Yippy!! I Just got approved for a home loan!!!! :D

[Beau]

Just got the call from my mortgage officer!!

My best friend and I just bought a duplex together! We're renting the basement out to his older brother for 1/3 of morgage.. but the cool thing is that I was able to consolidate my car onto the loan as well, I'll save over $1000 / month this way

Personally, I think this is a pretty good accomplishment being 21 with limited credit.

About the house: It is a 6 bedroom, two kitchen, 3 bath, two car garage, ranch style house with 1.25 acres, irrigation rights, a large pond, clean air (it's in the country), and it is in good condition.

 

[Jzero]

Congratulations on your immense and newfound debt

 

[Beau]

Not quite.... The house apraised at $235,000, and we purchased it for $175,000. I made some serious instant equity there. Besides, it has an acre of land, irigation water rights, and the property value of homes around it have been going up.

 

[ATLien247]

Welcome to the land of neverending home improvement and repair...

 

[Beau]

Originally posted by: ATLien247
Welcome to the land of neverending home improvement and repair...

The American Dream

 

[pyonir]

well since everyone else is a downer in this thread, :disgust:


CONGRATS BEAU!!!!!! that is awesome!!!! Can't wait to have a place i can call my home!

 

[Murphyrulez]

Tell me about it, I just bought my home (appraised $102k, mortgage for $75k). I have never worked so hard as I have in the past month!!
Nobody told me it was going to be constant improvements and repairs!!!

Prepare yourself...

 

[Beau]

<------- Jack of all Trades

I've done every part of home construction as a job at one point in my life or another, so improvements/repairs don't really bother me.

The silly thing is that the largest concern on my mind is whether or not I can get DSL out there.

 

[Jzero]

The silly thing is that the largest concern on my mind is whether or not I can get DSL out there.

You've gotta have your priorities straight! Having a roof that doesn't leak, nice windows and chic decor can wait!

 

[SCSIfreek]

wish i can find a home for 240K here in the bay area you're looking at 500K+
but Congratzzzzzzzzzzzz to you!!!



--Scsi

 

[ATLien247]

<----- Jack of NO Trades

 

[Shelly21]

Owning your own place builds character.

 

[rahvin]

My best friend and I just bought a duplex together!

Hope you have a written contract.

 

[Maetryx]

Rock on! Good one. I'm in the middle of purchasing a 3 bed 1.5 bath home on 1 acre for 90k. I've gotta get the appraisal, septic system test, lead in water test, engineer's re-evaluation, documentation on where my down payment came from.....

There is always one more hurdle, it seems. But I should have it on July 31st (which is also our anniversary according to my wife).

 

[Nocturnal]

do you have broadband? if not, that house sucks!~

 

[ThePresence]

Congrats. If it was really appraised for so much more than you paid, why not sell it tommorow? (I know NOTHING about this stuff, I share rent on 2 apartments).

 

[N8Magic]

I'm looking at something similar near the end of the summer.

How much money did you put down? 10%?

 

[StageLeft]

You rock. I need one

 

[mastertech01]

Congratulations!


With that much cash I could buy City Hall here..

And a home, and a Navigator.

Unfortunately the income is not to hot here, so many just settle for City Hall... in the jail.. LOL

 

[Beau]

Originally posted by: rahvin

My best friend and I just bought a duplex together!

Hope you have a written contract.

We do. We devided it into shares and I own 50% of the shares, so does he.

 

[Beau]

Originally posted by: Nocturnal
do you have broadband? if not, that house sucks!~

Yeah, right now I have 1mb/1mb DSL. If it is not available, I guess I could always turn on my wireless T1.

 

[Beau]

Originally posted by: ThePresence
Congrats. If it was really appraised for so much more than you paid, why not sell it tommorow? (I know NOTHING about this stuff, I share rent on 2 apartments).

I have a clause in my mortgage agreement that will penalize me if I sell it within a year.

 

[Beau]

Originally posted by: N8Magic
I'm looking at something similar near the end of the summer. How much money did you put down? 10%?

Actually, there was such an immediate equity gain, I put $0 down. Nice thing too, I got approved at 6.8% as well. I guess the home sales industry is hurting pretty badly right now, approving quite a few people. I was really shocked that I was approved, mainly because I have less than perfect credit.

 

[Beau]

Originally posted by: mastertech01
Congratulations! With that much cash I could buy City Hall here.. And a home, and a Navigator. Unfortunately the income is not to hot here, so many just settle for City Hall... in the jail.. LOL

Yeah, that's what I've heard about OK is that the homes are really cheap. My supervisor is looking for a job out there. He said he saw homes on mega-acreage that would sell here for $500k+ selling for $120k there.

 

[Supermercado]

Congrats. I can't wait until I get done with school and can afford a decent place of my own.