Home Buying & Real Estate Thread

[dakid23]

Bought a house 3 weeks ago in Seattle. Got married the day after....

the past 30 days have been crazy

4 bedroom.

$400,000

My wife & I had been saving for the last couple of years.

 

[lazyj10]

Congrats on the purchase and marriage - well wishes.

Where in Seattle?

 

[dam itz lou]

I just looked into FHA's loans. I was thinking about going that route but I'm definitely not now. You have to pay mortgage insurance for the life of the loan even if you pay the house off in half the time. :x

At least with a conventional loan you can cancel it when you have 20% paid.

 

[Los Angeles]

This an A+ thread.

I'm thinking of going to a local credit union looking into a home loan as a first time homebuyer.

The thing is my credit is in the ***** but have a stable career/income. My credit is really bad, able to do about $10,000.

I wonder how it would go?

 

[runyc]

Helpful rent vs. buy calculator 

http://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html?_r=0

 

[edshoecator]

 
Midwest man. I am 23, just got married. Just want a 2 bedroom house that is nice but also needs fixing up a bit and then sell once I start having kids.

If you don't mind St. Louis (you said Mid-West), you can get houses for taxes owed alone.

The only problem is their in the hood, BUT for investment purposes...it's gold.

 

[superb]

 
$100 down is a Florida only program through HUD http://portal.hud.gov/hudportal/HUD?src=/states/florida/homeownership/affordablehomes

Everywhere else 3.5% is the minimum for FHA. Conventional is 5%.

Wrong again sir

I bought my house on the FHA $100 down and i do NOT live in Florida/ And The $100 down is a FHA Hud loan. it is restricted to hud forclosed homes only

https://homes.yahoo.com/news/4-ways-to-pay-down-your-mortgage-172117215.html
[h3]Option #1: FHA $100-Down Program[/h3]
Like the idea of putting down just one hundred bucks to buy a house? The FHA $100 Down Program may be just what you need. But is $100 really all that's required?

my 2nd home was a USDA 100% financing loan
[h3]Option #4: USDA Home Loan[/h3]
If you're not much of a city slicker and instead dream of a home in a rural area, a USDA loan may be a good option for you. Why? Well, for starters it doesn't require any money down, says Bakke.

Under this program, officially known as the USDA Rural Development Single Family Housing Guaranteed Loan, the closing costs can be financed as well, notes Bakke.

 

[superb]

 
Midwest man. I am 23, just got married. Just want a 2 bedroom house that is nice but also needs fixing up a bit and then sell once I start having kids.

Go with a FHA $100 Hud Home plus they give you like an extra 10k to fix it up a bit

I just looked into FHA's loans. I was thinking about going that route but I'm definitely not now. You have to pay mortgage insurance for the life of the loan even if you pay the house off in half the time.

At least with a conventional loan you can cancel it when you have 20% paid.

No not really. i was about to get my PMI off after some time on a FHA..

You have to have like 20% equity and if you multiply your remaining loan  * 1.25 and your house is worth more then that, you can get PMI removed... PMI isnt that much anyways. anywhere from $40 to about $100

 

[dam itz lou]

Recently ? From what I read, they changed it early last year.

 

[superb]

Let me say as well if you got cash anywhere from 20k to 50k or even half of 50k and get the other 25k financed you can buy some decent homes

check this out. These are hud homes that were sold recently

The way it works usually with finance you get approved up top a certain amount. If you catch a good deal you save

https://www.hudhomestore.com/Listin...CASENUMBER&OrderbyValue=ASC&sLanguage=ENGLISH

 

[edshoecator]

If you haven't bought a house this year or late last year then you should keep your responses as merely opinion from PAST experience.

The mortgage business is hard on homebuyers now. No more perusing over applications, and fast tracking them thru. You need to have a steady source of income for at least 2 years, your debts (car payments, credit cards) kill your chances even more.  Gone are the days of $0 down.

Banks don't need mortgages at the moment. They're getting a steady stream of cash buyers buying up all their foreclosures and short sales.

 

[superb]

 
If you haven't bought a house this year or late last year then you should keep your responses as merely opinion from PAST experience.

The mortgage business is hard on homebuyers now. No more perusing over applications, and fast tracking them thru. You need to have a steady source of income for at least 2 years, your debts (car payments, credit cards) kill your chances even more.  Gone are the days of $0 down.

Banks don't need mortgages at the moment. They're getting a steady stream of cash buyers buying up all their foreclosures and short sales.

Wrong Wrong

There are $0 down programs. It is called USDA Government Rural loans. I have one and my cousin got one.

There is also FHA $100 down which is basically $0 really

Also my cousin was able to get his home and move in within a 2 month time.. Last year he starting looking around end of october, and he moved in my christmas. He bout a 50k house that was worth more but used the FHA loan to fix up the place to his liking since he need work. Save alot of money

Also FHA will give you now up to 60k to fix a hud house on top of your loan

The Title I program insures loans to finance the light or moderate rehabilitation of properties, as well as the construction of nonresidential buildings on the property. This program may be used to insure such loans for up to 20 years on either single- or multifamily properties. The maximum loan amount is $25,000 for improving a single-family home or for improving or building a nonresidential structure.

For improving a multifamily structure, the maximum loan amount is $12,000 per family unit, not to exceed a total of $60,000 for the structure. These are fixed-rate loans, for which lenders charge interest at market rates. The interest rates are not subsidized by HUD, although some communities participate in local housing rehabilitation programs that provide reduced-rate property improvement loans through Title I lenders.

 

[capital sb]

So FHA loans are a no go? I was going to go that route when purchasing my first home for the 3.5% down.

 

[superb]

 
So FHA loans are a no go? I was going to go that route when purchasing my first home for the 3.5% down.

Why do you say that?

 

[edshoecator]

 
Wrong Wrong

There are $0 down programs. It is called USDA Government Rural loans. I have one and my cousin got one.

There is also FHA $100 down which is basically $0 really

Also my cousin was able to get his home and move in within a 2 month time.. Last year he starting looking around end of october, and he moved in my christmas. He bout a 50k house that was worth more but used the FHA loan to fix up the place to his liking since he need work. Save alot of money

Also FHA will give you now up to 60k to fix a hud house on top of your loan

The Title I program insures loans to finance the light or moderate rehabilitation of properties, as well as the construction of nonresidential buildings on the property. This program may be used to insure such loans for up to 20 years on either single- or multifamily properties. The maximum loan amount is $25,000 for improving a single-family home or for improving or building a nonresidential structure.

For improving a multifamily structure, the maximum loan amount is $12,000 per family unit, not to exceed a total of $60,000 for the structure. These are fixed-rate loans, for which lenders charge interest at market rates. The interest rates are not subsidized by HUD, although some communities participate in local housing rehabilitation programs that provide reduced-rate property improvement loans through Title I lenders.

You're wrong.

[h3]Sales incentives (Florida only):[/h3]

• $100 down payment  - for qualifying owner-occupant buyer with FHA financing only

•  

adding

"These programs typically come with a higher interest rate, but for the right borrower [they] are a great alternative to renting," says Anthony Van ****, president of ALV Mortgage in Salt Lake City, Utah.

Another caveat? Borrowers using this program are restricted to buying a HUD foreclosure.

"A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage," says the HUD website. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim." Additionally, the borrower must purchase the home through the regional HUD office, which must be offering the $100 down only incentive.

Additionally, buyers may pay more than the home is worth if there is a bidding war for the home, says Bakke. If the bidding price exceeds the home's value, the buyer will have to come up with the difference between the sale price and HUD's appraised value on their own, he says. Bakke adds that the FHA arranges for an appraisal, so homebuyers don't need to get one on their own.

"So if the [HUD] appraised value of the property is $100,000, but the winning bid is $115,000, then the buyer must bring the $100 plus the $15,000," Bakke explains.

 

[edshoecator]

Superb...go troll your made up lavish life in the fools wilding thread.

Haven't you been exposed about lying about kiosks?

 

[dam itz lou]

Andrew Cuomo, then the U.S. Housing and Urban Development Secretary, said it was a big day for the nation's homebuyers.

The Federal Housing Administration's Mutual Mortgage Insurance Fund (MMIF) had experienced an unprecedented financial turnaround, allowing borrowers who had reached a 22 percent equity stake in their homes an opportunity to drop their mortgage insurance "just like the conventional markets," Cuomo told a group of reporters.

That announcement, made 13 years ago, was a big deal because FHA mortgage insurance previously had to be paid for the entire term of the loan, regardless of how much equity a borrower had in the property. The move saved a borrower with a $100,000 loan approximately $1,500 over the life of the loan.

As of June 3, 2013, however, most FHA loans will again require mortgage insurance for the life of the loan. In a recent letter, HUD informed all lenders offering FHA loans that the automatic cancellation of mortgage insurance premiums will be rescinded and that any mortgage greater than 90 loan-to-value at time of origination (the overwhelming majority) would require mortgage insurance for the life of the loan.

If the FHA loan is originated at an amount equal to or less than 90 LTV, the mortgage insurance must remain for 11 years.

 

[crcballer55]

 

 
$100 down is a Florida only program through HUD http://portal.hud.gov/hudportal/HUD?src=/states/florida/homeownership/affordablehomes

Everywhere else 3.5% is the minimum for FHA. Conventional is 5%.

Wrong again sir

I bought my house on the FHA $100 down and i do NOT live in Florida/ And The $100 down is a FHA Hud loan. it is restricted to hud forclosed homes only

https://homes.yahoo.com/news/4-ways-to-pay-down-your-mortgage-172117215.html
[h3]Option #1: FHA $100-Down Program[/h3]
Like the idea of putting down just one hundred bucks to buy a house? The FHA $100 Down Program may be just what you need. But is $100 really all that's required?

my 2nd home was a USDA 100% financing loan
[h3]Option #4: USDA Home Loan[/h3]
If you're not much of a city slicker and instead dream of a home in a rural area, a USDA loan may be a good option for you. Why? Well, for starters it doesn't require any money down, says Bakke.

Under this program, officially known as the USDA Rural Development Single Family Housing Guaranteed Loan, the closing costs can be financed as well, notes Bakke.

My bad then, since typing in "HUD FHA $100 down" only brought up that page with numerous blogs from past years.

You forgot to mention that it's only for homes under $100,000.

IMO... that's still a pretty bad program since most people applying for those programs will be lower income. After seeing first hand what happened to those types of buyers, I wish they would stop these zero down programs (which that essentially is). Even though you're not required to have a large down payment, they're still making it up on the back end with the MI on the loans.

What % of your loan is MI if I may ask?

 

[superb]

 
You're wrong.

•  

adding

http://www.zillow.com/advice-thread/how-does-fha-100-dollars-down-work/486651/

• Clay Branch, "Georgia Loans"Lender
• 9813 contributions
  (8 reviews)

Michael, the $100 down program is not just in FL. Pemco offers the program in all states they cover like FL, GA, MS, AL, IL, IN, SC, NC, TN, KY and more. 

 

• crcballer55

What % of your loan is MI if I may ask?

About .4 %

 

[superb]

Heads up. Right now if your law enforcement officer, teacher, firefighter or emergency medical technician you get 50% off the list price of th ehome but you have to stay in it for 36 months.. cant freakin beat that

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/goodn/gnndabot

 

[youngwolf]

Superb...go troll your made up lavish life in the fools wilding thread.

Haven't you been exposed about lying about kiosks?

Word...

Uhm actually I made 80k(still counting) and it was not knockoffs..

The High Yield Investment site pays me well

Maybe that is why i have a hemi charger, i just bought cash, Two houses paid off in full one 250k and the other 160k and money in the bank and your broke chasing me around like a groupie on every post I make in NT. Put that work into making money my dude

Here groupie, Take that take that, now go kick rocks

Thanks for the groupie love

But he's in here talking about having a mortgage on a

 

[riverdale road]

Closed on my house in August here in ATL.
Price on the house was about 200k 3400 sq 5 bedrooms 3 full baths
We was able to get a USDA loan where we didn't have to put really no money down & no PMI so that made our mortgage payments very low compared to an FHA loan.
Interest rate was 4.5%
The problem with the USDA loan is it can take a while because they are so backed up but I will say if you stay in an area that offer it take it, it was well worth it
Make sure you pay debt on time & try to pay as much off as possible
Pics of my house

 

[eugenile gts]

my gosh man, if houses like that were abundant for $200K in the bay area CA, i would be a homeowner right now.

A house like that depending on the neighborhood in the Bay Area is $400K - 1 MIL + \

The $400K neighborhoods are out in the boonies where no one wants to live. Mortgage gonna be like $4000/month for the nicer neighborhood not including utilities, HOA.

My wife and I are saving up $100K just as a downpayment to even afford anything decent around here. With how much we have now, we can get a house like that in other states and be living chillin with low mortgage.. SHEESH!!!!

 

[(*Fin)]

My wife and I are saving up $100K just as a downpayment to even afford anything decent around here. With how much we have now, we can get a house like that in other states and be living chillin with low mortgage.. SHEESH!!!!

My wife and I are in the same boat. It sucks.

 

[dam itz lou]

Yeah, you aint lying. NYC is rough.

The houses you can get in ATL or Texas makes me want to move.

I'd kill for something like this as my starter home at that price, give or take a few minor things.

http://www.trulia.com/property/1064871795-10332-Newcombe-Dr-Dallas-TX-75228#photo-23