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Started By
Message
re: First time House Buyer....advice/ suggestions?
Posted on 2/28/13 at 5:18 pm to Brettesaurus Rex
Posted on 2/28/13 at 5:18 pm to Brettesaurus Rex
1
Posted on 2/28/13 at 7:13 pm to novabill
Dammit, ma lady and I are above the family income limit.
shite.
If its net income I might make it
I would also wonder with something like that if there is a price limit on a house. The neighborhood I want to look in is probably around at least 200k maybe a little more
shite.
If its net income I might make it
I would also wonder with something like that if there is a price limit on a house. The neighborhood I want to look in is probably around at least 200k maybe a little more
This post was edited on 2/28/13 at 7:16 pm
Posted on 2/28/13 at 7:54 pm to Brettesaurus Rex
Just closed on my first house today. It was a 200k house. I got a rural development loan at 3.25% and my monthly note including taxes and everything is about 1150 a month. I didn't put any money down either
Posted on 2/28/13 at 8:41 pm to Civildawg
You just have been under the family income limit? Or is there one? How did that work?
Since I'm in an area that would allow it
Since I'm in an area that would allow it
Posted on 2/28/13 at 10:17 pm to Brettesaurus Rex
(no message)
This post was edited on 3/28/13 at 6:31 pm
Posted on 2/28/13 at 11:06 pm to Brettesaurus Rex
quote:
I would also wonder with something like that if there is a price limit on a house. The neighborhood I want to look in is probably around at least 200k maybe a little more
No limit on purchase price. I just closed on one that was 315,000. Although the guy almost made too much money for the program.
Posted on 2/28/13 at 11:09 pm to Brettesaurus Rex
Here you can enter your information and see if you fall within the income limits for your family size. LINK
Posted on 2/28/13 at 11:11 pm to davidengle
quote:
My opinion is, I recommend 20% down payment so that you can avoid paying PMI (Prime Mortage Insurance). If house is 200K and you put 20% down then that is 40K down. Financing 160K will run you with a monthly payment including taxes and insurances of roughly $1300 a month at today's interest rates. Of course, you'll want to be sure to buy a home with little maintenance so that you don't overextend yourself. Be sure to not put all your savings into a home either. I hope this helps!
Not a bad opinion, however, many do not have the 20% to put down and do not want to wait for the rates to go up prior to buying a home.
Posted on 3/1/13 at 8:06 am to novabill
Looks like I'm too far over with my and my girls income. I entered or child care expenses but were still around 5k over the limit. Hopefully I can research a little more and see if theres any other expenses im not thinking of. Sucks we would miss it by so little.
Posted on 3/1/13 at 11:19 am to novabill
quote:
Not a bad opinion, however, many do not have the 20% to put down and do not want to wait for the rates to go up prior to buying a home.
I agree. I can see the benefit of paying 20% down but lots of people with families who are renting aren't going to be able to save up $40,000 in cash for a $200,000 house. With rates less than 4%, I would jump on a mortgage now and try to go conventional if you can't go RD. The PMI isn't as high as FHA and it's not for the life of the loan, as FHA will be once the new rules go into effect.
Posted on 3/1/13 at 11:34 am to JonTheTigerFan
(no message)
This post was edited on 3/28/13 at 6:31 pm
Posted on 3/1/13 at 12:40 pm to davidengle
quote:
interest rates are so low.
Is the main reason Im trying to get all my ducks in a row now. I keep hearing how historically low they are and Im feeling like I need to pounce.
Posted on 3/1/13 at 6:52 pm to Brettesaurus Rex
I don't think there is an income limit on rd loan, I could be wrong though
Posted on 3/1/13 at 9:03 pm to Civildawg
quote:
Posted by Civildawg I don't think there is an income limit on rd loan, I could be wrong though
Really? What makes you say this? I had seen that it was 75K somewhere
Posted on 3/2/13 at 6:45 am to Brettesaurus Rex
Background: I just bought a house in Geismar, 227K got a conventional 30yr loan with 3.5% through Iberia bank (great to work with Btw). Most peoples first home is not your last home, why strech yourself so thin by putting 20% down. PMI is not as bad as people make it out to be Espcially if you have good credit and put around 10% down. Ther is a a special deal many people don't know about called super premium mortgage insurance and it is a one time PMI paid at closing. This one time PMI will cancel its self out in only 2 years well worth the extra cost. On my home it was only an additional 2500 if I remember correctly. My note with taxes and insc runs $1172, not bad at all. Biggest thing is trying to negotiate the most closing costs covered possible=more money in your pocket. Goodluck.
Posted on 3/2/13 at 7:29 am to Brettesaurus Rex
quote:
Really? What makes you say this? I had seen that it was 75K somewhere
You're right. It's $74,750 in the BR area for a family of 4 or less.
Posted on 3/2/13 at 9:01 am to Brettesaurus Rex
Most say don't pay more than 30% of your income on a mortgage. Not all of us are OT ballers. Mine is around 45%. I purchased back in 04 and did first mortgage for the first 80% and then a second for the other 15%. My note was around $1000. Had excellent credit.
Posted on 3/2/13 at 8:46 pm to Brettesaurus Rex
If there was, I am below it. I think it was around 75 or 80k
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