Home buying thread

Wife on wife action? I am down, keep me posted.

Mayde high school area, 77084 ish. Though that could change if we find a better public highschool, so far that is best.

Hatorade said:

Wife on wife action? I am down, keep me posted.

Mayde high school area, 77084 ish. Though that could change if we find a better public highschool, so far that is best.

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Thats like in the Highway 6 / 529 area? Thats where we are living right now (apartment). There should be plenty along Barker Cypress from West to 529 that should fit in the 90k range with good schools and neighborhoods. Not to mention that is really close to where we are building.

Nice, you right up the road from me.

Also how do you not use a realtor? Aren"t all properties tied to a realtor unless being sold by owner?

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Technically a realtor is someone certified by the national association of realtors... I"m guilty of using realtor and real estate agent interchangeably, which is incorrect. If the seller has an agent/realtor, they are working for the seller, not you. We didn"t use a buyer"s agent, but I wouldn"t suggest that for everyone. We knew the sellers personally, so it was a little different.

Ok so I am looking for real estate agent then? Also curious as to how they get paid, I imagine the get a % of what the house sells for but I am hoping that doesn"t come out of my pocket.

Hatorade said:

Ok so I am looking for real estate agent then? Also curious as to how they get paid, I imagine the get a % of what the house sells for but I am hoping that doesn"t come out of my pocket.

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If you are selling, it comes out of your pocket. If you are buying it doesnt.

Normal is 3% commission for the buyer"s agent, and 3% for the selling agent, both commissions come from the seller"s pocket

Preapproved for 230k...go go awesome credit. Now it is time to look around, meeting with the lender tomorrow to explain our three options and two envolve little to no money down which may benefit us. In the morning we are looking at homes, exciting stuff.

Hatorade said:

Preapproved for 230k...go go awesome credit. Now it is time to look around, meeting with the lender tomorrow to explain our three options and two envolve little to no money down which may benefit us. In the morning we are looking at homes, exciting stuff.

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After is all said and done, what do you want your house payment + escrow to be at?

Edit: Also, I have a realtor friend that will take a percent off of her commission if you are interested.

Dis said:

After is all said and done, what do you want your house payment + escrow to be at?

Edit: Also, I have a realtor friend that will take a percent off of her commission if you are interested.

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Well we know after it is all said and done it going to be at about 900-970 a month. We are trying to find a way to get it lower than that, we will know more tomorrow after we meet with the lender.

If she takes a % off what does that mean? Cheaper house?

If you put no money down, you will have the added expense of mortgage insurance.

Hatorade said:

Well we know after it is all said and done it going to be at about 900-970 a month. We are trying to find a way to get it lower than that, we will know more tomorrow after we meet with the lender.

If she takes a % off what does that mean? Cheaper house?

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Basically what she is doing with us. We bought our house for 243000, so 1% comes out to $2430. She takes the standard 3% and writes us a check for the 1%.

Edit: you are probably looking at a 90k-100k. My first house was 160k our house payment was 1450 included escrow for taxes, PMI and insurance.

TheCutlery said:

Don"t have shit to do with credit, everything to do with income. Wife"s got some shit credit and mine is a lot fucking lower than I want now thanks to a medical bill that I never saw and my insurance never paid going to collections. We still got approved for 250, and got 5.5% interest.

Also, I"m pretty sure lenders don"t do 0 down loans anymore. Minimum we could do was 3.5% FHA. If they do, I"d be hesitant, because that"s the shit that started this whole recession. Oh, and if you want 970 a month, it won"t be anywhere near 230k. My 240k loan is 13xx for P & I, to say nothing of taxes, insurance.

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He should be able to do a VA Loan, 0% down, no PMI

Yeah as I said looking at a 90k home or cheaper, got approved for up to 230k but we sure as fuck not going to borrow that much.

Saw five today, liked one but kitchen was small. Easy fix if you tear down a wall put in a bar and new counter space move pantry to where stove is now and move stove to new counter area. 96k about 830 a month after all said and done, not bad for first day out.

Looking at the FHA loan over the VA loan because it will basically be the same price right now due to how the market is, 20 years from now VA loan may be the better option.

Looking to remove the wall where the red is, that parts going into the living room and dining room which is huge. Anyone ever do something like that, know what is will cost? Thinking about 4k tops with a cheaper counter top, looking at stainless steel though or whatever pro kitchen have. Stove in middle on a 45 with counter space on each side.

a_skeleton_03 said:

Well we finally finished all the paperwork etc.

We now are the proud owners of this bad boy.

http://img.photobucket.com/albums/v1...g/IMG_0006.jpg

Not resizing since I feel it deserves the fullness.

2700 sqft.

$430k all said and done. Used VA loan.

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First off nice house, just ONE little suggestion. Front of your house is pretty much very nice, I assume stucco and brick? Get a better front door, some glass would really set that off.

Dis said:

Basically what she is doing with us. We bought our house for 243000, so 1% comes out to $2430. She takes the standard 3% and writes us a check for the 1%.

Edit: you are probably looking at a 90k-100k. My first house was 160k our house payment was 1450 included escrow for taxes, PMI and insurance.

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Isn"t that stupid on her part? The 3% will come out as income on her taxes even though she"s only getting 2%. Can she write down the 1% as an expense when she does her taxes?

chu said:

Isn"t that stupid on her part? The 3% will come out as income on her taxes even though she"s only getting 2%. Can she write down the 1% as an expense when she does her taxes?

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No idea, honestly why would I care. She is a friend"s wife, she is doing us a favor by doing this, so I would assume she isnt really benefiting from it. It is what it is, a favor.