Just bought my first home!

[Mach1Chick]

I dont think i had to have PMI honestly. I asked the mortgage consultant for a Good Faith Estimate and i didnt see anything on there for that. The builder is giving me a 6% incentive to help pay for settlement and closing costs and such. Not sure if the Rural Housing Program eliminates the need for PMI or not, but im pretty sure i was never told of that.

My house is backed up to a pond so i know i wont have anyone looking in my windows either! hahaha! I also have an interior unit...9ft ceilings downstairs, garage... i could go on and on. Im so excited! I will add pictures as soon as the keys are handed over. Once yours is built, post up some pics as well!

 

[Common]

That age, NO MONEY DOWN, 4.5%, and IN THIS CREDIT MARKET!!!!!


Who did you have to kill?

 

[Mach1Chick]

That age, NO MONEY DOWN, 4.5%, and IN THIS CREDIT MARKET!!!!!


Who did you have to kill?

HAHAHAHA no one...this time:coolman:

The mortgage consultant couldnt believe how good my credit was for only being able to have credit for 2 years. I guess where i had everything switched over into my name when i was 18-19 years old?

 

[RGrossman]

ummmm, USDA loans are great if you can get them. The house needs to be in an allowed location and your income must be below a certain level. There is no PMI. I'm having a new home built right now and the location qualifies but I make to much money. Only good if you make less then 46k in my area.

 

[SnkBtn99]

Congratulations! You will not regret this decision.

Welcome to the next level of maturity !

 

[jerrad]

When I order direct tv for my house when I get it I am going to have them block that channel.

Thats a 100% must. My wife starts the project then gets frustrated so I "get" to finish it.:shrug:

 

[HYBRED]

ummmm, USDA loans are great if you can get them. The house needs to be in an allowed location and your income must be below a certain level. There is no PMI. I'm having a new home built right now and the location qualifies but I make to much money. Only good if you make less then 46k in my area.

Well, that sucks.

We really need to start talking to mortgage consultants, we have no idea what we would qualify for or anything. I hate that we're renting right now, but straight out of college we didn't have the down payment money.

 

[Mach1Chick]

Well, that sucks.

We really need to start talking to mortgage consultants, we have no idea what we would qualify for or anything. I hate that we're renting right now, but straight out of college we didn't have the down payment money.

Definitley get up with one. It does not cost you ANYTHING to get pre-approved at all. If you find a home and are seriously going to buy it, to get approved you pay around a $350-$400 application fee (thats what it is around here). Also, they can just let you know what you are qualified for or what you need to do to get gualified for something else.

 

[johnwynn]

Make sure you get a good home inspector!!!! One of the things that i found was that they did not have a shut off under the Kitchensink for my faucet. It was also copper plumbing. My dishwasher was broken and there was not a quick disconnect. I had too cut it off. I had to get a plumber to do the copper and give me fittings to replace the faucet and give me a disconnect for the dishwasher. I could of done regular PVC but not the copper.

 

[jmk97GT]

Great investment. Buying, even if it takes a long time to pay for, will always be better than burning your money when you pay rent. Congrats!

 

[piss&vinegar]

Smart move!! I just refinanced as well. Can't beat 4.5%!

 

[Cobra84]

Good to hear! I just bought a house in Feb this year, waited for it to be built, and then moved into it around late August. So i am new to the homeowner thing as well. You got a killer rate. I am not going to mention mine, but it is no where near as good. I am in Delaware too. Maybe we should get some Delaware mustang owners and meet up sometime. I am in the lower Newcastle county

 

[Cobra84]

Hmmm... if you dont mind me asking, what do they keep asking from you? Im dealing with Wells Fargo mortgage consultant, and i have been emailing her back and forth for almost a month now about homes and such. She hasnt once asked for weird things to show i meet the Rural Housing Program guidelines?:shrug:

I did Wells Fargo as well!! Great people to deal with. My agent was Kevin. Let me know if you have any questions

 

[01VNMS4v]

congrats, on your new purchase.

I bought my house alone as well 6yrs ago and it was the best thing i could have done. I was 25 at the time.

I made a lot of sacrifices as well when I first bought it, until I was able to get things going

 

[Tabres]

Geez, I just closed on my first place last month and I thought I was doing good at 5.5% fixed with 3% down at 23 years old and single...

Congrats on the awesome rate.

 

[RDJ]

At your age, first mortgage and no money down? I would bet good money that you have PMI there somewhere. it may not be listed as that specifically but having bought several houses both on the east coast and texas the chances of you not having PMI is two slim and none.

But congrats on your house. It is very exciting. take your time with what you want to do with it. don't do anything you have to put on credit. pay for all the upgrades with cash.

Also you might consider getting a roommate to help with your expenses. yes, a roommate is a pain in the ass but a roommate can save you several hundred dollars a month which can go for upgrades or those summer weekends at the beach.

If you do decide to go the roommate route interview more than one and ask for, and call, references.

I dont think i had to have PMI honestly. I asked the mortgage consultant for a Good Faith Estimate and i didnt see anything on there for that. The builder is giving me a 6% incentive to help pay for settlement and closing costs and such. Not sure if the Rural Housing Program eliminates the need for PMI or not, but im pretty sure i was never told of that.

My house is backed up to a pond so i know i wont have anyone looking in my windows either! hahaha! I also have an interior unit...9ft ceilings downstairs, garage... i could go on and on. Im so excited! I will add pictures as soon as the keys are handed over. Once yours is built, post up some pics as well!

 

[RDJ]

Well, that sucks.
We really need to start talking to mortgage consultants, we have no idea what we would qualify for or anything. I hate that we're renting right now, but straight out of college we didn't have the down payment money.

Hybred -
Texas has a "first time home buyers" program. With a bit of looking around you can get into a house pretty cheap. In todays market it is better to look around and see if you can find a NEW house rather than a pre-owned home. Many builders in Texas are still paying a substantial discount on homes because of the economy and they have two many houses in their inventory.

I bought my house for a total of something like 350.00 out of my pocket. the down payment, and ALL my closing costs came from the builder. and I have a FHA mortgage. those kind of deals are still around, you just have to look and take your time while looking.

There is also something you can do called a pre-foreclosure "short sale". These require some down payment and some additional work on your part. What they are is a lender, rather than go into foreclosure on a home is willing to take less money than what is owed on the mortgage in order to get the home off their plate. I bought a rental property this way and walked out of closing with almost 30k instant equity.

 

[04MysticCobra]

Good Ol' Sussex County. Nothing but chicken houses and Pizza places everywhere. haha. Millsboro is where i bought the home. I only go up to the Newark area when i have to go up there for work and such.

Congrats on your purchase. I looked all over Sussex county over the last year including Millsboro for property to build a home. Ended up buying in Bridgeville off route 13. Hope to build a house down there real soon. Delaware has tons of car enthusiasts. On the street where I bought my property there are 2 auto restorers, One guy into Hot Rods, another restores old Mustangs. I will feel right at home with these people once I get down there. Good luck with your new home. That's great.


2004 Mystichrome Cobra
2004 Black SVT Lightning

 

[JoePac]

4.5 fixed? i'm jealous

[email protected]@ck me...I'm at 8% I bought my house before the crash 2 years ago.:xpl:

 

[Sonic605hp]

awesome man..i'm sure you got a sweet deal based on market conditions