The Official Homeowners Thread

[beenz]

Any brehs been thru the mortgage refinancing ordeal? I’m thinking about doing it. My credit score is much better and rates are lower.

I did it many years ago with my first place. I had an arm and it was set to adjust sky high. I got a 30 year fixed. It was very easy to do as I had no credit or income issues. I don't think I really paid anything to refinance. This was like 2008 or so.

 

[Akae Beka]

Bout to put a contract on this crib that has 4.3 acres

Has its own big pond in the front and a private long entrance. 3800 sq ft 5 bedrooms 3.5 baths. Built in 2007

Im kinda intimidated by it tbh cause I'm not use to having neighbors not near by.

Did not have intentions of viewing this house. Yesterday I went to check out another home I liked and previously visited with a realtor, this time with a contractor to estimate the cost of completing the basement. Thats house had .22 acres. This house was less than 5mins away from the other house.




My family scaring me with the thoughts of snakes


Sister just told me they got rattlesnakes and copperhead



How y'all deal with snakes?

I use to be indifferent to them but family(my moms side) got some type of hysteria about them

 

[NeilCartwright]

Has anyone done a cash out refinance on a property?

There's a property im looking at, where its 70k. I'll put down my 20% for the down payment, closing costs, repairs from the inspection report, etc. Im thinking after 6-12 months, i can put that equity out (20%) and use that check to do buy another.

Im lowkey kind of confused about how it'll work out if you get the home appraised, and it went up in value. I was under the impression, that with a cashout refi you're pulling the equity out of the house.

If i only put 14k down, and the house goes up to 100k, would you just be able to pull more money out off the strength the house appreciated?

 

[Akae Beka]

Bout to put a contract on this crib that has 4.3 acres

Has its own big pond in the front and a private long entrance. 3800 sq ft 5 bedrooms 3.5 baths. Built in 2007

Im kinda intimidated by it tbh cause I'm not use to having neighbors not near by.

Did not have intentions of viewing this house. Yesterday I went to check out another home I liked and previously visited with a realtor, this time with a contractor to estimate the cost of completing the basement. Thats house had .22 acres. This house was less than 5mins away from the other house.




My family scaring me with the thoughts of snakes


Sister just told me they got rattlesnakes and copperhead



How y'all deal with snakes?

I use to be indifferent to them but family(my moms side) got some type of hysteria about them

So I decided against this because I kinda want my son to grow up in a decent community and be able to make friends if he chooses. Last night I put in this contract on this house, that was a bit more in cost(490k) than the previous house(444k) but smaller in sq ft(3800 sqft vs 3100spft) and land (4 acres vs .22)

This new community has access to 3 community swimmable beaches and pools for homeowners only. Plus its in my same town and not 25mins away drove to the country side in another county. Gonna miss that pond n acres but I felt it would be a bit much to upkeep.

 

[Rawtid]

Has anyone done a cash out refinance on a property?

There's a property im looking at, where its 70k. I'll put down my 20% for the down payment, closing costs, repairs from the inspection report, etc. Im thinking after 6-12 months, i can put that equity out (20%) and use that check to do buy another.

Im lowkey kind of confused about how it'll work out if you get the home appraised, and it went up in value. I was under the impression, that with a cashout refi you're pulling the equity out of the house.

If i only put 14k down, and the house goes up to 100k, would you just be able to pull more money out off the strength the house appreciated?

So you will have mortgage for $56k? The I'm assuming you're going to do some work and get the property appraised? If that's the case, you'd have an appraised value of $156k, a mortgage of $56k. Most banks limit the loan to value (LTV) to 85%, so the most you'd be able to cash out is $76,600. [(156,000 * .85) - 56,000 ]. You'd also have a new mortgage of $132k.

If I were you, I'd look into owner financing.

 

[NeilCartwright]

So you will have mortgage for $56k? The I'm assuming you're going to do some work and get the property appraised? If that's the case, you'd have an appraised value of $156k, a mortgage of $56k. Most banks limit the loan to value (LTV) to 85%, so the most you'd be able to cash out is $76,600. [(156,000 * .85) - 56,000 ]. You'd also have a new mortgage of $132k.

If I were you, I'd look into owner financing.

That would be an ideal situation. For the first rental, it’s a turn key, so I don’t plan on doing any major work.

I wanted to do a cash out refi to pull my down payment out and buy another with that same down payment money. To me it seems like a decent move to recycle the same money and scale

 

[Akae Beka]

Signed all the docs and officially got a contract on the home

I wished I saved up some more, this right here gonna leave me flat until January and I still gotta find another 5k before closing

House cost damn near half a Mill.

wasn't my 1st choice but overall the best choice. I have a 3 yr old that will start preschool soon. When he's able, the Elementary school assigned is ranked 9/10 on greatschools. Neighborhood has 3 (man made) beaches and a lot of amenities. Basement is a separate 2 bedroom apartment, so I could use this or the entire home as rental property, because its also in a high prioritized area.

I've viewed better properties but they all were further out in different counties. No biggie for me, since I work from home but my siblings live nearby and it would mean less time for my son around his family and a lot further for my wife's family(MD) to visit.

 

[The Minister Of Culture]

Any brehs on here have an experience with building a house on previously bought land? If so was it worth it ?

 

[Family Lives Matter]

Think I might have to have my roof done
Hoping it's just condensation I brought my thermal imaging camera from work going to figure it out on the weekend

 

[NeilCartwright]

Was your Debt to Income ratio An issue when you all bought?

I’m planning to use a VA loan. Getting out this summer. Trying to time it to where I can get approved for the amount I want (up to 250k)

•Is it tough providing proof of income In-between jobs? I make about 5500 pretax (4300 take home) on a W2. I’ll have 2 business accounts I can show, but the income is inconsistent right now
•I’ll have about 1700 a month in disability coming in
•Only thing on my credit report is student loans (130 a month to keep them current) and right now I pay about 1200 a month in an apartment.

The lady at the out processing center said my DTI was 36%that didn’t sound right. I’ll research some more and review the document she prepped when I get home. But figured I’d hop in here for yalls 2 cents.

I’m trying to figure out if I need to put the house I want under contract before I leave my current job, or will they take my old W2 income for the past 4 years once I’m self employed. I don’t want to get jammed up by the MLO when that time comes

 

[DJSmooth]

How much is closing cost on homes usually? I'm looking to buy one for 250k about and 5% down? Is it possible to get the closing cost rolled into my mortgage?

 

[Petty Crocker]

I went outside to rake up the leaves from the back patio. I lifted SO's car cover to get the leaves underneath and there were 3 fairly newborn kittens.

I just laid the cover back down and went on with my business. Mama Cat will come and get them, Im sure.

 

[Rhyse]

Bout to put a contract on this crib that has 4.3 acres

Has its own big pond in the front and a private long entrance. 3800 sq ft 5 bedrooms 3.5 baths. Built in 2007

Im kinda intimidated by it tbh cause I'm not use to having neighbors not near by.

Did not have intentions of viewing this house. Yesterday I went to check out another home I liked and previously visited with a realtor, this time with a contractor to estimate the cost of completing the basement. Thats house had .22 acres. This house was less than 5mins away from the other house.




My family scaring me with the thoughts of snakes


Sister just told me they got rattlesnakes and copperhead



How y'all deal with snakes?

I use to be indifferent to them but family(my moms side) got some type of hysteria about them

You can get Sulpher and seven dust powder from the feed store and put it around the house and such. Anywhere with that much acreage should have one close by. But to be honest I don’t think there may be much of anything you can do.

 

[Dat Migo]

How much is closing cost on homes usually? I'm looking to buy one for 250k about and 5% down? Is it possible to get the closing cost rolled into my mortgage?

2-3%. I've seen some programs that will do down payment assistance as like a separate small loan.

 

[Petty Crocker]

I went outside to rake up the leaves from the back patio. I lifted SO's car cover to get the leaves underneath and there were 3 fairly newborn kittens.

I just laid the cover back down and went on with my business. Mama Cat will come and get them, Im sure.

Cat Mama never came back
I spoke to one of my neighbors who said she may have been picked up by the man
Luckily she knew who the mama cat belonged to so I put Quintarius, Johntavion, and Lakeithia in a box and took them to her. Bye guys, hold it down for your mama