Kade Posted August 27, 2015 Report Share Posted August 27, 2015 I've been through the paces of minimal remodeling and electrical work on the parents rent homes, but what about the papers, money, appraisals, inspections, mortgage company etc. that get thrown around before you even get to move in the home? What am I supposed to expect? I've gone as far as sending in my papers for the preapproval. Credit is good enough to get away with a 3.5% down payment. That's about all I know so far. Any advice? 2009 Dodge Caliber SXT (Silver) Deck: Pioneer X3600BHS Amps: RF P1000X5 Front: RF P16-S Rear: RF P1694 Subs: 1 RF P3D2-10 Cabling: Stinger 6 channel RCA, RF 4gauge kit, SkyHighCarAudio 16gauge speaker wire. Build Log: http://www.stevemeadedesigns.com/board/topic/188246-caliber-build Professional Networking: https://www.linkedin.com/in/kade-mallett-332b8a104 Link to comment Share on other sites More sharing options...
Lbox88 Posted August 27, 2015 Report Share Posted August 27, 2015 First home loan (FHA) will usually only require 3.5 down and can lock you in with a low interest rate, but the way it was explained to me is that basically you have to pick out a nice enough house that you can live in it for 2 years without anything major. However, our mortgage company was pretty loose on that and let us roll the cost of re-shingling the roof into the loan. Rural Development loans (RD) are the fucking worst. Yes, you don't have to put anything down, you're financing the entire loan amount so that's nice in a way, but everything else sucks. The seller will hate you. The bank will be calling you every day for a good 3 months straight just about to get some obscure paper or form from you, they'll be combing your income to make sure you're not getting any extra assistance from family or anything. Seriously, I almost wished my buyer was going to go die or her bank was going to burn down for coming to me with an RD loan, I will NEVER do it again. Just talk to the bank and find yourself a GOOD realtor, that can make all the difference. Ours was working with us and calling us for stuff at 9 and 10 at night, she was great. UBL | Build Log Link to comment Share on other sites More sharing options...
Polar Posted August 27, 2015 Report Share Posted August 27, 2015 In the same boat, been renting for 4 years, my landlords are becoming more and more dickish each week. now with an impending storm they are being worse. They are trying to push us out. No problem, we just pre approved and are on the hunt. Im dumb when it comes to all this mortgage stuff. I need to find a good realtor and a better mrotgage guy as the one I am using now is a slacker. 2000 Ford Ranger Sport Ext Digital Designs DD915J 4.91 net birch box, inch port @ 33hz FSD FZ2600 FSD FZ100.4 Pioneer DEH80PRS PRV Audio 6MB200-4 6-1/2" Midbass Woofers Tymphany BC25SC08-04 1" Silk Dome Neodymium Tweeters with Waveguide Link to comment Share on other sites More sharing options...
kbsmoker Posted August 27, 2015 Report Share Posted August 27, 2015 Just talk to the bank and find yourself a GOOD realtor, that can make all the difference. Ours was working with us and calling us for stuff at 9 and 10 at night, she was great. That's the best advise. I just bought a condo and between my realtor and mortgage banker...everything went really smooth compared to the headache I was expecting. www.dcsoundlab.comyoutube video's kbsmoker2011 MECAOH AS3 Champ 147.5OH DB2 Champ 125.9WF AS3 3rd 147.3WF DB3 2nd 128.3 SystemPioneer AVH-P4300DVD2 sets Fusion Encounter 6.5 componentson Crunch Ground Pounder 1200.418" DC NEO on DC 5.0KKnukonceptz 1/0 through outBig 3 all 1/0XS D6500under hood D3100 in the backMechman 270....rebuilt by Ohio Generator Link to comment Share on other sites More sharing options...
ILuvJDM Posted August 27, 2015 Report Share Posted August 27, 2015 I just went through my first home purchase a few months ago. I forgot all the small details but definitely stay away from FHA loans if you can afford it. I ended up bringing $20k to the table total which covered all the closing costs and other small BS + down payment. I believe my down payment was under 10% but not by a lot. Link to comment Share on other sites More sharing options...
bigmizzle99 Posted August 27, 2015 Report Share Posted August 27, 2015 Just talk to the bank and find yourself a GOOD realtor, that can make all the difference. Ours was working with us and calling us for stuff at 9 and 10 at night, she was great. That's the best advise. I just bought a condo and between my realtor and mortgage banker...everything went really smooth compared to the headache I was expecting. ^^^^^This. DEFINITELY get a realtor. Its their job to walk you through the process and worry about the details. My wife is a realtor, she has relationships with lenders (good ones) who not only advise, but streamline the process for you. Listen to what the realtor tells you, too. They can get a lot of info from TREND about homes that have sold and what you should be paying. Camaro SS Build Altima build 2.0 Altima build 1.0 Link to comment Share on other sites More sharing options...
Deeznutz Posted August 27, 2015 Report Share Posted August 27, 2015 Honestly you're going to have to do what ILOVEDJM and I did.... come up with some more $$ down. It can be done, and hard to do. I came to the table with $27k, which was 20% down plus the cost of the BS fees I had to pay. All this to avoid mortgage insurance. I did a conventional loan. PMI would have added over $150+ to my mortgage. Screw that! Talk to a realtor as well. People will always say, well you can refinance for a lower monthly payment down the road. Avoid that was well, refinancing calls for some more money down upfront. Sort of like "due at least signing" in Gckless's leasing thread. You lose that $$$ you worked so hard to save, and you'll just extend the monthly payments. lol. Again no way. First time home buying is a very big deal. Choose wisely. If you are dead set on a house save up big time. If you can consider a condo for cheap, say $30k-$40K, the mortgage will allow you to save big time. Than save up for a house, wait til the market goes up and sell or buy a house and have a condo to rent. My sister did just that with her husband. Bought a condo for $36K. Lived in it for 2 yrs. Sold it for $51K! Now they rolled that in to their huge house. Well played move I think. Again, just my 0.02 cents. -Frank Link to comment Share on other sites More sharing options...
Kade Posted August 28, 2015 Author Report Share Posted August 28, 2015 Just talk to the bank and find yourself a GOOD realtor, that can make all the difference. Ours was working with us and calling us for stuff at 9 and 10 at night, she was great. That's the best advise. I just bought a condo and between my realtor and mortgage banker...everything went really smooth compared to the headache I was expecting. My bank sucks. Regardless of credit or if you're a member there, it's 20% down. That's nearly 20k for me. Who has that kind of money to spend right out of pocket? I do have a realtor, but this house is not being sold by him. Another agency has it on the market. They deal with the seller directly. So, the information I can get is what's on the listing description. I did talk to the neighbors about the home. One owner, well maintained. They just got up in their age and couldn't keep it up as much. I just went through my first home purchase a few months ago. I forgot all the small details but definitely stay away from FHA loans if you can afford it. I ended up bringing $20k to the table total which covered all the closing costs and other small BS + down payment. I believe my down payment was under 10% but not by a lot. The mortgage company I'm dealing with has good rates and such. The banker is family friend. She's taken good care of me so far and really spoon feeding me the info. So much terminology! I'm not sure if this is a FHA. Getting a down payment of 3.5% and somewhere close to 4% interest on a $98k home. Monthly notes aren't horrible. $620ish. Just talk to the bank and find yourself a GOOD realtor, that can make all the difference. Ours was working with us and calling us for stuff at 9 and 10 at night, she was great. That's the best advise. I just bought a condo and between my realtor and mortgage banker...everything went really smooth compared to the headache I was expecting. ^^^^^This. DEFINITELY get a realtor. Its their job to walk you through the process and worry about the details. My wife is a realtor, she has relationships with lenders (good ones) who not only advise, but streamline the process for you. Listen to what the realtor tells you, too. They can get a lot of info from TREND about homes that have sold and what you should be paying. Again, because this home isn't being sold through this reallots company, he legally can't give me some of that information. I know surrounding homes are $20k-$30k more expensive. That makes me feel better about the price. I think this home was passed down and the kids don't want to have anything to do with it. We'll see what happens next week. I'm nervous, but confident. I still need to go buy that watch I talked about...5 days passed my birthday... 2009 Dodge Caliber SXT (Silver) Deck: Pioneer X3600BHS Amps: RF P1000X5 Front: RF P16-S Rear: RF P1694 Subs: 1 RF P3D2-10 Cabling: Stinger 6 channel RCA, RF 4gauge kit, SkyHighCarAudio 16gauge speaker wire. Build Log: http://www.stevemeadedesigns.com/board/topic/188246-caliber-build Professional Networking: https://www.linkedin.com/in/kade-mallett-332b8a104 Link to comment Share on other sites More sharing options...
Deeznutz Posted August 28, 2015 Report Share Posted August 28, 2015 Kade, ask your realtor about that monthly payment. That is way too low. When I purchased my house, the payment booklet sent to me had $675 slips to send in. I was in heaven. My rate was 5.25% Something like that. The following year they sent me a check back for $900. So I cashed it and spent it. I was naive. This money was extra, in escrow, so it was returned to me. I should have sent it back to the mortgage company and rolled it into the next years escrow account. Since I spent it, the following year(s), the payment went up to $725, than $785. All the way to $931/month. I asked why and I was told because I have everything bundled together. Mortgage payment, home owners insurance, and property tax. Insurance will always go up, property tax tends to go up slowly. If you bundle, they ask and prepare for the following years payment requirements. After I paid off the house, I received a check again, for what was left over in escrow. I rolled that into the property tax I now have to pay out of pocket. That $620 you were quoted maybe with out PMI, Home Owner's Insurance, and Property tax bundled. Not trying to scare you, but educate you. -Frank Link to comment Share on other sites More sharing options...
Deeznutz Posted August 28, 2015 Report Share Posted August 28, 2015 Oh, if the house is under value, just re-read that part, than it may be a good move to buy it. It's a nice cushion. Home prices will always go up, it's cyclical. So even if the monthly goes up, you're still owning the house. You can always sell it for what the market is asking for on your same block which is a nice feature. Good luck with getting it. Fingers crossed. When it's all said and done, if you ever sell it, you will always get back your down and then some like my sister did with her investment! -Frank Link to comment Share on other sites More sharing options...
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