They all eventually sell to Fannie/Freddie. They just keep the servicing for a fee after stripping off a few basic points on the sale.
And BTW I have no intention of paying the note to term...(I would be 87)
Sometimes you just have to put your money where you think it will serve you best and hope for the best.
if a guy doesn't have a living with him he would be happy living in a rented apartment and enjoying every penny he's earned w/o sharing it with a tbh. mean why are you gonna need a 2 story ing house when you live alone? buy some farmland in the countryside if you wanna make an investment in the real estate market, and if you dont have much spare money you better not risk getting yourself stuck in a deep hole of debt imho
Don't let your momma catch you fapping off in the hall bath.
Oh I know. It was my be an asshole moment if the month because I know the actual law involved with le and what not
Coming soon will be going after the developer of my new subdivision for mineral rights they think they own
I started looking into buying our first house about two months ago, since we finally saved enough for a decent downpayment and frankly because the mortgage + property taxes basically add up to less what I'm currently paying for rent.
I just couldn't even get the pre-qualification done. I finally got pretty frustrated with the whole thing and I basically postponed everything until we sit down with our accountant before filing for taxes and have a conversation on what we're trying to do...
Percentage of all new mortgages backed by the U.S. government
Note: Data for 2012 is through September. Source: Inside Mortgage Finance
http://www.propublica.org/article/we...arket-now-what
Fannie/Freddie were the heat sink. All the bad loans they took on were gold: backed by the full faith and credit of the USG.
Now, no one else will take them.
Well, Fannie and Freddie don't actually make loans, they just back the private loans so that the borrower gets a decent rate otherwise only the most credit worthy borrower would be able to buy a home...
That is incorrect.
The lender makes the original loan (meeting Fannie/Freddie guidelines and Fannie/Freddie actually review and approve the loan before it closes)
Fannie/Freddie then buys the loan from the originator, generally letting the originator service the note for a fee.
Fannie/Freddie keep a percentage of the loans in their portfolio but most are bundled and securitized and resold to investors with Fannie/Freddies guarantee, and since they are GSE's the securities are essentially guaranteed by the US government.
The cash they get for selling the securities is then used to finance new loan purchases.
How much is a "decent" downpayment? About 1/10th of the home? I'm finally getting to the point in my career where I actually have to start thinking about this stuff... growing up sucks.
You can do FHA/VA with less than 5% down. If you don't want to pay for mortgage insurance and escrow taxes and insurance you need to put 20% down. My advice is put the minimum down and bank the rest. If you want to build equity faster pay more than your minimum payment in the months that you are flush.How much is a "decent" downpayment? About 1/10th of the home? I'm finally getting to the point in my career where I actually have to start thinking about this stuff... growing up sucks.
FWIW I just did my daughters house FHA at 3.5% down and 3.25% interest.How much is a "decent" downpayment? About 1/10th of the home? I'm finally getting to the point in my career where I actually have to start thinking about this stuff... growing up sucks.
We have basically $25k, with the idea of using no more than $20k for down payment and the rest for associated fees, etc.How much is a "decent" downpayment? About 1/10th of the home? I'm finally getting to the point in my career where I actually have to start thinking about this stuff... growing up sucks.
We're looking to buy single-family, which is $170k+ where we're at. Not interested in condos and townhouses and dealing with associations.
That's pretty much exactly our price range and what I was thinking about for a down payment.
I would use 10K for the down payment and closing costs and bank the other 15K for a rainy day fund. Depending on how tight your finances are you don't want to blow a transmission in a car and have to put repairs on a credit card because you put all your savings in the house. If it doesn't rain you can pay an extra couple of hundred over the normal payment in the months things go well and build equity faster that way.
I'll keep the advise in mind. Thanks. The biggest issue for us is that our income changed in the last year and the mortgage dude was not even sure some should count as income or not (it will be taxed as income when our taxes are due at the end of the year). They're basically pretty ing scared of anything right now, so we'll wait until we have our new tax return and everything is on paper before proceeding.
Totally understand the roadblocks at the mortgage company...this getting qualified on my daughters house has been absolutely ridiculous. I just had to track down two more paycheck stubs to match up to a deposit I made. I sent them a copy of the deposit slip showing 2 paychecks being deposited less $400 cash. The deposits were the exact same dollar amouint of all the other pay check stubs I had provided them.
Ya I had to basically put a paycheck stub with every damn deposit for the last 6 months, along with copies of invoices they were attached to.
It sucks to be self employed at times!
you're sounding like the people i deal with on a daily basis working in lending..it's not hard to just go to the bank and ask for a copy of the cancelled check that they are required to keep on file imho
And you sound like the s that asked for it to start with. The point is that they don't want you to borrow the down payment. I get that. Thats fair.
When your down payment is about 4K and you have 100K+ in your checking account only truly ing idiots think I ran down to a payday loan place to borrow 3K to make the down payment.
um no, it's about managing risk and making sure that you actually have the business that you say you have and showing consistency in your pay. they want to make sure that you don't run a volatile business where you make this much this week, and a totally different amount the next. and they don't know how you got the 100k in your bank account..until you produce checks for all they know you received an inheritance and sit at home all day unemployed living off of it. there is a real reason that's why they ask, they don't enjoy hassling with stubborn people like you just for a fun hobby.
Logic doesnt work for these asshole mortgage bankers by and large.
Nevermind that I had to ing draw arrows and pictures to help the mortgage banker ing understand how to add two numbers together.
When A is the total amount deposited and B + C = A on the check stubs made out to the company it was deposited into's bank account, what more do you ing want? But yet, I had to do more. Because it didnt have MY name on it. It was paid to the COMPANY, so naturally MY name wouldnt be on it necessarily.
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