is it a good time to purchase a home?

[skim milk]

researching into it and it might be possible
around the southern cali area

 

[Blieb]

Yes. Buy 3.

/thread

 

[joesmoke]

according to the commercials from my local mortgage company, its a GREAT time to invest in your future! course, theyve been saying this for the last 5 years.

edit: if you can still rent the same kind of house in your area for a lot cheaper, then no.

 

[AntiFreze]

definitely time to buy. if you can swing it, buy it.

 

[OCGuy]

If you are in it for the long haul, it is a great time. Specifically if you could grab a short-sale.

 

[SagaLore]

Yes. Drop in housing prices, very low interest rates.

But it will be hard to get a mortgage lender to lend to you. You need to show a really solid income.

 

[Vette73]

Originally posted by: SagaLore
Yes. Drop in housing prices, very low interest rates.

But it will be hard to get a mortgage lender to lend to you. You need to show a really solid income.

And a decent down payment.

 

[Capt Caveman]

Originally posted by: Marlin1975

Originally posted by: SagaLore
Yes. Drop in housing prices, very low interest rates.

But it will be hard to get a mortgage lender to lend to you. You need to show a really solid income.

And a decent down payment.

And an excellent credit score.

 

[OCGuy]

Originally posted by: Marlin1975

Originally posted by: SagaLore
Yes. Drop in housing prices, very low interest rates.

But it will be hard to get a mortgage lender to lend to you. You need to show a really solid income.

And a decent down payment.

You can do it for 3.5% down if you have the income to support it.

 

[Pocatello]

Perfect time to buy a home. If you have the means.

 

[nonameo]

I love it how regular people can't buy homes when prices are best, but it's easy as pie when they are at their highest.

An investment company with capital to blow will pick up all the good deals.

 

[GasX]

The harder hit your local real estate market is, the better time it is to buy. You need to be careful what you buy, but for a long term buyer, now is a great time with prices AND interest rates low.

 

[skim milk]

Originally posted by: Capt Caveman

Originally posted by: Marlin1975

Originally posted by: SagaLore
Yes. Drop in housing prices, very low interest rates.

But it will be hard to get a mortgage lender to lend to you. You need to show a really solid income.

And a decent down payment.

And an excellent credit score.

How much down payment is necessary? what % of the price?
I have a good credit score and a middle class income
I have to do more research on this, but I'm looking at June/July 09 to purchase

 

[Tsaico]

Originally posted by: Ocguy31

Originally posted by: Marlin1975

Originally posted by: SagaLore
Yes. Drop in housing prices, very low interest rates.

But it will be hard to get a mortgage lender to lend to you. You need to show a really solid income.

And a decent down payment.

You can do it for 3.5% down if you have the income to support it.

I have been going through this process for that last few months, and man, they have made it extremely difficult to get funding. I have a decent score (mid 700), had 15% down, and a a good income.

What has been slowing me down, is they are scrutinizing my deposits, (apparently, my roommate giving me money doesn't factor in as income, but my mortage is counted in full). I also sold a bunch of furniture, an old car, a computer, and some appliances, they consider that to be "personal" funding, which can't be verified, (it comes out to about 5 grand), so I can't use it towards my down payment.

So all in all, i vote teh same as the others, if you have patience, and have the assests to do so, I vote go for it also.

 

[Aimster]

Originally posted by: Tsaico

Originally posted by: Ocguy31

Originally posted by: Marlin1975

Originally posted by: SagaLore
Yes. Drop in housing prices, very low interest rates.

But it will be hard to get a mortgage lender to lend to you. You need to show a really solid income.

And a decent down payment.

You can do it for 3.5% down if you have the income to support it.

I have been going through this process for that last few months, and man, they have made it extremely difficult to get funding. I have a decent score (mid 700), had 15% down, and a a good income.

What has been slowing me down, is they are scrutinizing my deposits, (apparently, my roommate giving me money doesn't factor in as income, but my mortage is counted in full). I also sold a bunch of furniture, an old car, a computer, and some appliances, they consider that to be "personal" funding, which can't be verified, (it comes out to about 5 grand), so I can't use it towards my down payment.

So all in all, i vote teh same as the others, if you have patience, and have the assests to do so, I vote go for it also.

Why can't you use that money towards your down payment?

My dad is giving me 25k towards my down payment. What is it to them how I got it. I have it that's all that should matter.
Confused

 

[Saint Nick]

If you can swing a higher than average down payment, you can probably get into a house very easily. You also need to show that you have a solid income.

It is a buyer's market...!

 

[vi edit]

Originally posted by: Aimster

My dad is giving me 25k towards my down payment. What is it to them how I got it. I have it that's all that should matter.
Confused

Technically you are required to have your Dad fill out a form for the $25k stating that it's a gift and not a loan. Otherwise the bank can assume that it's a repayable debt and will ding you for it as an outstanding balance.

 

[OCGuy]

Originally posted by: Aimster

Originally posted by: Tsaico

Originally posted by: Ocguy31

Originally posted by: Marlin1975

Originally posted by: SagaLore
Yes. Drop in housing prices, very low interest rates.

But it will be hard to get a mortgage lender to lend to you. You need to show a really solid income.

And a decent down payment.

You can do it for 3.5% down if you have the income to support it.

I have been going through this process for that last few months, and man, they have made it extremely difficult to get funding. I have a decent score (mid 700), had 15% down, and a a good income.

What has been slowing me down, is they are scrutinizing my deposits, (apparently, my roommate giving me money doesn't factor in as income, but my mortage is counted in full). I also sold a bunch of furniture, an old car, a computer, and some appliances, they consider that to be "personal" funding, which can't be verified, (it comes out to about 5 grand), so I can't use it towards my down payment.

So all in all, i vote teh same as the others, if you have patience, and have the assests to do so, I vote go for it also.

Why can't you use that money towards your down payment?

My dad is giving me 25k towards my down payment. What is it to them how I got it. I have it that's all that should matter.
Confused

Nope. Only FHA allows gift-funds as a down payment. A regular Fannie or Freddie loan will require 2-3 months bank statements, or a VOD (Verification Of Deposit) that shows a 2-3 month average balance with the down payment included. This is to prove that the money is yours.

Now can someone technically give you the money 3 months ahead of time and let it sit in your account? Yes, but that would be fraudulent, and I would never suggest that. :evil:

 

[OCGuy]

Originally posted by: Tsaico

Originally posted by: Ocguy31

Originally posted by: Marlin1975

Originally posted by: SagaLore
Yes. Drop in housing prices, very low interest rates.

But it will be hard to get a mortgage lender to lend to you. You need to show a really solid income.

And a decent down payment.

You can do it for 3.5% down if you have the income to support it.

I have been going through this process for that last few months, and man, they have made it extremely difficult to get funding. I have a decent score (mid 700), had 15% down, and a a good income.

What has been slowing me down, is they are scrutinizing my deposits, (apparently, my roommate giving me money doesn't factor in as income, but my mortage is counted in full). I also sold a bunch of furniture, an old car, a computer, and some appliances, they consider that to be "personal" funding, which can't be verified, (it comes out to about 5 grand), so I can't use it towards my down payment.

So all in all, i vote teh same as the others, if you have patience, and have the assests to do so, I vote go for it also.

They do not check your bank statements for income. They check them for sourcing/seasoning funds to close and down payment. I could show you several approvals right now and this is a big deal on all of them.

Your loan sounds like a slam dunk minus the seasoned funds.

 

[Aimster]

Originally posted by: vi edit

Originally posted by: Aimster

My dad is giving me 25k towards my down payment. What is it to them how I got it. I have it that's all that should matter.
Confused

Technically you are required to have your Dad fill out a form for the $25k stating that it's a gift and not a loan. Otherwise the bank can assume that it's a repayable debt and will ding you for it as an outstanding balance.

Does this mean I will have to pay taxes on $25,000 of the income I made in 2009 since I received $25,000?

 

[dbk]

Originally posted by: vi edit

Originally posted by: Aimster

My dad is giving me 25k towards my down payment. What is it to them how I got it. I have it that's all that should matter.
Confused

Technically you are required to have your Dad fill out a form for the $25k stating that it's a gift and not a loan. Otherwise the bank can assume that it's a repayable debt and will ding you for it as an outstanding balance.

Your parents (as a couple) can give you up to $26,000 as a gift. If you're married, they can give your SO that much as well and forgo the gift tax. Also what vi said.

 

[rasczak]

Originally posted by: skim milk
researching into it and it might be possible
around the southern cali area

http://www.hud.gov/

check this site out. they'll explain pretty much everything about the process. they also have counselors available to help you with any questions you may have.

 

[erub]

Originally posted by: Aimster

Originally posted by: vi edit

Originally posted by: Aimster

My dad is giving me 25k towards my down payment. What is it to them how I got it. I have it that's all that should matter.
Confused

Technically you are required to have your Dad fill out a form for the $25k stating that it's a gift and not a loan. Otherwise the bank can assume that it's a repayable debt and will ding you for it as an outstanding balance.

Does this mean I will have to pay taxes on $25,000 of the income I made in 2009 since I received $25,000?

Gifts are not taxable by the recipient, however the originator may be taxed. Is your dad married? If so, 12k can come from him, and 12k from his wife..or if you are married, he is giving 12k to you and 12k to your wife.

Link

Damn you stock market decline, I think grandma/grandpa's gifts are stopping this year..

 

[Aimster]

Originally posted by: erub

Originally posted by: Aimster

Originally posted by: vi edit

Originally posted by: Aimster

My dad is giving me 25k towards my down payment. What is it to them how I got it. I have it that's all that should matter.
Confused

Technically you are required to have your Dad fill out a form for the $25k stating that it's a gift and not a loan. Otherwise the bank can assume that it's a repayable debt and will ding you for it as an outstanding balance.

Does this mean I will have to pay taxes on $25,000 of the income I made in 2009 since I received $25,000?

Gifts are not taxable by the recipient, however the originator may be taxed. Is your dad married? If so, 12k can come from him, and 12k from his wife..or if you are married, he is giving 12k to you and 12k to your wife.

Link

Damn you stock market decline, I think grandma/grandpa's gifts are stopping this year..

Alright I guess that's fine. I can use $12k of it as my down-payment and use the other $13k and put it in my savings account.