|
Can anyone tell me about first-time home buyer grants? It appears that with my low income, being unmarried etc I might be eligible for a $2500 grant.
|
#
?
Jan 20, 2011 18:21
|
|
|
|
| # ? May 21, 2024 11:38 |
|
|
razz posted:Boyfriend works for the government. He's secure. I'm gettiny my master's degree in biology and can get a job where he has one. I am secure. Too much uncertainty. Do never buy.
|
|
#
?
Jan 20, 2011 18:25
|
|
|
gvibes posted:Unless you are very very sure that you can get a job upon graduation, I would not buy while you are still in school. I can get a job on the fort. I've already had people out there tell me they'd hire me, and I worked there for two years before I went to grad school. Plus I'm not really in school, I am a graduate student and I've got a guaranteed 3-year stipend that's about 25K a year. I don't pay tuition. Grad school in biology isn't school, it is a job that I am paid to do and part of my job description is "taking a couple classes on top of all your other work".
|
|
#
?
Jan 20, 2011 18:34
|
|
|
Ok fine. Don't take our advice. See you in 3 years when all of a sudden you're stuck with a house and your 'sure thing job' has disappeared. Do never buy.
|
|
#
?
Jan 20, 2011 19:46
|
|
|
IratelyBlank posted:Stuff about 203k That's really good info. I know that YMMV with all things real estate/contracting but it's good to see that the program does work as advertised.
|
|
#
?
Jan 20, 2011 19:52
|
|
|
skipdogg posted:Ok fine. Don't take our advice. See you in 3 years when all of a sudden you're stuck with a house and your 'sure thing job' has disappeared. Haha, we haven't even seen the house yet. It's just an idea we are kicking around, it's not like I am all OMG BUY NOW. And you never know where you are going to be in 3 years so there's really no use in saying "well this horrible thing could happen in the future so I better not make any big decisions now" because yeah, that's life.
|
|
#
?
Jan 20, 2011 20:11
|
|
|
razz posted:Haha, we haven't even seen the house yet. It's just an idea we are kicking around, it's not like I am all OMG BUY NOW. And you never know where you are going to be in 3 years so there's really no use in saying "well this horrible thing could happen in the future so I better not make any big decisions now" because yeah, that's life. Also, what are property taxes?
|
|
#
?
Jan 20, 2011 20:47
|
|
|
gvibes posted:Also, at that age, inspection is going to be very important. Furnace and roof, for instance. I'm not sure. One website says the median real estate property taxes for that county is $933 or 1.5 percent. And yeah the house will likely need all new everything. Roof, wiring, etc etc. We're gonna go look at it soon, just busy right now and I have to attend a natural resource conference all day tomorrow out of town.
|
|
#
?
Jan 20, 2011 21:10
|
|
|
MinorApplicator posted:We are looking on the eastern side of Washington Township, subdivision near 56th and Allisonville. I do ultimately think we are in this for more of the "my house my rules" aspect of it more than the investment part. We are fully ready to live here for 10 years since we'll have plenty of room to grow into the house and we both have steady and reliable work (my wife works for the state and I work in banking) and I only see our career and money tract going up in the future. We are debt-adverse and career savers so we'll have plenty of emergency funds if need be as well as start investing into our future soon. All and all I believe we are ready for the task and I'm rather excited. HAHA no poo poo, I grew up right by there (56th and Binford). While I won't fault you for wanting to get a house I know I personally would wait on gettting one. Houses pop up in tha area all the time.
|
|
#
?
Jan 20, 2011 23:26
|
|
|
Welp, my wife and I put in an offer in a house and the seller accepted it  But wait, it's a short sale.. and the seller had 2 loans in it.  So now, we have to wait, and then wait some more. At least both loans were through the same bank (Bank of America).Our realtors tell us that we'll be waiting anywhere between 3 to 14 weeks to find out if the bank accepted the offer. That's a poo poo lot of time, but this house was definitely the one, and we'll be happy to wait if they say yes. If after months they come back to us with a no, I'm going to be pissed.
|
|
#
?
Jan 22, 2011 00:48
|
|
|
I was unemployed last year and don't get paid regularly so I have to use a cosigner. What should I have prepared? Is my lack of proof of income a big problem, or will my cosigner's stuff be sufficient? I will be putting down 20%, do I put it up myself or will it be easier if it comes from the cosigner? I'm going to continue looking stuff up, but a lot of the stuff I'm finding is from 2006 or before and it seems like a lot of it doesn't apply right now.
|
|
#
?
Jan 22, 2011 07:17
|
|
|
Alfajor posted:Our realtors tell us that we'll be waiting anywhere between 3 to 14 weeks to find out if the bank accepted the offer. That's a poo poo lot of time, but this house was definitely the one, and we'll be happy to wait if they say yes. If after months they come back to us with a no, I'm going to be pissed. Its a good one, but its not the only one. Keep looking while waiting on the short sale approval to come back. Getting tied down to this place is only going to make you miss other opportunities and make your home buying experience miserable.
|
|
#
?
Jan 22, 2011 15:37
|
|
|
Alfajor posted:Our realtors tell us that we'll be waiting anywhere between 3 to 14 weeks to find out if the bank accepted the offer. That's a poo poo lot of time, but this house was definitely the one, and we'll be happy to wait if they say yes. If after months they come back to us with a no, I'm going to be pissed. Three weeks would be a hilariously short time period. Short sales take months. I agree with Arzakon that no house is "the one". It is a bad idea to fall in love with a house before you own it; that way lies heartbreak (or perhaps just financial distress). You need to have clear eyes so that if the deal stops being a good one, you can walk away. Keep looking at houses. If you find another house that you like as much (but isn't a short sale), or better; you can withdraw your offer on the first house and make one on the second. This is a better use of your time than sitting around for months only to have your offer rejected. bad times posted:I was unemployed last year and don't get paid regularly so I have to use a cosigner. Be sure you understand that both you and your co-signer are fully responsible for the payments on the house. Be sure your co-signer understands this too. They own the house as much as you do. If you fail to make payments they will be just as liable as you. This also includes if you should unfortunately die; if your co-signer can't afford to take over the entire cost of payments on the house, I suggest you purchase a decently large life insurance policy (no I'm not kidding). quote:What should I have prepared? Your co-signer should prepare all the same income and tax paperwork as you. You will only get the loan if the two of you, combined, have the income and credit worthiness needed. quote:Is my lack of proof of income a big problem, or will my cosigner's stuff be sufficient? quote:I will be putting down 20%, do I put it up myself or will it be easier if it comes from the cosigner? Good luck! Leperflesh fucked around with this message at 20:00 on Jan 23, 2011 |
|
#
?
Jan 23, 2011 19:56
|
|
|
So what happens if the seller of a house we put an offer on dies before signing the offer? She had verbally agreed to sell us the house at the offer price, but as far as we know, she didn't sign anything before the cancer got the best of her  , so that probably means nothing. Our agent is currently in contact with the seller's attorney, but I'm not too hopeful. 
|
|
#
?
Jan 24, 2011 22:20
|
|
|
jerkstore77 posted:So what happens if the seller of a house we put an offer on dies before signing the offer? She had verbally agreed to sell us the house at the offer price, but as far as we know, she didn't sign anything before the cancer got the best of her I am just guessing, but I would assume that even if she signed the offer it wouldn't mean anything as you never closed and there was nothing in the contract preventing her from backing out. You are probably going to have to deal with whoever is inheriting the property or managing her estate.
|
|
#
?
Jan 24, 2011 22:31
|
|
|
jerkstore77 posted:So what happens if the seller of a house we put an offer on dies before signing the offer? She had verbally agreed to sell us the house at the offer price, but as far as we know, she didn't sign anything before the cancer got the best of her If she never formally signed the offer you have nothing. However, you can ask whoever is managing her estate. If they plan on selling her home I doubt they will have any problem selling to someone that she already had lined up. Certainly beats having to put it back on the market and deal with all that stuff.
|
|
#
?
Jan 25, 2011 01:08
|
|
|
Realjones posted:If she never formally signed the offer you have nothing. However, you can ask whoever is managing her estate. If they plan on selling her home I doubt they will have any problem selling to someone that she already had lined up. Certainly beats having to put it back on the market and deal with all that stuff. The catch is that the seller was a family friend who was willing to sell it to us at 80% market value. Her closest heir is a niece that she didn't have much contact with. My guess is that my chances of getting it at that price are very slim.
|
|
#
?
Jan 25, 2011 05:03
|
|
|
Did I actually inspire a thread title with my accurate and timely advice? Sweet.
|
|
#
?
Jan 25, 2011 06:38
|
|
|
I've been looking at a few houses. Some good, some not so good. One of the good ones I liked was definitely a consideration, but had one huge irritating issue: Prebuilt Media Center  Anybody know how much it would probably cost to have a professional to tear down the center and just keep it a plain white wall?
|
|
#
?
Jan 25, 2011 21:43
|
|
|
ijii posted:Anybody know how much it would probably cost to have a professional to tear down the center and just keep it a plain white wall? Seems like a really simple DIY job. Crowbar and a can of paint.
|
|
#
?
Jan 25, 2011 21:44
|
|
|
Chin Strap posted:Seems like a really simple DIY job. Crowbar and a can of paint. I'd be more inclined to fill in the TV hole and one below it, then hang a painting or something. If you tried to make it flush with the shelves, there'd be a gap in the carpet to deal with. (There's a good "quick questions" thread in the DIY subforum.)
|
|
#
?
Jan 25, 2011 22:15
|
|
|
It should be an easy DIY job, unless there is ductwork / plumbing behind there, or a fireplace in the room we can't see without a chimney, etc. If it is a hollow wall and someone added that after the fact, which is likely. I don't see a pro doing built ins with drywall; that reeks of amateur hour. Also, if it is hollow and that will be a high traffic room, carpet sucks anyways. Hardwood is much better. Another comment - I don't know where you are, but if you will have the heat on a decent amount, ceiling vents suck. If you're somewhere where it will be primarily A/C, that's cool, but think about that too. Edit: just noticed the hallway. That seems weird - why is there all that wasted space? Does it turn into a closet in the room behind there or what? If there is and you can't strip the whole thing, strip the sides down and put in nice wood builtins with an IR repeater to hide your components. let it mellow fucked around with this message at 22:29 on Jan 25, 2011 |
|
#
?
Jan 25, 2011 22:27
|
|
|
The prebuilt media center was in the original house design. I actually saw a second house that had the almost exact layout of this house that came with the same prebuilt media center. The other side of the media center wall is the master bedroom, to the left is the kitchen. I live in Tucson, so I will almost never have the heat on. Probably only when there's the possibility of temps getting close to 32F overnight that might freeze up pipes. Also I agree that carpets suck. They get dirty easily and they're hard to clean as well as expensive to clean. I'll see what DIY forum says, but I have no experience doing anything with house work. I did take a close look, and there's visible screws or nails that would make it a simple disassemble job.
|
|
#
?
Jan 26, 2011 02:39
|
|
|
Probably old news for canadians but regardless, Gov't is passing some serious rules to phase out 30+ year mortgages (I don't really have any qualms with that) by March or so in reaction to what's going on in areas like Northern British Columbia and to avoid seeing a similar crash in California. They're also pushing, as far as I know, another regulations which basically says you can no longer finance 90% of your mortgage with. any lender. They're saying they're not enforcing a minimum 10% downpayment, but it looks like that to me. Again, no real problem. Interest rates at a really nice low, 3.67% for 5 year closed. My wife and I got approved for 390k at 3.94% (I'll explain why we're ok with taking a slightly higher interest later) for 5 year closed over 25 years so we're looking at houses at the moment to see what's out there. It's mostly townhouses and condos, which I'm ok with as long there's ample space if possible. We're looking to stay under 350,000k and we found about 10 places that falls under our criteria list. We've already crunched the budget numbers (with the idea of 400,000 mortgage incl. overshot property taxes and maintenance fee) and saw that we were able to make it livable while still socking a little bit of money into our savings. Quick questions re: stratas. What should we look for? What questions should we ask? We'll be looking at 2 years worth of AGM and incident reports if possible. The bank is covering 100% of the closing cost and will provide free appraisals.
|
|
#
?
Jan 26, 2011 03:09
|
|
|
There is no carpet under that media center. I would guess $1,500 would get it done. Get an estimate before you put an offer on the house.
|
|
#
?
Jan 26, 2011 15:46
|
|
|
Ripping that entertainment center out should not be a reason to walk away. It is cosmetic and can be fixed, as others have said.
|
|
#
?
Jan 26, 2011 23:49
|
|
|
ijii posted:I'll see what DIY forum says, but I have no experience doing anything with house work. I did take a close look, and there ISN'T visible screws or nails that would make it a simple disassemble job. So it seems the consensus is around $1500. Not too bad I guess. Just a shame that the designers thought that it would be a good idea to have it. The previous owner tried walling it up a little bit to be suitable for a newer thinner plasma and LCD TVs. Originally it was built for the older bigger flatscreens.
|
|
#
?
Jan 27, 2011 03:45
|
|
|
I have a quick question. I was just offered a new job that starts on or near Labor Day. While I have a good chunk of student loan debt, I am beginning to think of buying a house in the city. My current job brings me into contact with a ton of the shady poo poo that big banks engage in, and the huge legal headaches and hassles that big banks routinely engage in. My question: Is there any way I can get a mortgage at the local credit union (or wherever) that includes, as a clause in the contract, a provision stating that the credit union will not sell my mortgage to Deutsche Bank or Wells Fargo or International Hedge Fund #23982? I want to send my checks to the same guy at City Credit Union for the next thirty years, not a different megabank every four months.
|
|
#
?
Jan 28, 2011 23:29
|
|
|
BigHead posted:My question: Is there any way I can get a mortgage at the local credit union (or wherever) that includes, as a clause in the contract, a provision stating that the credit union will not sell my mortgage to Deutsche Bank or Wells Fargo or International Hedge Fund #23982? I want to send my checks to the same guy at City Credit Union for the next thirty years, not a different megabank every four months. No. What happened if the credit union dissolves?
|
|
#
?
Jan 29, 2011 00:08
|
|
|
BigHead posted:I have a quick question. I was just offered a new job that starts on or near Labor Day. While I have a good chunk of student loan debt, I am beginning to think of buying a house in the city. My current job brings me into contact with a ton of the shady poo poo that big banks engage in, and the huge legal headaches and hassles that big banks routinely engage in. I think it's worth asking what the Credit Union's policy is on this, as they may claim that they do not sell loans off to other banks. I'm guessing that if the CU doesn't set that policy on their own they would never agree to it as a special clause for you. Also Arzakon's point. Also the big banks are certainly slimy motherfuckers in some regards, but if you are aware of that then they would have a hard time taking advantage of you, since I think most of what they do is with people that they think they can trick or coerce. And if you are a responsible buyer and make your payments on time how would they potentially gently caress with you?
|
|
#
?
Jan 29, 2011 01:14
|
|
|
Dang. Thanks for the prompt responses. Also, I was using a credit union as an example, but I'm sure the same advice applies everywhere.
|
|
#
?
Jan 29, 2011 01:25
|
|
|
BigHead posted:Dang. Thanks for the prompt responses. Also, I was using a credit union as an example, but I'm sure the same advice applies everywhere. It's a fairly good example. One would like to think that they are working in the interest of being a sustainable bank, and not just scheming to make a quick buck by giving you a 2nd rate mortgage and then selling it off. I'd be interested in hearing from somebody that actually works in banking about this. Are banks holding onto mortgages that they give out these days a lot more, or are they still being sold at will to other banks? I'm inclined to think there is a lot less buying/selling going on, but I'm far from an expert.
|
|
#
?
Jan 29, 2011 02:03
|
|
|
Banks that hold a portfolio of mortgages want to tailor that portfolio to specific levels of risk. Having a large percentage of your total holdings concentrated in the same geographical area is an added risk for essentially no benefit. For example, if a major employer in the area went belly-up, you could see a huge percentage of defaults that is unrelated to the national or even just statewide employment picture. There are other factors at play as well (a bank may want a range of mortgage sizes, interest rates, etc.). Basically though the end result is, there is zero incentive for any bank to agree not to sell a loan; if they did that a lot, they'd be tying their hands for potentially decades to a specific package of debt that could easily sink them.
|
|
#
?
Jan 29, 2011 02:19
|
|
|
Leperflesh posted:if they did that a lot, they'd be tying their hands for potentially decades to a specific package of debt that could easily sink them. The first thing I thought of when I read this was: pensions! (Praying that in 24 years I will be able to collect my government pension )
|
|
#
?
Jan 29, 2011 02:23
|
|
|
You may be able to get better terms going with someone who is going to sell the loan since they are looking to unload it quickly and aren't concerned about making money over the life of the loan. I know when I was mortgage shopping the local mortgage places had better terms than the big banks. Their origination fees were like $800 instead of 1 full point, and interest rates were ~.25% lower. I went with a local lender that I knew was going to sell my loan ASAP, but they had the best terms by far and everything was done "in house" which made things go smoothly. I received notice that my loan had been sold 11 days after closing.
|
|
#
?
Jan 29, 2011 05:50
|
|
|
I think that loans still being below 5% is pretty much proof that no one is holding loans they originate. You would be dooming your bank to failure once the rate goes up.
|
|
#
?
Jan 29, 2011 15:51
|
|
|
I am looking for some advice. I am currently renting an apartment with my future wife at 750 a month in Rochester NY. - I am 23 years old - I have a very stable career that nets me 50k a year (with regular raises around 3.5% every 6 months). - I have no car payment at the moment (this will most likely stay true until 2013), - I put 6% of my pay into a 401k which my company matches. - I am going to assume that my credit score is either good or excellent(I have no clue) - I am getting married in 2012 but I have most of the cost saved up for already - My girlfriend makes 15k a year but that isn't very stable (she is looking at changing jobs soon) Bills(per month): - 300 student loans - 80 car insurance - 120 cell phone - 100 furniture - 100 Cable/internet - 200 credit card - 750 rent - 100 utilities I have $5,000 saved up for a down payment for a house at the moment, but I don’t plan on buying a house or even start seriously looking for a house until next year (2012). I plan on having around $7,000 saved up by that time for a down payment. Would like to buy a house a month before I get married in April 2012. The houses up here sell for around 100-150k with tax around 3500-5000 depending on the area. I am looking at having a payment of 900-1050. Is there anything I can do to maybe invest my down payment at a bank to get a lower interest rate? Also are there any programs I can look at enrolling in to get a grant or some extra money? If you need any other information let me know. Dbhjed fucked around with this message at 10:05 on Jan 30, 2011 |
|
#
?
Jan 30, 2011 09:57
|
|
|
Under no circumstances would I ever recommend buying a house at age 24. DO NEVER BUY. Seriously, think about it, do you really want to be chained to the Rochester NY area for the next 5 to 7 years? No. You don't. Rent, maintain flexibility.
|
|
#
?
Jan 30, 2011 10:07
|
|
|
skipdogg posted:Under no circumstances would I ever recommend buying a house at age 24. I am chained to Rochester for the next 20+ years, I just moved up here for my job, which I really enjoy and only see the company growing for a while. I've already been working for the company for 6 years, and got an IT job at their corporate office. My life is already settling down. I am going to be married in 15 months with a woman I've been with for 4 years, I want kids in the future, and I feel I am financially able to have a house. I've lived in 20 plus houses growing up because of renting and I really hate moving. Unless something big happened up here I don't plan on leaving. Any reason for the Rochester hate? Dbhjed fucked around with this message at 10:13 on Jan 30, 2011 |
|
#
?
Jan 30, 2011 10:10
|
|
|
|
| # ? May 21, 2024 11:38 |
|
|
Dbhjed posted:I am chained to Rochester for the next 20+ years, I just moved up here for my job, which I really enjoy and only see the company growing for a while. I've already been working for the company for 6 years, and got an IT job at their corporate office. Upstate/Western NY is dying? I bought at 23. Your situation is different from mine, but I would still think a lot about it and make sure whatever house you find really appears to be the one. Also only 7k for downpayment? If you are planning on going the FHA route and only putting 3-4% down then prepare to definitely be in that house for a while, since it will take quite a bit longer for you to build up any meaningful amount of equity if you are starting from 3% down instead of 20%. senor punk fucked around with this message at 10:14 on Jan 30, 2011 |
|
#
?
Jan 30, 2011 10:12
|
|