Put in Offer For New house Tonight

[Protege52003]

Well after a long night checking out this new house in Holden, Ma , we eventually put in an offer........

Not at the best time with our wedding in 17 Days, but it will be nice if it works out.

2150 sq. ft of total space, 1400 of living space in a cape style house......

One big mortgage coming my way!
I will then be officially broke; house style!

-R

 

[SlowPro98]

Congrats!!! I lost about a month worth of sleep because I had to turn over all of my personal financial info to a sleezy mortgage guy, and he was the nicest one out of the 5 different banks/companies that we looked into.

I keep crying when I look at my bank account, but I have to remind myself that I am a homeowner, I have property. I am living the American Dream.

AND HOLLY s*** I CAN"T WAIT TILL TAX TIME!

 

[xxmikkoxx]

Not all mortgage guys are sleezy, as just got certifited to do them and I dont think of my self as sleezy


Congrads Ryan! hopefully it works out well for ya

 

[Protege52003]

well, we said we want an answer by 5:00 tonight......

thanks mike and bill....i will be officially house broke in a month from now maybe????

 

[bazooka joe]

what's the good word ryan! by the way, we missed you and the ride sat!! i've got some stuff going on right now but i'll call you so we can catch up and i can take you for a ride!!

 

[chuyler1]

My fiance has a credit score in the 740s, I have one in the 730s, yet we still can't afford anything except condos in our area. How much do you have saved up for a downpayment?

Holden looks like a nice area. Too bad it wouldn't work for us...my fiance works in Pawtucket right now.

 

[chuyler1]

Some words of advice from my friend...

First comes the ring, then the suffer-ring.

 

[Protege52003]

offer got accepted........closing probably the 23 of next month!

-R

 

[bazooka joe]

offer got accepted........closing probably the 23 of next month!

-R

congrats man!!

 

[SlowPro98]

(alright)

offer got accepted........closing probably the 23 of next month!

-R

 

[Protege52003]

My fiance has a credit score in the 740s, I have one in the 730s, yet we still can't afford anything except condos in our area. How much do you have saved up for a downpayment?

credit scores show how good you are at managing your line of credit/pmt schedules. it shows that you are good at managing your money.....melissa finally got her credit score above 700 and i am in the mid 700's last time i checked.

your debt to equity ratio along with current salaries are big factors that contribute to your max mortgage........


thanks everyone.....looking forward to owning my own place!

-R

 

[SlowPro98]

credit scores show how good you are at managing your line of credit/pmt schedules. it shows that you are good at managing your money.....melissa finally got her credit score above 700 and i am in the mid 700's last time i checked.

your debt to equity ratio along with current salaries are big factors that contribute to your max mortgage........


thanks everyone.....looking forward to owning my own place!

-R

As well as down payment size.

we did an 80/20 to avoid pmi, and I have an accelerated payment schedule set up. We will have to refi at some point, but I want the equity to build first.

 

[xxmikkoxx]

Congrads!!


And yes your D.T.I (debt to income ratio) plays a roll in how much you can get approved for your D.T.I needs to be 50% or less. If not then you have to pay off some of your smaller debts to get the D.T.I under 50%.
Chuyler you a first time home buyer? If so they should be able to take care of you lol if not my father and I are getting into realestate and mortgages maybe we could help you out.

Dont forget 30yr fixed arent your only options did you look into Interest only loans(if you dont plan to stay there long) or adjustable mortgages which in some cases can allow you to get qualified for a higher loan amounts. Again A.M are good if you don't plan on living there for 30 years lol.

 

[slug420]

Congrads!!


And yes your D.T.I (debt to income ratio) plays a roll in how much you can get approved for your D.T.I needs to be 50% or less. If not then you have to pay off some of your smaller debts to get the D.T.I under 50%.
Chuyler you a first time home buyer? If so they should be able to take care of you lol if not my father and I are getting into realestate and mortgages maybe we could help you out.

Dont forget 30yr fixed arent your only options did you look into Interest only loans(if you dont plan to stay there long) or adjustable mortgages which in some cases can allow you to get qualified for a higher loan amounts. Again A.M are good if you don't plan on living there for 30 years lol.

yea, a lot of people tend to write off the option of an ARM. mine is fixed for 5 years....and thats a long time for a 24 year old. Who knows where I will be or what I will be doing in 2010?!

 

[chuyler1]

Well, we got pre-approved for about $250K and yes we will be first-time-buyers

The problem is, even a small 800sqft starter home is above $300K in our area. Personally, I would rather keep saving than move into a condo (Which are around $180-275K). We both have average student loans, I have a car payment, and we have no other debts. I have a good salary but my fiance will never have a good salary because of her field.

Honestly, I don't see how people in our situation can afford these $350-400K starter homes. I look at the prices and I can't imagine that people would pay that much money.

For example...
http://remax.realtor.com/FindHome/HomeListing.asp?snum=5&mlsttl=&frm=byzip&pgnum=1&mls=xmls&js=on&target=&ct=&st=&sbint=2&sbls=&sblo=&zp=02054&areaid=02054&mnsqft=&fid=so&mnprice=0&mxprice=1000000&mnbed=0&mnbath=0&typ=1&typ=2&typ=4&typ=3&typ=6&typ=5&typ=7&gate=remax&poe=realtor&x=11&y=11&sid=05341B535642C&snumxlid=1048103907&lnksrc=00002
This house is on a main road (rte 115), 2000sqft, 1 car garage, and the houses on either side are less than 50ft away...for $400K!

http://www.isoldmyhouse.com/ismh/properties?action=ls&adnum=88616
2bdrm, 1.5bath for $375.

 

[supa saiyan pr5]

Well, we got pre-approved for about $250K and yes we will be first-time-buyers

The problem is, even a small 800sqft starter home is above $300K in our area. Personally, I would rather keep saving than move into a condo (Which are around $180-275K). We both have average student loans, I have a car payment, and we have no other debts. I have a good salary but my fiance will never have a good salary because of her field.

Honestly, I don't see how people in our situation can afford these $350-400K starter homes. I look at the prices and I can't imagine that people would pay that much money.

For example...
http://remax.realtor.com/FindHome/HomeListing.asp?snum=5&mlsttl=&frm=byzip&pgnum=1&mls=xmls&js=on&target=&ct=&st=&sbint=2&sbls=&sblo=&zp=02054&areaid=02054&mnsqft=&fid=so&mnprice=0&mxprice=1000000&mnbed=0&mnbath=0&typ=1&typ=2&typ=4&typ=3&typ=6&typ=5&typ=7&gate=remax&poe=realtor&x=11&y=11&sid=05341B535642C&snumxlid=1048103907&lnksrc=00002
This house is on a main road (rte 115), 2000sqft, 1 car garage, and the houses on either side are less than 50ft away...for $400K!

http://www.isoldmyhouse.com/ismh/properties?action=ls&adnum=88616
2bdrm, 1.5bath for $375.

Im pretty much in the same boat...I qualify for a 250k home..but thats a barn of a house around here...or a house in a not so good neighborhood.....a 6-800sqft home is in the 260k????? what the hell????


Jeremy

 

[chuyler1]

Yeah, just about anywhere inside the I495 belt is the same story.

 

[SlowPro98]

Well, we got pre-approved for about $250K and yes we will be first-time-buyers

The problem is, even a small 800sqft starter home is above $300K in our area. Personally, I would rather keep saving than move into a condo (Which are around $180-275K). We both have average student loans, I have a car payment, and we have no other debts. I have a good salary but my fiance will never have a good salary because of her field.

Honestly, I don't see how people in our situation can afford these $350-400K starter homes. I look at the prices and I can't imagine that people would pay that much money.

For example...
http://remax.realtor.com/FindHome/HomeListing.asp?snum=5&mlsttl=&frm=byzip&pgnum=1&mls=xmls&js=on&target=&ct=&st=&sbint=2&sbls=&sblo=&zp=02054&areaid=02054&mnsqft=&fid=so&mnprice=0&mxprice=1000000&mnbed=0&mnbath=0&typ=1&typ=2&typ=4&typ=3&typ=6&typ=5&typ=7&gate=remax&poe=realtor&x=11&y=11&sid=05341B535642C&snumxlid=1048103907&lnksrc=00002
This house is on a main road (rte 115), 2000sqft, 1 car garage, and the houses on either side are less than 50ft away...for $400K!

http://www.isoldmyhouse.com/ismh/properties?action=ls&adnum=88616
2bdrm, 1.5bath for $375.

My wife and I ran into the same problem. She wanted to live in Newington CT, and housing prices are staggerinly high. we did a lot of searching, we even looked in western mass, but we weren't happy and we held out. We stumbled apon our place in manchester, it had a lot of things on our wish list, in a good area, and our future children will be going to a reputable school. We had our finances in order and jumped on it. It was a needle in the haystack search.

I think your problem is going to be the area, people will pay more to have access to boston and the shoreline. you might have to look outside of your comfort zone. Just stay on the grind, keep your assets liquid and be ready to strike. Affordable housing it out there, you just have to hunt for it.

 

[bazooka joe]

ya, you gotta either look outside of the desired area and travel more or get the worse house on the block in a good neighborhood....i tell you, i couldn't afford to move into my house today. ..i built it for 210 in 1991, quick sale today 590, i mean real quick!!

 

[xxmikkoxx]

Same my parents house has atleast doubled in price since 2000 when they bought it now its in the 300K range. Gotta love Worcester and its ridiculously over priced market.

Pretty much Slowpro said it best you will find it but it may not be as soon as you would like to find it.