Me and wifey been stacking like crazy. We don't go out or do nothing but work and stack. After we get the crib then we're going to plan a wedding. I don't buy kicks anymore, and plan to sell my entire size 11-12 collection this spring. Saving money is a lot harder to do in a state like NYC though because everything is expensive out here.
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, PMI = :x Even if you have a down payment of 20%, you can still get hit with the PMI. Mostly people with bad history though.
Just be sure to paper trail EVERYTHING!!!! Jesus, I can't emphasize "everything" enough! Stay away from using your credit card, make sure you can source all your deposits (no cash deposits) http://niketalk.com/content/type/61/id/696129/flags/LL[/iimg] [img]http://niketalk.com/content/type/61/id/696130/flags/LL I plan to rent this property out in the next year or so.
FHA requires 3.5% but good luck with that PMI... also $300k? Again, good luck with that $2,100 mortgage.
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...
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
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 Once the weather here in Jersey gets better, hoping for April, i can power wash the house and get it painted.
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.
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
I'm pretty sure he didn't mean bedrooms... some places count kitchen, living room, dining room... ect. as rooms.
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.
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
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.
Hopefully should be closing early December. That mortgage payment is hefty but I'm not about that 1hr+ commuting life.
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
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
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...
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.
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.
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.
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.