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Originally Posted by 18psi
(Post 1253238)
We are just better people
Shhh no tears, only dreams now |
Originally Posted by aidandj
(Post 1253032)
</p><p>The roomates are my girlfriend, best friend, and 2 other good friends, I'm not too worried about them yet.</p><p>We also have to find the right house...in 2 months.</p>
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<p>Good point. Again why I'm leaning more towards my parents fully owning the house. A lot of good points here, and things to take into consideration.</p>
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<p>Spoke to a mortgage officer (at my local credit union, member for 15+ years) and a realtor (family acquaintance, probably the biggest hardass I've ever met) and have some plans in motion. Need to fill out paperwork for pre-approval, and then meeting with the realtor on Friday.</p><p>I also need to sit down and actually decide if I can do this. That parts on me though.</p>
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Originally Posted by aidandj
(Post 1253291)
<p>Good point. Again why I'm leaning more towards my parents fully owning the house. A lot of good points here, and things to take into consideration.</p>
Having said that I bought my house when I was 23, and its one of the best financial decisions Ive made. I did of course get $8k back for first time home buyers tax credit, I bought a spankin new house with a warranty and little concern for breakdowns and maintenance, I bought just before the lowest point in the market(this model was selling for over $300k in 08, i got it for $117k:rofl: desperate developers ftw), and I was in a financial position where I could carry the mtg on my own if I had to. |
I could not buy a cardboard box to live in for that much in this area. But I has two houses. Being house poor is fun.
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Originally Posted by hi_im_sean
(Post 1254848)
He made a great point. I cannot impress enough how sour things can go with friends, even your "BFF". Dont ask me how I know. Having said that I bought my house when I was 23, and its one of the best financial decisions Ive made. I did of course get $8k back for first time home buyers tax credit, I bought a spankin new house with a warranty and little concern for breakdowns and maintenance, I bought just before the lowest point in the market(this model was selling for over $300k in 08, i got it for $117k<img alt="" src="images/smilies/rofl1.gif" title="rofl" /> desperate developers ftw), and I was in a financial position where I could carry the mtg on my own if I had to.
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I highly suggest buying book and giving it a read. I bought a garage with a detached house about 2 years ago and it has been a huge learning experience. That book was a big help with getting the buying process figured out.
As for the down payment and your parents helping. Have them give you the money, then you will need to wait 3-4 months before you start applying for mortgages. Otherwise it will raise a large red flag for that deposit. |
<p>As stated earlier in the thread, and the mortgage officer I've been talking to don't have any issues with a gift for the downpayment.</p><p>Going to download that book tonight and get started on it.</p>
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Originally Posted by aidandj
(Post 1254992)
<p>As stated earlier in the thread, and the mortgage officer I've been talking to don't have any issues with a gift for the downpayment.</p><p>Going to download that book tonight and get started on it.</p>
Even if one mortgage officer says gift for downpayment is fine, the underwriter might disagree. The original mortgage person I talked to at my realtors company said it would be no problem to do that. When I started talking to a mortgage broker he informed me otherwise. His advice is sometimes it works out, but more often then not it can cause problems when getting to the underwriter stage. Underwriters are weird and will request all sorts of things. I sold my AR-15 during the gun craze to use as downpayment money. Underwriter wanted to know details of where that $1800 came from. I ended up supplying a receipt from the local gun shop that sold it to prove the money did not come from any strange places or anything Here is a link for a bit more info about gifting downpayment money. |
<p>The mortgage officer is through my local credit union who I have been with for 15+ years. I just finished the application and my info is being sent to the underwriter today. I'll find out more on Monday.</p><p>I'm meeting with the realtor today.</p><p>During all this I am still looking for a rental, so this is still just a second option, I am not set on buying a house.</p><p>My dad is a contractor and I assume he has a guy for inspections and whatnot, that will be discussed too though.</p>
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Originally Posted by shuiend
(Post 1255035)
Who is the mortgage officer? Was he recommended or is he in any way associated with your realtor? If so then find someone else. Realistically you want to not use any of the recommendations from your realtor for lawyer, inspections, mortgage. To much possible conflict of interest to get any of those guys from your realtor.
Even if one mortgage officer says gift for downpayment is fine, the underwriter might disagree. The original mortgage person I talked to at my realtors company said it would be no problem to do that. When I started talking to a mortgage broker he informed me otherwise. His advice is sometimes it works out, but more often then not it can cause problems when getting to the underwriter stage. Underwriters are weird and will request all sorts of things. I sold my AR-15 during the gun craze to use as downpayment money. Underwriter wanted to know details of where that $1800 came from. I ended up supplying a receipt from the local gun shop that sold it to prove the money did not come from any strange places or anything Here is a link for a bit more info about gifting downpayment money. Inspections? How long has it been since you've done this? All the regulations after the housing crash mean the inspectors come from a pool and get selected at random vs the bank calling out their guy and telling them to appraise for XXXXXXX amount. It's been this way for like 7 years. Also, OP. As someone who just got out of a house/divorce, liquid cash >>>>>>>>>>>> equity. |
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Originally Posted by z31maniac
(Post 1255059)
Inspections? How long has it been since you've done this? All the regulations after the housing crash mean the inspectors come from a pool and get selected at random vs the bank calling out their guy and telling them to appraise for XXXXXXX amount. It's been this way for like 7 years. Also, OP. As someone who just got out of a house/divorce, liquid cash >>>>>>>>>>>> ; equity.
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<p>Lars, thanks for that link.</p>
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Originally Posted by z31maniac
(Post 1255059)
Inspections? How long has it been since you've done this?
All the regulations after the housing crash mean the inspectors come from a pool and get selected at random vs the bank calling out their guy and telling them to appraise for XXXXXXX amount. It's been this way for like 7 years. Also, OP. As someone who just got out of a house/divorce, liquid cash >>>>>>>>>>>> equity. I put in my offer on my house in March 2013. I have helped several friends buy houses since then and they have all done the same thing. |
Originally Posted by aidandj
(Post 1255062)
<p></p><p>Thats good to hear.</p><p>And I agree, in some ways. I'm single (in the eye of the law). No dependents. And willing to live with roommates. If this was purely an investment to try and make money I would not even be considering it. But the fact that it also gives me a roof over my head (and a garage for my toys), is the driving factor. </p>
Who will be responsible when the $7k AC takes a shit, or the sewer/water line has to be dug up and replaced, etc (forgive me if I missed that earlier in the thread).
Originally Posted by shuiend
(Post 1255066)
House inspection is different from an appraiser. I got to choose what what inspection company I wanted to come out and check out the house. This was on my dime up front. The bank choose their on appraiser to come out and appraise the property on their dime, later rolled into my closing costs or some shit.
I put in my offer on my house in March 2013. I have helped several friends buy houses since then and they have all done the same thing. Ooops, your correct. Was mixing up the 2. I bought the house I gave up back in 2009, so it's been awhile. |
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Originally Posted by z31maniac
(Post 1255070)
Who will be responsible when the $7k AC takes a shit, or the sewer/water line has to be dug up and replaced, etc (forgive me if I missed that earlier in the thread).
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Good deal.
If it was me? I wouldn't want to live having to answer to someone else because "well you need to do this because we did this for you." I bought my house on my own at 27, no help from parents, etc. I refuse to let other people have something to hold over me. |
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