thinking about buying a house
04-05-2007, 07:55 PM
#21
Tour de Franzia
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I don't know specifics, but my roommate is getting a house. Apparently the federal government has a program for first time home buyers. Also, sometimes building a house can be cheap. Find a bunch of lots that only have a few left...usually builders cut a deal on those houses to close up the neighborhood.
Good luck.
Good luck.
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04-05-2007, 08:48 PM
#22
Supporting Vendor
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Look at lot prices alone. A lot in Phase I of a development may be $35k. Then Phase II all lots are $50k, and then $75k by Phase III.
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04-05-2007, 09:53 PM
#23
Tour de Franzia
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Actually, it's the other way around. The first houses to go up in a new development will typically be the lowest price because they're the hardest to move. Once a few houses go up, the rest sell like wildfire, and the price goes up accordingly. The "discounted" houses sold at the end go for substantially more than the first or second house sold.
Look at lot prices alone. A lot in Phase I of a development may be $35k. Then Phase II all lots are $50k, and then $75k by Phase III.
Look at lot prices alone. A lot in Phase I of a development may be $35k. Then Phase II all lots are $50k, and then $75k by Phase III.
ok, apparently I don't remember wtf she was talking about. I do know there is a program of some sort to help first-time buyers.
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04-05-2007, 10:38 PM
#25
Actually, it's the other way around. The first houses to go up in a new development will typically be the lowest price because they're the hardest to move. Once a few houses go up, the rest sell like wildfire, and the price goes up accordingly. The "discounted" houses sold at the end go for substantially more than the first or second house sold.
Look at lot prices alone. A lot in Phase I of a development may be $35k. Then Phase II all lots are $50k, and then $75k by Phase III.
Look at lot prices alone. A lot in Phase I of a development may be $35k. Then Phase II all lots are $50k, and then $75k by Phase III.
Up here we have a lot of small developers, some just want/need there $$$ at the end to move on... Others need it in the beginning to continue...
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04-06-2007, 01:19 AM
#28
The rules for mortgages have changed quite a bit since the RE boom began. By going with a non-conforming lender, you can still have one loan and avoid paying PMI. Also, if you do end up having to pay PMI, it is now 100% tax deductible whereas in the past, it was not deductible at all.
The best advise you have been given thus far has been regarding getting a recommendation from a friend about a mortgage broker. A broker will often be able to get you a better deal even if the loan comes from the same source - Countrywide for example.
Also, Texas has some odd rules regarding financing/re-financing, so keep this in mind. In Texas, you are only allowed to re-finance ONCE every 12 months. Also, if you ever re-finance to get cash-out for whatever reason, you are limited to 80% of the value of the home. Once you do a cash-out refinance, as long as you own that house, any future re-finance will be considered "cash-out" and will be limited to 80% of the value of your house.
Also, DO NOT BUY A MOBILE HOME, or MANUFACTURED HOME! They are MUCH MUCH harder to refinance.
Also, check your credit report now to make sure there is nothing on it that could hurt your FICO score. By Federal law, a consumer has the right to get ONE free credit report for FREE from each of the 3 credit agencies once per year. Go to www.annualcreditreport.com.
http://ftc.gov/bcp/conline/edcams/fr...rts/index.html
If you have any specific questions, PM me.
The best advise you have been given thus far has been regarding getting a recommendation from a friend about a mortgage broker. A broker will often be able to get you a better deal even if the loan comes from the same source - Countrywide for example.
Also, Texas has some odd rules regarding financing/re-financing, so keep this in mind. In Texas, you are only allowed to re-finance ONCE every 12 months. Also, if you ever re-finance to get cash-out for whatever reason, you are limited to 80% of the value of the home. Once you do a cash-out refinance, as long as you own that house, any future re-finance will be considered "cash-out" and will be limited to 80% of the value of your house.
Also, DO NOT BUY A MOBILE HOME, or MANUFACTURED HOME! They are MUCH MUCH harder to refinance.
Also, check your credit report now to make sure there is nothing on it that could hurt your FICO score. By Federal law, a consumer has the right to get ONE free credit report for FREE from each of the 3 credit agencies once per year. Go to www.annualcreditreport.com.
http://ftc.gov/bcp/conline/edcams/fr...rts/index.html
If you have any specific questions, PM me.
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04-06-2007, 08:42 AM
#29
My vote is on building a house your self that is what i want to do nothing like abit of sweat equity to make it a home. But i am still not liking the local land prices eventualy it will subside though our market is blaoted and cant support the burden of prices 10x's the real value for much longer.
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04-06-2007, 09:22 AM
#30
My wife is a Realtor, so I hope I can help you by answering some questions. First, there are a lot of programs for first time home buyers and some free cash available from the government for this. Make sure you have a good loan officer that is getting everything for you that they can. Second, you *can* buy a house with no money down. I don't recommend it since you will be upside down, but a lot of people roll in their closing cost and actually finance more than they paid for the house. To get around PMI, you can do a second mortgage. We did that on our last house. We did a 80/15/5 loan. We put 5% down, financed 80% on a first mortgage and 15% on a second mortgage.
I sure am glad I live where I do, we paid 180K for a 2400 sq. ft brick home on just over an acre with a 3 car garage. Middle TN FTW!!!
I sure am glad I live where I do, we paid 180K for a 2400 sq. ft brick home on just over an acre with a 3 car garage. Middle TN FTW!!!
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04-06-2007, 11:48 AM
#34
Boost Pope
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Currently paying $1600/mo for a 1 bedroom apt. 3 bedroom homes on postage-stamp sized lots just across the block selling in the 900k+ range.
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