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moana posted:gently caress everything about buying a house, I quit. Sunday open house wasn't open, couples wandering around like lost sheep through the neighborhood. We go there today with our realtor, check it out, and prepare an offer, and then the owner says whoops, we know we said we were looking at offers on Tuesday but we sold it already. You can do it, don't give up! Just remember, one day you will look back on poo poo like this and laugh. Because you're underwater on your mortgage, your roof is collapsing, your pool is caving in, your pergola is on fire, the town government is embezzling money, your neighbor is human garbage, your
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Aug 4, 2015 04:06
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uwaeve posted:Because you're underwater on your mortgage, your roof is collapsing, your pool is caving in, your pergola is on fire, the town government is embezzling money, your neighbor is human garbage, your Don't stop I'm almost there
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Aug 4, 2015 04:38
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Effexxor posted:I could get a credit card, but apparently I'd need two other lines of credit to get anything good in the next 3 months, at the earliest. And as for me being on one of his cards, I think it would be the same, except I'd only have to get two more lines of credit and possibly hurt his card. Which we can do, but. drat, I just don't want to have to if I don't need to. No dice Someone else posted:Put your name on your spouses card No dice Effexxor posted:
Who cares? That's basically your only option. Or take your trust fund and but a cheaper house so you're putting more cash down and don't go through FHA. You need three established lines of credit, not to mention a credit score, and that's not even the bare minimum. When I purchased my house, my first lender pre approved (not pre qualified mind you) me, then gave me a call after I went into contract on a house, to inform me that the investor could not approve my loan because I only had two trade lines. I only ever took out a single credit card, and paid cash for all my (admittedly very cheap) vehicles because I thought I was being financially prudent, but lenders have a different opinion of what financially prudent constitutes. This was through a credit union mind you, which is supposed to exist to loan money to its members. I tried asking about all the above (adding myself to spouses card, opening a new loan, etc), but that was a no-go. So I shacked up with a much better lender who was more straightforward with fewer fees and a better rate, and was approved because the 20% down I brought to the table made up for the third trade line. Money talks, bullshit walks. If you want a mortgage, you're probably going to have to open a card, get an installment loan, and wait a year. You also need to be working at your current job for two years as well, so that'll give you time to build up your credit. Lenders are more prudent about not making exceptions to much of anything after the mortgage crisis, and tightening up requirements. TL;DR--You've probably only got the cash option. Edit: Also, you shouldn't even be looking at houses until you've got how you're going to pay for it squared away. That's the last step in the process. Catatron Prime fucked around with this message at 04:45 on Aug 4, 2015 |
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Aug 4, 2015 04:40
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OSU_Matthew posted:TL;DR--You've probably only got the cash option. Ugh. I'd kind of figured. Damnit, I'd thought I'd been responsible. The rough thing is that I understand these financial facts out of most in the family, so trying to explain that the other options just wont work will be difficult. There's the option of trying to get a mortgage through the organization that manages our mutual funds (The initials are U B and S), because they actually will be able to see my financial security and leverage it against my trust fund, but. It's a rough going. Edit: And to be fair, we've been looking at houses that have been under 10% of our gmi, and our realtor didn't think we'd have a problem. :/
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Aug 4, 2015 04:49
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If some old person dies in a home and the estate sells the home, are they supposed to do anything extra considering there was a dead body in there? Specifically like cleanup before they can sell it? Blood, bodily fluids, etc? Not talking about a bloody murder suicide, just grandpa dying of old age or whatever that means. edit: oh its called 'unattended death cleanup'. Fun. Shaocaholica fucked around with this message at 05:43 on Aug 4, 2015 |
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Aug 4, 2015 05:29
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Depending on your state's rules you may have to include the death in the disclosures
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Aug 4, 2015 06:00
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Progressive JPEG posted:Depending on your state's rules you may have to include the death in the disclosures Right but I'm not sure if they -have- to do a certified 'death' cleanup or....nothing. CA by the way.
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Aug 4, 2015 06:15
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Progressive JPEG posted:Depending on your state's rules you may have to include the death in the disclosures New York had all sorts of fun required disclosures, for example, if:
When I was shopping for houses, my realtor took pains to find out if a house had previous deaths in them because of her own personal beliefs that a home should be a happy, peaceful place. I didn't give a rat's rear end if the house was haunted or whatnot, but I was mostly amused by her research. Everyone's gotta have a hobby, I guess.
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Aug 4, 2015 06:42
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Well my main concern is that if someone died unattended for months because they have no family or friends to find out and their cats/dogs started eating their corpse. In that case I want to know if anyone cared to clean up the mess properly instead of just a superficial scrub down and air freshener.
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Aug 4, 2015 07:00
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I assure you that if someone left a corpse out in a house for months, a "superficial scrub down and air freshener" would make absolutely no impact whatsoever on the intolerable, ungodly stench. Track down and watch the early Mythbusters episode about the dead pig and the car.
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Aug 4, 2015 07:19
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I don't do purchase loans, but I am an underwriter and there is an exception to every credit policy. Particularly with portfolio loans. G too a local bank or credit union (or even a big bank) and see if they will underwrite you before you freak out about it. Low dti and good cash reserves with a decent down payment puts you in a better position than a lot of applicants. If the numbers work and you have alternate credit, then they may accept that.
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Aug 4, 2015 07:39
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Progressive JPEG posted:Depending on your state's rules you may have to include the death in the disclosures Is there some limit to that? I'm in Canada and we don't get much in the way of information about a house here. Though my own digging I found out a guy likely died in his sleep in my place back in the early 1960. But who really gives a poo poo, beyond it being some interesting trivia?
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Aug 4, 2015 12:04
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While looking into the history of my house, I discovered that it used to belong to the town's mortician. I'm really hoping that the drains in the basement floor aren't related to that nugget of information 
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Aug 4, 2015 12:20
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OSU_Matthew posted:While looking into the history of my house, I discovered that it used to belong to the town's mortician. "Welp, looks like your drainage problem is limbs." "Hm, the Fix It Fast thread thought something like this could eventually happen. Aren't they called roots when they're underground?" "Not when they came off of people, no. Pretty sure they're still called limbs."
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Aug 4, 2015 13:11
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Shaocaholica posted:Well my main concern is that if someone died unattended for months because they have no family or friends to find out and their cats/dogs started eating their corpse. In that case I want to know if anyone cared to clean up the mess properly instead of just a superficial scrub down and air freshener. Rotten corpses will like ruin the floors and walls, trust me you will know if there's been an amateur cleanup job. Many states/localities require biohazard cleanup if there's been a messy death of some kind involving body fluids or decomposition.
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Aug 4, 2015 13:26
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You should watch Sunshine Cleaning, it's a movie all about this.
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Aug 4, 2015 16:15
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Anyone know anything about buying multi-family homes? We keep find a lot of small 2-flats in our price range, and we'd probably buy them with the intent of immediately occupying one, and terminating the other's lease at the end of its term and converting it back into a SFH. I'm in Chicago.
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Aug 4, 2015 19:17
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Typically it is not much of an issue in the Greater Chicago area because they are very common to find like you point out. You may run into some issues down the line if you tried to sell or refi the home as a SFH if it legally zoned or meets a highest and best unit as a multi unit, but that wouldn't impact the purchase. Generally you just need more in reserves and the pricing might not be quite as good.
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Aug 4, 2015 22:50
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Okay, so I just realized something. Can healthcare insurance premiums count as on time payment sources for alternative credit? Because I've paid that straight through my paycheck for 3 years.
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Aug 5, 2015 00:09
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Effexxor posted:Okay, so I just realized something. Can healthcare insurance premiums count as on time payment sources for alternative credit? Because I've paid that straight through my paycheck for 3 years. I believe the FHA handbook prohibits that if it is a payroll deduction, but can double check that when I get home.
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Aug 5, 2015 00:35
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Captain Windex posted:I believe the FHA handbook prohibits that if it is a payroll deduction, but can double check that when I get home. Ugh. If you could, that would be amazing. (and gently caress, I just got a credit card, I feel like someone bad with money even if that's totally illogical)
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Aug 5, 2015 00:57
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Tried to clean it up a bit since the formatting didn't carry over well, but this is what the FHA handbook has to say regarding acceptable trade lines for building a non-traditional credit profile:FHA Handbook Section II.A.5.ii.B.3, published 06/24/15, effective 09/14/2015 posted:To be sufficient to establish the Borrower’s credit, the credit history must include three credit references, including at least one of the following: So it looks like you can't use your health insurance payment because it's a payroll deduction, but maybe one of the other sources will work (renters/auto insurance possibly?). From your earlier post you indicated you were covering rent and cable so you only need 1 covering 12 months from the 2nd part of the list to meet FHA minimum requirements (though specific lenders can of course be stricter so you might need to shop around). The 12 month history of savings sounds feasible given your stated low DTI, though I'm not entirely sure what they're getting at in the 2nd bullet point for that one (I don't underwrite FHA so I'm not up on details of their stuff). Captain Windex fucked around with this message at 01:34 on Aug 5, 2015 |
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Aug 5, 2015 01:25
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gtkor posted:Typically it is not much of an issue in the Greater Chicago area because they are very common to find like you point out. I'm guessing if we're planning on staying for at least 20 years, we won't have a problem convincing the city to re-zone the property?
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Aug 5, 2015 01:34
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When's the right time to shop around for lenders? I had a pretty good quote from Navy Federal that I got pre-approval through,(3.5%) but worth checking out other rates I suppose. Looking at VA 30 year fixed if that makes a difference. We found a place we liked and submitted an offer already. edit: Lender's fees is 1% origination, with a 2.15% VA funding fee rolled into the loan, though I'm hoping to get the 3.25% with 1 point/1% origination also advertised. HarmB fucked around with this message at 04:25 on Aug 5, 2015 |
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Aug 5, 2015 03:58
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Harmburger posted:When's the right time to shop around for lenders? I had a pretty good quote from Navy Federal that I got pre-approval through,(3.5%) but worth checking out other rates I suppose. Looking at VA 30 year fixed if that makes a difference. We found a place we liked and submitted an offer already. Ideally you should be pre-qualified for a loan before you submit an offer, that piece should only come after you've got the financial part straightened out. Edit: Also, 3.5% is excellent, depending of course on lenders fees. The rate will probably shoot up a percentage point or two in the next couple of months when the fed increases rates. Catatron Prime fucked around with this message at 04:23 on Aug 5, 2015 |
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Aug 5, 2015 04:13
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minivanmegafun posted:I'm guessing if we're planning on staying for at least 20 years, we won't have a problem convincing the city to re-zone the property? http://www.cityofchicago.org/content/dam/city/depts/bldgs/general/Rules_Regs/Certificate_of_Occupancy_Rules_Regs.pdf If it is actually set up as 2, based on my bad reading you are probably actually safe being zoned as A-1. Quick googling didn't seem to suggest you would have many issues. I guess as a point of interest when you are shopping see if the home is zoned A-1 or A-2. If it is A-2 you might need to get an inspector out there at some point if you do something major for a certificate of occupancy. Honestly it doesn't really seem super complicated, but obviously this is a super quick read through. You will be able to see how the home is zoned on the first page of an appraisal, should you get that far in your house hunt.
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Aug 5, 2015 04:20
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Obviously consult with a real estate attorney and I'm not one, but if you buy something zoned for multiple units, keep it that way if you can, even if you plan on occupying the place as one unit. It's often way harder to get re-zoned for multiple units later, and the property will generally be more valuable with that zoning in place.
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Aug 5, 2015 08:50
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Harmburger posted:When's the right time to shop around for lenders? I had a pretty good quote from Navy Federal that I got pre-approval through,(3.5%) but worth checking out other rates I suppose. Looking at VA 30 year fixed if that makes a difference. We found a place we liked and submitted an offer already. Whenever. VA loans are going to get better rates than normal loans. The funding fee sucks rear end, but whatever, no PMI, I guess. And you can negotiate the 1% origination down. I don't think I paid one for either of my VA loans. e: Even if you "lock the rate" with the lender, you still don't have to use them. Don't sign one of their slimeball "we'll drop the rate once" contracts, because that generally actually legally locks you in for like a grand if you want to change lenders. Again, you can negotiate away that fee, but I'd be shopping around now. When do you plan on closing? If it's within 45-60 days, then I'd be shopping TODAY.
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Aug 5, 2015 13:39
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No Butt Stuff posted:Whenever. VA loans are going to get better rates than normal loans. The funding fee sucks rear end, but whatever, no PMI, I guess. And you can negotiate the 1% origination down. I don't think I paid one for either of my VA loans. I guess it's time to start shopping then! Thanks!
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Aug 5, 2015 20:30
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I'm in the middle of closing a short sale and instead of venting a litany of total fuckups by my lending bank, I'll just say that this year my mother passed away, her boyfriend is squatting in her house and I'm trying to evict him, my wife and I had a daughter, and then she decided to poop some blood at one point, and somehow buying a house is more stressful than any of that. I honestly don't know what the gently caress. How do banks even do business?
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Aug 5, 2015 22:38
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Do never buy Termite damage, house is under contract but they were getting in undetected due to a cement walkway on the side of the house that came up level with the slab and flush with the stucco. Been in the house for a year and a half, the infestation is at least 5 years old.
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Aug 5, 2015 22:56
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I was watching some guy talk about termites in Chicago. Apparently infestation is more common on new construction than old - the discarded wood from the torn down structure below a new house attracts them, and then they work their way up into the new building.
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Aug 6, 2015 00:07
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Bozart posted:How do banks even do business? They're the motherfuckers with the money. Congratulations on your kid, sorry about the blood and death.
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Aug 6, 2015 00:52
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Harmburger posted:When's the right time to shop around for lenders? I had a pretty good quote from Navy Federal that I got pre-approval through,(3.5%) but worth checking out other rates I suppose. Looking at VA 30 year fixed if that makes a difference. We found a place we liked and submitted an offer already.
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Aug 6, 2015 02:00
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We have never used Navy Federal for a loan, but my employer usually has a kickback deal with other vendors which sweetens the pot for us. I would at least shop around.
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Aug 6, 2015 02:08
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Effexxor posted:Okay. So. I'm in a weird position.
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Aug 6, 2015 02:22
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Dik Hz posted:Can you just put the house and mortgage in his name? Apparently he could only qualify for 60k, which I don't really think is right and will check with some other lenders about that. The other issue is that he graduated in May from nursing school and started working as an RN in May, and before that, was working an almost minimum wage part time job as a security guard while in school. Soooo, there's not a good, long term record of employment at his much better income.
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Aug 6, 2015 02:26
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Harmburger posted:When's the right time to shop around for lenders? I had a pretty good quote from Navy Federal that I got pre-approval through,(3.5%) but worth checking out other rates I suppose. Looking at VA 30 year fixed if that makes a difference. We found a place we liked and submitted an offer already. I just changed lenders after having an offer accepted but it would be easiest if you can get preapproval and use the same company for the offer and the closing. Some sellers do not like to change lenders especially if you are tight on the closing time. I would get a quote from merchants home lending or some other companies in your area.
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Aug 6, 2015 07:20
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swenblack posted:3.5% + 2 pts could be great or just average depending on your situation. Check Zillow for comparison purposes. Also, paying 4.15 total points to close on top of all the other closing costs is pretty steep. It'd be 3.25 + 2 pts or 3.5 + 1 pt. The 4.15 total points is kind of offset by the 0% down though, which is nice. Zillow doesn't come up with anything even when I select the VA option, but conventional loans at 20% down(which I don't have) were ~4.2% APR.
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Aug 6, 2015 08:21
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VA loans should be pretty aggressively beating most conventional stuff you will find on the 30 year right now. The funding fee obviously offsets some of that, but rate wise the VA will be better. You could compare the APR's (which is obviously what someone should do) but if you are looking at 0% down, that kind of takes most of the VA vs Conventional debate out of the question.
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Aug 6, 2015 12:14
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