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Miscellaneous stuff to add:
CLT - They're non-profits. Affordable housing is built on top of land trapped in a non-profit. By separating the housing from the land, they keep the housing cheap. I poke around zillow a lot. Found a suspiciously cheap condo in Portland. Led me to CLTs. They seem interesting (albeit uncommon). Still worth a quick google. edit: Ctrl+f'ed to see if I missed those while skimming and well well well Teabag Dome Scandal posted:FHA loans have some extra paperwork to fill out but they aren't like some weird arcane spell and the bank should be able to help you with them. I would google your City, County, and State housing authority and see what kinds of first time homebuyer programs they have. Some will be income restricted and some will have a finite pool of money but some will just be a sick interest rate with the same leniency as an FHA loan. Those classes are boring as gently caress because a lot of it is super duh and most won't likely apply to you but if it's geared towards poor people the person running the class will know about local programs you can look into. If you want to buy a house but don't want to feel like a rich swine hoarding wealth you can look into Community Land Trusts. If you live in an area with a rural component there are USDA loans you can take out that are supposed to be pretty good. I think I had my bankruptcy still on my credit report when I bought my house. They don't give a gently caress. Good luck! Owning a house loving sucks!!!! Accretionist has issued a correction as of 10:04 on Jan 8, 2020 |
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Jan 8, 2020 10:02
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IIRC FHA loans still require 3-5% as the minimum down payment so budget that in mind. when i bought my first home back in 2011 the HUD was still offering Homepath Loans for people who had never owned a house; not sure how badly Ben Carson may have hosed that up, but it's worth googling to see if the program is running in your area. DO NOT skip on the home inspector you use if/when you buy a house; if you're going to splurge on one thing, make the splurge on the person who's job is to try and find every bogus, broken thing in the prospective property. definitely use a realtor but also do your research and make sure you aren't working with an incompetent jerkoff - the first realtor we ever used was about to let us put an offer on the wrong house until my wife decided to double-check all the paperwork at the last second. i would be wary of any realtor that asks you to sign a non-compete agreement with them (basically a document that says you won't use another realtor for X amount of time under penalty of fine) as that's usually a red flag that the realtor doesn't know what they're doing.
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Jan 8, 2020 15:15
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I suggest poking around with a competent realtor and seeing what you like before you even apply for a pre-approval for a loan, but be realistic about what you can afford, look at lower cost houses at first to get an idea of what you want and don't want. Buying a house you hate is not worth it. There are also mortgage calculators on some realty websites and you can mess around with those without hurting your credit and it can help give you a better understanding of the cost, they're definitely not 100% accurate but, it can help. Consider the area and your needs as well, if you want to be close to things or have fiber internet, make sure that's available at the property you're looking at. Don't get a septic tank if you can help it, they are terrible. Look at how quickly houses in the area are being sold. Faster sales generally means places start asking for more. You can negotiate in due diligence to have things repaired, but if you see anything listed "AS IS" they probably won't do anything, so what you see is what you get (and even then, the day we went to sign the paperwork for our house as a "final walk through", we found out they removed a lot of curtain rods etc that we were expecting to transfer with the house). Also consider if you're moving into a larger space: it costs more to power, heat and cool, and depending on the type of heating especially, it can get way more expensive real fast. Make sure the property you want to buy is not in a flood zone too. That's a very expensive risk to take. I don't know if all states allow this, but ask (politely demand) when you're going into due diligence that the money for the DD can be used towards the final sale cost of the house. If you break out of your contract and end up not buying the house though, that money is typically forfeit. Talk to a mortgage broker. Do your research, make sure to know what the average interest rates are for your area and don't do the dumb buy credit points thing to lower your rate, you could just use that money towards paying your mortgage quicker to get rid of any PMI and then refinance the loan later, and if you're going to talk to more than one broker, you have a limited amount of time before additional credit checks will hurt your credit a second time. If you're getting an FHA loan, which is what my husband and I did, you can put down a lower down payment than many other loans. We opted to put more down because I happened to have money in the bank to do so, and rent for a much smaller space around here is actually MORE than what our monthly mortgage cost is (if you factor in property tax, it's a smidgen more expensive per year, but it was worth it for us). We more than doubled our usable space by buying instead of renting. There's a lot of math and a lot of reading, and if you can, having a lawyer look over the paperwork is a good idea. Don't forget the inspector, get a thorough one and be prepared to be there for hours while they do their inspection (it doesn't hurt to ask them questions as they go and a good inspector will bring up concerns as they go along). Also, and I cannot stress this enough, READ THE PAPERWORK. ALL OF IT. SERIOUSLY.
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Jan 8, 2020 15:56
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JAY ZERO SUM GAME posted:Living the dream yeah being a roadie is actually pretty fukin enjoyable, i'd hate being one of the office schlubs who have to wear polo shirts and chinos. corgski has issued a correction as of 21:46 on Jan 8, 2020 |
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Jan 8, 2020 21:40
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Accretionist posted:Miscellaneous stuff to add: drat now i kinda want to start a CLT, it seems like an anarchist commune except people actually wash their own dishes e: Freaking Crumbum posted:IIRC FHA loans still require 3-5% as the minimum down payment so budget that in mind. oh yeah we've budgeted for ~10% down and the state offers closing cost assistance to anyone who gets an FHA loan which is really handy. corgski has issued a correction as of 21:45 on Jan 8, 2020 |
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Jan 8, 2020 21:42
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corgski posted:drat now i kinda want to start a CLT, it seems like an anarchist commune except people actually wash their own dishes Yeah, they seem great. Exciting idea. After reading about Vienna's glorious public housing situation, I want the left agitating for 'real estate public options' or something. (^tl;dr: ~60% of Vienna lives in some form of public housing. Cheap rent everywhere. Vienna consistently ranks #1 in the world for quality of life) Then after reading about CLTs, I suspect CLTs could be a 'tip of the spear' on reform.
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Jan 8, 2020 21:50
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corgski posted:drat now i kinda want to start a CLT, it seems like an anarchist commune except people actually wash their own dishes depending on where you live, if it's sufficiently rural you might qualify for a USDA loan, which are even more gentle than FHA loans (there's a lot of strings attached, but if you live somewhere outside a major urban area it might be worth researching). and if you or your partner are veterans, get you that sweet sweet VA mortgage loan also consider how long you think you're going to be occupying this future home, as most mortgages are either 15 or 30 year agreements. 15 years have higher payments because you're supposedly paying them off faster, but they're still structured in a way such that you don't even start paying down the principle until the last 50% of the mortgage term - if you're cash light a 30 year mortgage is probably better, even if you don't expect to own the home for 30 years (and who even does now-a-days) DO NOT GET AN ADJUSTABLE RATE MORTGAGE. DO NOT GET A STEP RATE MORTGAGE. DO NOT GET A MOMAP OR ANCAP MORTGAGE. whatever you do, pick a fixed rate mortgage and never look back.
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Jan 8, 2020 22:00
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Yeah you gotta hit that principal hard, every dollar in extra principal you pay is that much less money going to The Man.
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Jan 9, 2020 14:10
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As a former poor and now land owner the best advice I can give you is to just happen to live somewhere with decent housing at below market rates. Keep in mind that keeping your house repaired will cost exactly slightly more than you ever have on hand.
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Jan 9, 2020 16:20
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KiteAuraan posted:My grandparents left the landowning class to join the renter class because they like going things to gently caress over their next of kin while acting like they aren't selfish as gently caress. dusted
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Jan 9, 2020 16:24
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Accretionist posted:Yeah, they seem great. Exciting idea. The one I am a member of owns a little over 200 properties. I live in seattle and when it was starting up it just bought a bunch of lovely properties, fixed them up, and then sold them to people. SFH up to condos. That is impossible to do now so instead they've basically turned into a real estate developer that sells you a brand new loving townhouse for 200k. I don't even pay PMI because of some financial trickery or wizarding or something. I do pay a monthly lease until the end of time but I feel way better about it going to support a non profit providing affordable housing to my area than I do to some loving insurance company.
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Jan 9, 2020 18:09
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Did OP ever become a landlord?
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Jan 16, 2024 05:51
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