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Yet Another House Thread....

Scarpozzi

Scarpozzi

Lifer
There are a bunch of these threads floating around about advice on what loans to get yada yada.

My question is what should I do? My lease in my 1100 sq ft apartment is up in October. I know I want to be in this city for another 3-5 years to finish my education and I work full time. Should I buy a house? I'm 23 years old....I figure I'll be able to build a little equity and get some good insurance rates at the same time.

My other question is about contractors... Has anyone here ever bought a new house and had a contractor build on property they didn't own. I'm sure there are contractors that build on properties and allow you to finance the whole thing. I'm just curious about all of my options. I don't have a lot of extra cash to play with and will be doing a 100% loan most likely. Thanks,

-Scar
 
I dont think anyone gives you a 100% loan. I am in the same situation. We're tired of renting and we want our own spot. I make a lousy $31k for a network admin and no one in philly is hiring. I should be glad I have a job, but at the same time with the cost of housing these days, I dont know if we'll be ever to afford a decent house away from the bad neighborhood.
 
I make $33k as a sys admin. I was actually told I could get a loan for 103% if I'm willing to pay the higher percentages. Trust me, if you go to a mortgage company and ask them what they can do, you'll be surprised. You just have to have good credit. I'm 23 and they've already preapproved me on these loans.

-Scar
 
Lot of lenders do 100% loans. But... how's your credit? What will your new payment be including taxes and insurance? Can you afford that payment? Is that payment more than 125% of your current rent payment? How much debt do you have? Do you have anything saved up? That kind of thing.
 
Originally posted by: Scarpozzi
I make $33k as a sys admin. I was actually told I could get a loan for 103% if I'm willing to pay the higher percentages. Trust me, if you go to a mortgage company and ask them what they can do, you'll be surprised. You just have to have good credit. I'm 23 and they've already preapproved me on these loans.

-Scar
Click to expand...

interesting ... i found out there's a grant for first time borrower. I will have to look into that. Also, where i live, $80k buys you a rowhome in a fairly ok neighborhood. I want a nice house in a nice neighborhood which will run me $150k and up!!!!
 
My monthly mortgage payment for $100,000 would be approximately $880 with insurance, etc.

Check with a few mortgage companies and see what they'll approve you for. Ask them to run a couple of loans and see what you can get. Be careful with the variable interest loans. They tend to have a set rate for 5-7-10 years, but by then...interest may be a lot higher. Lock in a low fixed rate if possible and refinance later if rates drop.
 
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