Crone
Bronze Baronet of the Realm
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Home buying thread
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Noodleface
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Asshat Brando
Potato del Grande
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All the monthly debts on your credit report + your anticipated housing PITI payment cannot exceed 43% of your gross income now in most cases. That's DTI. Rent, cell phone, utilities, none of that shit goes into it. Just credit report minimum monthly payments and PITI.
PITI - Principle, Interest, Taxes and Insurance. Just in case.
Noodleface
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You may recall that I just graduated and started working full-time approximately one month ago.
Edit: One more question. Iv'e signed us up for a certified first-time home buyers class (two nights). From my understanding this will be best for us and is also good in case we qualify for certain assistance programs (which I doubt). Are these classes usually worth it?
Khane
Got something right about marriage
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I always thought "Why the fuck do they need this information"? But my mortgage broker asked me about everything, I guess he was just a nosey son of a bitch. Seriously why would what I am paying in rent factor into the equation at all? Once I buy the home I will not be paying rent anymore, I will be paying my mortgage.
Falstaff
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I don't know what the point of the class is unless you need to take it in order to qualify for some assistance program, which you even said you don't think you will.
And with a monthly income of $8300 you will get shit on even worse than that other guy if you admit to getting monetary assistance.
And with a monthly income of $8300 you will get shit on even worse than that other guy if you admit to getting monetary assistance.
Intrinsic
Person of Whiteness
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Our mortgage broker was hilarious and a gossip queen. She was telling us all these stories about couples coming in and getting in these huge fights when they start disclosing debt, also something about previous last names. Left and right she was just calling people out like, "oh damn the Jonses were in here last week and when Mr. Jones found out Mrs. Jones had previously been married 5 times and he didn't know about it we almost had to call security to break them apart!" Then she started telling us about our realtor's dead husband and shit with her kid. Was bizzaro land.
Noodleface
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I was hoping the class would give us a lot more general knowledge for the entire home-buying experience since we are first-time buyers. I don't think we qualify for anything, so the certificate is basically pointless. And besides, if I did offer some sort of assistance I wouldn't post it here after the witch trial we held for other guy. I have pretty high morals anyways, just looking to buy a house, aint no scrub.
Falstaff
Ahn'Qiraj Raider
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If that's the purpose of the course then yeah it's probably worth it if you want to know. Between your realtor and lender (and attorney if you use one), they should be able to answer all your questions.
Crone
Bronze Baronet of the Realm
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Oh dang, I gotta go searching for this other guy. I missed the fun!
I was surprised when I went through the whole process that they didn't count other monthly expenses. I guess they just figure that if it's between paying your mortgage or your cell phone bill, you'll choose your house, so they don't care.
As for a first time home buying class, I can't imagine it wouldn't help at least a little bit for general knowledge, but you'll never stay in your first home unless you get extremely lucky.
Our first home that we are about to sell we absolutely hate, even though 2 years ago we loved it. So many things that we thought we would want, or we thought were nice, actually turned out to be terrible. We hate stairs, even though I thought I'd love having a multi level house. We hate the pool, even though we thought it was so nice to have our own pool. Storage space... thought the place had so much until we started to actually live in the house, and realized all the storage was terrible.
Our 2nd house that we are buying, both the wife and I feel so much more prepared, and both know exactly what we want, and don't want this time around. I suppose there's nothing like real life experience to teach you that though.
Noodleface
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Fair enough. We are considering this to be a "starter home", much like you described. We aren't looking for anything perfect, just nice enough so our dog finally has a yard to play in and we could start thinking about kids.
The worst thing about where we live is there are no laundry hookups, so we have to go off-site and it's a pain in the ass dragging around a week's worth of laundry for two people. Another terrible thing is there are section 8 people where we live and they are general all around slugs. Party all night, sleep all day, loud as fuck. My entire building perpetually smells like weed and it pisses me off. I don't care that people smoke weed but I don't really want to have to experience it everyday, plus it's skunk weed so it smells like shit.
Asshat Brando
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This is usually required for FHA when you have credit issues or Down Payment Assistance programs which again is tied to FHA financing in most cases. Since you more than likely have no credit issues and will not be using FHA for your financing then the class in question is a waste of your time in all liklihood.
Noodleface
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Thanks for that info. Some of the houses we're looking at qualify for USDA loans (maybe FHA, I don't know), so we weren't sure if ti would be required for that.
I got a USDA loan in the summer, without having to take any classes. He should be good to go I'd imagine.
Noodleface
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Thanks guys, sorry for the noob questions. I'm sure my wife will make us go no matter what because she thinks it's required to buy a house.
Noodleface
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Well I talked her out of that class at least, we're pretty sure we don't qualify for anything and are doing our own research. Plus having my realtor be a friend I'm sure he can provide some information.
Sorry another question, pre-approval vs. pre-qualified. Our bank that we were going to use has you fill out an online application with your basic info to get "pre-qualified". I think it's safe to assume though that we actually want pre-approval. Can anyone confirm that we'd want to go with pre-approval instead? My thoughts are that with pre-approval you're basically giving the bank all of the important documentation and getting the loan process to a point where you are allowed to spend a certain amount and if you find a house you are able to finalize it. With pre-qualified is it sort of like the bank saying "we think you can get this much based on the information you provided, but we need to dig further". Is this correct?
When I get a house I'll invite all my rerolled bros over.
Sorry another question, pre-approval vs. pre-qualified. Our bank that we were going to use has you fill out an online application with your basic info to get "pre-qualified". I think it's safe to assume though that we actually want pre-approval. Can anyone confirm that we'd want to go with pre-approval instead? My thoughts are that with pre-approval you're basically giving the bank all of the important documentation and getting the loan process to a point where you are allowed to spend a certain amount and if you find a house you are able to finalize it. With pre-qualified is it sort of like the bank saying "we think you can get this much based on the information you provided, but we need to dig further". Is this correct?
When I get a house I'll invite all my rerolled bros over.
You will likely not be able to put an offer on a house without a approval letter.
A very close friend of mine is a mortgage loan officer, which means he represents many companies and we got better deals though him and we could through my bank. You make want to sit down with someone like him to just see what is out there before you commit to a bank. That does not mean you cannot look at houses in the mean time as long as you have some idea what budget you are working with.
A very close friend of mine is a mortgage loan officer, which means he represents many companies and we got better deals though him and we could through my bank. You make want to sit down with someone like him to just see what is out there before you commit to a bank. That does not mean you cannot look at houses in the mean time as long as you have some idea what budget you are working with.