School me on mortgages

NYSpeed Automotive NYSpeed Off Topic
41

Owner builder is pretty common.

42

I would rather buy a foreclosed home and remodel it to my liking.
You can purchase land with a house on it for what it costs just to build a basement on a new lot.

43

When I was broke in Buffalo, I did a SONYMA loan with M&T bank.

Basically came up with nothing out of pocket, and walked from close with like 900 dollars.

Bought a two family house and rented the upper for five years, and lived in it for free.

44

gotta change that, its OLD.

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I understand this, but, I have been renting homes for 6 years (I’ve never lived in an apartment building) so I know what I want, I know what works in a home, and what doesn’t. Also, not buying it with the girlfriend… home would be entirely in my name until we get married.
I’m pretty positive that I’m going to go with the 30 year… after PITI(priniciple,interest,taxes,insurance) I should be around $1200/mo. My plan is to make at least 2 extra payments every year… if not more.
This house will not be my only house… my plan is to live in it for 7-10 years, and then rent it out and move into something bigger with acreage.

Thanks for all the suggestions guys!

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also, I should not have even mentioned the girlfriend… her income has nothing to do with my mortgage options.

she helps out with groceries and random other bills (cable/water/electric)

45

I remember the good old days of '07 when we bought our first home with 0 down and no PMI…it’s just crazy to think they offered those kinds of products before the market tanked.

on our second house in '10 we could still pretty much say how much we wanted to put down but it would impact the rate and the PMI was there no matter what. We did 10%, then did a lump payment after a couple of years to get over 20% and drop the PMI.

you just have to watch, some lenders will require another appraisal to determine the current home value before agreeing that you have reached 20%.

i can also attest to the quality of a Wells Fargo loan. I have had no problems with them in the 4 years of time I’ve dealt with them.

46

The only bigger scam than home inspectors is PMI. I had about $350,000 cash into my house when I built it and the bank tried to charge me PMI. FUCK YOU!
I am no longer with that bank.

47

“If it’s a Ryan, you’ll be cryin”

Back on topic, sounds like you have a good plan. I don’t think any of us realized you had been renting houses not apartments so you’ve got a good idea how you want your house to function. That being the case just be thorough researching builders. I’m sure there is a “Ryan Homes” out where you live that will promise the bigger and nice looking McMansion for less than anyone else because they get there by cutting every corner possible when it comes to quality. Even after doing that be prepared to go on site a lot during the build and keep an eye on progress and workmanship.

We had PMI when we first bought our house. It was a long time ago though and worked out to $20/month on a 140k loan. I was shocked when one of my coworkers showed me how much his kid’s PMI was on a place he bought less than year ago.

48

Good! I’ve heard more horror stories from unmarried couples getting a house together and then just getting fucked when they split. I got one before we were married, but we were together for 7 years prior, and we’re getting married 4 months later. When we were first looking we didn’t want a ranch at all. We got a cape, and now never really use the second level except when guests sleep over and/or storage. So +1 to the “You don’t really know what you need until you’ve lived in a house for a while”. We also added a big doggie, and a fenced yard in hindsight would have been a good addition.

49

I know a few people that have done this, I helped. I never even thought that they had a loan, just assumed they were paying out of pocket.

50

Just to be clear I wouldn’t use Ryan, Marrano or any of the other shit builders to build even a dog house.

51

What are some good places to look at mortgages? I might be interested in re-fi

52

Use the Zillow feature for estimates. Then get 2-3 to go against each other. Its how I just got 3.125% on a 30 year with $3400 closing credit.

53

What kind of house are you building for $1200/month without putting 20% down?

Any halfway decent builder is going to be $150~ sq/ft to build.

54

It really all depends if he is shopping in a planned subdivision or if he’s independently buying land and building a custom/semi-custom home. I’ve seen newly built homes in the low-200s. They’re not high-end obviously, but decently built cookie-cutter places, built on slabs/crawlspace.

He’s also in a completely different part of the county IIRC, so things will vary quite a bit.

55

http://bigskyhomesspokane.com/two-story-homes/jasper/

it’s built on slab… water table is too high in the area to build a basement

56

Slab vs basement is like a 40k difference in price off the bat.

57

I got an estimate on just the basement poured with 9’ ceilings for a house I designed and it was 65k. The area as about 2000sqft. I knew concrete was $$$ but that was a real eye opener to my future plans.

58

I often wonder why we can’t make concrete cheaper or come up with some equal or better while cheaper alternative…

edit: that Jasper house is one of the most ugly exteriors that I’ve ever seen.

59

Concrete itself is not that much money
It is labor.

60

Sounds way out of whack. Zelasko?