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I guess I'm gonna lurk here for a while. I should be getting my school loans forgiven here soon and after that I'll (finally) start lookin to buy my first home. Hi, thread!
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Oct 8, 2021 15:41
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| # ¿ May 2, 2024 11:26 |
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What are the chances I get a really good rate for my first mortgage with spotless 810+ credit and been working for my company for 15 years, but using a down payment assistance program for 3.5% down?
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Nov 30, 2021 18:18
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Is there a resource online to see the historic times a train passes a given set of railroad tracks? Typing that out makes me realize how sketchy that could be... Just window shopping right now but near downtown there's a new community of houses popping up a few blocks from a set of train tracks.
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Jan 4, 2022 19:15
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Looking for opinions... I know nobody's offering financial advice here. I've never had a mortgage before. I've been saving and window shopping for over a year after getting a decent promotion and while I waited to get my school loans forgiven which is finally done. My market seems to be slowing down on new listings but the prices still seem pretty high for what's being offered. One set of new constructions I've been eyeing recently jumped up ~$20k One company I'm working with has found a state funded down payment assistance program - a rider loan for 3.5% down payment forgiven after 3 years if I don't sell in that time - that would just make me need to cover closing costs, but the mortgage must be FHA and have PMI. I'm not terribly fond of paying for PMI; I think it's throwing money into a fire pit and I honestly find it kind of insulting when I've got spotless credit and ~810 score. They ballparked me a mortgage and it's a little less than I'd ideally like to work with. Looking at Navy Federal (I'm not a vet, but a child of one. So VA loan is out for me. I already have an account with them.), one of their mortgage types is not FHA, only require 5% down, and comes with no PMI. They also offer a 0-down loan but the interest rate is higher so I'm kinda meh about it. My father did the 0-down mortgage and thinks it's a good deal. I think I need to talk to them about ballpark payments in each type for what I'm looking to get approved for. If I go with the first company with the PMI I feel like I'll be able to afford a smaller loan and be priced out of my ideal type of home. If I were to go the 5% down Navy Federal route I'd have to save for at least a year which I can do, I just hear about rates increasing and prices supposedly to continue to climb. The climbing prices concern me as I could easily be priced out if it accelerates too fast. Not knowing what Navy Federal is able to give me is probably adding to my uncertainty. First question is: what do you think is the better choice? Is PMI throwing money away? Second question is: since I'll be taking this mortgage on alone I'm guessing they won't consider my partner's "rent" as going towards the payment, will they? If they would I expect that would help secure me the price range I'm looking for.
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Jan 21, 2022 23:23
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Motronic posted:FHA loans have MIP, not PMI. It works differently, but you can still always finance out of it later. Ah, good to differentiate, thank you. That company said it would drop off automatically after the payments crossed like a 21% threshold. Reading this thread I know I should make sure that happens, if I were to go that route. quote:It sounds like you don't have enough cash to buy the kind of home you want. How about talking numbers? What do you have in cash? What price range of home are you looking at? What is your monthly take home and how much of that is being spent on debt service (cars, credit cards, etc). I only have about $7k saved up right now. I currently save at about $1k per month and could probably go as high as $1500/mo if I wanted to pinch pennies. I'm paying $700 just for rent right now so I guesstimate I could afford $1700/mo for the home. The homes that seem to fit my partner and I best right now are anywhere from 285K-350K with more money generally being more ideal home. 6125 gross and 4173 net monthly pay. I'm monthly salary so that's consistent. I'm on track for another promotion for more money within another year or two so I'm hoping to grow into finding the mortgage more affordable. I have no other debts. I was thinking of asking $400 or $500 from my partner given their financial situation. The first company said I could get around $285k (with insurance and taxes) for $1703/mo I called Navy Federal after my post and their numbers sound better but they don't include insurance/tax so I'd have to figure that in to what they said. quote:Also, you say your loans were forgiven. Are you 100% aware of and past the tax implications of that event? PSLF forgiveness is not taxable, so I'm good there. But always good to make sure.
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Jan 22, 2022 00:26
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The down-payment assistance from the first folks would help for the cost of down payment, I would be saving for a few more months to finish the closing costs. If I were to chose that option. I know I'm not in a position for the Navy Federal mortgage, that's the part of the dilemma for me... waiting could find me with a higher interest rate and potentially more expensive home. But they appear to have a 0% down, 3% down, and 5% down option could would work for me. My partner wouldn't be on the mortgage, I thought I made that clear but I guess my question about their financial contribution could have been misleading. Working out if they get equity wasn't mentioned in my post because that's already been worked out but I appreciate the reminder. The $400-$500 from the partner would be put toward an upkeep and unexpected expenses fund. After getting ballparks from Navy Federal I think I'm gonna go with them, which gives me another year+ to save and figure out which one I want to go with, and to snag the promotion/raise I'm on track to get, giving me of a buffer to work with.
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Jan 22, 2022 05:51
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They explicitly say no PMI. I assume it's baked into the interest rate. I asked for info about a $350K 30yr mortgage (This is so I know what the top end would be, but can guesstimate what a lower price would cost.) and this is what they ballparked me, didn't even ask my credit rating or income. Conventional Fixed Rate 5% down 4.625% rate 332,500 TLV, after $17,500 down $1710/mo Homebyers choice - 0% down 4.875% + 1.75% funding fee of loan amount ($6125), can be rolled into loan but I said I could probably pay that 350000 TLV $1852/mo - 3% down 4.750% no 1.75% funding fee 10500 down 1770/mo All loans: 2-4% closing costs Does not include tax or insurance In my head if I'm already payin nearly 6200 for the funding fee I may as well just scrape together the 3% down.
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Jan 22, 2022 09:23
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toplitzin posted:Also see if a local credit union has a 1st time homebuyer program. Can I ask when and what rate you got for 0 down from your credit union? Navy Federal seems to have (non-VA) zero down mortgages with no PMI but the rate seems much higher than their 3-5% down mortgages. None of their mortgages seem to qualify for my state's first time buyer programs. The other mortgage company I've been chatting with does qualify for first time buyer programs in the form of forgivable rider loans for 3% of the purchase price, but seems to have higher rates and requires PMI. I'm saving about $2k/mo for a down payment now so I think the Navy Federal 3-5% down mortgage might be the best option for me. I'm just worried I'm gonna be ready when rates or home prices are the worst in a decade+. Prices are normalizing in my area though, I feel like.
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Feb 10, 2023 21:36
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I've seen "get a mortgage broker" suggested a few times in the thread and I'm starting to look and my first impressions on the first five or so hits I've found from Googling are just lenders, not a company that shops around for the best rate for you. I have a Navy Federal account through family association so I've mostly been thinking I'd get pre-approval through them (non-VA "rates as low as 5.625% / APR 5.820%") but then I was thinking about all the times I saw mortgage broker suggested here so I wanted to look into it. It just seems like the Navy Federal rates are lower than anywhere I'm finding online, and they have the added benefit of no PMI for 5% down.
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Feb 12, 2024 23:25
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| # ¿ May 2, 2024 11:26 |
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What are some mortgage brokers I should look at as a US buyer?
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Apr 18, 2024 11:19
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