- Jun 29, 2000
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hence the great deal---but too bad its pending. i wonder if its going to be sold for $100K over asking.
Home Buying & Real Estate Thread
- Thread in 'General' Thread starter Started by TYE_The Time Traveler,
- Start date
hence the great deal---but too bad its pending. i wonder if its going to be sold for $100K over asking.
- Aug 19, 2015
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Scrape it, build brand new, sell for triple.
antidope
Supporter
- Jan 2, 2012
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For those who own homes, what percentage of your take-home pay is your mortgage payment?
- Aug 19, 2015
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Most lenders want to see your DTI ratio (Debt To Income) at like 35% or less. Some will allow up to 43%. That is of "gross pay" though, not "net pay".
My mortgage payment is actually right at 43% of my take-home, but that is only based on my salary - not including my wife's.
- Mar 14, 2011
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Mines is about the same since i pay escrow.
antidope
Supporter
- Jan 2, 2012
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I'm only carrying a car loan at present and that's really by choice, I had the cash to buy the car outright since the day I got it but I've had no debt in life outside of SL and CC debt so I took that loan solely for the purpose of establishing a good track record. It's less than 10% of my gross.
- Aug 19, 2015
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antidope
Supporter
- Jan 2, 2012
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Jersey, I paid off my SLs around two years ago. Have never paid a cent of CC interest, I pay it off in full every month. Since then just been trying to save/help out family. But now I want to get my own house.
- Oct 8, 2003
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Possible to put down 10% and avoid PMI?
- Apr 2, 2007
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Or refinance after a year.
- Aug 19, 2015
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Well good credit score + decent job + low DTI ratio should get you eligible for a loan. Next step is to talk to a lender and see where you are at. This will cause a hard pull on your credit (so it may dip slightly) - so keep that in mind. Probably not worth it to pull your info, if you aren't ready to buy in the very near future.
You have a decent amount of savings, for a down payment? Don't forget to include closing costs, which adds thousands in addition to your down payment.
antidope
Supporter
- Jan 2, 2012
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I got pre approved already I'm just waiting to find a place I truly like.
I've built Ulla decent amount of cash and have decided to liquidate a portion of my investment portfolio if need be to help pay for it
- Feb 6, 2010
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typically not lenders want 20% and honestly depending on your area you are better off holding on to your cash and letting the appraisal do that work for you.
Cash is king
- Aug 19, 2015
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After the 15-20 people came through, house was under contract in 4 days.
Interested in seeing what it goes for. They listed it for $130k more than I bought mine, almost 3 years ago
. They did put a lot of money/work into it, though. New kitchen, new bathrooms, 2 egress windows, all new drywall, all new paint, light fixtures, landscaping, etc.
- Mar 14, 2011
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Depends on the lender. I got quicken loans, only did 3.5% down payment and they removed my PMI on a 425k home. N.Cali
- Oct 8, 2003
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That’s exactly my price range and location lol. What’s your monthly looking like?
- Jul 31, 2012
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How did you get pmi removed?
- Mar 14, 2011
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I just asked the guy if they can remove it haha. Not sure if me being a first time home buyer had something to do with it. At the time i had a 780 credit score.
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- Aug 10, 2003
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this is the second time this happen to me in NJ....i went to 2 places so far and didnt even get a chance to submit an offer... heres the thing i dont quality for either condo because its for low to moderate income... apparently i make more than the maximum gross salary... i think its crazy because if i bought the place i could barely afford it and it would be tight... but if someone with a lower salary is allowed to buy that house who makes much less how would they afford it? the whole thing doesnt make any sense
its only been 2 weeks but the house hunting part is so frustrating
its only been 2 weeks but the house hunting part is so frustrating
- Feb 6, 2010
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been at it for 5 months learn to embrace it you will find something that works for you
townbidness
thats dope im looking at having to pay 3200-3500 a month for hayward with pmi smh
townbidness
thats dope im looking at having to pay 3200-3500 a month for hayward with pmi smh
- Aug 20, 2003
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That's so crazy. I bought last June and was able to lock in 3% thanks to this non-profit NACA that allows you to buy down interest.
I'm in the market for a rental property soon. If I can't avoid closing costs, PMI, and get a good interest rate I may consider investing another way.
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antidope
Supporter
- Jan 2, 2012
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I'm heading to view two townhouses today at noon. Really feeling both from the pictures.
I've been trying to stray away from single families since I live alone and don't really want the upkeep but I'm going to go look at one today as well.
I've been trying to stray away from single families since I live alone and don't really want the upkeep but I'm going to go look at one today as well.
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- May 2, 2007
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One thing I learned from looking at these pictures online is that you shouldn’t get too excited
They enhance these pictures like some photoshop professionals
You go to see the house and it looks completely different
They enhance these pictures like some photoshop professionals
You go to see the house and it looks completely different
- Mar 14, 2011
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Yup, the angles they take make the house look double the size. You get there and your head hitting the ceiling
- Mar 1, 2011
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same wife and i bought last year at 3.5 i cant imagine our mortgage payment at 5 or higher. rates were even higher in 2008-09. rip.
