Property Market is going WILD

[Rekkapryde]

Congrats man that’s beautiful

If you can get an FHA loan, go that route for your first crib. With the way property prices are going you might be able to sell that same crib in a couple of years and get a nice chunk in equity towards the next crib you get.

And with the prices of renting nowdays, you minus well get a mortgage.

 

[Rekkapryde]

FHA Loan requirements

• FICO® score at least 580 = 3.5% down payment.
• FICO® score between 500 and 579 = 10% down payment.
• MIP (Mortgage Insurance Premium ) is required.
• Debt-to-Income Ratio < 43%.
• The home must be the borrower's primary residence.
• Borrower must have steady income and proof of employment.

get preapproved, find a nice crib, and eat.

 

[Godless Socialist CEO]

FHA Loan requirements

• FICO® score at least 580 = 3.5% down payment.
• FICO® score between 500 and 579 = 10% down payment.
• MIP (Mortgage Insurance Premium ) is required.
• Debt-to-Income Ratio < 43%.
• The home must be the borrower's primary residence.
• Borrower must have steady income and proof of employment.

get preapproved, find a nice crib, and eat.

I definitely qualify, my credit score is well above what they’re looking for. Just trying to avoid that MIP but if you ain’t willing to do 20% you gotta do it.

 

[Rekkapryde]

I definitely qualify, my credit score is well above what they’re looking for. Just trying to avoid that MIP but if you ain’t willing to do 20% you gotta do it.

With your first crib and not having a lot of disposable/available cash for the downpayment, yeah you gotta eat it. But where a lot of people fukk up is once they get 20% equity they don't go back to get the PMI removed. With the way property values are going up, you gonna hit that 20% sooner than later.

People think it's 20% of the loan before the PMI is removed, when it's 20% of the VALUE of the property that is the PMI cut off.

 

[Godless Socialist CEO]

With your first crib and not having a lot of disposable/available cash for the downpayment, yeah you gotta eat it. But where a lot of people fukk up is once they get 20% equity they don't go back to get the PMI removed. With the way property values are going up, you gonna hit that 20% sooner than later.

People think it's 20% of the loan before the PMI is removed, when it's 20% of the VALUE of the property that is the PMI cut off.

I mean I could do the 20% up front..... I just would prefer not too for obvious reasons.

 

[Rekkapryde]

I mean I could do the 20% up front..... I just would prefer not too for obvious reasons.

no doubt, let the equity build instead of using your bread.

 

[NY's #1 Draft Pick]

FHA breh.

mortgage > rent since you can write off the interest and get equity.


An investment broker offered me 215k for my first house in McDonough at the beginning of June last month. Checked with Zillow Offers and they offered me 257k. I tell the first broker, I'm going with Zillow and they hit me back saying we'll give you 270k.


Closing next week

How the fukk is this done?


My crib I bought in 2019 value has gone up 60k. My wife townhouse she got in 2016 value has gone up over 100k we got renters in that bytch right now but I’m trying to see if we could get em out and get that cash​

 

[Kenny West]

 

[Rekkapryde]

How the fukk is this done?


My crib I bought in 2019 value has gone up 60k. My wife townhouse she got in 2016 value has gone up over 100k we got renters in that bytch right now but I’m trying to see if we could get em out and get that cash​

Zillow offers will give you a great price to buy your crib. No paying realtor fees either since the middle man is cut out. Their fees are only like. 5% of sale and that includes closing costs! Cash Offers.

Use Zillow to see how much money you our crib is worth first then you can use Zillow Offers to sell for a cash offer. Their estimate on your home value is generous too

 

[eXodus]

With your first crib and not having a lot of disposable/available cash for the downpayment, yeah you gotta eat it. But where a lot of people fukk up is once they get 20% equity they don't go back to get the PMI removed. With the way property values are going up, you gonna hit that 20% sooner than later.

People think it's 20% of the loan before the PMI is removed, when it's 20% of the VALUE of the property that is the PMI cut off.

@Godless Liberal CEO
Everything Rekka is saying is spot on.

also keep in mind, if you can get your credit to tier 1 (760) or tier 2 (740) PMI rates can become pretty favourable at that point.

I was able to sneak over that tier 1 level for my middle credit score (mortgage credit scores specifically) and my PMI is just going to be $77 for a $310,000 mortgage

 

[TYBG]

First time home buyer and just closed on a house this past May. I just took a peak the other day and my old apartment complex raised rent $500

 

[eXodus]

First time home buyer and just closed on a house this past May. I just took a peak the other day and my old apartment complex raised rent $500

GTFO that’s crazy. I’m staying at an air bnb for this last leg of my home construction.. they charging me 1400 a month for a basement flat



shyt is wild out here

 

[chineebai]

I thought housing prices were high last year, but its even higher now!

 

[Conan]

FHA breh.

mortgage > rent since you can write off the interest and get equity.


An investment broker offered me 215k for my first house in McDonough at the beginning of June last month. Checked with Zillow Offers and they offered me 257k. I tell the first broker, I'm going with Zillow and they hit me back saying we'll give you 270k.


Closing next week

Many people don't consider the opportunity cost of interest, property taxes and insurance. If you consider it, suddenly it is not a foregone conclusion that mortgage > rent.

 

[Geek Nasty]

First time home buyer and just closed on a house this past May. I just took a peak the other day and my old apartment complex raised rent $500

None of this makes sense. What happens when those eviction protections expire?