Home Buying & Real Estate Thread

[ekrev98]

Finally done!

Any San Diego NT'ers want to come by and say hello; I'm holding an open house this Sunday July 17 from 11am to 4pm.

 

[mynameaintg]

does this make sense to yall?

there is an down-payment assistance program in Atlanta for up to 20% (up to 45,000) available to single income households of under $37,840.

the homes have to be in certain parts of Atlanta (around the Beltline) where the average house for sale is around $150,000.

will people actually be able to get approved for loans with that income and will they be able to pay their mortgage and property taxes?

 

[ootherocoo]

 

 
The renovation continues.  We're now nearing the end, and a lot of the fine detail work still needs to be done.  Here are a couple more Before/After pics.

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I struggled with taking a lot of the character of my house too but the modern look is cleaner.

The craftsmanship looks great too.

Where in NYC?

Thanks a lot.  Yea. I'm in Queens

 

[crcballer55]

does this make sense to yall?

there is an down-payment assistance program in Atlanta for up to 20% (up to 45,000) available to single income households of under $37,840.

the homes have to be in certain parts of Atlanta (around the Beltline) where the average house for sale is around $150,000.

will people actually be able to get approved for loans with that income and will they be able to pay their mortgage and property taxes?

What are you asking? What are the terms of the DAP?

Whether is makes sense for the individual depends how they handle their money and how much debt they have.

Personally, I don't think DAP's should be that high since I believe a big factor to the housing crash was because a lot of people didn't have any skin in the game (the banks didn't either, but that's another discussion), so they could just walk away without losing anything but their "rent".

 

[mynameaintg]

What are you asking? What are the terms of the DAP?

Whether is makes sense for the individual depends how they handle their money and how much debt they have.

Personally, I don't think DAP's should be that high since I believe a big factor to the housing crash was because a lot of people didn't have any skin in the game (the banks didn't either, but that's another discussion), so they could just walk away without losing anything but their "rent".

http://fhlb.beltline.org/buy-a-home/

i feel like its a trap or too good to be true.

can a person really afford a $150,000 home with that income? also with property values continuing to rise, will they also be able to afford the rise in property tax?

i feel like they are handing out false hope to people. when they cant afford their payments anymore, theyll have to foreclose or sell, and then theyll have to pay back the original assistance payment.

 

[stork]

can a person really afford a $150,000 home with that income?

yes. 130K - 30 year that comes out to 6-700/month. about what that person is probably paying in rent in ATL I would assume.

As long as the persons credit history, and financials are stable & legit, no reason they can't afford it.

renting is detrimental to the economy in the long run, home ownership is key to building wealth.

 

[edshoecator]

 
Thanks a lot.  Yea. I'm in Queens

 Super Jeally.

House looks clean.

 

[dceja]

400k home 40k down in ca whats the mortgage looking like?

 

[edshoecator]

400k home 40k down in ca whats the mortgage looking like?

all depends on your credit.

Rates vary.

 

[dceja]

Rough estimate if possible...credit score 700 and 3.2

 

[crcballer55]

 

What are you asking? What are the terms of the DAP?

Whether is makes sense for the individual depends how they handle their money and how much debt they have.

Personally, I don't think DAP's should be that high since I believe a big factor to the housing crash was because a lot of people didn't have any skin in the game (the banks didn't either, but that's another discussion), so they could just walk away without losing anything but their "rent".

http://fhlb.beltline.org/buy-a-home/

i feel like its a trap or too good to be true.

can a person really afford a $150,000 home with that income? also with property values continuing to rise, will they also be able to afford the rise in property tax?

i feel like they are handing out false hope to people. when they cant afford their payments anymore, theyll have to foreclose or sell, and then theyll have to pay back the original assistance payment.

"The assistance amount must be repaid in the event that the home is resold, the home is no longer owner-occupied, the home is refinanced, or in foreclosure."

The terms look good. But what's the interest rate? Either way, you're going to be financing 100% of the loan and will end up paying interest on the full amount and paying more than if you save up the down payment. I'm guessing there will still be some kind of PMI in there too since the liability is still there?

400k home 40k down in ca whats the mortgage looking like?

Contact a lender. The question is way too vague because it depends on many factors.

 

[ekrev98]

Rough estimate if possible...credit score 700 and 3.2

$360k loan amount and lets just say 3.75% 30 yr fix you'd be looking at $1668 a month. Plus PMI (Let's say 1%)  thats another $300 per month. Gotta add in taxes and insurance for escrow so that's dependent on what part of cali you live in and what type of coverage you want. 

Interest rate will depend on various factors.

 

[crcballer55]

 

Rough estimate if possible...credit score 700 and 3.2

$360k loan amount and lets just say 3.75% 30 yr fix you'd be looking at $1668 a month. Plus PMI (Let's say 1%)  thats another $300 per month. Gotta add in taxes and insurance for escrow so that's dependent on what part of cali you live in and what type of coverage you want. 

Interest rate will depend on various factors.

Is PMI really still that high? I think I'm paying something like $70-80/mo on a similar amount.

 

[ekrev98]

Is PMI really still that high? I think I'm paying something like $70-80/mo on a similar amount.

No idea. I just used the the highest % which is 1%. My friend pays like $200 and some change on a $299k loan.

 

[crcballer55]

 

Is PMI really still that high? I think I'm paying something like $70-80/mo on a similar amount.

No idea. I just used the the highest % which is 1%. My friend pays like $200 and some change on a $299k loan.

Got it. Ya, we were paying about $210 on a $305k loan back when we bought in 2008 with a DAP for the rest. Now it's $70 for $340k, but I think some of that is because of how much we were able to put down for the house.

 

[SneakerProSr.]

Yall switch Homeowners' Insurance every year?

Mine just went up $200 for this year

 

[crcballer55]

Not usually, but if it went up that much, I would at least look around.

 

[D StaXX]

Yall switch Homeowners' Insurance every year?

Mine just went up $200 for this year

Who are you with?

 

[ekrev98]

 
Got it. Ya, we were paying about $210 on a $305k loan back when we bought in 2008 with a DAP for the rest. Now it's $70 for $340k, but I think some of that is because of how much we were able to put down for the house.

Just checked w/ my LO. It's .85% now...before it was 1.35%  

 

[ekrev98]

Professional pics are in. One of my favorite remodels so far!

Had an open house today but didn't put it on the MLS or didn't advertise very much but got a good amount of foot traffic in. I just put it on the MLS tonight so *fingers crossed* this one sells quick.

 

[Los Angeles]

what part of sd is that, that backyard

 

[dceja]

Wheres the best site or app to find homes for sale?

 

[ekrev98]

what part of sd is that, that backyard

Del Cerro...near SDSU

Wheres the best site or app to find homes for sale?

I use RedFin

 

[eugenile gts]

400k home 40k down in ca whats the mortgage looking like?

$400K
$40K (10%) down
30 year fixed
3.75% interest
$1.2% property tax = $4800/year
Home Insurance = $300/year (I was generous here, average quotes are higher)
PMI

Expect monthly payment to be:
$2300 or to be exact so the number looks lower---- $2269

no PMI should be closer to $2100

keep in mind this is factoring the property tax, and home insurance into the monthly. Obviously you can opt to not have it in the mortgage to give you the idea that you are paying a lower mortgage but you know youll have to pay that big chunk of property tax sometime.

 

[capital sb]

@ekREV98  the remodel looks great. I am sure that will be a quick sell.

What color grey do you all use on the walls? I am about to paint my walls grey and that is the exact color I am looking for.