[email protected] Posted January 12, 2008 Author Report Share Posted January 12, 2008 cool stuff man , i can vouch for black2003ss , he is a cool guy and will help you out. but i gotta say you got a house for 48k?? i so envy you. houses here go for 10x that for something decent. yeah they pretty cheap down here i just got lucky i guess the best part about it its not even in town have 4 houses around me quiet neighborhood so i jumped on it i didnt want anything too fancy for my first home hopefully in the next couple of weeks ill have pics of the ss hauling furniture Quote Link to comment Share on other sites More sharing options...
Black2003SS Posted January 12, 2008 Report Share Posted January 12, 2008 Congradulations man! New home ownership is exciting. Just wait until you file your tax returns next year. That $277/mo will feel like $175/mo when you get your tax return. Be sure to save all of your closing documents, especially the HUD statement. Give the HUD to your accountant next year so he can write off all eligible tax deductions from the purchase. Quote Link to comment Share on other sites More sharing options...
Vortec MAX Posted January 12, 2008 Report Share Posted January 12, 2008 Thanks for all the help guys they locked my loan in today my notes will be 277$ plus 53$ for pmi insurancea month for 30 years @6.25 When you have your loan paid down to 80% of the initial loan amount, make them take the $53 a month off for PMI. You do not have to carry that once you have 20% equity, but they will not tell you that. It will save you some money that way. They will let you pay it until your loan is paid off if you don't say anything about it. Mike Quote Link to comment Share on other sites More sharing options...
Black2003SS Posted January 12, 2008 Report Share Posted January 12, 2008 When you have your loan paid down to 80% of the initial loan amount, make them take the $53 a month off for PMI. You do not have to carry that once you have 20% equity, but they will not tell you that. Thats not necessarily always true. There is no law stating they HAVE to remove it. Most lenders will remove it when it reaches 80%, but they will require him to pay for an appraisal which can run $250-400 depending on the part of the country, in his case probably around $300. Some lenders will also require there to be 25% equity in the home prior to removal of PMI, not 20%, he needs to read his paper work, its in there. Also, it depends on the type of loan. FHA for example, will require pmi for a specific length of time no matter what the loan to value ratio is. Quote Link to comment Share on other sites More sharing options...
xlr82sxs Posted January 12, 2008 Report Share Posted January 12, 2008 so, in conclusion fly black2003ss to your residence and have him present when you close. damn, i'm lost. i have a lot to look forward to. Quote Link to comment Share on other sites More sharing options...
FwyFlyr Posted January 12, 2008 Report Share Posted January 12, 2008 Wow, over an acre for 48k......I say buy 'em by the dozen! Quote Link to comment Share on other sites More sharing options...
SD619SS Posted January 12, 2008 Report Share Posted January 12, 2008 cool stuff man , i can vouch for black2003ss , he is a cool guy and will help you out. but i gotta say you got a house for 48k?? i so envy you. houses here go for 10x that for something decent. My house built in 1956 1200 sq ft 3 bed 2 bath attatched 2 car garage $455,000 $3400 a month Congrats and good luck... Quote Link to comment Share on other sites More sharing options...
[email protected] Posted January 12, 2008 Author Report Share Posted January 12, 2008 My house built in 1956 1200 sq ft 3 bed 2 bath attatched 2 car garage $455,000 $3400 a month Congrats and good luck... now thats crazy right there the part of louisiana i live in might have 20 houses in 10 miles of me worth 400000 they must pay you guys alot on the west coast and about that pmi they did tell me that it would be taken off when i reach 80% of money borrowed but will have to pay 400$ to appraise and they also told me i wouldnt have to pay it if i would have put 25% down but damn i still got to buy furnature and appliances Quote Link to comment Share on other sites More sharing options...
[email protected] Posted January 12, 2008 Author Report Share Posted January 12, 2008 Wow, over an acre for 48k......I say buy 'em by the dozen! thats with a house land down here is going for 7.5-10 thousand an acre but its alot of trouble to build due to all the new standards after the hurricanes now your house has to withstand like 2000 mph winds and crap like that. i didnt feal like messing with all that Quote Link to comment Share on other sites More sharing options...
silverarrow96romeo Posted January 13, 2008 Report Share Posted January 13, 2008 Black2003SS, damn if you weren't right. That's BS,l'm not to happy about that. l've been downrange twice but not this time for medical and this how they pay us back.l thought l was getting a good deal.Thanks for info. Quote Link to comment Share on other sites More sharing options...
Black2003SS Posted January 13, 2008 Report Share Posted January 13, 2008 Black2003SS, damn if you weren't right. That's BS,l'm not to happy about that. l've been downrange twice but not this time for medical and this how they pay us back.l thought l was getting a good deal.Thanks for info. I'm sorryI had to be right in your case. Who are you going through for a VA loan? If you haven't already, please contact the Navy Federal Credit Union and see if you are eligible for membership and can qualify for their VA loan. They have the most honest service for VA loans and our vets. You will still pay the funding fee and possibly have to roll in the costs, but they will only charge you what they have to. Alot fo these places will not only charge you the funding fee and necessary closing costs, but will slip unecessary points/fees into the loan since its being rolled in anyways. In retrospect, I want you to realize that 6.125% is a pretty good interest rate with no downpayments and the fact that you wont have to pay pmi is also good. However, if you can qualify for conventional financing, you could possibly get the same or better deal if your credit is good and not have to roll in closing costs. The trick to buying a house is to have a realtor that knows what they are doing when you make an offer. If they are good, they will negotiate to have the seller pay your closing costs at closing, not you! Here's another home buying tip. Never EVER contact the listing realtor directly. Always have an agent working only for you. If you contact the listing agent, human nature is for them to cater to the needs and demands of the seller of the home because that is their first customer. It costs you nothing to work any realtor, so find someone through recommendation if you can. A realtor working for you to find you a home will more likely negotiate a better deal for you most of the time unless you get a realtor that only shows you their own listings. Pay attention to that also. Is the realtor trying to push their listings on you only or are they trying to honestly find you the best home that meets your needs? Quote Link to comment Share on other sites More sharing options...
silverarrow96romeo Posted January 13, 2008 Report Share Posted January 13, 2008 She found me the best deal for me. She looked at every listing that I could find, l looked for couple of months and then found it.l know in my offer we had put down that the seller will pay for closing costs since we offered the full price for the house.We'll see,l'm calling her first thing in the morning or l could call her today. Thanks for all the information!!! Quote Link to comment Share on other sites More sharing options...
Dylan06SS Posted January 13, 2008 Report Share Posted January 13, 2008 Congrats and good job going fixed... so many people get suckerd into crazy adjustable or interest only loans on their first buy and end up getting screwed down the line. Best of luck... not a prime time to buy, but its better than renting IMO. Quote Link to comment Share on other sites More sharing options...
evandostert Posted January 14, 2008 Report Share Posted January 14, 2008 Wow 48,000 I need to move. A nice section of vegas even at foreclosure prices is around 300. I moved from boston, wanna live in the city or a high end surburb now were talking 500+ at a min. I bet your truck payment is more than that. Quote Link to comment Share on other sites More sharing options...
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