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Old 03-21-2008, 05:04 PM   #81
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Be thankful most of you don't live in Silcon Valley, CA as I do.

Looking at a townhome, even splitting it prolly close to 25% of gross.
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Old 03-21-2008, 05:06 PM   #82
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Be thankful most of you don't live in Silcon Valley, CA as I do.

Looking at a townhome, even splitting it prolly close to 25% of gross.

I had a job offer in NorCal that was a nice 20% increase at the time.. too bad cost of living was an 80% increase.. i don't now how you folks do it ...
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Old 03-21-2008, 05:12 PM   #83
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whatever. I moved from northern california to DC and my salary went down and my rent went up.
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Old 03-21-2008, 07:16 PM   #84
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Just under 10%. That is my only debt and will be paid off in 4 years. Aging is not always a bad thing
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Old 03-21-2008, 07:17 PM   #85
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Aging is not always a bad thing
+1
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Old 03-24-2008, 02:39 PM   #86
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whoops, sorry Matt I was bad with semantics. I meant that the house removes $4500 of my federal tax burden. The actual deduction is more like 12k.
Taxes were filed on Saturday. The house removed ~$3k of my tax burden. But my *** still hurts
Avg Joe--><--gubbamint
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Old 03-26-2008, 12:20 AM   #87
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whatever. I moved from northern california to DC and my salary went down and my rent went up.
Living a stones throw from the capitol building has nothing to do with that?
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Old 03-26-2008, 10:59 AM   #88
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Living a stones throw from the capitol building has nothing to do with that?
it might... its probably closer to living in SF proper rather than a suburb of it.

though the house I'm renting now is probably a 700k house (for the moment) and that's not ridiculous for houses within a 5 mile radius of where I moved from. I was just in a shitty 4plex.

the increase in rent is primarily for the garage.
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Old 03-26-2008, 11:05 PM   #89
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Don't forget your HUGE backyard :P
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Old 03-29-2008, 08:23 PM   #90
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Lesse, ~2600 sqft 4-bedroom w/3-car garage, purchased with zero down and immediate equity = 28% net, 20% gross.

With the current rates available (especially to VA qualifiers) I am considering a refi to a 15-year note. Payments will increase by less than $100/mo, but will shave over a decade off the length of the note.

- L
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Old 03-31-2008, 10:10 AM   #91
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Meg and I just signed a contract on a house on Saturday. I won't know for sure until October when we close, but from my math the mortgage, taxes, insurance would be around 50% of our net, about 30% of our gross.

So if anyone want's to make an offer on an nice 5 year old Condo in beautiful Ewing...Artie?
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Old 03-31-2008, 11:27 AM   #92
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there were a lot of people at the open houses yesterday. and shockingly wide range in home condition between 450-500k. some 10k lots with gorgeous landscaping and lots of upgrades. some 900 square feet and bright blue and green mottled **** carpet. wtf.
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Old 03-31-2008, 02:15 PM   #93
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I hear that. I was absolutely shocked to see how nasty some houses are compared to others of the same price.
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Old 04-04-2008, 01:32 AM   #94
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Damn guys, some of you are saying some scary stuff when it comes to buyign a house...esp right now..

#1 LPMI is a front. The lender is simply charging you a higher interest rate in lieu of PMI. Short run, its pretty crappy but doable...long run its a joke..You can drop PMI mos of the time after 2-4yrs on the average...You pay that extra interest (usallu close to a point higher) for 30yrs, on what you owe... Yes its tax deductable, becuase its interest not actual MI. But not worth it... Also it pretty much went extinct with the subprime meltdown...

#2 Forget about 80/20, 80/10, etc.. (2nd loan to avoid PMI). They dont really exist anymore...Most lenders willing to give you a 2nd mtg (or line of credit) will be offering it to you below 80percent of your value, therefore futile..

#3 Loans are hard to get right now. FHA is great, but you better be good on paper. No stated/no doc loans...only full doc (w2, tax returns, etc). Give you an idea, take everything you pay on your CREDIT (the rest isnt considered in qualifying) + what your new total housing payment will be (PITI+MI), and divide the 2...if you get anything over 50 forget it...over 43 probably not, under 43 looking good..
Fannie Mae, otoh is more flexible...on paper do the same math, but you can closer to 65 and still qualify...also if credit is decent enough (680+) you can state (not document) your income...
rates between the 2 arent all that different...yes FHA are lower, but they also allow the broker/bank to make more money...also, not everyone can do fha, so there's alot of "referring" going on...meaning now there's more than 1 person looking to get paid to do your loan...end result, slight diff....typically its close to 1percent diff (advantage to fha), but doubt you'll see any more than .25-.50 diff, if that...
Also, haggle the crap out of the price of the house...but if you can get a loan, dont expect a free one...Dont get raped, but dont expect 0points or anything...brokers are now really having to work damn hard to fit you into a program...Unless you have 20percent down, over 700credit, and your gross income is more than double whatever your debts are on paper...then haggle cuz you cna go anywhere...

#4 Markets are **** right now...granted I'm in SFLA, so particularly shitty here, but many other regions are effected. If you seriously want to know what you have over your head, either get an appraisal done on your OWN (no bank/broker coercion) or get true sales in your area from a realtor...both have access to the same info...just used differently...

BUT for those of you who are actively looking for a place, you should really try not to go near market priced homes...its so volatile it may be worth less tomm, maybe not..but possible. Instead, what you want to ask for when you see a house you like is if the seller is open to a "short sale". Obviously if the seller is behind on the mortgage and going into foreclosure, the lender will be willing to let the house be sold for less than whats owed...how much less depends on the situation in the market and how far behind the seller is, the lender simply accepts less than whats owed on the mortgage, to make your offer work. House is worth 250k, 220k is owed...you offer 180k. Lender decides to forgive 40k of debt to get out of the situation, and not having to foreclose. This is what you want to be buying now...

Hope this helps, I got 10yrs exp in this and have bought 6properties, run my own mortgage business, and can walk anyone thru the process...so I'm open for any other ?'s you want a realdeal answer to....dont worry no charge lol
Not soliciting, just trying to help anyone here navigate the clusterfuk thats become realestate...
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Old 04-04-2008, 08:38 AM   #95
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RE: LPMI
Quote:
Originally Posted by tvalenziano View Post
The lender is simply charging you a higher interest rate in lieu of PMI.
duh
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Originally Posted by tvalenziano View Post
Short run, its pretty crappy but doable...long run its a joke..
Who says you'll stay in the house long-term?
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Originally Posted by tvalenziano View Post
You can drop PMI mos of the time after 2-4yrs on the average...
Yup...most people pay 20% of their loan in 2-4 years. Right.
Quote:
Originally Posted by tvalenziano View Post
You pay that extra interest (usallu close to a point higher) for 30yrs, on what you owe...
So 0.375% higher is pretty good then? I'd rather pay $50/month extra in interest than $85/month in PMI (won't be in house long enough for the release in PMI to make up for lower costs at beginning years of loan).
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Yes its tax deductable, becuase its interest not actual MI. But not worth it...
to each his own, I say

PS: Blanket statements make no sense.
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Old 04-04-2008, 09:54 AM   #96
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Monthly payment including mortgage, PMI, taxes, insurance and the garage I had added comes to 2160/month.
PMI sucks since we did not put 20% down. Will refinance this summer after the wedding, get a lower rate and incorporate the name change.
As for percentage, I think that is about 25-26%.
After the garage, and with current informal appraisals, we may be able to drop PMI when we refinance, and we only bought it in July 2007. One can only hope...
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Old 04-04-2008, 09:28 PM   #97
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gawdamn double post

Last edited by jsinnard; 04-04-2008 at 09:40 PM.
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Old 04-04-2008, 09:29 PM   #98
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About 20% gross income. Made a killing when I sold my old house last year and was able to put 35% down on the new one.
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