Mother Of All Whore Threads Non-VIP Edition v.1

webby said:
You’d definitely want to talk to the lender, but if you believe you’ve got 20% equity in the home, you’d want to get pmi taken off. So, as home values increase, or you do upgrades to your house etc you’d want to maybe get it reappraised to see if you qualify. Sent you a pm about Bank of America first time home owner programs in Dallas. I don’t know the Dallas area well, so it may not be relevant to where you’d like to move.
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Thanks for the PM, Webby -- gonna hit my bank up about it soon. :)
 
ethlar said:
Taking PMI off early depends on your lender, some will let you do it quickly, others require the mortgage to "season" for a year or two before they'll consider it. Some have rules that there have to be improvements made and you cant have just bought the house in late 2019, saw the crazy prices 6-24 months later and gotten reassessed with the same property.

Conventional loans will let you do down payments as low as 3.5% i believe, i know you can do 5% cause thats what i did. FHA loans i've seen people say if you cant get 20% down you get PMI and you cant get the PMI taken off for the life of the loan unless you refinance to a conventional. PMI on a conventional loan has a set date it comes off based on when they predict you will have paid enough to reach 25ish% owned on the property based on the conditions when the loan started.

FHA loans have more and stricter requirements in terms of inspections, house condition, mandatory repairs. In competitive markets sellers have been known to view FHA loans bids as less desirable because of the headache.

Dunno if you've talked to anyone about the numbers but count on needing to bring at least 10% of the house value to the closing to pay all the origination fees, pre pay taxes, title, the remainder of your promised down payment, and whatever else to actually get the keys. Programs like the one @webby indicated can help defray a lot of those expenses if you meet their criteria.
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Ahhh, okay. This is the exact thing I needed to read. Thank you for the info -- I think the next step for me is to maybe ask a lender or something some vague finance questions?
 
ethlar said:
… have rules that there have to be improvements made and you cant have just bought the house in late 2019, saw the crazy prices 6-24 months later and gotten reassessed with the same property.
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I wish the government had rules like this to slow the increase in property taxes. My prop taxes doubled from 2022 to 2023 because of the market run in the last 24 months. My home value already is below the assessed tax value by a couple hundred thousand bucks but I’m on the hook to pay the $2200 in taxes for that.
 
Honda-Fan said:
Ahhh, okay. This is the exact thing I needed to read. Thank you for the info -- I think the next step for me is to maybe ask a lender or something some vague finance questions?
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definitely talk to a lender, smaller local offices are often a better experience. I happened to go with the guy my agent suggested and it worked out, but other people warn against that. A lender should be able to pre-qualify you for a mortgage based on a rough estimate of bank balances, income and debt and shouldn't require a credit pull. a pre approval usually needs a bit more verified info and a hard credit pull.

like @Nomar06 said, expect to get shown a number way more than youd actually want to try to buy at but it will give you a ballpark to start playing in. When i had my initial call with the lender i told him what i was paying in rent and that i didnt want to have my whole payment (PITI) higher than that so he took that into account. I think theres new legislation coming or already in place that the rent you currently pay now counts in your favor for mortgage considerations, instead of against if it counts at all, because it demonstrates you already can financially handle a regular payment of that size.

FooBird said:
I wish the government had rules like this to slow the increase in property taxes. My prop taxes doubled from 2022 to 2023 because of the market run in the last 24 months. My home value already is below the assessed tax value by a couple hundred thousand bucks but I’m on the hook to pay the $2200 in taxes for that.
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I think im fortunate that my area has some kind of limit on how much they can increase year to year regardless of what happens market wise, it still goes up but doesnt seem to do so ridiculously
 
FooBird said:
My prop taxes doubled from 2022 to 2023 because of the market run
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Same. I remember you even commenting about this not that long ago and I was dumbfounded. I made some type of comment about people maybe not being able to deal with a 4-5k increase in a year on top of 3-5k prop taxes and people moving out or something. My prop tax bill was just a few hundred dollars or something away from doubling, and I just found out a few weeks ago. It immediately made me think of your post. :bleh:
 
@Honda-Fan are you renting now? If so, how comfortable are you making that payment now? That will be a good bit of info to take to your lender and tell them you want to stick to around that price or move up if you wanted.

As @ethlar mentioned.....the lender you speak with to get an estimated amount you can afford, will also tell you a breakdown of the monthly payment based on the amount of house you can buy. That breakdown will be what amounts go towards principal, interest, property taxes, insurance, PMI and any other stuff like HOA if you have that.

Remember, at this point you want them to do a soft credit check or just use your paystubs and you tell them your monthly expenses. Having multiple "hard credit" checks in a year or a few a month will make your credit score go down. Usually you get a free pass on 1 hard check a year but you might have done that already.
 
FooBird said:
West Seattle is nicer than Seattle proper. Downtown has gotten ROUGH
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It was nice when we were out there earlier this year zooming around in the rental scooters. But def some sketchy spots, lol
 
Perfect start to the road trip. Jeep 1, Deer 0.

Dead on impact. Hit him right behind the front leg and his head must have whipped lashed into the bumper and took him out. Since it was raining he did a couple 360s and slid about 80ft forward and to the left side, right onto the grass.

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