Houses (You really pay for location dont you)

[MassHavoc]

Anyway, since i've been trying to figure out how to get a down payment for a place since we can afford everything but the down payment, I am curious, did you put the 10%, 20%, is it a 3.5% FHA... and what sort of things did you run into with it? The insurance on the FHA is ridiculous.</p>

 

[winos5]

I'd recommend putting down enough up front to get rid of the PMI and escrow account and just paying those costs yourself.   Why give your money to the mortgage company to hold (and earn interest for them) if you don't have too?</p>

 

[MassHavoc]

Because a lot of people don't have 30,40, 50k lying around for a down payment.</p>

 

[TSD]

<blockquote class="ipsBlockquote" data-author="MassHavoc" data-cid="191646" data-time="1365697958">
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Because a lot of people don't have 30,40, 50k lying around for a down payment.</p>
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 </p>


 </p>


I have about 15k set aside for down payment, I basically told the lender I want to put as little down as possible as I will be in a situation where I will more than likely move in 5-10 years, in 5 years I will probably be making twice what I am now a year, at that point can afford a better place in a more convenient location.   With that said, my mortgage lender told me at close he estimates I will only need to put up 7k (that includes everything, downpayment, closing costs etc.).</p>


 </p>


and I am doing a conventional 30yr fixed with 3.8% interest rate.</p>


 </p>


If you have trouble coming up with a large enough down payment, FHA would probably be the way to go, only problem is not all sellers will accept FHA (usually because of all that is required of the seller).</p>

 

[MassHavoc]

<blockquote class="ipsBlockquote" data-author="The Super Douchiev" data-cid="191647" data-time="1365698991">
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I have about 15k set aside for down payment, I basically told the lender I want to put as little down as possible as I will be in a situation where I will more than likely move in 5-10 years, in 5 years I will probably be making twice what I am now a year, at that point can afford a better place in a more convenient location.   With that said, my mortgage lender told me at close he estimates I will only need to put up 7k (that includes everything, downpayment, closing costs etc.).</p>


 </p>


and I am doing a conventional 30yr fixed with 3.8% interest rate.</p>


 </p>


If you have trouble coming up with a large enough down payment, FHA would probably be the way to go, only problem is not all sellers will accept FHA (usually because of all that is required of the seller).</p>
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</blockquote>


Yeah, I'm not going to do FHA, while there is plenty around here that will... it more than doubled insurance rate from 10% down... just not worth it because your monthly outweighed the downpayment savings.</p>

 

[TSD]

<blockquote class="ipsBlockquote" data-author="MassHavoc" data-cid="191648" data-time="1365700036">
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Yeah, I'm not going to do FHA, while there is plenty around here that will... it more than doubled insurance rate from 10% down... just not worth it because your monthly outweighed the downpayment savings.</p>
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 </p>


 </p>


When you think about it though, unless you are going BIG with the down payment it really doesnt help you much with your monthly payment.  I mean I am getting my place for 30k less than list, thats seriously only saving me 83 dollars a month, from if I paid full price, so thats why I really wanted to put as little as possible down, I aint living here forever and it really doesnt improve the monthly payment much, which is still gonna be less than my last apartment.</p>

 

[TSD]

Hot damn, I close on my house may 31. list price 150k....my price 110k ended up getting it cheaper than my last post.

 

[MassHavoc]

<blockquote class="ipsBlockquote" data-author="The Super Douchiev" data-cid="196264" data-time="1368825013">
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Hot damn, I close on my house may 31. list price 150k....my price 110k ended up getting it cheaper than my last post.</p>
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You must really like penis.</p>

 

[TSD]

<blockquote class="ipsBlockquote" data-author="MassHavoc" data-cid="196269" data-time="1368825376">
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You must really like penis.</p>
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 apparently.</p>

 

[MassHavoc]

<blockquote class="ipsBlockquote" data-author="The Super Douchiev" data-cid="196275" data-time="1368825762">
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 apparently.</p>
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Seriously, congrats. We want to buy but the process is daunting and as mentioned downpayment worse for the area we want.</p>

 

[jakobeast]

That's a nice deal good sir. I will help you sit in it and have a beer once you get all moved in.</p>

 

[BigPete]

<blockquote class="ipsBlockquote" data-author="The Super Douchiev" data-cid="196264" data-time="1368825013">
<div>


Hot damn, I close on my house may 31. list price 150k....my price 110k ended up getting it cheaper than my last post.</p>
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 </p>


 </p>


Good for you.  So where is this place?</p>

 

[Chief Walking Stick]

<blockquote class="ipsBlockquote" data-author="The Super Douchiev" data-cid="191647" data-time="1365698991">
<div>


I have about 15k set aside for down payment, I basically told the lender I want to put as little down as possible as I will be in a situation where I will more than likely move in 5-10 years, in 5 years I will probably be making twice what I am now a year, at that point can afford a better place in a more convenient location.   With that said, my mortgage lender told me at close he estimates I will only need to put up 7k (that includes everything, downpayment, closing costs etc.).</p>


 </p>


and I am doing a conventional 30yr fixed with 3.8% interest rate.</p>


 </p>


If you have trouble coming up with a large enough down payment, FHA would probably be the way to go, only problem is not all sellers will accept FHA (usually because of all that is required of the seller).</p>
</div>
</blockquote>


 </p>


Nice 3.8% is really good.</p>


 </p>


I bought my place in December and got 3.6%.  Your payments on a $95K loan must be super cheap.</p>


 </p>


Congrats sir.</p>


 </p>


How much do you pay annually for taxes?</p>

 

[BigPete]

<blockquote class="ipsBlockquote" data-author="Grimsonov" data-cid="196531" data-time="1369067029">
<div>


Nice 3.8% is really good.</p>


 </p>


I bought my place in December and got 3.6%.  Your payments on a $95K loan must be super cheap.</p>


 </p>


Congrats sir.</p>


 </p>


How much do you pay annually for taxes?</p>
</div>
</blockquote>


 </p>


 </p>


Hold the fucking phone.  We naturalized you and allowed you to buy a fucking house!?!  Who made that mistake???</p>

 

[The Count Dante]

I will offer my own info, with the preface that I know exactly NOTHING about all this crap and signing the 1,256 pages of the mortgage was the 2nd hardest document I have signed.</p>


 </p>


I went FHA because I wanted in the City, getting a VA loan for a building is limited to only like 3 in the City, the building I liked went FHA, and my financial adviser felt my down payment money would be better served away from the down payment, with the idea that I would make a couple extra payments a year. Although between FHA and VA available inside the city, you are very limited and thus far, my ignorant ass is happy with the way I went, even though the mortgage still feels like I am humping a backpack full of bricks.</p>

 

[MassHavoc]

Can you explain why you went FHA in any further detail? I just cant' see the math working out but I'm interested in how someone has done it in the city. Maybe it would be a roadmap for me.</p>

 

[TSD]

<blockquote class="ipsBlockquote" data-author="Grimsonov" data-cid="196531" data-time="1369067029">


Nice 3.8% is really good.


I bought my place in December and got 3.6%. Your payments on a $95K loan must be super cheap.


Congrats sir.


How much do you pay annually for taxes?</p></blockquote>



lol. I actually ended up getting my interest rate locked at 3.4, the loan officer I worked with was awesome. Basically he locked it at 3.8 but said if he saw it go down he should be able to lock a lower rate which he did.


Taxes were just under 3k as of 2011 i believe.


@ Pete its unincorporated Plainfield not far from the Joliet Mall.

 

[Spunky Porkstacker]

Its interesting your loan guy could change your rate after it being locked in. I'm not doubting you but the various people I've worked with over the years were never willing to say that was possible.

 

[Chief Walking Stick]

<blockquote class="ipsBlockquote" data-author="The Super Douchiev" data-cid="196607" data-time="1369090615">
<div>


lol. I actually ended up getting my interest rate locked at 3.4, the loan officer I worked with was awesome. Basically he locked it at 3.8 but said if he saw it go down he should be able to lock a lower rate which he did.


Taxes were just under 3k as of 2011 i believe.


@ Pete its unincorporated Plainfield not far from the Joliet Mall.</p>
</div>
</blockquote>


 </p>


Thats not bad for taxes... Mine are like 5200 because I live in "Naperville Township".</p>

 

[The Count Dante]

<blockquote class="ipsBlockquote" data-author="MassHavoc" data-cid="196602" data-time="1369086589">
<div>


Can you explain why you went FHA in any further detail? I just cant' see the math working out but I'm interested in how someone has done it in the city. Maybe it would be a roadmap for me.</p>
</div>
</blockquote>


 </p>


Well, I didnt want to make a huge down payment. A couple reasons, one was my advisor said that based on what that money would do for me, it would be better to keep it in action. On a personal level, actually settling down and buying a place was TERRIFYING, so for my head, it made more sense for me to "pay rent". Since really the difference in cost for me from rent to buy was an increase of just a couple hunny a month, putting a huge chunk down for me wasnt worth not having that chunk available. And thinking of my life that far in advance? Inconceivable.</p>


 </p>


But this was also done with the idea that I would make more than 12 payments a year. Even just one extra payment a year helps huge, I make as many as I can, with the safety of a 30 year loan, govt insured, in a building with 62 unique units (my place was on the market for 1 day, actually 3 hours with 3 other bids behind me), so I had the safety of knowing I could move it as fast as I got it.</p>


 </p>


I wish I could give you solid math numbers or where I may or may not save this or that, but the decision for me was more how I would be comfortable in a buying situation where I had zero debt, no wife, no kids, and only myself to look out for, who never lived in the same city for more than 1 year before Chicago.</p>