Home buying thread

Jysin

Jysin

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SaidBetterThan_sl said:
That house is in Chantilly, VA in Loudoun County. Median sales price is over $400,000 here and it is the highest income in the US, purchasing property here is very very costly. The specific house my wife and I are interested in is 8 miles from the airport (although not in the airport noise zoning) and future metro so the price is a bit higher...but we won't be paying that price, we managed to get into a government program and will be purchasing the house for $138,000. We did manage to force them to not write any contracts pending a judgement on who the parcel should be offered to.
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What the fuck government program is this?
 
Vinen

Vinen

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sl4ck3r_sl

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Just received the most unlikely news. Fiance and I have been eyeing up houses in our area, but waiting for the right type of house. Found one that's been sitting for about 2 years with the previous owners passed/moved away and the children had possession. The house had a contract from another potential buyer that wanted everything under the sun to be fixed and had every inspection the book had to offer. I put an offer in for shits and giggles and the other offer fell through and my offer was accepted. I feel like ass because I squandered my Homestart Program mortgage on my current house, but I can't pass this up for a house I'd be content with spending the rest of my life in. Thankfully my area has a USDA mortgage program which is just a step up from the Homestart program that has a higher income limit than Homestart, but with a small amount of PMI involved. There's no way in hell I could have done this with a Conventional or FHA mortgage; the upfront costs are so damn astronomical.

My area is quite the bizzarro world though and you can scoop up a non foreclosure house for around 100k.
 
Brando

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Would have to be a disability related one I believe though locality's can have a wide range of different programs.

Edit: Somehow didn't see the responses but yeah, section 8 housing.
 
Brando

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sl4ck3r_sl said:
Just received the most unlikely news. Fiance and I have been eyeing up houses in our area, but waiting for the right type of house. Found one that's been sitting for about 2 years with the previous owners passed/moved away and the children had possession. The house had a contract from another potential buyer that wanted everything under the sun to be fixed and had every inspection the book had to offer. I put an offer in for shits and giggles and the other offer fell through and my offer was accepted. I feel like ass because I squandered my Homestart Program mortgage on my current house, but I can't pass this up for a house I'd be content with spending the rest of my life in. Thankfully my area has a USDA mortgage program which is just a step up from the Homestart program that has a higher income limit than Homestart, but with a small amount of PMI involved. There's no way in hell I could have done this with a Conventional or FHA mortgage; the upfront costs are so damn astronomical.

My area is quite the bizzarro world though and you can scoop up a non foreclosure house for around 100k.
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USDA loans still require the property be "as-is" with no health and safety hazards. Just FYI.
 
Borzak

Borzak

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McCheese_sl said:
I think a lot of it is what you're used to. I grew up in a townhouse and in the area I live there are probably more townhouses than detached. Not to mention some of the townhouses are insanely nice.

Someone mentioned the thick walls between townhouses, and that's definitely true for most quality ones I believe. If you've never lived in a townhouse you might think it's like an apartment, where you can hear your neighbors all the time. However, after 29 years and countless shitty, ghetto neighbors at my parents townhouse we've never had a problem with noise coming from either side.
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Guess so. If I could see a neighbor I'd move.
 
ZyyzYzzy

ZyyzYzzy

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Some townhouses, especially in my area are insane. A "small" one in a newer development will be 2400sqft at least.
 
Jysin

Jysin

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SaidBetterThan_sl said:
The Affordable Dwelling Unit Program...sorry I've been super busy at work, packing, and getting this all sorted out. Once this process is completed at the end of the week I'll give a detailed explanation.

Loudoun County, VA - Official Website - ADU Purchase Program

Affordable Dwelling Units | dhcd
Affordable Dwelling Unit (ADU) Program- Fairfax County, Virginia
Affordable Housing Development, City of Falls Church
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I am completely new to this stuff, but according to this checklist:
http://www.loudoun.gov/documents/27/...0943400584.pdf

I only need 3 previous pay stubs with pay within their brackets to qualify, correct? So.. I could just accept some menial job and collect pay stubs for 3 months, provide the rest of the documentation and then qualify? I could then buy a $400k house for $138k, like you? How about directly after the purchase has gone through, go back to normal out of bracket income?

Who the hell wouldnt milk this system? We are talking hundreds of thousands of dollars here.
 
Intrinsic

Intrinsic

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Well, I mean, it gets you through the two page pre-screening process sure. But umm... the gov't is smarter than that? <insert witty hashtag>
 
Brando

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Jysin_sl said:
I am completely new to this stuff, but according to this checklist:
http://www.loudoun.gov/documents/27/...0943400584.pdf

I only need 3 previous pay stubs with pay within their brackets to qualify, correct? So.. I could just accept some menial job and collect pay stubs for 3 months, provide the rest of the documentation and then qualify? I could then buy a $400k house for $138k, like you? How about directly after the purchase has gone through, go back to normal out of bracket income?

Who the hell wouldnt milk this system? We are talking hundreds of thousands of dollars here.
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You have to sign IRS form 4506 which gives the requestor authority to obtain 2 or 3 years of your tax transcripts. Soon as those show up your app would be declined. We have down payment assistance programs here which are income restricted, I've had people declined that made too much 2 years ago but aren't now and the decline happened when the transcripts showed up.
 
T

The Master

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Just closed on a house. Belonged to a friend of my girlfriend's family who died, they sold it to us for 170k. Appraised for 220k. It needs a little work before we move in, but with her family having all sorts of contacts with contractors and etc., not going to take very long.
 
Khane

Khane

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I'm all for government programs to help the needy and unfortunate but... do we really need to be giving them houses at a fraction of the cost? Why can't you losers just live in apartments? And why the fuck can you losers live in an affluent area better than people who deserve better than you on their taxes?
 
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