First time House Buyer....advice/ suggestions? | Page 2 | TigerDroppings.com

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novabill
LSU Fan
Crossville, TN
Member since Sep 2005
6021 posts

re: First time House Buyer....advice/ suggestions?


The area shaded in yellow is ineligible and the white is eligible LINK

Here is a blog post that explains a little more about the program. It was written for the Hammond area, but the rules still apply. There are some specific guidelines if you are in flood zone also.
LINK






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Brettesaurus Rex
New Orleans Saints Fan
Baton Rouge
Member since Dec 2009
23551 posts

re: First time House Buyer....advice/ suggestions?


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



This post was edited on 2/28 at 7:16 pm


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Civildawg
Mississippi St. Fan
Member since May 2012
645 posts

re: First time House Buyer....advice/ suggestions?


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





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Brettesaurus Rex
New Orleans Saints Fan
Baton Rouge
Member since Dec 2009
23551 posts

re: First time House Buyer....advice/ suggestions?


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






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davidengle
LSU Fan
Baton Rouge, LA
Member since Feb 2013
20 posts

re: First time House Buyer....advice/ suggestions?


(no message)


This post was edited on 3/28 at 6:31 pm


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novabill
LSU Fan
Crossville, TN
Member since Sep 2005
6021 posts

re: First time House Buyer....advice/ suggestions?


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.






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novabill
LSU Fan
Crossville, TN
Member since Sep 2005
6021 posts

re: First time House Buyer....advice/ suggestions?


Here you can enter your information and see if you fall within the income limits for your family size. LINK





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novabill
LSU Fan
Crossville, TN
Member since Sep 2005
6021 posts

re: First time House Buyer....advice/ suggestions?


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.






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Brettesaurus Rex
New Orleans Saints Fan
Baton Rouge
Member since Dec 2009
23551 posts

re: First time House Buyer....advice/ suggestions?


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.





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JonTheTigerFan
LSU Fan
Central, LA
Member since Nov 2003
4769 posts

re: First time House Buyer....advice/ suggestions?


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.






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davidengle
LSU Fan
Baton Rouge, LA
Member since Feb 2013
20 posts

re: First time House Buyer....advice/ suggestions?


(no message)


This post was edited on 3/28 at 6:31 pm


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Brettesaurus Rex
New Orleans Saints Fan
Baton Rouge
Member since Dec 2009
23551 posts

re: First time House Buyer....advice/ suggestions?


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.






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Civildawg
Mississippi St. Fan
Member since May 2012
645 posts

re: First time House Buyer....advice/ suggestions?


I don't think there is an income limit on rd loan, I could be wrong though





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Brettesaurus Rex
New Orleans Saints Fan
Baton Rouge
Member since Dec 2009
23551 posts

re: First time House Buyer....advice/ suggestions?


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






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DickTater
LSU Fan
Geismar
Member since Feb 2013
18 posts

re: First time House Buyer....advice/ suggestions?


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.







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JonTheTigerFan
LSU Fan
Central, LA
Member since Nov 2003
4769 posts

re: First time House Buyer....advice/ suggestions?


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.






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Weaver
Southeastern LA Fan
Mandeville, LA
Member since Nov 2005
21531 posts

re: First time House Buyer....advice/ suggestions?


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.





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Civildawg
Mississippi St. Fan
Member since May 2012
645 posts

re: First time House Buyer....advice/ suggestions?


If there was, I am below it. I think it was around 75 or 80k





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