Home Buying & Real Estate Thread

[crcballer55]

And as I post the article, news comes that they've moved the date to October 1. Thankfully, they've listened and moved it past the traditional buyer season.

http://www.housingwire.com/articles/34226-cfpb-moves-trid-effective-date-to-oct-1

 
Good move by the CFPB somewhat improves the efficiency. 15 day wait sucks but protects the consumer at the end of the day to ensure theyre not getting dicked over.

I'm not sure why someone would need 15 days to review their mortgage cost though. If they're consolidating the forms to make it easier to read & understand, wouldn't that mean a cut to the escrow period would work?

What about the people who need to sell ASAP and move out of town to buy a new home? That just delays both sides.

 

[dam itz lou]

Crcballer, what are my options for searching for the best mortgage rates besides commercial banks ? can you use it as leverage vs. other banks ?

 

[hoosierdaddy317]

 
And as I post the article, news comes that they've moved the date to October 1. Thankfully, they've listened and moved it past the traditional buyer season.

http://www.housingwire.com/articles/34226-cfpb-moves-trid-effective-date-to-oct-1

 
Good move by the CFPB somewhat improves the efficiency. 15 day wait sucks but protects the consumer at the end of the day to ensure theyre not getting dicked over.

I'm not sure why someone would need 15 days to review their mortgage cost though. If they're consolidating the forms to make it easier to read & understand, wouldn't that mean a cut to the escrow period would work?

What about the people who need to sell ASAP and move out of town to buy a new home? That just delays both sides.

Yeah it does delay it both sides but theres nothing you really can do. Before it was only a 3 day waiting period if adjustments were made in the HUD1. They were probably making mistakes still with only a 3 day waiting period so they upped the ante to 15.

 

[crcballer55]

Crcballer, what are my options for searching for the best mortgage rates besides commercial banks ? can you use it as leverage vs. other banks ?

what are my options for searching for the best mortgage rates besides commercial banks ?

Don't use a commercial bank. They own most of the market, so they don't have to be competitive on rates. Most people think they can get some kind of special perk because they have an account there. In reality, their departments don't even talk to each other. Working with one of the REO departments, they didn't even know what the mortgage/loan mod department was doing...

Honestly, I wouldn't just look for the best rates. You'll want to look for someone with good communication, is able to close on time (maybe the most underrated aspect), and fees. Talk with your Realtor. Chances are they have a preferred lender they work with they can recommend. You probably won't get the best pricing, but if they've been working together a while, they will work harder to make sure the process goes smoothly and closes on time.

 

[benny bugatti]

Is it possible to buy an investment property with very little down (3% - 5%)?

 

[pdino]

 
Is it possible to buy an investment property with very little down (3% - 5%)?

FHA 3.5% loan if you're first time home-buyer, usually have to live in it though. 

Ex. Buy a triplex for 100k, live in one unit, rent out the other two. Put down 3500$ (3.5%)

VA loans you can put down less if you or family/spouse got connects

 

[capital sb]

Is it possible to buy an investment property with very little down (3% - 5%)?

FHA (3.5%) or conventional (3.5%-5% depending on lender), but you have to live in the property, so duplex,triplex, or 4 plex is your best bet. I would have went this route if I was single.

Thank God the new changes got pushed back I close first or second week of September.

pdino VA loans require no money down and are only available to military/veterans. I believe if you did reseves for 3 years you qualify.

 

[crcballer55]

 
Is it possible to buy an investment property with very little down (3% - 5%)?

I think someone was pitching this several pages back, but the FHA option was only for certain states.

 

[sole searchin]

P4L

 

[capital sb]

Average rent in DC raised by 5% this Spring. A one bedroom apartment will run you $2100/mo

http://www.washingtonian.com/blogs/...ington-increased-by-5-percent-this-spring.php

Wish I had the funds to grab some investment real estate out here. Now is the time to buy a home imo.

 

[chewie]

Was supposed to close on our house June 15. However, there was a huge problem.

The roof inspector told the builder they needed an additional vent n the roof for the attic. Well when the new vent was installed, it wasn't secured properly. And as luck would have it, there were torrential rains for two days straight. Massive leak through the ceiling onto the great room floors. We get a call from the builder to meet them at the house, and we see this

Due to contractor negligence, our closing date has now been pushed back to July 7th, damn near a mnth past the original date we were given in May. Which means an extra mnoth rent, extra storage unit payment, and a logistics nightmare because we had to reschedule appliance and furniture deliveries, and reschedule movers

I proceeded to LEAN on the builder for multiple days n a row until they folded. For our "inconvenience, " they're gonna cut us a check for $8,000 after closing, and of course I made sure to get that in writing.

Technically the builder didn't owe us anything as there is language in the contract that protects the builder fromo being liable for any incurred costs to the buyer if closing dates aren't met. But I went so hard on them dudes they threw money at me to leave em alone lol

This is our second time building a house with Meritage Homes, and I told them if anything, I should be treated like a VIP. yet this time around the communication sucked, we never got any updates, and their subcontractor ruined our floors and will take 3 weeks to fix

Sorry, rant over lol

 

[nazdrowie]

not in the market, but is buying a house ($350K) on a VA loan with little to no money down a good move? my good friend just did that for a brand new development...

i know VA loans have certain benefits and rates (i think?), but no down payment (at least for that amount) seems sort of risky to me...or is it all about cash flow? 

 

[capital sb]

nazdrowie that is the benefit of a VA loan. It's no money down and low interest rates(no pmi also I believe). I don't see anything risky about it you have to still qualify for the mortgage.

Seems like all people think about is if your aren't putting down 20% on a house you can't afford it and shouldn't be buying. Doesn't make any sense to me. Would take me atleast 4 years to save 20% on a home in the DC area and by then house prices will be higher and interest rates will be higher . There are ways around pmi and that's the only argument people have about the 20% down.

 

[crcballer55]

 
not in the market, but is buying a house ($350K) on a VA loan with little to no money down a good move? my good friend just did that for a brand new development...

i know VA loans have certain benefits and rates (i think?), but no down payment (at least for that amount) seems sort of risky to me...or is it all about cash flow? 

VA's have certain benefits, but if you're putting no money down now, you're just paying more in interest over the life of the loan.

You'll also pay more in funding fees each additional time you use it, so if you plan on buying more than one home, you'll pay more if you use a VA loan the second and third time.

 

[HankHill]

How much is your monthly payment (mortgage, taxes, fees, etc)? Thats the only reason i'd avoid zero down.

 

[chewie]

I did va loan, put zero down. 30 year mortgage that we plan to pay off in 15, toss a solid 900-1000 every month on top of our mortgage payment

 

[dam itz lou]

So we just visited our first realtor and she was really nice but she kept dodging my question when I asked what do 2BR 1 bath co-ops go for in the area. We were interested in a co-op that they have listed and they're asking $159k. She said they probably want 150k but that didn't answer my question.

We asked if she could recommend anyone for a loan, she recommended someone from chase bank.

I love the neighborhood. It's a quiet neighborhood that's a 5 minute drive from a major blvd which have all the stores we would need and a bunch of restaurants.

This is the property. The kitchen definitely has to be gutted. I could live with the bathroom but it would definitely need to be renovated in the future. I like the size, it just needed some cosmetic work.

http://www.trulia.com/property/3204985920-15551-79th-St-4-Queens-NY-11414#photo-13

 

[crcballer55]

So we just visited our first realtor and she was really nice but she kept dodging my question when I asked what do 2BR 1 bath co-ops go for in the area. We were interested in a co-op that they have listed and they're asking $159k. She said they probably want 150k but that didn't answer my question.

We asked if she could recommend anyone for a loan, she recommended someone from chase bank.

I love the neighborhood. It's a quiet neighborhood that's a 5 minute drive from a major blvd which have all the stores we would need and a bunch of restaurants.

This is the property. The kitchen definitely has to be gutted. I could live with the bathroom but it would definitely need to be renovated in the future. I like the size, it just needed some cosmetic work.

http://www.trulia.com/property/3204985920-15551-79th-St-4-Queens-NY-11414#photo-13

RUN!

 

[dam itz lou]

When she handed me his business card I thought to myself "crcballer wouldn't approve".

 

[crcballer55]

When she handed me his business card I thought to myself "crcballer wouldn't approve".

Am I like that little angel sitting on your shoulder?

I would have given her the

I think our office has Chase or Citi as a preferred lender & I want to drop kick the signs whenever I see them after having to deal with Chase on a daily basis for 2 1/2 years. Such incompetence throughout the company. But I digress...

 

[dam itz lou]

I've looked up reviews for the big banks and I've read some horrific reviews especially for Chase. Quicken loans had some decent reviews. I just don't know where to start.

 

[dont be a menace]

welp, my fams plans to buy a house ended up not happening. just got an update on the houses we liked and saw how much they sold for :x

2 bd 1 bath 1,070 sq ft just outside SF
$599,000 asking
sold for $707,000

3 bd 2 bath 1,584 sq ft in SF
$595,000 asking
sold for $845,000


ended up just getting an apartment for myself for now. hard out here in SF man

 

[mr jordan04]

How tf does somebody pay 250k over asking price? Wow

 

[crcballer55]

How tf does somebody pay 250k over asking price? Wow

Just the change in interest rates have made homes 7.5% less affordable over the past couple months. Someone that was looking at a $500k mortgage at 3.5% can now only afford $462,500 at 4.25%

 

[mr jordan04]

^^^^ I get that
What I'm saying is how somebody can willingly pay 42% above the "asking price"

I know it goes to the highest bidder, but **pusha t voice** uuuuuughhhk