Home buying thread
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Big Phoenix
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Little uh fyi, make sure the number you give the loan people to verify employment isnt mysteriously registered to your father.
The new job I have is working for a family friend who is a plumber with his own contracting business. For what in gods name I have no idea why, the number to his home office where we run everything out of is registered in my dads name. Underwirter finds that out and is doesnt like it at all and just today denied the app, so we are going to have to submit a new app to a different bank. My original close date was the 19th of Jan but now with the app being denied the earliest looks like the end of next week.
I just love how 2-3 years ago mortgage companies where handing out sub prime ARMs to retards who could barely scribble their names onto a paper yet I gotta deal with this retardation. I have 16k in my savings, 8k in my roth IRA, a paid off truck worth 16k, 0 debt, great credit score and to top it I am a vet yet denied for such trivial bullshit.
The new job I have is working for a family friend who is a plumber with his own contracting business. For what in gods name I have no idea why, the number to his home office where we run everything out of is registered in my dads name. Underwirter finds that out and is doesnt like it at all and just today denied the app, so we are going to have to submit a new app to a different bank. My original close date was the 19th of Jan but now with the app being denied the earliest looks like the end of next week.
I just love how 2-3 years ago mortgage companies where handing out sub prime ARMs to retards who could barely scribble their names onto a paper yet I gotta deal with this retardation. I have 16k in my savings, 8k in my roth IRA, a paid off truck worth 16k, 0 debt, great credit score and to top it I am a vet yet denied for such trivial bullshit.
Cutlery
Kill All the White People
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That"s not trivial bullshit at all. You have no verifiable income, because your old man is your employment contact. You can"t say that if you were in his shoes you wouldn"t deny the loan too. That looks like exactly the same shady shit that was being pulled to cause this crisis.Phoenix said:
All you need is a job. Nothing else matters one fucking bit in this process except for making sure you"ve got the down payment cash on hand. After that, you can be a million dollars in debt and have the credit score of a small child and you"re still gonna get a loan.
It"s been awhile, but don"t they require bank statements to approve the loan - bank statements that would presumably show his paycheck or him cashing checks? It seems a little retarded that anyone working in a family owned restaurant or something wouldn"t be able to buy a home.TheCutlery said:
Falstaff
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So I"m getting ready to start the buying process for a house (my first) and have a question about pre-qualifying if anyone knows about it...
Some facts: Fiancee and I combined gross income is $98,000 and change. Our debts are $330 car payment per month for me, $110 student loan per month for her, and about $2000 in manageable credit card debt for her. I have no student loan debt and pay my credit cards in full every month (except one that is 0% interest and the balance on that is less than $500). I have around 22k in cash that would go towards covering down payment (we"ll be doing FHA but I"ll be paying more than 3.5% down), closing costs, etc. Obviously not all of it would be going towards it since I don"t want to be completely broke right after.
So I did the application over the phone with the loan officer and told her our price range was around $250k and she came back with a pre-qualify letter for that exact amount. If I would have told her our range was, say, 290k, and we could afford it based on income/debt ratio around 30%, would it have come back at that? I"m sure I could just call her and ask her this question but I figured someone hear might have experience or knowledge with this.
This isn"t the only bank I"ll be shopping around to but it was first since its through a special program (reduced closing costs, bank can"t sell mortgage to another bank for the life of the loan, etc.).
Thread has been very beneficial so thanks to all for your contributions and I"ll be sharing more as the process continues.
Some facts: Fiancee and I combined gross income is $98,000 and change. Our debts are $330 car payment per month for me, $110 student loan per month for her, and about $2000 in manageable credit card debt for her. I have no student loan debt and pay my credit cards in full every month (except one that is 0% interest and the balance on that is less than $500). I have around 22k in cash that would go towards covering down payment (we"ll be doing FHA but I"ll be paying more than 3.5% down), closing costs, etc. Obviously not all of it would be going towards it since I don"t want to be completely broke right after.
So I did the application over the phone with the loan officer and told her our price range was around $250k and she came back with a pre-qualify letter for that exact amount. If I would have told her our range was, say, 290k, and we could afford it based on income/debt ratio around 30%, would it have come back at that? I"m sure I could just call her and ask her this question but I figured someone hear might have experience or knowledge with this.
This isn"t the only bank I"ll be shopping around to but it was first since its through a special program (reduced closing costs, bank can"t sell mortgage to another bank for the life of the loan, etc.).
Thread has been very beneficial so thanks to all for your contributions and I"ll be sharing more as the process continues.
Warrian
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Since you said you were in the $250k range, they will give you a letter that says $250k. You don"t want the listing agent to know how much you can afford otherwise they will try to hardball you. I also highly recommend signing with a buyers agent. You want someone who is on your side the whole ride through, especially if it"s your first home. They don"t cost you a penny either since they share commission with the listing agent.Eyashusa said:
Cutlery
Kill All the White People
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Yes, they"ll approve you for what you ask them to approve. I"d be very realistic about the payment though when considering how high you want to go. Don"t forget that on an FHA loan the homeowners insurance, property taxes, and mortgage insurance are all added into the payment. Those numbers are $81, $263 and $107 for me...they add almost $500 to the payment that a mortgage calculator will tell you. You have approximately the same income that my wife and I had, and while wecouldafford a more expensive house, I set the bar at $250 to prevent us from getting too ridiculous with the payments and biting off more than we could chew.Eyashusa said:
In the end, if you"re feeling good about 290 and you have the income to support it (honestly, they don"t look at debt at all, there"s no fucking way they do), then you can ask for 290 and you"ll probably get it. My truck was $512 a month when I bought the house and I had slightly more credit card debt than you had, but my wife had a fucking retarded amount of student loans, and I still got thru the process just fine.
Still not bad advice, but depending on who you"re buying from, not having an agent can help you negotiate a slightly lower price. Would still definitely get a buyers agent if only so you get those emails whenever a new home gets listed. I think if you know a realtor they can also get you hooked up with that.Warrian said:
Warrian
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Why would not having a buyers agent get you a lower price? If anything they can help you get a lower price. Listing agents usually make 6% on the sale. If you get a buyers agent, they get 3% of it and the listing agent gets 3%. Do you really know what you"re talking about?Candiarie said:
Falstaff
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We did not sign anything (yet). We are meeting with him for the first time on Saturday afternoon. He is a family friend but I do want to do things legit and make sure he is operating at his full, obligated capacity. If that means signing a contract then I have no problem doing it.
Cutlery
Kill All the White People
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Ugh, don"t go that route. My wife insisted on using her Uncle as our realtor, I"ll never use family/friends for anything again.Eyashusa said:
If you feel someone working for you isn"t doing their job, you gotta get rid of them. That conversation is much harder with people you know and are going to have to see again. I"d strongly advise against that course of action.
Way to come out of left field bro, for a moment imagine the incredibly unlikely scenario where the listing agent is the homeowner. From what I understand from my realtor/landlord contacts they can negotiate lower terms with people without agents because they don"t have to pay the 3% to the buyers agent.Warrian said:
I was hoping someone may know this. Does such an inspector exist that can check for mold and/or water damage AND tell the approximate "age" of it (like how long it"s been there)?
Thanks and sorry, I know it"s a stupid question.
Trying to find out who to attack for faulty plumbing. Seller, builder, insurance, etc.
Thanks and sorry, I know it"s a stupid question.
Trying to find out who to attack for faulty plumbing. Seller, builder, insurance, etc.
Each of them may point to the other so it may be wise to approach all of them to see if any will willingly agree to pay for the repairs. If no-one does them sue them all jointly and let the court decide whose responsible.
Bring inMake It RightT!Ravvenn said:
Really it depends on what type of water damage you are talking about. Obvious statement but, the longer water sits or is subject to wood, the greater the damage. You can go from simple streaking (which I have on a couple joists of mine from a faulty drain connection that wasn"t properly soldered) to crumbly crap which is very bad.
Edit: On finding an inspector, I would suggest calling a notable realtor or 2 and/or contacting your state licensing board. With water, it"s always what you can"t see that is really gonna be the bugger so a good inspector should go all around the area with his little water finding gadget and give you a real approximation of your problem.
I don"t have to tell you to be very careful about mold remediation. That crap can make someone very sick. Is the mold a very black, sticky looking type or is it the greyish stuff? That can get airborne a lot easier.