this weekend but at least I got my Vader display looking mean in my mancave already.

Gonna setup Boba Fett and a Royal Guard within the next couple of weeks, need to do a few events first

 

[ekrev98]

Im house hunting, got pre approved but havent put any offers down yet. Can i close a bank acct? I have 3, just want 2, been meaning to close it, just hasnt been a priority

If it's a personal bank account, that won't affect the loan. There's no money (checking, savings, ira, etc..) in the account right?