Originally posted by: sicko
honestly, I don't suggest you buying the house if you are not ready.
Originally posted by: sicko
You can do a 100% financing now and refinance as soon as you reach 20% equity to avoid PMI.
80% mortgage, 20% piggyback heloc on the house, ask the seller to overstate the value (beef up the contract price), use seller concession to draw less from the heloc and keep you above 20% equity to avoid PMI.
honestly, I don't suggest you buying the house if you are not ready. I have done 100% financing on investment properties that I wind up flipping for profit in less than 3 months, I don't think your primary home should be financed this way.
Originally posted by: dquan97
How much is the house? $1400 mortgage on $4K gross income should be feasible, assuming no other major debt or liability.
Originally posted by: sicko
Originally posted by: dquan97
How much is the house? $1400 mortgage on $4K gross income should be feasible, assuming no other major debt or liability.
About 250k I am guessing if its 30 year mortgage.
edit to add: 4k before tax means you get almost nothing left after paying your mortgage.
Also consider what your tax/insurance will cost on top of the mortgage, those are money that you will have to pay in order to keep the house and the home equity line open, one screw up and the bank might close your heloc or jack the rate up.
Originally posted by: sicko
By the way, if your takehome is 4k now, you will take home more once your buy the house, so thats a plus.
You don't have anyone in family that can spot you some money for down payment? At least so you don't have to waste money on PMI.
Originally posted by: XMan
Originally posted by: sicko
By the way, if your takehome is 4k now, you will take home more once your buy the house, so thats a plus.
You don't have anyone in family that can spot you some money for down payment? At least so you don't have to waste money on PMI.
How will takehome increase? Mortgage deduction on taxes?
Nobody in my family or hers has 40K they can "spot" us. My company has a first-time homebuyer assistance program where they'll give me $2,000 once our offer is accepted, but that doesn't help . . .
That CreditBoards link is great, I guess there are some no-PMI 100% financing loans out there if you can find them . . .
Originally posted by: sicko
Originally posted by: XMan
Originally posted by: sicko
By the way, if your takehome is 4k now, you will take home more once your buy the house, so thats a plus.
You don't have anyone in family that can spot you some money for down payment? At least so you don't have to waste money on PMI.
How will takehome increase? Mortgage deduction on taxes?
Nobody in my family or hers has 40K they can "spot" us. My company has a first-time homebuyer assistance program where they'll give me $2,000 once our offer is accepted, but that doesn't help . . .
That CreditBoards link is great, I guess there are some no-PMI 100% financing loans out there if you can find them . . .
Won't be by a whole lot (mortgage only 14k) but you should get a tad more take home.
When I said family, I don't mean an individual, I meant like a few grand from each person, that shouldn't be hard right?
Read the fine print on those. Some have a higher interest rate that will cost you more money over the length of the loan than just dealing with the PMI for a few years.I guess there are some no-PMI 100% financing loans out there if you can find them . . .
Originally posted by: Antisocial Virge
Read the fine print on those. Some have a higher interest rate that will cost you more money over the length of the loan than just dealing with the PMI for a few years.I guess there are some no-PMI 100% financing loans out there if you can find them . . .
Originally posted by: BigJ
Then wifey needs to get a 2nd job.
Originally posted by: XMan
Originally posted by: sicko
honestly, I don't suggest you buying the house if you are not ready.
Heh, you don't know my wife. I made an offhand comment a couple of weeks ago that I didn't know if we'd be able to afford it and it started a huuuuuge argument.
Originally posted by: GuitarDaddy
economic conditions vs. wife nest building= wife wins!
All I can say is location,location,location. The housing market in general is posed for further devaluation, but it is very much by region and location. There are many markets where I wouldn't be afraid of any major losses in value.
Originally posted by: LegendKiller
Originally posted by: GuitarDaddy
economic conditions vs. wife nest building= wife wins!
All I can say is location,location,location. The housing market in general is posed for further devaluation, but it is very much by region and location. There are many markets where I wouldn't be afraid of any major losses in value.
My wife wants a house, but she knows that it doesn't make any sense right now. With what we are paying in rent we could get something pretty fekkin nice too. However, I fully expect houses to decline by at least 20% on a nationwide average.
Originally posted by: sicko
Originally posted by: LegendKiller
Originally posted by: GuitarDaddy
economic conditions vs. wife nest building= wife wins!
All I can say is location,location,location. The housing market in general is posed for further devaluation, but it is very much by region and location. There are many markets where I wouldn't be afraid of any major losses in value.
My wife wants a house, but she knows that it doesn't make any sense right now. With what we are paying in rent we could get something pretty fekkin nice too. However, I fully expect houses to decline by at least 20% on a nationwide average.
keyword: nationwide average
Not everywhere you see are going to drop in value, so buyer should take that into consideration as well.
If I were the OP, I will look into the possibility into flipping the house for profit, and use the profit for down payment towards the next house.
My concerns is that he is not really getting a deal, no offense but if you can't get money from family why would someone give you a 25k break? That first dips theory doesn't really sound too promising now that I think about it.