# House time... **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [January 24, 2010, 10:38am UTC](https://forums.speedlife.net/t/house-time/78569 "2010-01-24T10:38:14Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![Red99GTVert](https://avatars.discourse-cdn.com/v4/letter/r/7ea924/32.png) [@Red99GTVert](https://forums.speedlife.net/u/Red99GTVert)\ **Post date:** [January 24, 2010, 2:41pm UTC](https://forums.speedlife.net/t/house-time/78569/21 "2010-01-24T14:41:34Z")
> [@Clean Baldy](#): > > What I’ve ran into in my search for a home last he last month is that all of the houses that are out there are slim pickings. The $8k tax credit is making them go quick and it seems like everyone wants a \<$150k house right now. > > The dozens I’ve looked at and went to see were horrible. They were asking too much for a house that needed a lot of work. > > I’m getting annoyed. I would love to get the $8k tax credit as well, but to have to settle on a P.O.S. house that is being over-priced, it almost starts to not seem worthwhile. > > But, you may have better luck :tup: > > As for any of those programs, I make over $50k/yr. and I wasn’t eligible for any of them. Only Sonyma and NACA were my choices and NACA takes too long for the limited time frame we have. Sonyma has the best interest rates, and some “deals” to help with cash and interest, but there is a lot of fine print. Make sure to read it. I was looking to get an FHA loan, but this may be the better way to go. I will be getting the 8K tax credit, so i’ll be in the home for at least 3 years. I’m not sure if I plan on being there 10 years, so does anyone know off the top of their head what SONYMA programs require you to be in the home for that long? ---
**Author:** ![LZ1](https://avatars.discourse-cdn.com/v4/letter/l/7ab992/32.png) [@LZ1](https://forums.speedlife.net/u/LZ1)\ **Post date:** [January 24, 2010, 2:56pm UTC](https://forums.speedlife.net/t/house-time/78569/22 "2010-01-24T14:56:42Z")
Don’t you make 75k a year and live at home? Why do you even need a home loan? ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [January 24, 2010, 2:57pm UTC](https://forums.speedlife.net/t/house-time/78569/23 "2010-01-24T14:57:38Z")
M&T is a bunch of lazy fucks who act like you’re bothering them to do their job. Go with HSBC. ---
**Author:** ![Mankthetank19](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/mankthetank19/32/5295_2.png) [@Mankthetank19](https://forums.speedlife.net/u/Mankthetank19)\ **Post date:** [January 24, 2010, 2:59pm UTC](https://forums.speedlife.net/t/house-time/78569/24 "2010-01-24T14:59:22Z")
> [@Joe](#): > > I know of the First Home Club but I was above the income cutoff. Its somewhere in the 50s. You deposit money into an account for 10 months and it gets matched 4 to 1. I did that with M&T I received 7500 after depositing 180 in the account every month for 10 months - then I got that money back M&T was slow and they did mess up a few times but in the end, I got my house. I went through sonyma, 5.0%, and I only need to live in the house for 5 years. ---
**Author:** ![Scott](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/scott/32/7603_2.png) [@Scott](https://forums.speedlife.net/u/Scott)\ **Post date:** [January 24, 2010, 3:05pm UTC](https://forums.speedlife.net/t/house-time/78569/25 "2010-01-24T15:05:46Z")
> [@LZ](#): > > Don’t you make 75k a year and live at home? > > Why do you even need a home loan? word, pay cash man, no mortage ---
**Author:** ![n20junkie](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/n20junkie/32/7396_2.png) [@n20junkie](https://forums.speedlife.net/u/n20junkie)\ **Post date:** [January 24, 2010, 4:58pm UTC](https://forums.speedlife.net/t/house-time/78569/26 "2010-01-24T16:58:08Z")
There are alot of non-profit orgs that will have you deposit money, then they will add a very large percentage on top of that. I found this out when I went to my manditory first time home buyer classes that the bank had me go do. I lost out on ALOT of grants due to being dumb. If you want to do them, and I HIGHLY recomend that you do, you gotta get on it now. ---
**Author:** ![Spam16v](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/spam16v/32/5287_2.png) [@Spam16v](https://forums.speedlife.net/u/Spam16v)\ **Post date:** [January 24, 2010, 5:11pm UTC](https://forums.speedlife.net/t/house-time/78569/27 "2010-01-24T17:11:02Z")
bought my house between both $5800 or whatever tax credits… two years ago the beginning of next month actually. almost lost it working at my last job… :picard: ---
**Author:** ![95civiclx](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/95civiclx/32/7343_2.png) [@95civiclx](https://forums.speedlife.net/u/95civiclx)\ **Post date:** [January 24, 2010, 8:46pm UTC](https://forums.speedlife.net/t/house-time/78569/28 "2010-01-24T20:46:00Z")
Hamburg was offering up to $10k for 1st time home buyers buying a house in the village. But you have to apply for the program, and go to classes, and you cant even be looking at houses when you apply. There were income limits too. The whole process could take 60 to 90 days. I believe you had to have the house be your primary residence for 10 years or you have to pay back the whole credit. If you can jump through the hoops and your circumstances allow it, it would def be awesome. But I already had a house in mind, and didnt even bother. HSBC also had a savings program where they would match a certain amount you put into a savings account. Also had to apply, go to classes, get pre approved, and pray they give you a mortgage when you find a house. ---
**Author:** ![Eazy716](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/eazy716/32/7443_2.png) [@Eazy716](https://forums.speedlife.net/u/Eazy716)\ **Post date:** [January 25, 2010, 7:28am UTC](https://forums.speedlife.net/t/house-time/78569/29 "2010-01-25T07:28:49Z")
make sure you have 20% to put down. It’s really tough these days to get mortgage insurance which is required on any loan balance over 80%. Alot of WNY is considered “declining market” by appraisers and it’s basically impossible to get MI if an appraiser decides to list as “declining”. there is one MI company that is a little more forgiving as long as you have 690 or higher FICO, but it’s still a toss up whether they will insure or not. Another thing that I’m sure isn’t a problem for you is to make sure you have at least 2 months reserves or more. The more the better. Also note that reserves do not include closing costs which are usually a few thousand. ---
**Author:** ![Jack](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jack/32/7613_2.png) [@Jack](https://forums.speedlife.net/u/Jack)\ **Post date:** [January 25, 2010, 7:44pm UTC](https://forums.speedlife.net/t/house-time/78569/30 "2010-01-25T19:44:53Z")
> [@Eazy716](#): > > make sure you have 20% to put down. It’s really tough these days to get mortgage insurance which is required on any loan balance over 80%. Not sure how much it has changed, but I didn’t put anything down on mine. Invest your down payment into something that will make you more money than it will cost you on the mortgage. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [January 25, 2010, 8:37pm UTC](https://forums.speedlife.net/t/house-time/78569/31 "2010-01-25T20:37:52Z")
PMI :tif: ---
**Author:** ![Jack](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jack/32/7613_2.png) [@Jack](https://forums.speedlife.net/u/Jack)\ **Post date:** [January 26, 2010, 4:21am UTC](https://forums.speedlife.net/t/house-time/78569/32 "2010-01-26T04:21:37Z")
$60 a month? You can’t make that up with a $30k investment? ---
**Author:** ![JustinH](https://avatars.discourse-cdn.com/v4/letter/j/9fc29f/32.png) [@JustinH](https://forums.speedlife.net/u/JustinH)\ **Post date:** [January 26, 2010, 5:02am UTC](https://forums.speedlife.net/t/house-time/78569/33 "2010-01-26T05:02:43Z")
PMI is 27 dollars per month on my duplex, and I write it off. Not the same as not having to pay it, but it isn’t much of a deal. ---
**Author:** ![Eazy716](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/eazy716/32/7443_2.png) [@Eazy716](https://forums.speedlife.net/u/Eazy716)\ **Post date:** [January 26, 2010, 5:16am UTC](https://forums.speedlife.net/t/house-time/78569/34 "2010-01-26T05:16:00Z")
> [@Jack](#): > > Not sure how much it has changed, but I didn’t put anything down on mine. Invest your down payment into something that will make you more money than it will cost you on the mortgage. Things have changed quite a bit. I bought my house 4 years ago and didn’t put anything down. These days they want 20% down in almost all cases. Very few get away with not puting money down due to the MI companies not wanting to insure a ton of mortgages and lose out like they did last time. ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [January 26, 2010, 5:37am UTC](https://forums.speedlife.net/t/house-time/78569/35 "2010-01-26T05:37:05Z")
> [@Jack](#): > > Not sure how much it has changed… I know you’re a fucking moron, but this is pretty bad, even for you. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [January 26, 2010, 6:16am UTC](https://forums.speedlife.net/t/house-time/78569/36 "2010-01-26T06:16:03Z")
> [@Jack](#): > > $60 a month? You can’t make that up with a $30k investment? Say you got your mortgage at a good rate, 5%. Borrowing $30k extra at 5% plus $60 a month just bumped your rate up to 7.4%, a very bad rate. Not easily attainable without taking at least some risk. ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [January 26, 2010, 6:19am UTC](https://forums.speedlife.net/t/house-time/78569/37 "2010-01-26T06:19:40Z")
If it is your first home, you can do an FHA with 3% down…I did that an got a 4.875% interest rate not EXACTLY 100% financing, but pretty damn close I don’t know how expensive the houses you guys own are, but 20% isn’t an easy number to come up with. ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [January 26, 2010, 6:33am UTC](https://forums.speedlife.net/t/house-time/78569/38 "2010-01-26T06:33:48Z")
> [@LZ](#): > > Don’t you make 75k a year and live at home? > > Why do you even need a home loan? This. Do you have a raging cocaine addiction or something? lol You should have piles of money. ---
**Author:** ![Eazy716](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/eazy716/32/7443_2.png) [@Eazy716](https://forums.speedlife.net/u/Eazy716)\ **Post date:** [January 26, 2010, 6:51am UTC](https://forums.speedlife.net/t/house-time/78569/39 "2010-01-26T06:51:54Z")
> [@boardjnky4](#): > > I don’t know how expensive the houses you guys own are, but 20% isn’t an easy number to come up with. That’s exactly why they are doing it. Because they don’t want to insure so many people taking out 100% loan amounts like has happened in the last 5-6 years. Alot of those people were the ones who defaulted. ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [January 26, 2010, 8:16am UTC](https://forums.speedlife.net/t/house-time/78569/40 "2010-01-26T08:16:56Z")
> [@Eazy716](#): > > That’s exactly why they are doing it. Because they don’t want to insure so many people taking out 100% loan amounts like has happened in the last 5-6 years. Alot of those people were the ones who defaulted. . 100% loaners (both the givers and the takers) are one of the biggest reasons we’re in the mess we are in now. Buying something you can’t afford with the promise that it would appreciate 🖕Owning a house isn’t a right… fucking morons [Previous page](https://forums.speedlife.net/t/house-time/78569.md?page=1) [Next page](https://forums.speedlife.net/t/house-time/78569.md?page=3)