Deleted
Deleted Member
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Post by Deleted on Jan 4, 2015 17:12:00 GMT -5
So my wife and I are finding it pretty freaking difficult to get a decent loan in this economy...We found a house we like in the 40 thousand range but both places we went to for the FHA mortgage straight told us that They will not do loans lower then $75K...It's just a bit weird to me that they require a much larger amount thus making our payments higher and harder for us to pay...You would think they would want us in a comfortable position to ensure they get their investment back as well...Anyone else have any tips towards a first time home purchase?
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Post by KAMALARAMBO: BOOMSHAKALAKA!!! on Jan 4, 2015 17:18:38 GMT -5
Wow, just curious where you found a house for only $40,000? Also, have any details about it as far as ssize goes. I'm just curious. I'd really love to get house some day, but my student loans make it very difficult. So I can't really offer any advice (other than avoid student loans, which is obvious). Anyway, best of luck to you
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Dr. T is an alien
Patti Mayonnaise
Knows when to hold them, knows when to fold them
I've been found out!
Posts: 31,306
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Post by Dr. T is an alien on Jan 4, 2015 17:20:17 GMT -5
Are you a member of a credit union? Is so, they might be able to get you a loan for a house of that amount. Might give you a decent rate as well.
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Sephiroth
Wade Wilson
Surviving
Posts: 28,830
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Post by Sephiroth on Jan 4, 2015 17:23:59 GMT -5
Why am I having images of Tom Hanks in The Money Pit?
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Deleted
Deleted Member
Posts: 0
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Post by Deleted on Jan 4, 2015 17:43:19 GMT -5
Wow, just curious where you found a house for only $40,000? Also, have any details about it as far as ssize goes. I'm just curious. I'd really love to get house some day, but my student loans make it very difficult. So I can't really offer any advice (other than avoid student loans, which is obvious). Anyway, best of luck to you Small towns man. Wages are lower but house/rent prices are so much lower. The housing/renting prices are so much cheaper in my small town then here in the city but you get what you pay for
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Post by KAMALARAMBO: BOOMSHAKALAKA!!! on Jan 4, 2015 17:48:28 GMT -5
Wow, just curious where you found a house for only $40,000? Also, have any details about it as far as ssize goes. I'm just curious. I'd really love to get house some day, but my student loans make it very difficult. So I can't really offer any advice (other than avoid student loans, which is obvious). Anyway, best of luck to you Small towns man. Wages are lower but house/rent prices are so much lower. The housing/renting prices are so much cheaper in my small town then here in the city but you get what you pay for Haha, for sure. I'm just curious where Styles in particular found one. We have an area like that in Massachusetts, Leominster where rent/housing is much, much cheaper than the Boston area. Problem is no one wants to live there haha. Also, 40,000 seems incredibly low ever for a small town.
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Dean-o
Grimlock
Haha we're having fun Maggle!
Posts: 13,865
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Post by Dean-o on Jan 4, 2015 17:52:41 GMT -5
$40,000 for...a house?
In Stamford, CT, $40,000 will buy you a bathroom without a shower in it.
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Deleted
Deleted Member
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Post by Deleted on Jan 4, 2015 18:29:17 GMT -5
Small towns man. Wages are lower but house/rent prices are so much lower. The housing/renting prices are so much cheaper in my small town then here in the city but you get what you pay for Haha, for sure. I'm just curious where Styles in particular found one. We have an area like that in Massachusetts, Leominster where rent/housing is much, much cheaper than the Boston area. Problem is no one wants to live there haha. Also, 40,000 seems incredibly low ever for a small town. Guessing the south or mid west. It gets frustrating seeing how cheap rent and house prices are in the south. Even in the Goddamned cities!!!!
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Post by KAMALARAMBO: BOOMSHAKALAKA!!! on Jan 4, 2015 18:35:30 GMT -5
$40,000 for...a house? In Stamford, CT, $40,000 will buy you a bathroom without a shower in it. Aren't there some areas of Connecticut where you can get a house for cheap? Not 40k cheap, but not super expeensive. Something like the under 100k mark. I remember looking into it a while back and being suprised how cheap some houses were in some parts of Fairfield. Especially since I think of Connecticut as aplace where mainly rich people or the well to do live. Of course in the NYC area the cheapest is still probably parts of New Jersey. In a place like Camden housing is so much less expensive than NYC proper. Of course the trouble with places like Camden is you can only live there about a week. You can save money. The problem is you just won't be alive to enjoy it.
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CM Dazz
King Koopa
Chuck
Posts: 10,475
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Post by CM Dazz on Jan 4, 2015 18:38:34 GMT -5
So my wife and I are finding it pretty freaking difficult to get a decent loan in this economy...We found a house we like in the 40 thousand range but both places we went to for the FHA mortgage straight told us that They will not do loans lower then $75K...It's just a bit weird to me that they require a much larger amount thus making our payments higher and harder for us to pay...You would think they would want us in a comfortable position to ensure they get their investment back as well...Anyone else have any tips towards a first time home purchase? Damn cuz, what part of IL are you in?
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Post by Mutant Couch on Jan 4, 2015 18:52:49 GMT -5
Guessing the south or mid west. It gets frustrating seeing how cheap rent and house prices are in the south. Even in the Goddamned cities!!!! I live in a big city in the Midwest and can attest to the truthfulness of this. You could easily find a place in the city for $40,000 for a 2 bedroom, but there's a pretty good possibility the area isn't great. 100k is about the cap of what you'd need to spend to get into a relatively decent neighborhood for a 3 bedroom in good shape. I love comparing what you get for that price vs. elsewhere in the country.
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CM Dazz
King Koopa
Chuck
Posts: 10,475
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Post by CM Dazz on Jan 4, 2015 18:57:28 GMT -5
Guessing the south or mid west. It gets frustrating seeing how cheap rent and house prices are in the south. Even in the Goddamned cities!!!! I live in a big city in the Midwest and can attest to the truthfulness of this. You could easily find a place in the city for $40,000 for a 2 bedroom, but there's a pretty good possibility the area isn't great. 100k is about the cap of what you'd need to spend to get into a relatively decent neighborhood for a 3 bedroom in good shape. I love comparing what you get for that price vs. elsewhere in the country. You get a box under a viaduct for 40K in Chicago. I'm not talking about a refrigerator box either. No, more like a microwave box.
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Post by Mutant Couch on Jan 4, 2015 19:03:10 GMT -5
That's because Chicago is basically the only place in the Midwest that people from the coasts consider civilized. I live in Columbus and I'm always amused when I'm out of state at people thinking it's a podunk town.
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CM Dazz
King Koopa
Chuck
Posts: 10,475
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Post by CM Dazz on Jan 4, 2015 19:14:27 GMT -5
That's because Chicago is basically the only place in the Midwest that people from the coasts consider civilized. I live in Columbus and I'm always amused when I'm out of state at people thinking it's a podunk town. I think the "C" word you were looking for was "corrupt".
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Deleted
Deleted Member
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Post by Deleted on Jan 4, 2015 20:42:32 GMT -5
Wow, just curious where you found a house for only $40,000? Also, have any details about it as far as ssize goes. I'm just curious. I'd really love to get house some day, but my student loans make it very difficult. So I can't really offer any advice (other than avoid student loans, which is obvious). Anyway, best of luck to you 3 bedroom 1 bath...My hometown is only like 8500...Indiana/Illinois border...check some of the others out...75k gets you a 200k home in the city www.aldrichrealty.info/residential.htmlFireplace and full garage
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Post by KAMALARAMBO: BOOMSHAKALAKA!!! on Jan 4, 2015 20:45:37 GMT -5
Wow, just curious where you found a house for only $40,000? Also, have any details about it as far as ssize goes. I'm just curious. I'd really love to get house some day, but my student loans make it very difficult. So I can't really offer any advice (other than avoid student loans, which is obvious). Anyway, best of luck to you 3 bedroom 1 bath...My hometown is only like 8500...Indiana/Illinois border...check some of the others out...75k gets you a 500k home in the city www.aldrichrealty.info/residential.htmlFireplace and full garage Wow, that's not much more than I pay renting my place for six months.
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Deleted
Deleted Member
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Post by Deleted on Jan 4, 2015 20:48:11 GMT -5
3 bedroom 1 bath...My hometown is only like 8500...Indiana/Illinois border...check some of the others out...75k gets you a 500k home in the city www.aldrichrealty.info/residential.htmlFireplace and full garage Wow, that's not much more than I pay renting my place for six months. Yeah here is the other Realtor www.crawford-county.com/listings.htmThe prices are insanely different down here in southern IL but since the market is so low these places wont give us a loan to actually purchase the lower priced properties...its a catch 22
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Post by woowoowoox on Jan 4, 2015 22:47:53 GMT -5
My parents just bought their first house (3 bed, 1 bath, 1400 sq ft, 1 acre lot) in July and it was only $40k, too. It's about 20 minutes from the University of Georgia.
It was USDA not FHA but the loan process was still a pain in the ass. We were homeless for two months because it was just one thing after another getting the loan to go through.
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StuntGranny®
Bill S. Preston, Esq.
Not Actually a Granny
Posts: 16,099
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Post by StuntGranny® on Jan 5, 2015 0:27:32 GMT -5
My fiancee and I went through this nightmare almost all of last year. I think the entire miserable ordeal lasted around seven months.
We initially applied for the loan and heard nothing for about a month. After that began a seemingly endless cycle of the bank contacting us and telling us we'd need to bring in some sort of new document. This went on for weeks. They asked for things I would have never imagined would have been relevant to buying a home. Then, after a while, they just stopped contacting us at all. We'd write, they wouldn't respond. We'd call, they would magically always be out of their office. Finally, about two months down the line, they called us and told us the insurance requirements and all of that. We get all of that taken care of and things are seemingly moving forward. Then, just when we thought it was almost over, we went back to hearing nothing for another couple of months. We finally got an e-mail telling us it was time to schedule closing. We were ecstatic. First scheduled closing rolled around, they had to cancel due to a problem with the real estate agent. Second scheduled closing around, we had to postpone again. We postponed two more times before they finally told us that the insurance company decided we needed to pay a MUCH higher premium on the house. I forget the exact number, but it was insane and you'd have to be rich to afford it. After months of waiting, we had to back out thanks to the insurance company.
Long story short, after we backed out, we were basically homeless. We had moved out of our apartment because we were told before the final closing that everything was good to go. Our landlady got word of this and asked us to leave because, in our shit hole area of the world, apartments are a premium and you have to go on a very long waiting list in order to get one. So basically she wanted us out so someone else on the list could move in. We moved in with my mom due to lack of options and we've been in this here ever since. Without getting too graphic, it's not fun being a couple and living with a relative. Private time together is few and far between. We're looking for another house, but needless to say, we're not in a hurry to get back into the shit show that is home buying.
TL;DR - I'd suggest you light your head on fire instead of buying a house. It's less painful.
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El Pollo Guerrera
Grimlock
His name has chicken in it, and he is good at makin' .gifs, so that's cool.
Status: Runner
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Post by El Pollo Guerrera on Jan 5, 2015 2:12:34 GMT -5
3 bedroom 1 bath...My hometown is only like 8500...Indiana/Illinois border...check some of the others out...75k gets you a 200k home in the city www.aldrichrealty.info/residential.htmlFireplace and full garage Ho. Lee. Crap. I live in Northern BC, 2 weeks from civilization, and houses like these up here are listing for between $100K to $150K (Canadian dollars, which is still roughly $85K to $130K).
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