Home buying questions

[preddy08]

Socal, Brian. I know some of us are old enough to own homes.

[Peelz]

I am a home owner...... What is the question?

Is the question: "where do I build the meth lab?"

[socalrappy700]

You rang?

[Flynbyu]

What's  your question?

~Brian

[kyledvor61]

he did have something but then he edited it

[Colorado700R]

I am a home owner...... What is the question?

Is the question: "where do I build the meth lab?"

You asked for that when you edited the no-whoring part of your post Shawn 


I didn't uses a percentage, I used an actual # for my monthly costs for home ownership.  I built in a "Fluff" amount for incidentals aswell to cover the "What if" issues that can quickly arrize.  Be sure to calculate for property taxes, homeowners insurance , and HOA dues.  (Easily overlooked).

I say figure out what your monthly out of pocket goal is then you'll be able to figure out the maximum $$ you'll want to spend on a home.


Do not, I repeat Do not sacrifice your lifestyle money for a bit more house.  A house can become a home over time with small invesments of time and money, but sitting at home all the time becuase you don't have any extra scratch to go anywhere will give you cabin fever bad.

Just my .02


Aaron

[Peelz]

Do not, I repeat Do not sacrifice your lifestyle money for a bit more house.  A house can become a home over time with small invesments of time and money, but sitting at home all the time becuase you don't have any extra scratch to go anywhere will give you cabin fever bad.


+1 on that colorado. Then you might hate your house even if it is not bad. Buy right below expected budget. Then fix what you don't like about the house. Don't buy "perfect house" then be stuck there and you can't fix it if  "perfect".

[Colorado700R]

Also, I believe you can get a list for potential forclosures from your county clerk.  They are usually filed with an auction date, so it may help you secure a "Quick sale" via the homeowners original lender.


Aaron

[Flynbyu]

I am a home owner...... What is the question?

Is the question: "where do I build the meth lab?"

Do not, I repeat Do not sacrifice your lifestyle money for a bit more house.  A house can become a home over time with small invesments of time and money, but sitting at home all the time becuase you don't have any extra scratch to go anywhere will give you cabin fever bad.

Just my .02


Aaron

Couldn't agree more. This is why there are so many foreclosures now.

Most banks will qualify you at a percentage of your income. Most will factor 25% of your gross income as a payment maximum on FHA or VA loans. Guidelines are a tad more strict with FHA. Most FHA loans require 3% down, and no collections (if you have collections, they must be satisfied prior to close or at closing).

The housing market is a wreck. There are some great deals out there, but lending has started to tighten up.

~Brian

[preddy08]

Son of a bitch, I hit modify instead of quote


anyways, you pretty much answered my questions. I have almost no debt, 100 for a camper and 150 for truck, thats about it. So I would think that 28% of grose income would be acceptable. Now does that 28% include insurence and taxes if its all rolled into one?

I totally agree about buying a fixer-upper, but they are kinda hard to come by. It kinda sucks that most of the houses in my price range are a good 1/2 hour drive to work.

[Flynbyu]

Insurance will go into your payment, which will raise your payment. Don't forget PMI insurance.....This is applied to your note by the bank until you obtain below 80% loan to value on your loan with the bank.

~Brian

[Pldbryan]

You also really need to keep an eye on closing costs and talk to whoever is doing your mortgage and get them to give you an idea of what they will be.   Make sure that you have budgeted $ in to cover those costs out of pocket.  They can be very expensive and a place where the mortgage guys can slip in extra fees to make a little extra $.  Ask for a list of all costs and fees that will be included in the closing costs.   It can be included in the cost of your house as well if you write it up that way.

[Flynbyu]

Good point.

There are so bogus fees when associated with mortgage origination.

Example: Origination fee = Mortgage broker charging you a percentage to do your paperwork

~Brian

[preddy08]

Good point.

There are so bogus fees when associated with mortgage origination.

Example: Origination fee = Mortgage broker charging you a percentage to do your paperwork

~Brian

Those FEE's piss me off. We just rented a hall for our reception and they charged 20% security fee!!!!! 20% of 6800+ gets a bit spendy!!!

Thaks for pointing that out!

[Colorado700R]

Good point.

There are so bogus fees when associated with mortgage origination.

Example: Origination fee = Mortgage broker charging you a percentage to do your paperwork

~Brian

Those FEE's piss me off. We just rented a hall for our reception and they charged 20% security fee!!!!! 20% of 6800+ gets a bit spendy!!!

Thaks for pointing that out!

Holy dog shit that's allot for a reception hall!!!!  Corn husker stadium???