is buying a house worth the hassle?

[bugoy]

im thinking about buying a house for the tax break this year but people are telling me that the maintenance in itself makes it not worth buying a house, which is mainly what my father and uncles are telling me. is it really that bad?

stats on me: male, 26, party goer, accountant (curently job hunting). loves long walks on the beach, conversations about sweet nothings

[Fillmoe]

the fuck is this... a question or a fake ass eharmony post?

[mookie2001]

im 26 and im buying a house

just to let you know

most of my friends rent

[ploto]

im thinking about buying a house for the tax break this year but people are telling me that the maintenance in itself makes it not worth buying a house, which is mainly what my father and uncles are telling me. is it really that bad?

Do you intend to stay in the city in which you are for a while?

How much are you paying in rent compared to how much the house payments would run with with insurance, taxes...

Are you sure you qualify?

I have a relative who bought a house in college because with collecting rent from a roommate, it ended up cheaper than what he was spending renting an apartment. He is glad he did it.

[bugoy]

im 26 and im buying a house

just to let you know

most of my friends rent




my friends rent too...that or live at home...im thinking of renting to my friends and making my house into a frat house to lower my monthly payments -_-

[bugoy]

Do you intend to stay in the city in which you are for a while?

How much are you paying in rent compared to how much the house payments would run with with insurance, taxes...

Are you sure you qualify?


i just moved back home(houston) from new jersey so ive had my share of exploring, pretty sure i'll stay here for a while, im not paying crap because i live with my parents, i think i can afford it but i probably have to cut out my thursday drinking nights, and yeah im sure i qualify, last time i checked i had a 790ish credit score

[Destro]

can't think you'll get a lender without a job

[jaffies]

im thinking about buying a house..........



(curently job hunting)

Richer??

[ChumpDumper]

Usually it works out being better than renting if you stay there about five years or more. Also prices and interests rates probably won't be this low forever. Throw on the tax rebate for first time buyers and you have a pretty sweet deal. Good luck finding a lender, but I suppose a cosign from your parents would help.

[mrsmaalox]

Just don't forget about the cost of maintenance. Owning a house is nice, but it's much nicer if you have a decent maintenance fund available. Repairs and modifications are expensive and can add up real fast.

[leemajors]

the fuck is this... a question or a fake ass eharmony post?

hahahaha

[ashbeeigh]

99.9% sure that you won't get pre-approved/approved without a job.

And if you look at homes be sure to include property taxes and home owners insurance in to what your monthly payment will be..along with maintenance.

[bugoy]

99.9% sure that you won't get pre-approved/approved without a job.

And if you look at homes be sure to include property taxes and home owners insurance in to what your monthly payment will be..along with maintenance.


im looking for a job right now and i plan to buy around novemberish

[bugoy]

You plan on losing friends. Buy the house. The market is a buyers market and the rates are extremely low. If you need help with the mortgage, rent to foreign exchange students, or only buy what you can afford.


see thats what im worried about so im thinking of renting to acquaintences not close friends...i can afford the monthly but any extra help would be nice`

[bugoy]

Just don't forget about the cost of maintenance. Owning a house is nice, but it's much nicer if you have a decent maintenance fund available. Repairs and modifications are expensive and can add up real fast.


any horror stories or examples?

[Big P]

Your gonna need to get a job first, then you might want to think about looking into it.

[ashbeeigh]

im looking for a job right now and i plan to buy around novemberish

just fyi you have close before December 1st to be eligible for the FTHB credit.

And if you rent the home you have to make the home your primary residence as well. None of that "well I'll rent to friends" and then rent an apartment of my own to make some extra money. That's not what the credit was made for. You would be considered an investor.

I know that's not what you're intending on doing...but there are rules associated with the credit.

[PakiDan]

im thinking about buying a house for the tax break this year but people are telling me that the maintenance in itself makes it not worth buying a house, which is mainly what my father and uncles are telling me. is it really that bad?

stats on me: male, 26, party goer, accountant (curently job hunting). loves long walks on the beach, conversations about sweet nothings

LOL :lol :lol :lol ARE YOU KIDDING?? Party goer.... CURRENTLY LOOKING FOR JOB.... yeah... your the perfect candidate! Why don't you run for President while your at it.

[DMX7]

Your gonna need to get a job first, then you might want to think about looking into it.

You can look now but don't actually do anything untill you've got a job.

[bugoy]

You can look now but don't actually do anything untill you've got a job.
yeah definitely






this is going to be my primary residence, i'd probably rent out to only people i know, when i moved to new jersey i found out there are a lot of really weird people on craigslist looking for roommates and since this is my home id like it to be in one piece. looking for a job is my primary goal right now but i was at my uncles house last night and the subject was brought up

[bugoy]

LOL :lol :lol :lol ARE YOU KIDDING?? Party goer.... CURRENTLY LOOKING FOR JOB.... yeah... your the perfect candidate! Why don't you run for President while your at it.


someones sarcasm radar must be broken...i know thinking a little forward but its something that needed consideration...i am as practical as a person can be and im pretty responsible and my credit score reflects that

[bugoy]

Your gonna need to get a job first, then you might want to think about looking into it.


why cant i think about it while looking for a job, there are so many jobs you can apply for before your wasting other peoples email space with your resume

[Big P]

Mortgage companies want to see a job history, usually two years, if you dont have a job now, its going to be very hard for you to get a house by Dec 1 to take advantage of the tax credit. Look all you want, but this is the classic example of people doing things backwords. Instead of finding a house first & then trying to go get financing after you have found it & then be utterly disappointed when they tell you you cant get the house of your dreams, why not go get pre approved first. Once you have done this, not only will you know what you are qualified for (can afford to pay), but when you show your preapproval to interested home sellers, they are going to know that you are serious. Im in the mortgage industry by the way. Most people dont want to hear things like this, but there is a reason that we are where we are today.

[PakiDan]

Mortgage companies want to see a job history, usually two years, if you dont have a job now, its going to be very hard for you to get a house by Dec 1 to take advantage of the tax credit. Look all you want, but this is the classic example of people doing things backwords. Instead of finding a house first & then trying to go get financing after you have found it & then be utterly disappointed when they tell you you cant get the house of your dreams, why not go get pre approved first. Once you have done this, not only will you know what you are qualified for (can afford to pay), but when you show your preapproval to interested home sellers, they are going to know that you are serious. Im in the mortgage industry by the way. Most people dont want to hear things like this, but there is a reason that we are where we are today.

Ding ding ding ding! Your not buying a puppy... it's a house. Banks want job history!!! Stability.

[dougp]

Do me a favor, don't buy a house. You'll somehow fuck up the value of the house I just got on Friday.

As someone already said - your lender will require at LEAST two years job history, along with a down payment. If you're going FHA, expect a bit higher requirements since they only require 3.5% down.

[Bender]

a thread asking for advice, but no b2b post yet...

[boutons_deux]

no job?
no IRS returns last two years?
don't have 3+ active lines of credit with almost perfect credit score?
have you paid off a car or other large item, with proof?

Banks are amassing capital rather than lending at these low rates, while hiking fees everywhere to suck our pockets dry, just because they can.

[Drachen]

It looks like you are going to have to go FHA because of your lack of job history. It's not bad, my mortgage is currently FHA, you get slightly (very slightly) higher mortgage rates than the market, and your mortgage insurance works a little differently, but it is a good option to go with if you have a less than perfect mortgage profile (which you do). You can then refi to a conventional loan later if you find the opportunity to do so. Buying a house is pretty cool. I have learned a lot because of the maintenance. I have tiled floors, redone cabinets, redone landscaping, etc. it is still a work in progress and I have about 5 projects at any given time. I like this because even though I didn't know how to do these things before, I just teach myself as I go along and when I am finished, it gives me a very real sense of accomplishment especially because I know that I just added to the value of my house. It would be even easier to do this for you since you don't have a family. I guess it all just depends on the type of person.

[CubanMustGo]

If you (the OP) are lucky enough to get financing, be sure that you get a GOOD inspector to give the house a once-over before you buy it. If you buy new, do NOT use an inspector provided by the builder, they will overlook all kinds of shit and unless you know what is going on you'll be the one left footing the bill down the road.

Boutons is right, a bank won't touch you. It took over six months for a friend of mine to get a refi done with Chase, even though he had excellent income, ratios, credit etc ... and HE WORKS FOR CHASE. It took me a couple of weeks through my credit union.

[BacktoBasics]

no job?
no IRS returns last two years?
don't have 3+ active lines of credit with almost perfect credit score?
have you paid off a car or other large item, with proof?

Banks are amassing capital rather than lending at these low rates, while hiking fees everywhere to suck our pockets dry, just because they can.This is pretty much spot on. You need a minimum two years on the job before they'll even consider it.

How many more threads is this guy going to make?