The Official Homeowners Thread

[h2o_proof]

man, you out there with that increased equity. however, if your house gets reassessed, you're gonna be paying for that in increased property taxes.

Well property taxes have already increased by not by much. I should have mentioned, the Bank Appraisal (which is what people typically list their homes at) is 285k, however the County Appraisal (which is what is used for tax purposes) is only like 210k.

 

[patscorpio]

this is a great thread of informaition...this should be stickied and featured

 

[Primetime21]

The south... man...

My townhome in Seattle is 1800 sq ft, cost me $325k

 

[HacksawJimThuggin]

bruh thats the type of move I wanna make eventually


imma refi banker(direct lender) and used to work for a title company before, i always figured title companies make good bread because it don't matter about the market really(unless I'm wrong)

eventually i wanna jump into my own shyt, but i feel like i gotta go back to school first( either economics or law)

how long did it take you to get everything up and running?

Yea, real estate is booming in South Florida right now, so things are going well; but it's always going to be either a buyer or seller's market, so regardless, title companies are usually always good as long as there are transactions going on.

It doesn't really take all that long, the first thing you need is a state license. Every state is different, but in Florida, to be granted a state license, you need to either be an attorney, be a licensed title agent (a licensing test you can study for and obtain a license), or employ either an attorney or a licensed title agent (LTA). Then you need to get with a title insurance underwriter. Mine is Old Republic. They'll make you get E&O insurance, a fidelity bond, and a surety bond. Obviously need to open up a trust bank account, purchase a closing software, etc. Probably took me a month to get all my ducks in a row. Let me know if you have any other questions.

 

[hotbeezie]

why is your credit so fukked up? also, why is there a 15K fluctuation in your income? u work on commission?

My momma fukked it up when I was college,paid it off when I finished, then missing payment on my student loans from time to time... shyt be coming up.

As far as my job, I usually make around 65k the thing is that one year I made crazy overtime and got around 75k the other time I was fresh out of college and made 60k.

This year I got a new job that should put me at 70k

A contract job that like 800 dollars every 24hrs that I'm scheduled

PRN at another job

And my supervisor put me up on a job opportunity to consult a clinic once a week.

So Im not sure how what imma end up with this year.

I just need to know how to fix my credit and I'd be good.

 

[beenz]

My momma fukked it up when I was college,paid it off when I finished, then missing payment on my student loans from time to time... shyt be coming up.

As far as my job, I usually make around 65k the thing is that one year I made crazy overtime and got around 75k the other time I was fresh out of college and made 60k.

This year I got a new job that should put me at 70k

A contract job that like 800 dollars every 24hrs that I'm scheduled

PRN at another job

And my supervisor put me up on a job opportunity to consult a clinic once a week.

So Im not sure how what imma end up with this year.

I just need to know how to fix my credit and I'd be good.

make ur momma co-sign on a house since she jacked up ur credit.

 

[larryshogunz]

Brehs/Brehettes:

If you have never purchased a home before, you automatically qualify as a FHA buyer (first time homeowner). Getting an FHA loan compared to a Conventional loan is great if your having a hard time coming up with a down payment.

Conventional = at least 20% down (ie 20k down on 100k home)
FHA = 3.5% down (3,500 down on 100k home)

Most people don't realize it. But your paying more for rent, then you would on a monthly mortgage. Difference is...your rent is going towards nothing. While your mortgage payment is going towards building equity in your home (which is good to obtain future loans or higher resale value) and towards improving your credit.

Alot of people never want to try buying a home because it seems like a long stressful process and can be intimidating. Problem is...most people don't realize that they already have all the qualifications to be approved and buy.

Invest in your future's and stop giving your money away....Get a 30yr Fixed mortgage, and your payment will never increase like a rental lease. Home ownership is a huge accomplishment and feels good. There are many benefits that come in to it, like the extra thousand (s) you get on your tax returns (pending state), or knowing that you won't have to keep moving from place to place.

 

[larryshogunz]

Repost....

 

[larryshogunz]

Duplicate...

 

[posterchild336]

Brehs/Brehettes:

If you have never purchased a home before, you automatically qualify as a FHA buyer (first time homeowner). Getting an FHA loan compared to a Conventional loan is great if your having a hard time coming up with a down payment.

Conventional = at least 20% down (ie 20k down on 100k home)
FHA = 3.5% down (3,500 down on 100k home)

Most people don't realize it. But your paying more for rent, then you would on a monthly mortgage. Difference is...your rent is going towards nothing. While your mortgage payment is going towards building equity in your home (which is good to obtain future loans or higher resale value) and towards improving your credit.

Alot of people never want to try buying a home because it seems like a long stressful process and can be intimidating. Problem is...most people don't realize that they already have all the qualifications to be approved and buy.

Invest in your future's and stop giving your money away....Get a 30yr Fixed mortgage, and your payment will never increase like a rental lease. Home ownership is a huge accomplishment and feels good. There are many benefits that come in to it, like the extra thousand (s) you get on your tax returns (pending state), or knowing that you won't have to keep moving from place to place.

You just touched on the surface of benefits of owning .... You built equity and even can pull from equity built and invest elsewhere I am in the process or renting a property I bought 4 years ago I can walk away with 175k cash but I am keeping because I see benefits of renting down the line .. I can answer questions as well

 

[VFib]

To the owners:

How did you educate yourself about the different types of loans, building equity, what to expect when closing on a house, what to do when looking for a house, etc? I am looking for classes or websites on home ownership, the process when looking for a home and understanding loans. I'm definitely going to look into the FHA loan.

 

[larryshogunz]

Damn. Sorry brehs. Don't know why it posted my post, 4 times.

 

[ultraflexed]

My momma fukked it up when I was college,paid it off when I finished, then missing payment on my student loans from time to time... shyt be coming up.

As far as my job, I usually make around 65k the thing is that one year I made crazy overtime and got around 75k the other time I was fresh out of college and made 60k.

This year I got a new job that should put me at 70k

A contract job that like 800 dollars every 24hrs that I'm scheduled

PRN at another job

And my supervisor put me up on a job opportunity to consult a clinic once a week.

So Im not sure how what imma end up with this year.

I just need to know how to fix my credit and I'd be good.

To the owners:

How did you educate yourself about the different types of loans, building equity, what to expect when closing on a house, what to do when looking for a house, etc? I am looking for classes or websites on home ownership, the process when looking for a home and understanding loans. I'm definitely going to look into the FHA loan.

What you need.

Good to great credit.
Low debt to income ratio.
Job stability in the same line of work for at least 2 years.
If you go the fha route save 3.5% of price of home for down payment.
For conventional you need 20% down payment.
Closing cost is usually 10-15k range and can be negotiated.
New homes pay your closing cost and give about 10k worth of free upgrades.
You want your interest rate as low as possible anything under a 4.5% is solid.
Credit score is a major factor determining your interest rate.
Also you might not need as much of a down payment, and credit score can have a impact on mortgage payment.

 

[ultraflexed]

Also
Please educate yourself on special tax areas, and Mello Rouse tax area (most areas with new house have this)
Also HOA fees
Last but not least don't forget property taxes.

 

[larryshogunz]

To the owners:

How did you educate yourself about the different types of loans, building equity, what to expect when closing on a house, what to do when looking for a house, etc? I am looking for classes or websites on home ownership, the process when looking for a home and understanding loans. I'm definitely going to look into the FHA loan.

Usually with loans. You fall into certain categories, based on your life and previous ownership.
- FHA - first time buying a home/condo
- Conventional - other home loans that aren't your first
- VA - military

Building equity means your property gaining value opposed to the loan amount for the house (via home improvements, property medians rising, straight up making your payments). Lets say you bought a home and your balance on the loan is 200k. You then do some renovations on the property. Get an appraisal...and the appraisal comes in at 250k. You now have 50k equity.

Closing on a home is a different experience for everyone. Traditional sales are usually 3-5 weeks to close. Short Sales (property where a homeowner can't make payments, and is sold by the bank) can take up to 3-4 months. During the closing/escrow process, it can be stressful because you will be asked to send all types on documents (stubs, tax returns, bank statements, etc...alot more). Then it will go to Underwriting (most strict and quietest process in closing a loan) for 2 weeks. If all your documents are in order and approved by the Underwritter, your next step is to close. This is where you sign all your docs, give your down payment (cashiers check), and get your keys.

When looking for a home. Look for what space and location/neighborhood is suitable for you and your fam (or possible fam). Since it's your first home, i would recommend lowering your standards and get a starter home, that you can slowly fix up and make your own. Which would also be the most cost efficient decision.

Sorry so long. Hope this helped a little.