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|Friday, July 31st, 2009|
|Wednesday, October 29th, 2008|
|Thursday, March 15th, 2007|
lots o' questions! FUN!
mortgages are AWESOME!
ok, ok here's the basic rundown.
we have a relatively new business. We've actually been doing business for a year, but just started working under our own business lincense as a single person LLC. It's a horse-related business and doing fabulous. My husband has had a steady job for about 3.5 years and also doing GREAT.
I have awesome credit, he has not so awesome credit.
We want to buy a property that is 60 acres with a totally adequate house for us and almost everything we'd need to relocate our horse-related business.
We've decided that our budget (amount we'd need to borrow)is somewhere around $500,000 - we've been pre-approved/ qualified for a mortgage of that amount.
This is my first time dealing with something like this and so a lot of questions are coming up because apparently its a kind of complicated and special situation.
I am applying alone without a co-borrower because my husband is pretty convinced that his crappy credit (from about 5 years ago that is still repairing itself) will really screw up our chances for this (as it did when we were buying our truck).
However there is that whole problem of me not really having great documented income. The income that I do have fluctuates as clients come and go and horses finish training and come into training, but it is always enough to pay our estimated mortgage payment on $500,000.
Of course my husbands income helps too, but I know that lenders can't consider that because he's not a co-borrower.
So I'm sort of confused on the types of documented income vs. stated, vs. no doc.
What will I need? Which one is best? and how do the types affect the APR and types of mortgages we can get?
Also, I have been told that there are only certain types of mortgages that we can get for a property of that size - 60 acres. How does this affect us?
Then there is closing costs. We have the money for the down payment, but that basically wipes us out unless we deplete everything that we know we'll need to operate and live and settle in for a few months. I was told that that can be wrapped up in the mortgage by sort of saying that the price is higher - so how do we best express that to the owner/realtor so that they understand that our offer is actually $xxx,xxx but we're going to pay them more and then I guess recoup the closing costs so that we can pay them? totally confused.......
i know that's alot for you guys to read and help me with, and i know it sounds like I'm totally clueless, but I am. I have a few people helping me, but I am horrible on the phone and need someone to explain it to me who has nothing to gain.
It seems like there are so many options out there that there has to be something that will get us this property (which I am head over heels in love with as is my husband).......right?
but being so many types (interest only, jumbo, combo etc. etc. ow my head!) I am just getting more and more confused!!!!!
anyways I'll take any help you can give me!!!
|Friday, March 2nd, 2007|
Cross-posted to my_first_home
Does anyone have any ideas for how to paint DryLok™ behind an oil tank? Do they make a special 90o
paintbrush for this purpose?
My basement used to flood during every rainstorm. I painted the walls with DryLok™ and all is generally well. However, on days with very heavy rains, or days when it rains on top of ice so the water has no place to go (like today), my basement still gets about half a bucket full of water in it. The places where the water appears to be coming in are behind the oil tank, and behind the built-in workbench: the two places where I found it impossible to paint with DryLok™
Any suggestions? The best thing I've come up with is don't keep cardboard boxes or electronics on or near the floor in those areas.
|Tuesday, November 14th, 2006|
My husband and I have been offered an interesting opportunity that will not only get us into a home but is a good investment for the other party involved. Here is the situation...
My uncle passed away a week ago, leaving a house in Kirkland, a upper middle class suburb of Seattle, WA. That average house prices in this area is $405,000. My parents have decided that they want to buy the house free and clear from his estate and then give us a loan to purchase half of the home from them. This is assuming the house gets appraised for the price they want, no more than $350,000 (it needs about $100,000 of work). They are looking at is as an investment, making money off interest from the loan, which I would much rather give to my parents than a bank, and the appreciation of the house. It will be a 30 year loan at 6.8%.
Few questions, does this sound like a good deal? I do have some concerns that will be addressed and written into contract. Such as, at what point we could buy their half, or sell ours.
Now for those of you who have paid a mortgage before, is it better to pay down the principle or invest the money in more liquid high interest (but higher risk) investments? 6.8% seems a little high compared to the current APR rates, what are you paying? We are still in the preliminary process of this, but I am trying to get a good grasp on what is involved in the purchase of a home mortgage.
|Thursday, November 9th, 2006|
|Thursday, October 26th, 2006|
Rent to Own?
I'm looking for a house to rent to own. I saw an ad for a free ebook on how to rent to own or sell your house that is in foreclosure. Have any of you had experience with this? It's www.OhioPropertySolutions.com
They say that they can help you buy/sell a house in any state even though the website says Ohio. What do you think?
|Wednesday, July 12th, 2006|
My name's Nicole and I'm 24 from Northeast PA. I'm interested in buying a house in the very near future, but am unsure as to the process of buying a house. I'll admit that I'm clueless and don't know where to start.
Does anyone have any book or website recommendations that discuss the process of buying a house?
Thanks for any info you can provide, and I look forward to sharing my journey with all of you.
|Thursday, May 18th, 2006|
One week to go!
The countdown is on! We close on May 25th and I'm much more excited than I thought I would be. :) My landlord has turned into a you-know-what since I told her we'll be moving, so that's been annoying. But, I guess that's all the more reason to be excited about the move! :)
I heard today that the appraiser has estimated the market value of the home to be $130,000... we're buying it for $123,900.
I'm nervous about closing... I've been told that it's painless but long.
|Sunday, May 14th, 2006|
|Thursday, April 13th, 2006|
ok, so i'm reaching the point where i'm about to go get pre-approved for a mortgage. i know this really just gives me a general idea about how much i can afford and doesn't really gurantee a mortgage. so my question is: do i need to get pre-approved at several places, or should i just get pre-approved at one place, then get a realtor/find a house, and then when i find the house i want shop around a bit for the real mortgage? or do you have to get pre-approval from lenders before getting the "real mortage"?
|Friday, April 7th, 2006|
I'm a journalist working on an article about improving your credit score. I know that this is an integral part of buying your first home, so I'm posting here to see if anyone has their own story to share.
Since I'm writing for a national women's magazine, I'm seeking specifically to profile one woman between the ages of 20 and 44. I'm looking for a woman who had a low to medium credit rating and took steps to successfully get it higher. The article would focus on your steps and share them with our readers who may want to raise their credit score, too.
If you're interested in sharing your story (or know someone who is), please email me a brief synopsis of how you raised your credit score. Please include your age and what city/state you're from. You'd have to be okay with having your full name and photo in the magazine. My email address is GLichterman2@aol.com. Please include the words "credit score" in the subject.
(This is not spam and this has not been cross-posted to other communities.)
|Wednesday, March 22nd, 2006|
Tomorrow is the walk through and then we officially close on our very first home on Friday! 2 days and then we'll be homeowners! (And busy busting our buns moving...hehe.)
|Thursday, March 9th, 2006|
how long does it take?
how long does it usually take, from the very beginning (going to the bank to see about a mortgage) to the very end (moving in)? if my fiance and i are planning on moving into a house in september, is june early enough to start the process? we're looking at a fairly small town to purchase a home in (halfway between our places of employment), so it's not like we'll have to sift through hundreds of potential houses. i've been reading books, so i'm fairly familiar with the home buying process, just not sure how long i should expect it to take.
|Tuesday, March 7th, 2006|
hi all. my boyfriend and i are in a dilemma. we're currently renting a house and our landlord isn't renewing the lease due to personal reasons...(we think she broke up w/ her boyfriend and wants to move back into her house). our lease is up on 5/31 and we need to figure out if we want to rent for 1 more year somewhere else, or try and buy a house quick.
the problem is we don't have much money, and we're both new to this mortgage/house hunting game.
|Monday, February 20th, 2006|
We went to the house again yesterday and took some of our friends and family through it. I took a bunch of photos of the inside. ( want to see?Collapse ) Current Mood: excited
|Wednesday, February 15th, 2006|
hi! I'm new!
My fiance and I currently working on purchasing our first home. We put in our bid last Friday and it was accepted Saturday. Just today our mortgage was approved. So exciting! Our bid is/was $57,700. We got a into a great program at M&T Bank for first time homebuyers and got a5.7% fixed APR. Our closing costs will be $700 ($500 of which we've already paid) and our monthly payment (though we're paying bi-monthly) will be $580. We're so happy. Everythings been going wonderfully. Closing date is March 31! We can't wait!( Want to see pictures?Collapse )
|Sunday, January 29th, 2006|
My husband and I are looking to buy our first house. We found a beautiful A frame and the owners are asking 119500 that's a little out of our range. However, it needs a new roof, a new deck, new windows, a new countertop in the kitchen, extensive yardwork, the pool is disgusting and green and dirty (its been uncovered for god knows how long), and there is a hot tub but its in worse shape than the pool. Its obvious that the owners moved out fast and didn't clean up any of the yard or make any menal improvements that may help it sell faster... for instance the air conditioner is wired badly and there is some sort of cord (we think ethernet) coming out of the second floor wall and just dangling. We want to make a really low offer to judge where they are and how desperate they are to sell. See what their counter offer is and go from there. We are thinking between 70 and 80 thousand. I'm thinking closer to 70, but my husband is willing to start at 80. I'm just worried that if we offer too low they won't deal with us. Does that ever happen? What do you think we should offer. What is your opinion? Please give us some advice. Any little bit of advice would help and be greatly appreciated.
|Wednesday, November 30th, 2005|
Obsessed with your home??
Are you a home designer?? A home lover and home owner??
ARE YOU OBSESSED with SHELTER PORN such as Metropolitan Home, and Dwell, and home and garden?
ARE you a housewife, a real estate agent, a furniture sales person, an architect, a landlord, a multiple home owner, or a domestic diva with a unique understanding of the meaning of home?
I WANT YOU!!!!
I am currently working on my senior project which is a documentary about peoples obsession with real estate, home design, and places like IKEA. My mother is a real estate agent in California. and as long as I can remember I have been dragged to sunday open houses, as she was quite fascinated with not only the market, but seeing how other people lived. She now redesigns houses and spends all of her time looking a tile, or fancy kitchens, or modernist fixtures. New modern ideas of home are bare, abstract, rational I suppose, that they seem soanonymous that it seems totally inapprorpatie as personal space where inhabitants could ever feel "at home". I am interested in the ideal of dwelling, and peoples
interaction with the process and preoccupation of property. People around me seem to have addictions to places like ikea, crate and barrel, the container store, design within reach.. and other stores that sell the option of organizing your disorganized life. Our homes and possessions seems to become the surrogate mothers for our fears, dreams and desires and I would like to explore how and why that information is embedded in the meaning of those things.
And I would like to explore any or all such ideas: the house structure, its material components, and the complex range of narratives embodied by its physical space.
I would like to bring together a variety of people from a variety of different histories to talk about anything from home as ideology, the modern machine home of consumer leisure, domesticity, martha steward living, ikea, home movies, domesticity and gender, home design, architecture, and the list can go on and on and on.
If any of this sounds interesting to you.. please contact me. I would love to share thoughts.
Katie B Brody
|Wednesday, November 2nd, 2005|
I'm the moderator over at my_first_home
, until now unaware that my little community had a sister.
I live in the Worcester area of Massachusetts and I bought a 3 bedroom ranch a little more than a year ago. Money has NEVER left my hands faster than it has in the past year. I wish I had two incomes, but that would mean two jobs, or a wife, neither of which I'd really prefer to have right now. Current Mood: cheerful