Clean undercarriage Tuesday

[Deep Dish Pizza Goat]

My buddy told me up to 20% down these days.

My day it was 10%. Minimum, that is. What's the true dope?

20% down to get rid of the insurance.... Fuck paying insurance on a debt with interest.

 

[Me]

So FHA loan? You will be paying PMI, and you should refi as soon as you can get rid of that.

I'm aware

 

[RubinRock]

From my understanding, you can do as low as 3% for first time home buyers. I haven't discussed anything with a lender yet, though

3% for a conventional loan. 3.5% for FHA loan. You can also get zero down loans, but I think you have to meet special requirements, which I have no idea what they are

 

[Peter Gozintite]

My buddy told me up to 20% down these days.

My day it was 10%. Minimum, that is. What's the true dope?

I think it depends. Conventional loan wants 20% i think. If you go FHA, you end up needing 3%, but will pay PMI, i think it was about 180 per month extra on your payment, until a year or so later when you can refi and get the PMI taken off.

 

[Peter Gozintite]

I'm aware

I'm sorry

 

[Me]

3% for a conventional loan. 3.5% for FHA loan. You can also get zero down loans, but I think you have to meet special requirements, which I have no idea what they are

I think zero down are for veterans. Or if you get an ag loan or something

 

[Peter Gozintite]

3% for a conventional loan. 3.5% for FHA loan. You can also get zero down loans, but I think you have to meet special requirements, which I have no idea what they are

3% on conventional loans too?

 

[RubinRock]

3% on conventional loans too?

Yeah I thought that wasn't correct? But I saw something recently on it. But then again, maybe that needs certain requirements to qualify?

 

[MTVike]

I think it depends. Conventional loan wants 20% i think. If you go FHA, you end up needing 3%, but will pay PMI, i think it was about 180 per month extra on your payment, until a year or so later when you can refi and get the PMI taken off.

Had to look that up. I haven't been in this game for a long time.

 

[Peter Gozintite]

Had to look that up. I haven't been in this game for a long time.

good for you.

 

[Peter Gozintite]

Yeah I thought that wasn't correct? But I saw something recently on it. But then again, maybe that needs certain requirements to qualify?

I know there has been all kinds of incentives lately, and I am not a loan expert, but I had not heard 3% on conventional.

The PMI thing is pretty shitty. Depending on your loan, mine was 180 a month on my first home. Which would be more than an extra payment every year, and meant I couldn't qualify for the quite the home I wanted.

Me being self employed always makes things fucky for financing purposes. I try to make it look like I make as a little as possible for tax purposes, and it fucks me when we are looking for financing.

 

[RoyMunson]

On a 20 year loan maybe

30 year amortization schedule... Like I said, it depends on the rate, so I used mine. You don't start paying more principal than interest until roughly year 10.

 

[RoyMunson]

From my understanding, you can do as low as 3% for first time home buyers. I haven't discussed anything with a lender yet, though

enjoy the PMI...

 

[Peter Gozintite]

30 year amortization schedule... Like I said, it depends on the rate, so I used mine. You don't start paying more principal than interest until roughly year 10.

My point was I thought you were way high on the percentage. I paid on a mortgage for 10 years, and barely dented the principal.

 

[Me]

enjoy the PMI...

Well, I haven't saved up $70k. It's not a big deal.... Our mortgage is still going to be less than what we were both paying in rent 2 months ago.

 

[MTVike]

I know there has been all kinds of incentives lately, and I am not a loan expert, but I had not heard 3% on conventional.

The PMI thing is pretty shitty. Depending on your loan, mine was 180 a month on my first home. Which would be more than an extra payment every year, and meant I couldn't qualify for the quite the home I wanted.

Me being self employed always makes things fucky for financing purposes. I try to make it look like I make as a little as possible for tax purposes, and it fucks me when we are looking for financing.

How would a lender view a recent college graduate who just got her first job and her husband who's worked for the postal service for over a year just coming to town? Do they have to become more established before getting a mortgage loan?

 

[Peter Gozintite]

How would a lender view a recent college graduate who just got her first job and her husband who's worked for the postal service for over a year just coming to town? Do they have to become more established before getting a mortgage loan?

I think they want at least 6 months of employment for applicants. Not certain, but that a pretty standard requirement I believe.

 

[MTVike]

I think they want at least 6 months of employment for applicants. Not certain, but that a pretty standard requirement I believe.

Local employment?

 

[Peter Gozintite]

Local employment?

I dont think it matters, if he relocated, and still works for the same company, that should be fine.

 

[MTVike]

I dont think it matters, if he relocated, and still works for the same company, that should be fine.

Thanks.

He worked for the postal service because it was a good job and offered bennies and overtime, which helped them financially. However, he has a degree in business and would like to use that. They have the money for a down payment it sounds like, if the banks come through. They don't like the idea of continuing to rent, especially with the lack of options right now.