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re: First Time Buying a House
Posted on 1/20/16 at 8:01 pm to SlowFlowPro
Posted on 1/20/16 at 8:01 pm to SlowFlowPro
it's true, but it's a two income household, which obviously makes a big difference.
2
Posted on 1/20/16 at 8:04 pm to Athanatos
How old? And what does it take to save $125k??? I must learn these magic ways. I mean I like to think I'm kicking arse at life with a great job, nice cars, nice house, but damn reading these threads makes me feel like a failure
Posted on 1/20/16 at 8:06 pm to Athanatos
ah i didn't want to assume. but yeah 2 professionals could swing that. that's the people who should be buying in hot metro areas
otherwise it's the burbs or taking a risk on gentrifying an area
otherwise it's the burbs or taking a risk on gentrifying an area
Posted on 1/20/16 at 8:14 pm to Bmath
quote:
The current trend is to ask for the seller to pay closing costs.
I would reply with a gracious "thanks for the offer of me(the seller) to pay for your closing costs, but no thanks....
Posted on 1/20/16 at 8:22 pm to joeleblanc
How can you possibly know that? What if it is the best offer you can get on your home? Let's say they offer 8k over asking and you cover the 8k in closing costs? You still say no?
Posted on 1/20/16 at 8:37 pm to H.M. Murdock
quote:
70k puts you at a salary more than 90% of the US popluation.
And in the bottom 1% of the OT.
Posted on 1/20/16 at 8:41 pm to Bestbank Tiger
On the Metairie example, there are A LOT of houses listed for less than $200k currently. Lots of them near $175k.
Posted on 1/20/16 at 8:42 pm to poochie
And they blow. Really bad. Like really really really bad
This post was edited on 1/20/16 at 8:43 pm
Posted on 1/20/16 at 8:46 pm to lsupride87
Meh. You don't just start out deserving the best. That's what gets people in trouble.
Obviously everyone in this thread realizes how the math works. Some are just more risk averse.
Obviously everyone in this thread realizes how the math works. Some are just more risk averse.
Posted on 1/20/16 at 8:51 pm to poochie
quote:
the Metairie example, there are A LOT of houses listed for less than $200k currently. Lots of them near $175k
Yea, I'd be willing to bet the one posted has an old metry zip for $250k
Posted on 1/20/16 at 8:52 pm to GynoSandberg
I'm having trouble posting the pic but there's three IN THE SAME BLOCK as the $252k one shown earlier for less than $200k.
This post was edited on 1/20/16 at 9:05 pm
Posted on 1/20/16 at 9:21 pm to poochie
there is going to be discord when the discussion is between people in completely different housing markets and living situations. this is an obvious point, but putting a dollar amount on a first home purchase does not make sense unless you are all in the same city.
Where I live, you cannot purchase a home for less than 300,000 within an hour commute and over 1000 SF. I'm sure there are others who are in the same situation.
For a decent home I will need to have 70K saved in order to meet 20%. that is tough for first home
Where I live, you cannot purchase a home for less than 300,000 within an hour commute and over 1000 SF. I'm sure there are others who are in the same situation.
For a decent home I will need to have 70K saved in order to meet 20%. that is tough for first home
Posted on 1/20/16 at 9:21 pm to lsupride87
Nobody in their right mind would offer 8k over asking price in a down economy.
Posted on 1/20/16 at 9:22 pm to slackster
quote:
It isn't. You can refinance after you've built up that much equity but PMI is for the LIFE of the FHA loan you originated.
PMI used to "fall off" on FHA loans but the now the rates are much lower but for the life of the loan.
Posted on 1/20/16 at 9:24 pm to KG6
quote:
We have people in this thread talking about 1500 house notes as if that's nothing.
$1500 is nothing for rent in Baton Rouge.
Posted on 1/20/16 at 9:24 pm to Dan
quote:
Where I live, you cannot purchase a home for less than 300,000 within an hour commute and over 1000 SF. I'm sure there are others who are in the same situation.
Move, and I'm being serious.
If your income isn't commensurate with that cost of living then you need to move.
Posted on 1/20/16 at 9:26 pm to torrey225
quote:
$1500 is nothing for rent in Baton Rouge.
I've found the problem, although it has been pointed out by several other posters already. People have no sympathy for energy employees who are overextended and they hate the idea of raising minimum wage, but they think paying less than $1500 for rent in BR must be a shite hole and they cannot find an affordable "starter" home for less than $300k.
ETA: These people are making the same decisions that have doomed energy employees and are just as out of touch with the standard of living as people who want $15/hr minimum wage. Sacrifice is unheard of amongst the majority of this site.
This post was edited on 1/20/16 at 9:29 pm
Posted on 1/20/16 at 9:30 pm to slackster
quote:
your income isn't commensurate with that cost of living then you need to move
Exactly. Either make more money or buy less house. "It is what it is" shouldn't be the argument.
Posted on 1/20/16 at 9:34 pm to GynoSandberg
Turns out the zip code is 70005 after all .
Usually the really cheap Metry houses are 70003 and some in 70001.
. Usually the really cheap Metry houses are 70003 and some in 70001.
Posted on 1/20/16 at 9:37 pm to torrey225
quote:
MI used to "fall off" on FHA loans but the now the rates are much lower but for the life of the loan.
I believe it changed in 2013 or 2014.
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