First Time Home-Buyers...What kind of down payment?

[Ginofan]

I'm trying to figure out how to get situated to be able to purchase our first home. I've heard various rumors of how much of a down payment you should have when buying a house...anywhere from 5 to at least 10 percent. But then I've also heard that with the market these days you don't even have to have a down payment at all.

What is the truth?

[mrsmaalox]

I've purchased several homes, the latest was an income property about 2 years ago. I am extremely stingy with my cash and have never paid a down payment on any house or car.
Just be sure you set a budget and stick with it.

[MannyIsGod]

I'm fairly certain the days of zero down for a home are absolutely over. You will likely have to have at least 10 percent if not more down.

[MoSpur]

It sometimes depends on your credit. Right now the banks are very careful who they lend to, but if you have good credit and a stable income, you are going to get some good deals right now because of the market.

You can find some good deals on homes right now because some people are desperate to sell due to financial difficulties. You may be required to put some money down and as mentioned above, you may not be required to put anything down. Are you looking to buy a brand new home?

If so, they are some great deals going on right now because of the market.

[The Franchise]

I'm fairly certain the days of zero down for a home are absolutely over. You will likely have to have at least 10 percent if not more down.
Nah, ten is a little to high. There's to much need on the other end nowadays for them to stick to with that, but your credit had better be spotless to start any negotiations.

[Ginofan]

It doesn't have to be a new house, but that would be great if it was. I know my credit score is in the mid 600s so I'm not too sure that's good enough to get an awesome deal. But I've heard that there are some programs that help first time home buyers?

[MannyIsGod]

Nah, ten is a little to high. There's to much need on the other end nowadays for them to stick to with that, but your credit had better be spotless to start any negotiations.

Its my understanding that right now mortgage companies are requiring higher than that even for people with excellent credit or you pay some outrageous closing costs.

I've read a little here and there and could be really mistaken since I've just skimmed the subject because of the economy.

[MannyIsGod]

http://www.washingtonpost.com/wp-dyn/content/article/2009/02/12/AR2009021204259.html

This is the kind of stuff I'm talking about



Under Fannie's and Freddie's new guidelines, even applicants who assumed that their FICO credit scores would get them favorable rates will be charged more unless they can come up with down payments of 30 percent or more. For example, a buyer with a 699 FICO score who brings a sizable down payment of about 25 percent to the table will be hit with a 1.5 percent "delivery" fee at closing under the new guidelines.
A buyer with a FICO score between 700 and 720 will pay an extra three-quarters of a point. Even someone with a 739 FICO -- once considered a platinum guarantee of the best rates available -- will get dinged with a quarter-point add-on.

[JoeChalupa]

I too have heard about the higer down payments.

[BacktoBasics]

I'm working through this right now so I can tell you first hand whats up. I've called no less than 30 banks in the last two weeks and thats no exaggeration.

Zero down is nearly out of the question....you need some kind of equity if you expect to put nothing down out of pocket.

5% seems to be the going consensus with many places requesting 10-20% existing equity or money down. The larger the bank the less amount down required but the closing costs and rates are retarded. I did come across a few banks with zero down available with 680 or better scores however their closing costs were insane. Basically they're going to get some equity one way or another.

FICO is seemingly playing a much lesser role than I expected with the mid-sized and small credit unions (which I specifically targeted). My scores range from 704, 694 and 635 (fuck you experian) Basically I have good credit with experian refusing to remove some out of date shit and keep an accurate tabulation of my revolving debt, if they would just update my fucking credit cards (its been three months) my score would be up around the other two. It didn't matter since I'm clean and have two good bureaus nearly all the banks said Experians scoring wouldn't mean diddly. I printed out all of my bureaus and my scores to keep from running my credit all around town. Most loan officers didn't have a problem meeting with me to discuss my options based on what I presented vs. them pulling my bureau. However at some point if I go with them they'll obviously make the inquiry.

Prices aren't as great and wonderful as people think Texas home prices are still somewhat on the climb and new homes despite the lower margins are still more expensive than 5 or 10 years ago. Marketing however will say something completely different.

As a first time home buyer who actually owns his own land a modest house priced between 125k-140k is still going to require a pretty stout amount down. Many banks wanted at least 10k.

I'm cringing at the thought but I'm strongly considering a manufactured home because its much less expensive and since I have two acres the massive manufactured home depreciation isn't nearly as bad. I'd have a shit load more square footage too. I'm undecided I really don't feel attempting to save 10-12k just get on board.


Thats just my experience. I recommend printing out your reports and consulting with as many banks as possible to get a gauge on your situation. Just don't fill out any applications.

[BacktoBasics]

Furthermore every single bank is scrutinizing debt to income like never before. I'm sitting at 40-42% which in my opinion is pretty good. Half the banks would only consider a deal with a ratio at 35%. This is a huge deal breaker for most people. Absolutely make sure the debt to income ratio is below 40% before trying to do anything.

[peewee's lovechild]

I believe FHA loans only ask for 5%, while conventional loans are going to ask for at least 10%. I guess it depends on the type of loan you're getting.

[ashbeeigh]

Check your PMs GinoFan.

[BacktoBasics]

I cringe at the thought of Ash giving advice.

[DisgruntledLionFan#54,927]

It took me three months to refi even though my DTI is only 22% and all three of my credit scores are above 800.

The process sucks balls and I wouldn't wish it on anybody.

[Das Texan]

there should never have been days of 0 down for a fucking home.


but then again thats only what largely got us into this fucking mess.

[Taco]

there should never have been days of 0 down for a fucking home.


But then again thats only what largely got us into this fucking mess.

amen

[CubanMustGo]

Don't look only at banks. We financed our home through Randolph-Brooks FCU a few months ago, only did 10% down, much lower closing costs and almost no paperwork. The rates were superior to what most big banks offered at the time (we got 5.4% when most were around 6%). We could have gone less than 10% but wanted to manage our own escrow.

The closers were amazed at both the thin stack of paper and the rate.

[Das Texan]

I'm going to be looking at refinancing my note sometime in the next month.

I'm hoping for a great deal out there. 6.2% int is just way too much in this market for my credit rating.

[BacktoBasics]

there should never have been days of 0 down for a fucking home.


but then again thats only what largely got us into this fucking mess.Traditionally home values and property values rise. Zero down on a product that goes up in value isn't a bad investment. Especially to a low risk consumer. Zero down deals aren't what created this mess anyway. Risky lending and CDS's with MBS's are the source of this shit storm.

[BacktoBasics]

I'm going to be looking at refinancing my note sometime in the next month.

I'm hoping for a great deal out there. 6.2% int is just way too much in this market for my credit rating.Seems like 5.15-5.99 is pretty much the norm with scores over 720. Even with an absurd score reaching the 800 mark I wasn't seeing rates dip below 4.99.

[Das Texan]

Traditionally home values and property values rise. Zero down on a product that goes up in value isn't a bad investment. Especially to a low risk consumer. Zero down deals aren't what created this mess anyway. Risky lending and CDS's with MBS's are the source of this shit storm.



0 down = 0 to lose essentially.

If you are going to give a mortgage on something worth as much as a fucking house, you have to force the buyer to have something at stake other than their signature.

[DisgruntledLionFan#54,927]

Seems like 5.15-5.99 is pretty much the norm with scores over 720. Even with an absurd score reaching the 800 mark I wasn't seeing rates dip below 4.99.


You'd be correct. It also depends on who you know(as always). I went from 6.5 to 5.25 while my brother went from 6.5 to 4.75 one week later.

His FIL knew somebody pretty high, which my asshole brother didn't fill me in on, which got him the great rate and lower closing costs.

After 90 days of dealing with this stupid shit, I was happy just to get it done, though.

[BacktoBasics]

0 down = 0 to lose essentially.

If you are going to give a mortgage on something worth as much as a fucking house, you have to force the buyer to have something at stake other than their signature.
I'm in total disagreement with your point but the entire purpose of credit ratings between the three bureaus is to determine who's signature is worthy.

[bejanicek]

I bought a home 2 years ago and at that time with the conventional loan I was told that the norm was 20% down. Otherwise you pay TMI on what ever you are short of and this interest rate is twice as high as your nomal loan is. Things have probably changed since then though.

[peewee's lovechild]

I bought a home 2 years ago and at that time with the conventional loan I was told that the norm was 20% down. Otherwise you pay TMI on what ever you are short of and this interest rate is twice as high as your nomal loan is. Things have probably changed since then though.

What is TMI?

[DisgruntledLionFan#54,927]

It's PMI or Private Mortgage Insurance.

PMI is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home's value.

[angel_luv]

All the best to you Ginofan. I hope you find a house you love at the price you want to pay. :)

[peewee's lovechild]

It's PMI or Private Mortgage Insurance.

PMI is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home's value.

That doesn't sound good.

[bejanicek]

oh yeah, sorry, lol PMI. correct. If you can avoid this it really helps.

[DisgruntledLionFan#54,927]

That doesn't sound good.

What sounds worse is people being 100% financed on 80/20 mortgages and getting around PMI.

[mrsmaalox]

0 down = 0 to lose essentially.

If you are going to give a mortgage on something worth as much as a fucking house, you have to force the buyer to have something at stake other than their signature.

But then what would be the point of maintaining your credit? Zero down home purchasers aren't the main people losing out these days. Poor credit risks with zero down are the problem.

[mrsmaalox]

I'm in total disagreement with your point but the entire purpose of credit ratings between the three bureaus is to determine who's signature is worthy.

That's what I meant :)

[MoSpur]

I cringe at the thought of Ash giving advice.

Because she's never, ever capable of gving advice on anything? Typical.

[ashbeeigh]

I cringe at the thought of Ash giving advice.

Ugh. whatever. I work for a non-profit agency that does FTHB programs. I gave her a phone number for it.

[BacktoBasics]

Because she's never, ever capable of gving advice on anything? Typical.
For the most part yeah.

Your comment is equally typical....you love to step right up and ridicule my posts but then refuse to back it up when I call you out. When has Ash ever given sound advice here....or taken it.

[BacktoBasics]

Ugh. whatever. I work for a non-profit agency that does FTHB programs. I gave her a phone number for it.Okay.

[ashbeeigh]

Okay.

So can go there if she wants she can skip it if she wants. I myself have never done any counseling nor been to counseling. I know what is involved in it, so I told her. I think it's a good thing for anyone to do.

[BacktoBasics]

So can go there if she wants she can skip it if she wants. I myself have never done any counseling nor been to counseling. I know what is involved in it, so I told her. I think it's a good thing for anyone to do.
I'm only partially familiar with your company so I can't say. I don't think there is anything wrong with you passing on the number. Not to mention I was, for the most part, just taking a jab at you for entertainment purposes.

[ashbeeigh]

Not to mention I was, for the most part, just taking a jab at you for entertainment purposes.

So I figured. :madrun

[Dr. Gonzo]

lol ashbeeigh

[tHe210rObInHoOd]

A few quick things to point out if your a first-time home buyer:

-Congress just pasted as part of the new stimulus package a credit where you get up to a free $8000 (10% of the home's cost) from the government for buying your first home. If you plan on buying in 2009, you can amend your 2008 return to receive the free money. So even if you purchased a house for $125000, and had to put 10% down, the free $8000 would really make the down payment more intriguing. I do believe there are some lenders are still allowing for 3.5% down based on your credit scores, but most banks are 10%+.

-If you itemize your deductions, you can now right off your PMI premiums in addition to your proerty taxes and insurance (Primary home only).

-If you do buy, don't forget to file you're Homestead Exemption to save.

Also, if you need an agent to help you through the process I have a solid referral. I just purchased a home back in April.

[BacktoBasics]

How can you amend your 2008 return to reflect a home you have yet to purchase? I'm not buying this. This would in fact solve my problem if it could be done.

[robino2001]

Albeit a tad less than 2 years ago and things are quite different now, I bought my first house with 0 down without any issue at all... got great rates at the time, especially for our age, etc. I won't say it is possible now, but it was very possible at one point.

[tHe210rObInHoOd]

How can you amend your 2008 return to reflect a home you have yet to purchase? I'm not buying this. This would in fact solve my problem if it could be done.

The Stimulus package was setup to stimulate the economy. If people have the incentive of recouping $8000 almost immediately versus waiting a year it would help turn the market around which is the point of it to begin with. I didn't write the legislation but feel free to Google it.

Also on a side note, Congress is also working with national real estate associations to possibly extend the credit to all primary home buyers instead of just first-time buyers. They almost pasted the stimulus package for a $15000 credit (up to 10% of the home value) but it was part of a compromise at the late stages of negotiations between our great politicians.

Good luck...

[Drachen]

I believe FHA loans only ask for 5%, while conventional loans are going to ask for at least 10%. I guess it depends on the type of loan you're getting.

Unless it has changed since last year (I bought a house in april), you will need 3% down for FHA loans. I am pretty sure, considering the market, that you will need to do an FHA loan because you will not get mortgage insurance without a 680 or better and you need mortage insurance to get a conventional loan. FHA is actually pretty good, it is usually about a quarter point above what the lowest conventional rate is, and you have a smaller down payment. The only drawback is their mortgage insurance (called MIP). It is not that it costs a lot, but you cannot take it off until you reach 78% LTV, AND 5 years have passed. With a conventional loan you can take it off the moment that your LTV reaches 80%.

Also, home prices are rising here in San Antonio so be ready to do some shopping. I bought my home for 138k last april, and zillow.com is showing its estimated price being 158k (it showed that it was worth 139 when we bought). I hope this helps.

[BacktoBasics]

The Stimulus package was setup to stimulate the economy. If people have the incentive of recouping $8000 almost immediately versus waiting a year it would help turn the market around which is the point of it to begin with. I didn't write the legislation but feel free to Google it.

Also on a side note, Congress is also working with national real estate associations to possibly extend the credit to all primary home buyers instead of just first-time buyers. They almost pasted the stimulus package for a $15000 credit (up to 10% of the home value) but it was part of a compromise at the late stages of negotiations between our great politicians.

Good luck...You can only qualify for the amendment on the 2008 return if you in fact close on a house. You don't qualify for the money on the assumption that you're going to buy. IE to use the money as a downpayment.

So unless you know of something I don't my assumption is correct and you won't qualify until the purchase is made. At that point you can amend the 2008 return.



If you plan on buying in 2009, you can amend your 2008 return to receive the free money

I've found nothing to support that claim.

[BacktoBasics]

First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

[tHe210rObInHoOd]

Here's a link the is pretty helpful.
http://www.federalhousingtaxcredit.com/2009/faq.php#20

Of course you must close on the house in order to get the credit, but if you are dumping all your savings in order to buy the house, the $8000 will help replnish your account. If you amend your 2008 and e-file you'll get these money in a matter of weeks. With that said if you don't have enough cash to get you through closing you shouldn't buy. Also, you can structure the sales contract to where the seller pays your closing fees (a max 6%) to help with the cash situation.

[BacktoBasics]

Of course you must close on the house in order to get the credit.I misunderstood you then.

[CubanMustGo]

. thread hijack, sorry

[I. Hustle]

Furthermore every single bank is scrutinizing debt to income like never before. I'm sitting at 40-42% which in my opinion is pretty good. Half the banks would only consider a deal with a ratio at 35%. This is a huge deal breaker for most people. Absolutely make sure the debt to income ratio is below 40% before trying to do anything.

Yeah my credit score on all three is around the mid 700's, sup B2B, and that isn't helping at all. You really need to evaluate your debt to income ratio like the dude with a lower credit score than me said and you should really consider tightening the ol' belt and trying to pay off as much debt as possible. Getting rid of the higher payments really helps get you that much closer.

[I. Hustle]

Also Wells Fargo was looking at around 50% and under D2I last I checked which was about a week ago.

[CuckingFunt]

I'm trying to figure out how to get situated to be able to purchase our first home. I've heard various rumors of how much of a down payment you should have when buying a house...anywhere from 5 to at least 10 percent. But then I've also heard that with the market these days you don't even have to have a down payment at all.

What is the truth?

How soon are you looking to buy?

If it's within the next few months or so, I'd say start meeting with different lenders and get hooked up with one as soon as possible, even if you're not looking right away. They'll be able to let you know what your options are, let you know what you need to do to improve those options, and it always helps strengthen your eventual offer if you've already got financing lined up and a loan pre-approval (not just pre-qualified) letter typed up and ready to present with the offer.

If it's a more general, at-some-point-in-the-undetermined-future plan, pay down debt and save as much as you can. Exact programs and rates will likely change between now and when you start looking seriously, but having as little debt and as much cash in the bank as possible is always a good starting point.

[Ginofan]

How soon are you looking to buy?

If it's within the next few months or so, I'd say start meeting with different lenders and get hooked up with one as soon as possible, even if you're not looking right away. They'll be able to let you know what your options are, let you know what you need to do to improve those options, and it always helps strengthen your eventual offer if you've already got financing lined up and a loan pre-approval (not just pre-qualified) letter typed up and ready to present with the offer.

If it's a more general, at-some-point-in-the-undetermined-future plan, pay down debt and save as much as you can. Exact programs and rates will likely change between now and when you start looking seriously, but having as little debt and as much cash in the bank as possible is always a good starting point.

Yeah, it probably will be within 12 months, I'm just not familiar at all with all the mumbo jumbo and what it means, which has me seriously considering going to a FTHB class like Ashbeigh suggested.

[Mixability]

I'm cringing at the thought but I'm strongly considering a manufactured home because its much less expensive and since I have two acres the massive manufactured home depreciation isn't nearly as bad. I'd have a shit load more square footage too.

Don't do it. Last summer when I was house shopping, I gave it a thought for a millisecond, when I saw the low prices.

They can call it a manufactured home, a modular home, a sweet pad, whatever. No matter what they tell you, if it had wheels and axles, it's a trailer. And if I can see a gap in your ceiling running the length of your hallway-less house, you have yourself a double wide.

[ashbeeigh]

Don't do it. Last summer when I was house shopping, I gave it a thought for a millisecond, when I saw the low prices.

They can call it a manufactured home, a modular home, a sweet pad, whatever. No matter what they tell you, if it had wheels and axles, it's a trailer. And if I can see a gap in your ceiling running the length of your hallway-less house, you have yourself a double wide.


I only know this because my father worked for a modular home company for a brief few months in Wisconsin..manufactured and modular are different. Modular homes are homes on a foundation that come in pieces (modules if you'd like). Manufactured homes aren't built on slabs.

[BacktoBasics]

Don't do it. Last summer when I was house shopping, I gave it a thought for a millisecond, when I saw the low prices.

They can call it a manufactured home, a modular home, a sweet pad, whatever. No matter what they tell you, if it had wheels and axles, it's a trailer. And if I can see a gap in your ceiling running the length of your hallway-less house, you have yourself a double wide.I'm well aware they're "doublewides". They do go on foundations though. They've come a long way from what I can tell but yeah it'd be a tough cookie to swallow.

Home building is soooo god damn expensive though. 10 years ago you could find a builder to put a nice 2k sqft 4 BR 2 Bath on existing land for 115k. Forget it now.

[BacktoBasics]

I only know this because my father worked for a modular home company for a brief few months in Wisconsin..manufactured and modular are different. Modular homes are homes on a foundation that come in pieces (modules if you'd like). Manufactured homes aren't built on slabs.Minor correction. Modular homes are build on location (from pieces like you said) manufactured homes are pre-built in a factory and are shipped in halves and assembled by joining the two sides. Both go on slabs and qualify for homestead exemptions so neither would be considered a "trailer".

[ashbeeigh]

Minor correction. Modular homes are build on location (from pieces like you said) manufactured homes are pre-built in a factory and are shipped in halves and assembled by joining the two sides. Both go on slabs and qualify for homestead exemptions so neither would be considered a "trailer".

:tu After having a family member work in the industry (and be screwed by it at the same time) I'll pass on both of them, and not even for the obvious stigma associated with them.

[Bigzax]

go find you a good builder on a side of town you like and stay within your budget!

my ma in law is an agent if you need one...she'll be on the builders ass like stink on shit which is a good thing no matter who you choose...

the builder's usually do their own financing and then sell off the loans after you close...so they'll want to get the sale done...you'll only need like a 1000 to secure your lot and get them building...you can take the 6 months from that point on and save for closing...you'll need about 5k. good luck!:tu

[TDMVPDPOY]

Why dont you just buy a home that someone cbf destroying, for 1 dollar on ebay or someshit, and pay for transportation and fitting costs on ur slab of land.....it cost about 10-20k all up.....instead of spending 120k+ on a new house.....

[mFFL03]

I'm not sure on purchase since I only used to deal with refinancing...but there are a couple of things in TX to remember.

RATES CHANGE DAILY. Remember these companies are business', they make their own rates that don't necessarily HAVE to be attached to the market.

Once you pay 20% off, you are not responsible for PMI which can be anywhere from $100 to $500 depending on your property.

If you are in TX, once you go below 20%, you can only borrow more money UP TO that 20%. We are very lucky to have this law here in TX, otherwise we'd prolly be like CA, FL, and AZ. People in these states borrowed up to 120% on their property.

Try to get into a loan that makes sense for you. Right now everyone wants a 30 year fixed, but that won't get you the lowest payments. See what type of options they have for ARMs. If you only plan to be in your current job for a short while, or see yourself moving soon, def look into a 5, 7, 10 year ARM in which IT IS locked for that time period. Just make sure you know what the payments are WITH amortization. YOU DO NOT WANT A NEGATIVE AMORTIZATION loan. Mortgage companies have anywhere from 100-300 loan types, everyone is on a different plan in life.

Prepayment Penalties are sometimes a good thing, but probably not right now in this economy. They will make your payment even lower, but you can't sell or refi your home in a defined time period, usually 2-5 years. Once again everyone is different. Since everyone is potentially on the chopping block here in the US I wouldnt go too high on the years if you do have one.

Remember who ever you speak to the rest of your life in mortgage IS A SALES PERSON. You can haggle, but not by a lot. Put them on the hot seat. Get them to talk to their manager.

If you chose a mom and pop shop or online service, keep in mind mostly all of these companies end up selling your loan to another company within 1-3 years. Sometimes it happens multiple times. I've heard horrible horror stories about billing uncertainties and late payments as the end results.

Educate yourself.....Dummies books are a great start......

[spurster]

I assume that you are only going to consider fixed-rate loans.

[DarkReign]

I assume that you are only going to consider fixed-rate loans.

HA...do they even allow ARMs any more?

[BacktoBasics]

HA...do they even allow ARMs any more?They're still available. If you know what you're getting in to there are situation where its beneficial.

[Mixability]

I only know this because my father worked for a modular home company for a brief few months in Wisconsin..manufactured and modular are different. Modular homes are homes on a foundation that come in pieces (modules if you'd like). Manufactured homes aren't built on slabs.

From the companies I had seen, they offered both modular and manufactured homes. Same floorplans, just depended on if the thing came with axles or not. I'm not one to keep up with the Jones', but I wanted to feel proud of providing a safe home for my family. And seeing the paper thin walls on those things made me think twice quick! Add that to the awful smell of the model homes I saw, must be the formaldehyde or something, I was done.


I feel comfortable skimping on some things, like getting generic groceries sometimes. But when it comes to a house, I felt "you get what you pay for" is something I wanted to keep in mind. I'd rather pay alot more to feel more secure.

Add that to the fact that the companies I had talked wouldn't dare try to build within 1604, unless it was in a trailer park. uh, no thanks.

Note to modular/manufactured home salesman:

You might want to rethink mentioning that you supplied the homes for Katrina as a selling point.

[TDMVPDPOY]

Note to modular/manufactured home salesman:

You might want to rethink mentioning that you supplied the homes for Katrina as a selling point.

seriously you get what you pay for

buying a house property is the biggest investment and commitment in your life, shop around wisely and spend on what fits criteria....

so if ur lookin at buyin a house when looking at the price remember to take off the first home buyers rebate grant, see if it fits ur budget...

ps. dont try to impress or compete with the jones cause you will end up spending more than what you can afford or worst not being able to meet ur debts when due......

[BacktoBasics]

I have yet to find a budget builder, contractor or architect. Seems like anyone who builds on acreage outside of cookie cutter neighborhoods is in the 140k and up range. Even for small homes under 2000 sqft. If someone knows someone let me know.

[Mixability]

seriously you get what you pay for

buying a house property is the biggest investment and commitment in your life, shop around wisely and spend on what fits criteria....

so if ur lookin at buyin a house when looking at the price remember to take off the first home buyers rebate grant, see if it fits ur budget...

ps. dont try to impress or compete with the jones cause you will end up spending more than what you can afford or worst not being able to meet ur debts when due......


:tu

I wasn't interested in staying awake at night during a thunderstorm wondering if my roof would fly off at any minute.

Plus, I have a wife and kid and I think they deserved something a little better than a modular home.

And to tell you the truth, the low prices of the modular option made me question the whole idea further. They priced a 2800 sqft house at 40k less than what I paid for my 2000sqft site built home.

It gave me that "flea market subwoofer" feeling about the whole thing. I just felt more secure in paying more for peace of mind. I didn't like the cheap feeling of the model home I saw. The countertops were cheap looking, you could hear through the walls. And since I'm a tech geek, I was mentioning about mounting a tv on one of the walls. The salesman said it wasn't recommended that I do that and it would void the warranty. :lol

[TDMVPDPOY]

And to tell you the truth, the low prices of the modular option made me question the whole idea further. They priced a 2800 sqft house at 40k less than what I paid for my 2000sqft site built home.


hey 140k does that include land?

and how far from the metro cbd area is this?

[Mixability]

hey 140k does that include land?

and how far from the metro cbd area is this?

That was about 2 years ago when I was first looking around, so I don't know if their prices have fluctuated or not. And thats not including land, they had a person that would look for land for you. But they would absolutely not look inside 1604.

The price per sqft was nice, but seriously, it was not safe looking. And this was their Model Home, something they use to SHOW OFF their product. :td

[TDMVPDPOY]

The price per sqft was nice, but seriously, it was not safe looking. And this was their Model Home, something they use to SHOW OFF their product. :td

display homes are good if you dont mind the douches who have inspected them, try bargain down the price or get them to include the furniture free :D with the house......

[Mixability]

display homes are good if you dont mind the douches who have inspected them, try bargain down the price or get them to include the furniture free :D with the house......


You do understand that i'm talking about a glorified double wide trailer, right?

[TDMVPDPOY]

You do understand that i'm talking about a glorified double wide trailer, right?

lol might as well go buy a bus commuter and do it up.....

[Mixability]

lol might as well go buy a bus commuter and do it up.....


Exactly!

[DannyT]

For the most part yeah.

When has Ash ever given or taken it.

I dont know about giving it but she cant definetly take it...word is bond!!!

but seriously what insight can you give on someone using a VA Loan to purchase their first home? Whats good and whats bad about it.

[mFFL03]

They're still available. If you know what you're getting in to there are situation where its beneficial.

That's right. Say you are investing in a townhome or your first home to use it as a stepping stool for your next home.

Getting into a fixed 5, 7, 10 year ARM isn't crazy at all. It's just the loans where you are paying INTEREST ONLY.

[PuttPutt]

You might consider talking to a mortgage broker. You end up paying them some money in the end, but they can help. Especially if your credit isn't great, which mine wasn't at 640. Just look for a repuatable one. I tried using one 5yrs ago in SA & he just about had me in a house, until my wife & I decided that we weren't ready. Then we ended up moving to central WA. I used one here in WA State to get a private money construction loan & built my own house. I was able to kind of beat the system & come out way ahead. I was the general contractor & did a lot of the work myself, on weekends & after my regular job, with my in-laws. Then we sub-contracted out the electrical & insulation. I was blessed enough to have 2 brother-in-laws that build houses. It took 4 of us 11 months to complete my home, but I ended up with $30k in instant equity. This was a unique situation, but it worked out for me. My broker says the type of loan I got, now has to have 20% down. I built a 2160sqft, appraised $220K home for $190K without putting up any money of my own. I'm also thankful that my housing market hasn't blown up. Mostly in part to the Seattle market being crazy. A lot of people have started moving to my area from there. So, it's actually helped my market.

So, you might consider talking to one. Just ask around & find a repuatable one.

*I ended up with a 6.4% rate, but that was the best I could get w/ my credit back in Oct. when I refinanced out of the construction loan to a conventional loan*

[SequSpur]

join the military.. no money down.

[DannyT]

join the military.. no money down.

provide more info fucker

[Das Texan]

join the military.. no money down.

how does that help with a house.

VA loans require i think 1 or 2 % down.

[BacktoBasics]

I dont know about giving it but she cant definetly take it...word is bond!!!

but seriously what insight can you give on someone using a VA Loan to purchase their first home? Whats good and whats bad about it.This is a bit of a mystery to me.


how does that help with a house.

VA loans require i think 1 or 2 % down.That would be pretty nice. I should join just for the low down payment.

[JoeChalupa]

I didn't even use my VA loan.

[DannyT]

I didn't even use my VA loan.

how about texas vet? did you use that?

and if you dont mind why didnt you use your VA Loan?

[JoeChalupa]

how about texas vet? did you use that?

and if you dont mind why didnt you use your VA Loan?

Just didn't need it is all.

[ploto]

If you have difficulty saving up for a down payment, then the added costs of a home might not be appropriate for your circumstances. Even if the payment equals your current rent, you have taxes and maintenance to consider. Also, given the amount of the current standard deduction, the tax savings between that and what you can claim with these taxes... by itemizing may not be as much as you think.