Home Buying & Real Estate Thread

[eugenile gts]

Boderline of berkeley, houses there are going for a million plus.

hence the great deal---but too bad its pending. i wonder if its going to be sold for $100K over asking.

 

[turbospartan]

hence the great deal---but too bad its pending. i wonder if its going to be sold for $100K over asking.

Scrape it, build brand new, sell for triple.

 

[antidope]

For those who own homes, what percentage of your take-home pay is your mortgage payment?

 

[turbospartan]

For those who own homes, what percentage of your take-home pay is your mortgage payment?

Most lenders want to see your DTI ratio (Debt To Income) at like 35% or less. Some will allow up to 43%. That is of "gross pay" though, not "net pay".

My mortgage payment is actually right at 43% of my take-home, but that is only based on my salary - not including my wife's.

 

[townbidness]

Most lenders want to see your DTI ratio (Debt To Income) at like 35% or less. Some will allow up to 43%. That is of "gross pay" though, not "net pay".

My mortgage payment is actually right at 43% of my take-home, but that is only based on my salary - not including my wife's.

Mines is about the same since i pay escrow.

 

[antidope]

Most lenders want to see your DTI ratio (Debt To Income) at like 35% or less. Some will allow up to 43%. That is of "gross pay" though, not "net pay".

My mortgage payment is actually right at 43% of my take-home, but that is only based on my salary - not including my wife's.

I'm only carrying a car loan at present and that's really by choice, I had the cash to buy the car outright since the day I got it but I've had no debt in life outside of SL and CC debt so I took that loan solely for the purpose of establishing a good track record. It's less than 10% of my gross.

 

[turbospartan]

I'm only carrying a car loan at present and that's really by choice, I had the cash to buy the car outright since the day I got it but I've had no debt in life outside of SL and CC debt so I took that loan solely for the purpose of establishing a good track record. It's less than 10% of my gross.

Do you live in a high Cost of Living area?

Student Loans and CC already paid off?

 

[antidope]

Do you live in a high Cost of Living area?

Student Loans and CC already paid off?

Jersey, I paid off my SLs around two years ago. Have never paid a cent of CC interest, I pay it off in full every month. Since then just been trying to save/help out family. But now I want to get my own house.

 

[niketalker23]

Possible to put down 10% and avoid PMI?

 

[Grine]

Possible to put down 10% and avoid PMI?

Or refinance after a year.

 

[turbospartan]

Jersey, I paid off my SLs around two years ago. Have never paid a cent of CC interest, I pay it off in full every month. Since then just been trying to save/help out family. But now I want to get my own house.

Well good credit score + decent job + low DTI ratio should get you eligible for a loan. Next step is to talk to a lender and see where you are at. This will cause a hard pull on your credit (so it may dip slightly) - so keep that in mind. Probably not worth it to pull your info, if you aren't ready to buy in the very near future.

You have a decent amount of savings, for a down payment? Don't forget to include closing costs, which adds thousands in addition to your down payment.

 

[antidope]

Well good credit score + decent job + low DTI ratio should get you eligible for a loan. Next step is to talk to a lender and see where you are at. This will cause a hard pull on your credit (so it may dip slightly) - so keep that in mind. Probably not worth it to pull your info, if you aren't ready to buy in the very near future.

You have a decent amount of savings, for a down payment? Don't forget to include closing costs, which adds thousands in addition to your down payment.

I got pre approved already I'm just waiting to find a place I truly like.

I've built Ulla decent amount of cash and have decided to liquidate a portion of my investment portfolio if need be to help pay for it

 

[monstar]

Possible to put down 10% and avoid PMI?

typically not lenders want 20% and honestly depending on your area you are better off holding on to your cash and letting the appraisal do that work for you.

Cash is king

 

[turbospartan]

House across from me had 13+ year renters and they booted them in April, put tons of work and money into the house. Just had the open house yesterday and there had to be 15-20 cars that came through. I'm interested in seeing what it goes for

After the 15-20 people came through, house was under contract in 4 days.

Interested in seeing what it goes for. They listed it for $130k more than I bought mine, almost 3 years ago . They did put a lot of money/work into it, though. New kitchen, new bathrooms, 2 egress windows, all new drywall, all new paint, light fixtures, landscaping, etc.

 

[townbidness]

Possible to put down 10% and avoid PMI?

Depends on the lender. I got quicken loans, only did 3.5% down payment and they removed my PMI on a 425k home. N.Cali

 

[niketalker23]

Depends on the lender. I got quicken loans, only did 3.5% down payment and they removed my PMI on a 425k home. N.Cali

That’s exactly my price range and location lol. What’s your monthly looking like?

 

[freshpairs]

Depends on the lender. I got quicken loans, only did 3.5% down payment and they removed my PMI on a 425k home. N.Cali

How did you get pmi removed?

 

[townbidness]

That’s exactly my price range and location lol. What’s your monthly looking like?

I just asked the guy if they can remove it haha. Not sure if me being a first time home buyer had something to do with it. At the time i had a 780 credit score.

 

[you go boy]

this is the second time this happen to me in NJ....i went to 2 places so far and didnt even get a chance to submit an offer... heres the thing i dont quality for either condo because its for low to moderate income... apparently i make more than the maximum gross salary... i think its crazy because if i bought the place i could barely afford it and it would be tight... but if someone with a lower salary is allowed to buy that house who makes much less how would they afford it? the whole thing doesnt make any sense

its only been 2 weeks but the house hunting part is so frustrating

 

[monstar]

been at it for 5 months learn to embrace it you will find something that works for you

townbidness thats dope im looking at having to pay 3200-3500 a month for hayward with pmi smh

 

[brandon3000]

goddamn rates are 5% now?

That's so crazy. I bought last June and was able to lock in 3% thanks to this non-profit NACA that allows you to buy down interest.

I'm in the market for a rental property soon. If I can't avoid closing costs, PMI, and get a good interest rate I may consider investing another way.

 

[antidope]

I'm heading to view two townhouses today at noon. Really feeling both from the pictures.

I've been trying to stray away from single families since I live alone and don't really want the upkeep but I'm going to go look at one today as well.

 

[ii flash ii]

One thing I learned from looking at these pictures online is that you shouldn’t get too excited

They enhance these pictures like some photoshop professionals

You go to see the house and it looks completely different

 

[townbidness]

Yup, the angles they take make the house look double the size. You get there and your head hitting the ceiling

 

[itshlittt]

That's so crazy. I bought last June and was able to lock in 3% thanks to this non-profit NACA that allows you to buy down interest.

I'm in the market for a rental property soon. If I can't avoid closing costs, PMI, and get a good interest rate I may consider investing another way.

same wife and i bought last year at 3.5 i cant imagine our mortgage payment at 5 or higher. rates were even higher in 2008-09. rip.