Northern Virginia Roll Call

I switched mine with yours when you were asleep

 

Hot > cold

 

WRONG

 

This is why im leaving

 

my telling you that you are wrong?

 

Now I have damn water spots in my headlight. I do not feel like opening this up today

 

Thanks a lot ROB

 

https://www.youtube.com/watch?v=6NAg_Fi_q-8

 

I can confirm housing prices in Texas being great. My brother bought a house a year ago in San Antonio. Also, I know a few real estate investors down there.

 

I was gonna rent an apartment but it's the same if not cheaper to buy a really nice house with a garage 20 minutes outside the city. Just not sure if I can swing 20% down

 

20% isn't needed these days. Look at FHA (3% down) or a low downpayment conventional loan product (usually like 5% down)

FHA will have the PMI (Private Mortgage Insurance) for the life of the loan.

The conventional version of the low downpayment will have PMI until you've paid off 20% of the loan (20 because that's normally what a DP is)

I bought my 3 family house (that has 2 different tenants paying ALL of my mortgage) with an FHA loan. It was about 18k out of my pocket. Purchase price was 159k and my monthly PITI is $1,230. I lied, I pay $30 a month plus my utilities to live there. The apartment I moved out of was about 1800 a month when I add in utilities.

It's a GREAT option for "house hacking" like I am.

Edit: I used Guarenteed Rate for my mortgage. I think they're a nationwide company and will definitely loan FHA for multifamily properties. I tried rocket mortgage but they wouldn't do a 3 or 4 family, only a 2 family. That wouldn't work for me and my numbers.

 

I put 3% down on mine. It was like $4k.

Some people say you can finance the down payment too. But where is the dedication of buying a house, when you finance everything? Also make sure you get fixed rate mortgage, and no penalties if you pay it off early.

 

I never heard about financing the DP, but who knows anymore.

Definitely get fixed rate and no prepayment penalties. Mortgage rates are on the rise. I'm at a 3.75% interest rate. It was lower than that within the last year.

 

Thanks for the lesson! That makes things much more affordable. I might have to pick your brain a bit more on this stuff

 

I think mine is 3.25%. I bought 5 years ago.

Whats dumb about FHA is that you cant remove the PMI until 11 years/90% of the cost has been paid. I just recently found that out. I could refinance to a standard loan, but I dont want to start over on my balance.

 

I always thought PMI was for the life of the loan. I never heard otherwise. But again, I could be wrong. I buy houses with cash or hard money usually for my flips. This mortgage stuff is something I learned recently when I wanted to buy my own house to live in.

 

I thought PMI could be removed at 80% of paying off.. but I guess thats only on a standard loan.

 

how does the high bumper with a swing out effect the back up cam?

 

It makes it useless, but you can relocate the camera onto the swingout using an adapter plate.

 

On a conventional loan, which is not backed by the US government, PMI stays until 20% is paid off. Then goes away. This could vary I guess since some smaller "mom and pop" type banks, that did not receive any government bailout, can sort of make their own rules within reason. These kinds of banks are more favorable to investors like me.

FHA is a government loan program. The PMI is there in case the mortgagor defaults on the loan. I only knew it to stay for the life of the loan. But I could be wrong.