Woot my keys are ready!!!!

[Vic]

No idea. But I'm sure your loan officer will want to close by the end of the month, and not just because you might be sleeping in a U-haul.

 

[sourceninja]

Originally posted by: waggy

Originally posted by: sourceninja
The worst part about buying a home is realizing you just bought another persons bad choices and problems (unless you built or bought a brand new home)

thats just stupid.

there is nothing wrong with buying a used home. hell many old homes are better built then a good portion of those today.

today to many are building as big and fast as they can. using cheap material and labor. sure the first few years the house looks good but they are falling apart fast.

to say buying anything but a new build is a bad idea shows you have no clue about houses.

My step father is in construction. I decided not to build a new home but buy a used home.

I searched found the best area in my city to live in. Found a house that met my needs, had inspectors inspect it, then purchased it. Then I find all the things the 'handy homeowner' did himself as I start running into problems.

About a year after moving in, we get a water spot on the basement ceiling. I bust out the dry wall to fix the problem. Want to guess what I found? A god damn bucket!!!!. Yes, this guy used white and black pvc pipe for the plumbing. It was leaking so his solution was to wrap the pipe in tape, put a bucket under it and dry wall the thing back in the ceiling. No way for an inspector to find that! So the bucket filled up with water from the bathroom drains slowly over time and started over flowing.

This is just one of the MANY crazy and strange problems I have come across with friends, family, or my own home.

If I ever buy a new home, I'll build it. People are stupid, they do stupid things, and it costs a lot to fix them.

 

[waggy]

Originally posted by: sourceninja

Originally posted by: waggy

Originally posted by: sourceninja
The worst part about buying a home is realizing you just bought another persons bad choices and problems (unless you built or bought a brand new home)

thats just stupid.

there is nothing wrong with buying a used home. hell many old homes are better built then a good portion of those today.

today to many are building as big and fast as they can. using cheap material and labor. sure the first few years the house looks good but they are falling apart fast.

to say buying anything but a new build is a bad idea shows you have no clue about houses.

My step father is in construction. I decided not to build a new home but buy a used home.

I searched found the best area in my city to live in. Found a house that met my needs, had inspectors inspect it, then purchased it. Then I find all the things the 'handy homeowner' did himself as I start running into problems.

About a year after moving in, we get a water spot on the basement ceiling. I bust out the dry wall to fix the problem. Want to guess what I found? A god damn bucket!!!!. Yes, this guy used white and black pvc pipe for the plumbing. It was leaking so his solution was to wrap the pipe in tape, put a bucket under it and dry wall the thing back in the ceiling. No way for an inspector to find that! So the bucket filled up with water from the bathroom drains slowly over time and started over flowing.

This is just one of the MANY crazy and strange problems I have come across with friends, family, or my own home.

If I ever buy a new home, I'll build it. People are stupid, they do stupid things, and it costs a lot to fix them.

and your one experience is proof of that all used homes are shit?

got news for you even new builds have problems. in fact more in recent times (though have a feeling that will end).

 

[mrrman]

Originally posted by: sourceninja
The worst part about buying a home is realizing you just bought another persons bad choices and problems (unless you built or bought a brand new home)

just bought a 1 year old home, it was $1M, got it for $885K...selling my townhouse and fiance's house right now and this house is paid for in full....maybe time to pick up another Porsche

 

[Blieb]

It's unbelievable! I found my tenant's purchase in the property appraiser ... looks like over 200k ... unfriggin' believable ... I almost didn't let her rent from me her score was so low ... but she works for a federal agency that frowns on defaults and debts, so I knew she was ok. The damage was from divorce I believe.

Anyways ... it's just embarassing and no wonder the economy is in the shitter.

Originally posted by: waggy

Originally posted by: Blieb
A tenant that just moved out of my townhouse got an FHA loan. Took over 60 days to close it.

I know that they had piss-poor credit 1 year ago, so I'm not even sure how they qualified.

Anyways, I heard from another guy that loans right now are just taking forever to close.

my sister got a FHA loan with a credit score of below 600. she got a 120k loan wiht ZERO down.

im amazed she is still in the house actually.

 

[sjwaste]

Not to hijack, but what are the advantages of an FHA loan if you have good credit, if any? Will they still do a 0 or 5% down loan, or something?

 

[waggy]

Originally posted by: Blieb
It's unbelievable! I found my tenant's purchase in the property appraiser ... looks like over 200k ... unfriggin' believable ... I almost didn't let her rent from me her score was so low ... but she works for a federal agency that frowns on defaults and debts, so I knew she was ok. The damage was from divorce I believe.

Anyways ... it's just embarassing and no wonder the economy is in the shitter.

Originally posted by: waggy

Originally posted by: Blieb
A tenant that just moved out of my townhouse got an FHA loan. Took over 60 days to close it.

I know that they had piss-poor credit 1 year ago, so I'm not even sure how they qualified.

Anyways, I heard from another guy that loans right now are just taking forever to close.

my sister got a FHA loan with a credit score of below 600. she got a 120k loan wiht ZERO down.

im amazed she is still in the house actually.

oh its not just the those with bad credit etc that have done it. Also look at those in the middle class who got $300-1mil houses on ARM's when they shouldnt have. Now the arms are comeing due and its killing them.

(i always thought the idea of a ARM was insane)

 

[sourceninja]

Originally posted by: waggy

Originally posted by: sourceninja

Originally posted by: waggy

Originally posted by: sourceninja
The worst part about buying a home is realizing you just bought another persons bad choices and problems (unless you built or bought a brand new home)

thats just stupid.

there is nothing wrong with buying a used home. hell many old homes are better built then a good portion of those today.

today to many are building as big and fast as they can. using cheap material and labor. sure the first few years the house looks good but they are falling apart fast.

to say buying anything but a new build is a bad idea shows you have no clue about houses.

My step father is in construction. I decided not to build a new home but buy a used home.

I searched found the best area in my city to live in. Found a house that met my needs, had inspectors inspect it, then purchased it. Then I find all the things the 'handy homeowner' did himself as I start running into problems.

About a year after moving in, we get a water spot on the basement ceiling. I bust out the dry wall to fix the problem. Want to guess what I found? A god damn bucket!!!!. Yes, this guy used white and black pvc pipe for the plumbing. It was leaking so his solution was to wrap the pipe in tape, put a bucket under it and dry wall the thing back in the ceiling. No way for an inspector to find that! So the bucket filled up with water from the bathroom drains slowly over time and started over flowing.

This is just one of the MANY crazy and strange problems I have come across with friends, family, or my own home.

If I ever buy a new home, I'll build it. People are stupid, they do stupid things, and it costs a lot to fix them.

and your one experience is proof of that all used homes are shit?

got news for you even new builds have problems. in fact more in recent times (though have a feeling that will end).

Obviously ever home on the planet does not have serious problems. But I'd say more homes do have a serious problem waiting to happen then do not. Usually because the happy homeowner decided to fix something themselves.

If you notice, I gave one example, I said I have many. I'd be happy to tell you more stories if you like. I can even tell you new construction horror stories.

There was house built by me when I lived with my parents that looked 'wrong' when they put in the foundation. Then my friends and I figured it out. They put the garage pointing at the woods and not the street. Sure enough, 2 days later they had to do a lot of work to fix that foundation.

Here's a non new house story. One night at his house a small black dot appears on his bedroom wall. We watch it and it grows and bugs start pouring out. Turns out when the made his room into a bedroom, the wood the used was infected with wood boring wasp eggs. They had hatched and were flooding out into the room.

Goodtimes.

 

[Rowboat]

Originally posted by: Vic
FHA underwriting takes forever these days. Just the way it is. Believe it or not, the current 2-3 week turntimes are an improvement. It was running 4-6 weeks just a couple of months ago.

We closed on an FHA loan in 3 days last week. Wrote the contract saturday, went to underwriting monday morning, signed wed night at 5.

The only difference is since the bank made a mistake, the bank clerk had all the paperwork on her end done ahead of time. Its your mortgage providers fault its slow.

 

[Syrch]

well so far im at 14 BUSINESS days waiting for underwritter

 

[Syrch]

Looks like i'll be closing monday

 

[Syrch]

able to go get my keys! The house is mine! Sucks i have an hour left at work!

 

[Gothgar]

hooray, grats

 

[Isabel]

Congrats! Be sure to post pictures

 

[olds]

Originally posted by: Isabel
Congrats! Be sure to post pictures

You first.

 

[DanTMWTMP]

Originally posted by: oldsmoboat

Originally posted by: Isabel
Congrats! Be sure to post pictures

You first.

hahahahaha nice one.


to the OP, congrats! I'm hoping I can hop onto a 2-bed condo for around ~300k. Bah.. I can only wish. It's completely feasible for me, but I'll probably pay off my car and a bulk of my student loans first before I want to start looking.

 

[alkemyst]

Originally posted by: sourceninja
The worst part about buying a home is realizing you just bought another persons bad choices and problems (unless you built or bought a brand new home)

that is a rather ignorant statement. This is usually said by those that live at home, rent or bought some ghetto place and think all homes use duct tape to hold on the refridgerator handle.

 

[alkemyst]

Originally posted by: Aharami
OP if you have such good credit, why are you going with FHA? I thought FHA is only for people with risky credit?

wrong. FHA used to be popular prior to anyone being able to get a 100-103% loan.

Now that investors aren't buying those types of loans, FHA is the place to go.

However, they have tighter rules.

Also many thing credit score is the deciding factor...but a 750 with one tradeline opened 2 years ago having a $2000 balance is not as good as a 700 with 5 tradelines all over 20 years old and a combined balance of $200k including a past mortgage and rentals.

 

[alkemyst]

Originally posted by: Syrch

Originally posted by: Aharami
OP if you have such good credit, why are you going with FHA? I thought FHA is only for people with risky credit?

I went with FHA because i just bled my accounts to pay down all my debt. Everytime my loan officer ran my credit (about three times total) my score went up as things showed they were paid or had less debt. With FHA i only have to put 3 percent down were anything else wants 20 percent or a second mortgage. I even asked my bank and they wanted me to do a 30 yr at 5.85 percent and a 20% 20 year fixed at 8 percent. My FHA is going to be a single 30 yr fixed loan at 5.75 percent.

The banks really do not want to do anything with you if you don't have 20 percent to put down.

not true either.