The Official Homeowners Thread

[Donald J Trump]

i got like a 720 credit score, 24 years old, pretty sure i can secure at least a 42k a year job at graduation..

but these student loans and imma be living in cali


good news it that imma live with a female and we will split the costs but still

 

[agnosticlady]

I have done both. I don't see the clear advantage of one over the other to be honest.

So you think that it is best to just save up fpr your mortgage? I should start saving a $2,000 a year now for a house before I hit 30

Just got my first one 7 months ago, 3 bed, two bath , two car garage $85k.

Few tips:

-unless you buy brand new, there will always be repairs to be made, so keep at least $1k in the bank

-don't go crazy with upgrade soon as you get the place

-youtube repairs and upgrades before you pay someone to do them you would be surprised how easy some projects are. I redid a bedroom wood floor for like $200

-keep up on maintenance things like mowing the lawn, painting the fence, changing your furnace filters etc

-keep your home secure, invest in a alarm system at w, I learned that the hardy way, house got broken into on Xmas while I was away

It's been a good experience overall, made a few mistakes along the way but you live and you learn

How old is your house? What state do you reside in? How much repairs did you have to make? In my city a 3 bedroom/2 bathroom is like $100,000+ and thats like a house from the 90's that may need a few repairs.

 

[agnosticlady]

i got like a 720 credit score, 24 years old, pretty sure i can secure at least a 42k a year job at graduation..

but these student loans and imma be living in cali


good news it that imma live with a female and we will split the costs but still

Do you have family in Cali? Have you considered moving in with your parents to cut back on a lot of cost. Have you considered renting an efficency?

 

[Donald J Trump]

Do you have family in Cali? Have you considered moving in with your parents to cut back on a lot of cost. Have you considered renting an efficency?

Nope nope and nope


might rent for a year tho

 

[beenz]

So you think that it is best to just save up fpr your mortgage? I should start saving a $2,000 a year now for a house before I hit 30

I'm not quite clear on your situation. are you in college or out of college? how old are you? do you have a career already? you should be saving regardless of if you plan to buy a home IMO.

that being said, as a first time homebuyer, there are lots of programs which will allow you to get a house without paying any downpayment. I say this because there are grants your lender can assist you in getting which will essentially get you downpayment money for free as well as closing cost assistance.

but if you're able to save additional money, that certainly won't hurt at all.

the reason I wanted to buy a house is because I HATED having a landlord when I was younger and if you look at the pictures I showed earlier, you get a much nicer home with a lower payment per month. Plus you get the huge advantage come tax time because the interest you pay on your mortgage is tax deductable.

 

[↓R↑LYB]

Get a thorough homeowners insurance policy.

Be aware that most insurance companies changed how they calculate your deductible. It's no longer a fixed amount. I had water damage in my basement that cost about 7k to fix. I called my insurance to put a claim in and they said my deductible was 10% of the REPLACEMENT value of my home .

I got my crib at the bottom of the market so the replacement value of my house is double what the house is worth according to these nikkas. They told me I had a 50k deductible

 

[The M.I.C.]

Be aware that most insurance companies changed how they calculate your deductible. It's no longer a fixed amount. I had water damage in my basement that cost about 7k to fix. I called my insurance to put a claim in and they said my deductible was 10% of the REPLACEMENT value of my home .

I got my crib at the bottom of the market so the replacement value of my house is double what the house is worth according to these nikkas. They told me I had a 50k deductible

Yeah, I was an insurance agent and adjuster for over 10 years. That was why I was saying get a thorough homeowners policy, you won't believe how many times I had been cussed out because folks got caught up like the situation you described above or I had to decline coverage because they didnt have the right endorsements..A lot of agents are REALLY sloppy when it comes to writing policies because they're more concerned about keeping the premium as low as possible versus making sure the coverage works for the insured effortlessly when a claim situation arises.

 

[↓R↑LYB]

Yeah, I was insurance agent and adjuster for over 10 years. That was why I was saying get a thorough homeowners policy, you won't believe how many times I had been cussed out because folks got caught up like the situation you described above or I had to decline coverage because they didnt have the right endorsements..A lot of agents are REALLY sloppy when it comes to writing policies because they're more concerned about keeping the premium as low as possible versus making sure the coverage works for the insured effortlessly when a claim situation arises.

Some states are now requiring insurance companies to mention it cause so many people have been getting fukked over by it.

Whish reminds me I'm switching from state farm today. fukk them nikkas

 

[larryshogunz]

I own 2 properties here in San Diego (5 bedroom house & 2 bedroom condo).

First and foremost, make sure that you know how much home you can afford. Don't just go by the "estimated monthly payment" you see on the website(s). That rate doesn't include other fee's like Taxes, HOA/Mello-Roos, Insurance etc...

Before you start searching, its smart to get a "pre-approval" from a bank. To see how much home your actually approved for (based on your income, credit rating, debt-to-income ratio). In order to get a decent loan, make sure:
- You have good/decent credit history
- Stable income (preferably over a year)
- Clean bank account (no overdrawn accounts for 2 years)
- No city county judgements against you
- Down Payment Cash (pending FHA or Conventional)
- FICO score over 630
- Debt to Credit under 30% (under a 30% balance on your credit cards, loans, etc)
- Proper Tax returns for the previous 2 years

The largest, most modern place with high end finishes will tempt you. But you have to resist the temptation, and buy something that you can improve and make yours. Don't go home broke, to where 80% of your income goes into the mortgage. That's how people end up foreclosing.

 

[The M.I.C.]

Some states are now requiring insurance companies to mention it cause so many people have been getting fukked over by it.

Whish reminds me I'm switching from state farm today. fukk them nikkas

Yep.

Make sure you ask for an ALL PERIL deductible...I usuallly MADE my clients get $500 or $1000 deductible period on their home. Made the premium a bit more expensive but when they called up talking about a tree fell over on their roof or a fire broke out, they appreciated that shyt at that point.

 

[The Prince of All Saiyans]

Nebraska, I payed $15k below what they was asking and put $10k down

well done

 

[newarkhiphop]

How old is your house? What state do you reside in? How much repairs did you have to make? In my city a 3 bedroom/2 bathroom is like $100,000+ and thats like a house from the 90's that may need a few repairs.

House is old 70 - 90 years old or so (records offices burned along time ago many house records were lost)

So far I've had to make no major repairs, foundation is in good condition and roof was replaced 4 years ago, electrical was upgraded around the same time. My driveway does need repair, my basement needs a bit of sealing (nothing major though I use it for storage only), water heater needs to be replaced (doing that next month)

I redid the laundry room and redid the floor in one of the spare bedrooms both of those total were under $300 combined that includes paint etc, just a lot of youtube and patience

Only big up keep i have is my yard I have a huge yard which I thought was cool before I had to deal with actual cutting of grass, trimming of trees, picking up of leaves etc

I live in Nebraska, hence why it's so cheap. I could have gone for something newer/Paid more but I wanted something with more character if that makes sense granted if I could go back I would have taken time to look at more places but houses at this price fly cause of flippers, plan is to hopefully pay this off in 10-15 years then rent it out to the hippies looking to gentrifiy the area

I always tell ppl unless absolutely need the space rent as long as possible, stack down payment money then by a home

 

[newarkhiphop]

well done

wish I would have known about PMI so I would have put 20 % down instead of the amount I did

 

[calixprynce]

for an FHA loan, they say you can get one with a minimum of a 520 score. but I talked to a black mortgage broker this weekend who said you need like 670 or so to get a decent rate on a loan.

Are the FHA loans hard to get?

edit: nvm ,

 

[beenz]

Are the FHA loans hard to get?

no. FHA are gov't backed loans. no, they are actually easier to get. the gov't wants to encourage home ownership. there are certain homes that don't qualify for this type of mortgage such as a property you want to use as a rental property or property that needs to be rehabbed. but if you wanna buy a house to actually live in yourself, then you can get this type of loan for the most part.