For all of you guys who are homeowners or newly owned

[mgoblue]

Re: For all of you guys who are homeowners or newly owned

Call a screen specialist, I never had to get a bid, so I would be guessing on price.

Yeah, I have to get a quote. My mom had a ton of windows and a sliding screen door put in and it was around 1000, so it's not necessarily cheap but I know I don't need every window in my house (some are kinda shaded all ready), and most screen guys will work with you to figure out something that'll help but not be crazy expensive.

[WazzuRC]

Re: For all of you guys who are homeowners or newly owned

My wife and I are finally starting to kick the tires around at potentially buying a house. We've always wanted to, but live in a pretty affluent neighborhood. My question to the group as a first time home buyer is, how much (roughly) did you guys put on your house or what should we be looking at putting down? Even saving up 10% is a pretty daunting task for us and I know there is first time home buyer assistance out there.

It just seems like right now we're throwing money away towards rentals and our mortgage payment would actually come out less than rent. Obviously you need to add mortgage insurance and taxes to that monthly but it still would probably be just as much or slightly more than what we're doing now.

[GritSnSpeed]

Re: For all of you guys who are homeowners or newly owned

Got preapproved for loan last week. My credit is top notch, but I only make about 30 grand a yr, and I've got a small car loan and a few very small credit cards. So I only got approved for $90k.

The house I'm looking to buy from a family member is right at $100thousand and is worth much more.

I just found out that with a USDA loan like I'm trying to get, I can roll the closing cost into my total loan amount as long as the house appraises for more than I'm asking. I'm going to see if my uncle will take the initial amount. If not I'll pay off the small loans and see if with less debt I can get the difference from the bank.

I had been holding on to about $4grand so I could pay the closing costs. But if I wont need it then I can reduce my debt right now.

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[23]

Re: For all of you guys who are homeowners or newly owned

My wife and I are finally starting to kick the tires around at potentially buying a house. We've always wanted to, but live in a pretty affluent neighborhood. My question to the group as a first time home buyer is, who much (roughly) did you guys put on your house or what should we be looking at putting down? Even saving up 10% is a pretty daunting task for us and I know there is first time home buyer assistance out there.

It just seems like right now we're throwing money away towards rentals and our mortgage payment would actually come out less than rent. Obviously you need to add mortgage insurance and taxes to that monthly but it still would probably be just as much or slightly more than what we're doing now.

You need to know what you can afford first.

What is the price range of the house you're looking at?

Then talk to a lender (if you have a credit union call them first) but if not talk to a bank or when you get a real estate agent they can get you hooked up with a lender most likely.

I did FHA so I put down 3%, so I think its 3 now... Straight forward its putting down 20% so tell them to let you know all of your options.

[jeremym480]

Re: For all of you guys who are homeowners or newly owned

Closed on that house today here in Pensacola. 3 bedrooms 2 baths, built in '97.

So happy to be finished with living in apartments.

Just checking to see how you and you're new house made it with all the flooding.

My wife and I are finally starting to kick the tires around at potentially buying a house. We've always wanted to, but live in a pretty affluent neighborhood. My question to the group as a first time home buyer is, who much (roughly) did you guys put on your house or what should we be looking at putting down? Even saving up 10% is a pretty daunting task for us and I know there is first time home buyer assistance out there.

It just seems like right now we're throwing money away towards rentals and our mortgage payment would actually come out less than rent. Obviously you need to add mortgage insurance and taxes to that monthly but it still would probably be just as much or slightly more than what we're doing now.

When we bought our house in 2010 we qualified for an FHA loan, so we only had to pay 3% down. Although, we're not actively looking, we recently stumbled upon a house in a neighborhood that we're always loved. We spoke with our loan officer and he said that we would need 5% down. I also know that at 20% down, you would get out of paying PMI, but 20% down is a nice chunk of money for most houses.

Back to the house we are kind of looking at. It just came on the market last Thursday and has had a lot of showings since. We do love our current house mostly because we have a really large yard, but this house is much closer to work (currently they're in the process of making the road to our current house into a four lane, so traffic sucks and will continue to over the next 3-4 years) and has a pool. It a few years older 2006 build vs. 2010 and the payment would be about $500-600 more each month. We're pretty torn right now, but we're leaning towards staying where we're at.

[Brandon13]

Re: For all of you guys who are homeowners or newly owned

Just checking to see how you and you're new house made it with all the flooding.

I appreciate the concern. We were very lucky and didn't experience any flooding of the house, not even in the garage. Many others around here weren't quite as lucky, though.

[mgoblue]

Re: For all of you guys who are homeowners or newly owned

Just checking to see how you and you're new house made it with all the flooding.



When we bought our house in 2010 we qualified for an FHA loan, so we only had to pay 3% down. Although, we're not actively looking, we recently stumbled upon a house in a neighborhood that we're always loved. We spoke with our loan officer and he said that we would need 5% down. I also know that at 20% down, you would get out of paying PMI, but 20% down is a nice chunk of money for most houses.

Back to the house we are kind of looking at. It just came on the market last Thursday and has had a lot of showings since. We do love our current house mostly because we have a really large yard, but this house is much closer to work (currently they're in the process of making the road to our current house into a four lane, so traffic sucks and will continue to over the next 3-4 years) and has a pool. It a few years older 2006 build vs. 2010 and the payment would be about $500-600 more each month. We're pretty torn right now, but we're leaning towards staying where we're at.

500-600 more isn't trivial.....I'd look at your current budget and make sure that would make sense. You don't want to end up house poor.

Just something to consider. I wouldn't want to just magically lose 500 a month from my paycheck without thought lol

[WazzuRC]

Re: For all of you guys who are homeowners or newly owned

You need to know what you can afford first.

What is the price range of the house you're looking at?

Then talk to a lender (if you have a credit union call them first) but if not talk to a bank or when you get a real estate agent they can get you hooked up with a lender most likely.

I did FHA so I put down 3%, so I think its 3 now... Straight forward its putting down 20% so tell them to let you know all of your options.

The price range we are looking at is $300k-$350k. We should be able to afford that depending upon taxes, HOA, and other dues. $350k would probably be our absolute top price.

If we were to put down 20%, that's $70k -- which is a lot to save, especially when we want to start a family soon.

I've looked into FHA. How has that worked for you? I know we are going to be paying out the *** for PMI if we only put down 5%, but it might be necessary in order for us to get out of one bedroom apartment hell. Where we live, rent is so jacked up right now that if we want a two bedroom apartment we're paying $400-$500 more than what we currently pay. It actually would probably make sense to just buy if we can get a good enough deal.

[23]

Re: For all of you guys who are homeowners or newly owned

The price range we are looking at is $300k-$350k. We should be able to afford that depending upon taxes, HOA, and other dues. $350k would probably be our absolute top price.

If we were to put down 20%, that's $70k -- which is a lot to save, especially when we want to start a family soon.

I've looked into FHA. How has that worked for you? I know we are going to be paying out the *** for PMI if we only put down 5%, but it might be necessary in order for us to get out of one bedroom apartment hell. Where we live, rent is so jacked up right now that if we want a two bedroom apartment we're paying $400-$500 more than what we currently pay. It actually would probably make sense to just buy if we can get a good enough deal.

Pmi drops off after 10 years so it's a temporary addition considering.

I had the same thought and apartments in certain areas are basically more than I pay for mortgage for way less and less benefits.

The pmi is factored into the cost so you can find out what you'll be paying with the lender way before you commit.

Also you don't necessarily have to move in a place that is connected to an association that requires HOA fees so I wouldn't even worry about that.

Also check to see if whatever seller it is will help you pay or will totally pay for closing costs when negotiating.

I'm sure you can find something especially with a good agent. If the agent you find sucks leave and get another lol.

Anyway man I encourage you guys to take the step because it's absolutely a beneficial life decisions.



Galaxy Note 2

[mgoblue]

Re: For all of you guys who are homeowners or newly owned

Pmi drops off after 10 years so it's a temporary addition considering.

I had the same thought and apartments in certain areas are basically more than I pay for mortgage for way less and less benefits.

The pmi is factored into the cost so you can find out what you'll be paying with the lender way before you commit.

Also you don't necessarily have to move in a place that is connected to an association that requires HOA fees so I wouldn't even worry about that.

Also check to see if whatever seller it is will help you pay or will totally pay for closing costs when negotiating.

I'm sure you can find something especially with a good agent. If the agent you find sucks leave and get another lol.

Anyway man I encourage you guys to take the step because it's absolutely a beneficial life decisions.



Galaxy Note 2

I agree. We're paying cheaper than we'd have to pay to rent a 3 bedroom, 1700 sq ft house with a pool.

Obviously we have maintenance and other expenses, but overall since we bought fairly low in the market we don't think the value could really drop (it's gone up since), so in 5-10 years when we want to upgrade to a bigger place it'll have been a good investment.

IMO it hasn't been a total money sink either, especially since the home warranty covered the new AC they had to put in recently.

Plus there's just a good feeling of owning your own home. Hard to explain, but I do feel more like an adult if that makes sense. We have a HOA, but they're not too annoying, so it's just more free than being in an apartment or having a landlord....

[Stu]

Re: For all of you guys who are homeowners or newly owned

The price range we are looking at is $300k-$350k. We should be able to afford that depending upon taxes, HOA, and other dues. $350k would probably be our absolute top price.

If we were to put down 20%, that's $70k -- which is a lot to save, especially when we want to start a family soon.

I've looked into FHA. How has that worked for you? I know we are going to be paying out the *** for PMI if we only put down 5%, but it might be necessary in order for us to get out of one bedroom apartment hell. Where we live, rent is so jacked up right now that if we want a two bedroom apartment we're paying $400-$500 more than what we currently pay. It actually would probably make sense to just buy if we can get a good enough deal.

The loan programs that let you take a first and second mortgage appear to be making a comeback. There are programs that let you put 5% down, borrow 80% on a 1st mortgage and the remaining 15% on a 2nd mortgage. The interest rate on the 2nd will be higher but you'll still save a lot of money by avoiding PMI. You can also do it as 80/10/10 which will give you a better interest rate on the 2nd. Talk to a good mortgage broker and they should be able to give you more options than just the FHA.

[mgoblue]

Re: For all of you guys who are homeowners or newly owned

The loan programs that let you take a first and second mortgage appear to be making a comeback. There are programs that let you put 5% down, borrow 80% on a 1st mortgage and the remaining 15% on a 2nd mortgage. The interest rate on the 2nd will be higher but you'll still save a lot of money by avoiding PMI. You can also do it as 80/10/10 which will give you a better interest rate on the 2nd. Talk to a good mortgage broker and they should be able to give you more options than just the FHA.

Yeah, we went through a broker that my parents used and she figured out the best possible rate for us.

[dales]

Re: For all of you guys who are homeowners or newly owned

Pmi drops off after 10 years so it's a temporary addition considering.

I had the same thought and apartments in certain areas are basically more than I pay for mortgage for way less and less benefits.

The pmi is factored into the cost so you can find out what you'll be paying with the lender way before you commit.

Also you don't necessarily have to move in a place that is connected to an association that requires HOA fees so I wouldn't even worry about that.

Also check to see if whatever seller it is will help you pay or will totally pay for closing costs when negotiating.

I'm sure you can find something especially with a good agent. If the agent you find sucks leave and get another lol.

Anyway man I encourage you guys to take the step because it's absolutely a beneficial life decisions.



Galaxy Note 2

PMI does not drop off after 10 years for FHA. The rules changed last year. If you put less than 10% down, PMI never goes away on that loan. You can refinance when your LTV reaches 80% and have it removed, however.

Here's the PDF from HUD on it.

[mgoblue]

Re: For all of you guys who are homeowners or newly owned

PMI does not drop off after 10 years for FHA. The rules changed last year. If you put less than 10% down, PMI never goes away on that loan. You can refinance when your LTV reaches 80% and have it removed, however.

Here's the PDF from HUD on it.

LOL you had me worried, but mine's not a FHA loan and was done in 2012 anyways....we'll be able to get rid of our PMI once we hit 20% (we put 10% down).

[WazzuRC]

Re: For all of you guys who are homeowners or newly owned

PMI does not drop off after 10 years for FHA. The rules changed last year. If you put less than 10% down, PMI never goes away on that loan. You can refinance when your LTV reaches 80% and have it removed, however.

Here's the PDF from HUD on it.

So basically if we go the FHA route and put down, say 8%, we'll pay PMI in perpetuity on the loan. The only way we can stop the PMI payments is to refinance once we hit the 20% threshold.

Is that accurate?