the next real estate bubble is starting....you brahs in?

Originally Posted by SPDSKTR

I'm finding some pretty boss houses around our area for under $100,000. I found a 3 bed, 2 bath house with .37 acres for $99,000. I figure they'll take $89,000 for it and a loan of $120,000 would cover the house, taxes, some furniture, appliances...

Dudes. I think I'll be getting a house.

Think again. The bank isn't going to go for this.

I really want to buy and have plenty of money to do it, but I move every 3 years

Originally Posted by SLVR JDM

Think again. The bank isn't going to go for this.

So... loan for the mortgage and loan for everything else.



I wanted to keep it simple, but NOOOOOOO.

market just keeps getting better and better here.. almost 5 years after owning my house I will be able to sell for min. of 80k more then what I paid for it..

#whatsarecession #whatsaforeclosure

Bro

Originally Posted by FadeToblack

There are hard money lenders that will do it, but they want 40-50% down etc.

Show me a bank/credit union that will write a 30 year mortgage with 1 year documented income....

Got a phenomenal USDA loan (serviced by Chase) 0% down, 3% interest rate and have only been working at the lawfirm since August 2012. Credit score averaged is 790. Age 27. So go suck some **** you idiot. Loans are being handed out to those that can prove that they won't be getting a job flipping burgers at Burger King.

Originally Posted by ryanwhite74115

Got a phenomenal USDA loan (serviced by Chase) 0% down, 3% interest rate and have only been working at the lawfirm since August 2012. Credit score averaged is 790. Age 27. So go suck some **** you idiot. Loans are being handed out to those that can prove that they won't be getting a job flipping burgers at Burger King.

Took F2B's advice, bought 6 houses yesterday, now I'm rich


Off to FerrariChat suckers

Peace!

Originally Posted by ryanwhite74115

Got a phenomenal USDA loan (serviced by Chase) 0% down, 3% interest rate and have only been working at the lawfirm since August 2012. Credit score averaged is 790. Age 27. So go suck some **** you idiot. Loans are being handed out to those that can prove that they won't be getting a job flipping burgers at Burger King.

Your credit score isn't even over 800, clearly you don't lift ****.

Originally Posted by Act of God

Perfect useage.

I got my dad to co-sign and was pre-approved for $300,000... but I haven't bought a house yet. I want to buy a house I recently saw listed for sale, but I'm trying to save up more money in order to put a larger down payment and reduce the mortgage.

What's a good downpayment? Everyone has been telling me 20% used to be enough, but they are saying you need to put more down these days. If I could put 10% down and keep mortgage payments below $1,000/month I would do it in a heartbeat.

Originally Posted by Shaban

I got my dad to co-sign and was pre-approved for $300,000... but I haven't bought a house yet. I want to buy a house I recently saw listed for sale, but I'm trying to save up more money in order to put a larger down payment and reduce the mortgage.

What's a good downpayment? Everyone has been telling me 20% used to be enough, but they are saying you need to put more down these days. If I could put 10% down and keep mortgage payments below $1,000/month I would do it in a heartbeat.

20 to 30 percent. But put down what you can afford and its best for your situation

Originally Posted by ryanwhite74115

Got a phenomenal USDA loan (serviced by Chase) 0% down, 3% interest rate and have only been working at the lawfirm since August 2012. Credit score averaged is 790. Age 27. So go suck some **** you idiot. Loans are being handed out to those that can prove that they won't be getting a job flipping burgers at Burger King.

790?!!!

Originally Posted by SLVR JDM

Think again. The bank isn't going to go for this.

Likely not, but it really depends on the appraised value of the home. And, yes, there are still deals to be had at well under appraised value. Don't know if that's what he found, but don't know that it isn't what he found, either.

Originally Posted by 217Bimmer

790?!!!

You act like it matters at that point, for anything more than a p!ssing match.

I feel the realestate market was trying to rebound faster than it should, propping up inflated prices that weren't anywhere near what the market value should be.

I'm quite surprised at how quickly real estate prices appear to be climbing around here. Realtor friends tell me that if you're not coming in with at least the asking price (usually thousands more), you're not even going to get a response to your offer.

Originally Posted by GRIFFIN

20 to 30 percent. But put down what you can afford and its best for your situation

Thanks, right now I can't afford anything though lol

Originally Posted by Shaban

Thanks, right now I can't afford anything though lol

Originally Posted by VaderDave

I'm quite surprised at how quickly real estate prices appear to be climbing around here. Realtor friends tell me that if you're not coming in with at least the asking price (usually thousands more), you're not even going to get a response to your offer.

we have had an increase of 18% so far, and plan to have at least another 12% by summer.

I just tried to buy a place over the weekend. I offered 20k over asking and was outbid. Full cash offer too.

Originally Posted by that_one_guy

Your credit score isn't even over 800, clearly you don't lift ****.

Originally Posted by 217Bimmer

790?!!!

Originally Posted by Show me

Likely not, but it really depends on the appraised value of the home. And, yes, there are still deals to be had at well under appraised value. Don't know if that's what he found, but don't know that it isn't what he found, either.


You act like it matters at that point, for anything more than a p!ssing match.

Wasn't saying 790 as if it's some ludicrously high credit score...790 is pretty good, but obviously above 800 is excellent. I was saying it to give full disclosure...the 790 actually hurt me a little in my rate.