but if you look into this area it’s more like 6.3% as of right now according to bankrate.com and they best you’re ever going to see is about 5.5% on a traditional loan in these parts I predict… (maybe FHA/sonyma might drop into the high 4s)
Yea… ok.
Called up my buddy & old co-worker - 620+ fico, 60% dti, 30 year will get you a 5.375 if you’re able to cough up 20% down.
Of course, he is in the business of adding points on, because that is what we were incented on.
I was looking at 5% down… so with 20% it might be a little better. add points on and now you sound even more realistic.
It’s a PITA to go through though (I’m just maybe if I’m lucky finishing up a SONYMA loan myself). It might just be because my mortgage processor and paralegal are retarded but the 5 grand of closing cost assistance is not worth the shit I’ve had to go through.
forget the $5000 in cash… the real benefit is avoiding that and getting .5% lower rate. in my case that saves me $50 a month for 30 years.
I wish I had a terminally ill relative with good credit. I’d have them buy a baller ass house with an interest-only ARM, pay for it, and live in it for next to nothing with the rates going this low for a few years. When it comes time to get saddled with the real payments, mail in the keys.
LoL hell yah.
I think I will try to save up a good 25-30K in the bank, and then work part time to finish up my master’s degree and make less then the 41K a year. (Only working part time of course.) Find a nice 200K house, throw my 30K down and get a sick interest rate. 
Next year pull in my 80K+ for working full time…
Depends what the house you bought costs. For me the $5k was worth taking the half a point hit.
We did that with some buyer concessions, I only had to come out of pocket with $1700 to get into the house.
income =/ bonus, yes?
^ I think they ask for your W2s
only if your bonus is 1099, and they don’t ask for copies of tax returns.
Tax returns and pay stubs. I think by the time it was finished they needed the last 3 months of pay stubs and 3 years of tax returns.
Fuck.
it’s not better, it’s just the only way you could afford it (said with no offense).
you do realize how much that half point will cost you over the life of the loan… a hell of a lot more then $5k at $40-50 a month extra.
with that said, if it’s the difference between getting the house and not getting it - then you made the right choice.
even I did concessions, mostly to make sure I could get the lower rate and keep some decent cash in the bank after closing.
damnit, i thought i was being smart by jumping on a 6% loan.
i shoulda held out longer.lol
Fry summed it up pretty good. Do the math before you jump in head first and end up costing me more!
BUT ITS THE GOVERNMENTS JOB TO PROTECT ME FROM MY OWN STUPIDITY!!!11111ONEONE
Thats not bad at all. Talk to some of your relatives some time and ask them what they have from back in the day… My in laws purchased their home when 13% was the going rate :eek: I couldnt imagine…
Take a look at this sometime: http://www.mortgage-x.com/general/indexes/prime.asp
Jeller
Well it looks like I’ll be closing next Friday on my Sonyma which is exactly 2 months after I put the offer in. The realtor said this is the smoothest Sonyma loan she’s seen…I laughed. I guess they usually take 3 months or so. Just prepare for it.