The Home Ownership Thread

[gettoasty]

If OP cash flow works out and finds the right broker, it can workout if putting down 20-25%. All parties would need to be on the mortgage though most likely for income purposes I think. 750k would really be on the high end though with 175k down. Your target home price would be even lower if you consider furnishing and modest updates at the beginning, requiring more cash in hand. I would speak with a broker or a few to get a feel of the market first and realistic prospects.

 

[brokencycle]

I would advise against the 5% down. Yes, rates are low, but if you're below 20% down, you have to pay PMI which could be looked at as a big increase in the interest rate.

Your first step though is to get pre-qualified for a mortgage and see what a bank will be willing to lend you. Odds are, to others' point, you'll need multiple people on the loan.

 

[NakedYoga]

Your first step though is to get pre-qualified for a mortgage and see what a bank will be willing to lend you. Odds are, to others' point, you'll need multiple people on the loan.

And, on that note, won't they base their approval decision and interest rate on the borrower with the lowest credit score/highest risk?

 

[brokencycle]

And, on that note, won't they base their approval decision and interest rate on the borrower with the lowest credit score/highest risk?

No idea. I've never been in that situation.

 

[PhilKenSebben]

And, on that note, won't they base their approval decision and interest rate on the borrower with the lowest credit score/highest risk?

Yes they will. At least they do for other loan types. Fairly sure they will here too

 

[double00]

fireplace inspected/cleaned today, we hadn't fired it since moving in and now i'm looking forward to using it

 

[Van Veen]

Lol.

My seller talked to her CPA, who told her that she'd owe capital gains tax on the money she's giving us at closing. Now she wants to restructure the deal to lower the sale price. Once again, **** off.

At this point, the deal is done, but now I'm seriously worried about them ******* up closing somehow. She has an incompetent CPA and agent, and she clearly thinks she knows better than everyone else.

 

[brokencycle]

Lol.

My seller talked to her CPA, who told her that she'd owe capital gains tax on the money she's giving us at closing. Now she wants to restructure the deal to lower the sale price. Once again, **** off.

At this point, the deal is done, but now I'm seriously worried about them ******* up closing somehow. She has an incompetent CPA and agent, and she clearly thinks she knows better than everyone else.

It doesn't likely even matter because the tax free limit is $250k for single. Her cost basis would be tiny (and she can deduct attorney fees, real estate fees, etc plus she can deduct any material improvement over the years).

 

[Van Veen]

She won't make even close to $250k in profit on this, not even considering deductions.

Yet for some reason her CPA is saying she'll owe just on the money she gives us back at closing, and not on the rest of the sale. It's [nick_cannon_dafuq.jpg]

 

[Van Veen]

What's annoying the hell out of me is that it's clear she thinks we just ask for repair concessions as a negotiating tactic and not to actually make the repairs.

Back to the cheap hooker analogy: she thinks we'll be satisfied with sloppy seconds.

 

[brokencycle]

I'd run like hell from that.

 

[venividivicibj]

just keep threatening to walk away and get more concessions

 

[NorCal]

I’m wondering if anyone can put in their two cents in this:


Home Buying Advice for NYC Resident: SONYMA vs FHA vs Conventional Loan - Where to start?
Housing

Hi everyone - I'm looking to purchase a home soon for me and my siblings family. We're looking at a 2 family at around 700k - 750k. We've got about 170k saved up and could use that for downpayment (though we'd prefer to hold onto some cash since times are kind of crazy).
I've got an income of $56k+ misc., and have been working for about 2 years for a Hospital. I'm worried about the home payments to income ratio, but I would definitely be able to make the payments with the contribution of 3 other family members who will be in the home.
Credit Score: 760, with solid credit history. No college debt or credit card debt. Very little to no ongoing living costs.
The family members are my dad, mom sister, and brother in law. My dad also has solid credit score at about 723, some credit card debt - long credit history, but low income history
Monthly Mortgage Costs limit: $3750 This is about what we currently pay altogether. Does my chances for approval look okay? Looking for fixed rate to lock in the current low int. Rates... not sure if I should go through FHA or conventional loans

Speak to a loan broker, but I think you are boned. Credit is important in getting a better rate but means almost nothing when it comes to getting a loan. It's all about income. 56k a year is not enough for a 700k+ purchase price.
The problem with FHA is you have to pay PMI, which offsets the savings from the great interest rate.

 

[RSS]

Getting a loan can be hell -- especially for the self employed -- but it can have its amusing moments.

A friend of mine thought his days of loans were over ... BUT ... a property he has long admired is going to come on the market shortly after the first of the year. He wants to be able to offer all cash to have a good shot at getting it. This being so he decided to get a loan on a commercial property he owns. He started this process some time back and closed last week.

Naturally the bank wanted copies of everything financial and his favorite moment was when the bank demanded he furnish a copy of the primary tenant's lease. He said that the bank should have a copy but the loan officer assured him she had not previously asked for it. He asked the loan officer to look at the address of the property. She said "That seems familiar." My friend noted that it should. The bank is his tenant.

 

[otc]

realtor.com has a feature where it lets you draw a an area of interest and save that as a search so they can send you updates when properties in that area come on the market.

Except it doesn't ******* work. It works when you are actually on the website and draw the picture, but the actual search routinely sends me matches that are well outside the area of interest and are located in other towns where we wouldn't even consider looking.

As far as I can tell, it is just sending me every random listing that meets my other criteria from the entire county. I circled the 3 biggest population centers, so most of the listings are relevant, but I keep getting excited when I see the preview of these homes (because the far out there towns obviously have much lower prices) only to click on them, open the map, and realize where they are.