Home Buying & Real Estate Thread

[purpnyellow]

Never tried, but if you want gift money and don't want to write the letter and provide proof of funds. Get the money months before you start the process, it won't even need to be explained because they only check the last 2 bank statements .

lol my sister kinda started the process already and needs me to gift her the money the problem being that I was going to gift her money from my credit card that I had put in my bank account but my sisters agent said that wouldn't be accepted

 

[capital sb]

lol my sister kinda started the process already and needs me to gift her the money the problem being that I was going to gift her money from my credit card that I had put in my bank account but my sisters agent said that wouldn't be accepted

Yeah you can't provide any funds from an unsecured loan, so even if you try that gift work around its not gonna work. They have to verify the funds to make sure it's legal money for the loan.

 

[purpnyellow]

lol my sister kinda started the process already and needs me to gift her the money the problem being that I was going to gift her money from my credit card that I had put in my bank account but my sisters agent said that wouldn't be accepted

Yeah you can't provide any funds from an unsecured loan, so even if you try that gift work around its not gonna work. They have to verify the funds to make sure it's legal money for the loan.

Got it thanks

 

[capital sb]

Got it thanks

Best bet will be trying to get some money from someones 401K if it's a must to close.

 

[purpnyellow]

Got it thanks

Best bet will be trying to get some money from someones 401K if it's a must to close.

Sorry for all the questions can it be anyone's 401k

 

[capital sb]

Sorry for all the questions can it be anyone's 401k

http://www.zillow.com/blog/using-gift-funds-for-down-payment-162533

Gifts must be from family members

As an overarching rule, mortgage lenders require gifts for down payments to be from family members. Lenders might make case-by-case exceptions, and if so, will require that the relationship of the non-relative and the other factors of the loan profile be strongly compelling. For example, if you were receiving down payment gift funds from your godparents and could document that they’ve been close to you and your family all your life, that might be a case certain lenders would accept.

The likelihood of a non-relative being accepted as a gift donor is greater if a lender intends to keep that loan on its balance sheet rather than sell to Fannie Mae, Freddie Mac or some other future investor after the loan closes. Even then, most lenders would still want to see strong income history and career trajectory as well as top-tier credit scores for you as a borrower (these stronger factors of an overall profile that offset a factor where an exception is being made are known as “compensating factors”).

 

[dam itz lou]

Question for you guys that either just bought a home, or wanting to buy a home (first time home buyers).

What are your biggest questions and concerns with buying a house? What, if anything, was preventing you from buying a house earlier?

The housing market in NYC is ridiculous. I've been saving more and more money for a down payment but it just isn't enough. I want to stay in the city. I've considered moving out to the burbs but the taxes are extremely high.

I'm now considering buying a 2 family property but I definitely don't have anything close to 20% for that. How are FHA loans for buying a multi family property ?

I've even considered moving to Miami beach. FL doesn't have state income tax. I'm self employed so I wouldn't have to worry about finding a job. Housing there is a lot more affordable. I have friends down there. The only thing I'd be worried about is my girl finding a job.

 

[datznasty]

Better start hitting up these foreclosure sales/auctions

https://www.auction.com/details/235-west-102nd-street-unit-10ff-new-york-ny-10025-2075250-e_1940c
https://www.foreclosure.com/listing/search?q=new+york,+new+york

 

[monstar]

Better start hitting up these foreclosure sales/auctions

https://www.auction.com/details/235-west-102nd-street-unit-10ff-new-york-ny-10025-2075250-e_1940c
https://www.foreclosure.com/listing/search?q=new+york,+new+york

Arent the foreclosures like this cash only? Thats been my issue with foreclosures

 

[slicknick951]

There are so many investors in NYC its nearly impossible to buy something on the retail level. Prices are so high for what you get and then once you save enough you are bidding against investors with cash offers that are nearly impossible to beat.

Its so bad low level investors cant even compete so they are getting creative.





You can get something in a half way decent neighborhood for maybe 450-500 i think then your looking at 600-700 for a nice building in a good neighborhood. Keep in mind these are 1br coops or condos

http://www.trulia.com/property/3221307197-120-W-76th-St-New-York-NY-10023#photo-1

http://www.trulia.com/property/3221416050-21-S-End-Ave-PH1T-New-York-NY-10280#photo-1


Then you go 20 miles out the city and for the same money you can get a nice house with 3-4 bedrooms a garage and a driveway.

http://www.trulia.com/property/3219595531-36-Beverly-Rd-New-Rochelle-NY-10804#photo-1

http://www.trulia.com/property/3026862874-30-Winchester-Oval-New-Rochelle-NY-10805#photo-1


The city is great if you want that city life experience but i would have to make too many sacrifices so id rather live outside in the burbs.

 

[slicknick951]

Better start hitting up these foreclosure sales/auctions

https://www.auction.com/details/235-west-102nd-street-unit-10ff-new-york-ny-10025-2075250-e_1940c
https://www.foreclosure.com/listing/search?q=new+york,+new+york

Arent the foreclosures like this cash only? Thats been my issue with foreclosures

I think it depends.

But depending on the area you might be bidding against people with all cash offers and the bank is going to take that offer because they can close faster and easier for them.

 

[rustlenomics]

my girl and i just put in an offer, they countered and we accepted.

we will have an inspection on the 28th, they had it up for 200 we offered 195 and they came up with 198, not to mention they are also paying some of our fees and also giving us a home warranty.

its a good neighborhood, the other spots we checked out were horrible, and in not so great parts.

the place has lots of potential and im happy we swooped on it built in 2004.

im very excited, and i just looked at the same price range where i lived in cali and man im glad i left.

3bdr 2bath nice backyard, its just me my girl and our 2 dogs in charleston sc.

 

[dam itz lou]

I'm not even looking into Manhattan. I'm looking to stay in Queens. My neighborhood is gentrifying rapidly. A remodeled 3BR 2 bath, theyre asking $3000.

A friend of mine who recently found an apt couldn't find a 1BR for $1500 a month in our neighborhood.

 

[slicknick951]

I'm not even looking into Manhattan. I'm looking to stay in Queens. My neighborhood is gentrifying rapidly. A remodeled 3BR 2 bath, theyre asking $3000.

A friend of mine who recently found an apt couldn't find a 1BR for $1500 a month in our neighborhood.

Yea its crazy they are going deeper into Brooklyn while starting Queens and the Bronx. I keep telling my coworker at some point this is going to become too much but i dont see any signs of stopping

 

[slicknick951]

my girl and i just put in an offer, they countered and we accepted.

we will have an inspection on the 28th, they had it up for 200 we offered 195 and they came up with 198, not to mention they are also paying some of our fees and also giving us a home warranty.

its a good neighborhood, the other spots we checked out were horrible, and in not so great parts.

the place has lots of potential and im happy we swooped on it built in 2004.

im very excited, and i just looked at the same price range where i lived in cali and man im glad i left.



3bdr 2bath nice backyard, its just me my girl and our 2 dogs in charleston sc.


 

Nice looking house

Congrats I hope your closing goes smooth

 

[dam itz lou]

Yea its crazy they are going deeper into Brooklyn while starting Queens and the Bronx. I keep telling my coworker at some point this is going to become too much but i dont see any signs of stopping

I agree with you but who knows when that will happen.

You see high rises going up everywhere, where are all these people coming from that need all these places to live especially with these rent prices ???

 

[slicknick951]

Yea its crazy they are going deeper into Brooklyn while starting Queens and the Bronx. I keep telling my coworker at some point this is going to become too much but i dont see any signs of stopping

I agree with you but who knows when that will happen.

You see high rises going up everywhere, where are all these people coming from that need all these places to live especially with these rent prices ???

Man I wish i could tell you.

My manager moved down from Buffalo maybe 6 years ago now and since he has been here at least 10 people he went to school with in upper NY have moved to the city. People are moving in like crazy and living anywhere they can get in.

 

[capital sb]

The housing market in NYC is ridiculous. I've been saving more and more money for a down payment but it just isn't enough. I want to stay in the city. I've considered moving out to the burbs but the taxes are extremely high.

I'm now considering buying a 2 family property but I definitely don't have anything close to 20% for that. How are FHA loans for buying a multi family property ?

I've even considered moving to Miami beach. FL doesn't have state income tax. I'm self employed so I wouldn't have to worry about finding a job. Housing there is a lot more affordable. I have friends down there. The only thing I'd be worried about is my girl finding a job.

FHA loans apply on properties up to 4 units. I'd go FHA, 20% is unrealistic in high cost of living areas.

 

[aepps20]

my girl and i just put in an offer, they countered and we accepted.

we will have an inspection on the 28th, they had it up for 200 we offered 195 and they came up with 198, not to mention they are also paying some of our fees and also giving us a home warranty.

its a good neighborhood, the other spots we checked out were horrible, and in not so great parts.

the place has lots of potential and im happy we swooped on it built in 2004.

im very excited, and i just looked at the same price range where i lived in cali and man im glad i left.



3bdr 2bath nice backyard, its just me my girl and our 2 dogs in charleston sc.


 

Congratulations my dude. Beautiful home.

 

[lightweight champion]

Gorgeous home my brethren

 

[dam itz lou]

FHA loans apply on properties up to 4 units. I'd go FHA, 20% is unrealistic in high cost of living areas.

that PMI though :x

 

[capital sb]

that PMI though

Refinancing exists

. A couple hundred dollars shouldn't be breaking your pockets.

If you are not putting 20% down on a conventional loan you have PMI too if you didn't know.

Seriously I don't know many people under 25, hell even under 30 that can put 20% down on a 400K+ home with no help from their parents. People can barley save money as it is, how will they save 90K+ for a 20% down payment just to avoid PMI. It's very unrealistic now a days for younger people.

 

[Xennial]

Yeah Median house price in my city is over $1.3mil and most people just aren't about to have that $270k or so for the 20% down

 

[capital sb]

FHA is the best way to house hack. Little money down and you are living for free renting out the other units.

$200-$300/mo in PMI is really a non issue.

Wish I would have house hacked, I am renting out a room in my house though.

Hopefully I can rent out the office in 2016 only will be paying about $600/mo on my mortgage.

 

[timcity2000]

yeah, PMI sucks but i was eager to get into a house instead of waiting to save up 20%. that was back in '07. refinanced once in 2012.

now i just pay several hundred a month extra towards principal, trying to get under the 80% LTV ratio so i can get rid of PMI (which is only about $100/mo in my case).