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

Originally Posted by ryanwhite74115

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.

850 is the best you can have. The 790 will not hurt you in the rate the fact you did a USDA loan is what hurt you in the rate.

Originally Posted by GRIFFIN

850 is the best you can have. The 790 will not hurt you in the rate the fact you did a USDA loan is what hurt you in the rate.

Yea the 3.0% interest (which is still quite low) could have been down to 2.8% I think ...but I'm not worried about it overall. Total mortgage with taxes and homeowners per month in a little over $1k so I still have plenty of headroom for my ripoff health insurance plan.

Originally Posted by GRIFFIN

850 is the best you can have. The 790 will not hurt you in the rate the fact you did a USDA loan is what hurt you in the rate.

Griff, whats a 30 year fixed looking like nowadays. Can you write in Michigan?

Originally Posted by GRIFFIN

850 is the best you can have. The 790 will not hurt you in the rate the fact you did a USDA loan is what hurt you in the rate.

didn't they adjust the metric to a high of 990?

Originally Posted by ryanwhite74115

Yea the 3.0% interest (which is still quite low) could have been down to 2.8% I think ...but I'm not worried about it overall. Total mortgage with taxes and homeowners per month in a little over $1k so I still have plenty of headroom for my ripoff health insurance plan.

I was just yanking your chain about the credit score.

how did you get a usda loan? are they available to anyone?

Originally Posted by King of Chicago

didn't they adjust the metric to a high of 990?

Nope

Originally Posted by Glight

Griff, whats a 30 year fixed looking like nowadays. Can you write in Michigan?

Nope. Low 3s

Originally Posted by 217Bimmer

I was just yanking your chain about the credit score.

how did you get a usda loan? are they available to anyone?

You have to be in a "rural development area" or somewhere like that. My house is not on a farm however. It's on a golf course so don't take the phrase literally.

Originally Posted by King of Chicago

didn't they adjust the metric to a high of 990?

I think you're thinking of the the FICO+ style scores.

Originally Posted by GRIFFIN

Nope. Low 3s

If it gets to 3 or less I will contact you. I'm at 3.75% now - closed about a year ago.

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.

What were the terms? 30yr? Fixed? Did you pay points?

Same here. My rate is 4.875 and I was told that I could refinance at 3.875 a few months ago but decided to pass. Too lazy to fill out paperwork, proof of employment and stuffs. Fwiw, I am in my second year of a 30 year loan term.

Originally Posted by DylloS

I need to fuucking refinance but I'm lazy as sh1t.

Originally Posted by Laylow

Same here. My rate is 4.875 and I was told that I could refinance at 3.875 a few months ago but decided to pass. Too lazy to fill out paperwork, proof of employment and stuffs. Fwiw, I am in my second year of a 30 year loan term.

You're too lazy to spend an hour gathering some paperwork that could say you $500 a month?

Sent from my SCH-I535 using Bimmer App

Originally Posted by Laylow

Same here. My rate is 4.875 and I was told that I could refinance at 3.875 a few months ago but decided to pass. Too lazy to fill out paperwork, proof of employment and stuffs. Fwiw, I am in my second year of a 30 year loan term.

i can save you money.

Griff what type of ROI do you shoot for on rentals? % wise.

Originally Posted by FadeToblack

Griff what type of ROI do you shoot for on rentals? % wise.

I just do my research to see where the property was and then cut the equity in half from what I bought it for. I figure if I can make it close to that number I did okay.

Originally Posted by GRIFFIN

I just do my research to see where the property was and then cut the equity in half from what I bought it for. I figure if I can make it close to that number I did okay.

what?

You cut your equity in half?

Originally Posted by FadeToblack

what?

You cut your equity in half?

lets say I bought a place for 150k.
It was worth at one time 300k.
The difference of that is 150k.
So, I figure if I can watch the market and sell it at 225k. I did pretty good.
If I can get more than awesome if not, I still made out pretty good.

Originally Posted by GRIFFIN

lets say I bought a place for 150k.
It was worth at one time 300k.
The difference of that is 150k.
So, I figure if I can watch the market and sell it at 225k. I did pretty good.
If I can get more than awesome if not, I still made out pretty good.

Yeah that sounds like a good formula. So your in the business of "flipping" not renting?

Originally Posted by FadeToblack

Yeah that sounds like a good formula. So your in the business of "flipping" not renting?

I now have 3 rentals. I have done a few flips just to get a bit of fast cash. I am too lazy to do a bunch of flips.