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Read Estate - Mortgate people - jnevin! Some advice and help please

Lestat

Lestat

MVP
EF VIP
Jnev, I was hoping you could help a good bro out with this.

I am going to look into purchasing a primary residence sometime next year.

The big question I am trying to answer for myself now is what price ranges should I be looking at.

I want to really buy as much as I can possibly afford.

For the purposes of this discussion, lets assume a gross annual salary of $90,000. This is a bit lower than actual income but lets say someone with that income wanted to stretch to the max, what home range would you put them into.

Assume a 20% downpayment.

I have no other debt except some minimal student loan debt. No car payment, no credit card debt (I currently pay my credit card off every month). So my main expense will be my property. I can adjust the rest of my budget to accomodate the largest possible home payment.

Does this make sense at all?

Right now I know I could afford 300K, but my question is, how high can I go realistically? I don't mind eating tuna sandwiches for a while and not going on any major vacations for a few years.
 
PuddleMonkey said:
Uh, shouldn't you be buying the smallest home in the shittiest of neighborhoods and donating the rest of your money to those less fortunate?
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Isn't that was taxes are for?

And buying a larger home means more property tax for the city.

Donating money doesn't put it to work in programs to provide educational opportunities, health care, job training, etc. Do you read my posts? Go check out some from yesterday if you'd like to get a clearer idea of my views.
 
Razorguns said:
buy the house and let poor mexicans live in your fancy $300k house you hypocrite!! lol

r
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fancy 300K house? what state do you live in? 300K here gets me a 1-2 bedroom condo at best.
 
Razorguns said:
buy the house and let poor mexicans live in your fancy $300k house you hypocrite!! lol

r
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by the way, I'm willing to give up my life to end poverty, are you?

I'm not interested in band aide solutions and short sightedness. The issues I'm concerned with will not be fixed by any single individual, its about creating a society and system that works for all of its partcipants.
 
Lestat said:
fancy 300K house? what state do you live in? 300K here gets me a 1-2 bedroom condo at best.
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To a poor illegal mexican family from the south of mexico - $300k is a mansion.

You should lead by example and let them live there. We would be so proud. I would eat my words.

Don't cop out and hide by the 'i pay taxes' crap!

r
 
Lestat said:
Isn't that was taxes are for?

And buying a larger home means more property tax for the city.

Donating money doesn't put it to work in programs to provide educational opportunities, health care, job training, etc. Do you read my posts? Go check out some from yesterday if you'd like to get a clearer idea of my views.
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lol I'm just busting your balls bro.
 
300k around here is a pretty large house....but i do live in the midwest :(

if i were you i'd find a good real estate agent and they can help you with that. they will know what interest rates and other mortgage possibilities are available at the moment. Get pre approved, makes the process MUCH quicker
 
best mortgage i have seen in a while..

10% down
a credit
interest only 5.25% 10year balloon

$240k

This is an investment property that my brother bought, the idea is that within 10 years the market would recover, and equity would continue to grow again. The PITI is well below the rent roll of the SFH in Atlanta Ga.

The original asking price for the home 2 yrs ago $420k

Good times..
 
Razorguns said:
To a poor illegal mexican family from the south of mexico - $300k is a mansion.

You should lead by example and let them live there. We would be so proud. I would eat my words.

Don't cop out and hide by the 'i pay taxes' crap!

r
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I am not asking anyone to rent homes for others. I am not asking for people in my salary range to contribute much more than they already are. Those who profit the most from society put the most money back into that society. Simple as that.

That's the ironic part, what I would like to see happen would only increase your quality of life, not decrease it. Raise up the lower class! Eliminate "ghettos" and other extremely impoverished areas. Give you less to complain about bro.

As I said and will continue to say, if it was all about one person doing something to help everyone, I'd be the first one in line. There's no need to engage in exercises of futility.
 
biggest bang for the buck is always going to be if you are the general contractor.

Cheap labor with winter coming on, and material prices are lower than 2 yrs ago.

good luck
 
Lestat said:
by the way, I'm willing to give up my life to end poverty, are you?

I'm not interested in band aide solutions and short sightedness. The issues I'm concerned with will not be fixed by any single individual, its about creating a society and system that works for all of its partcipants.
Click to expand...

Yeah by forcing me to pay for your causes.

You believe in the cause YOU act on it. Which you won't. You don't want to make the sacrifice. Which is why few of us buy your liberal hippie agendas. They're just feel-good bullshit.

When it comes to YOUR money and standard of living - you clam up real fast.

You do NOTHING for poor people. You're no different than Joe Cheeseburger. Remember that.

People in $300k houses should not be acting all high and mighty sir!


r
 
Razorguns said:
Yeah by forcing me to pay for your causes.

You believe in the cause YOU act on it. Which you won't. You don't want to make the sacrifice. Which is why few of us buy your liberal hippie agendas. They're just feel-good bullshit.

When it comes to YOUR money and standard of living - you clam up real fast.

You do NOTHING for poor people. You're no different than Joe Cheeseburger. Remember that.

People in $300k houses should not be acting all high and mighty sir!


r
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Please read some of my recent posts on the subject.

This is not my cause, in fact, my way of life is not currently impacted negatively. You, on the otherhand, love to bitch and moan about all sorts of things in day to day life LA. You just lack the forethought to fashion any sort of viable long term solution.

We're all in this together, I do not ask of others what I would not do myself. Are you even clear on what I am asking for? Let me state it clear enough for you that you do not get your head spun around so much you can't find which way is up.

Livable wages for all full time employees in this country
A progressive tax system that support programs that increase productivity in US workers, primarly through subsidized education and health care.

Its pretty simple and it doesn't involve you or I taking a hit to our quality of life, that's really the point here, we don't want to reduce one person's quality of life to help enough, we're talking about basic needs here.
 
And for someone who loves to call people sheep and clueless, your last few posts seem to have been taken directly out of the foxnews/right wing propaganda playbook. Equating viable socio economic policy with some sort of individual cause.

If you were living on a self sustaining compound and didn't use ANY outside labor, services, or infrastructure, you'd have a leg to stand on, but you are 100% dependent on others for survival, yet when it comes to ensuring that those who support you have their basic needs met, you like to take a hands off approach, sort of like you live in a vaccum.
 
Razorguns said:
buy the house and let poor mexicans live in your fancy $300k house you hypocrite!! lol

r
Click to expand...

I don't think there's such a thing as a fancy $300K house in SD, let alone most major cities.

Lestat, I'll get with you when I come bach from grabbing a sangueech.
 
jnevin said:
I don't think there's such a thing as a fancy $300K house in SD, let alone most major cities.

Lestat, I'll get with you when I come bach from grabbing a sangueech.
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awesome bro, I appreciate your help.

and yeah, 300K gets you a shack here, hardly something approaching "elite" status.
 
Honestly dude, you can qualify for up to 55% of your pre-tax income (totasl credit obligations) with a good score and verifiable reserves. It depends on how house poor you can stand to be.
 
with decent credit 35k down will get you into a 250k home very comfortably, in my area anyways!!! the great thing about a shitty economy is you have room to haggle with builders because they have to make a quota on how many homes they sell per year. my friends parents got into the home they wanted. before the economy really turned to shit the home (lot included) was 280k they signed the papers last month for 205k. most of the times if builders aren't willing to price down they'll eventually sell as "rent to own" which is a good thing for us non plat poor folk
 
jnevin said:
Honestly dude, you can qualify for up to 55% of your pre-tax income (totasl credit obligations) with a good score and verifiable reserves. It depends on how house poor you can stand to be.
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Ok so that means I can afford to spend 49,500 per year on my home, that's payment and taxes. Can you tell me what home price that puts me at?
 
Lestat said:
Ok so that means I can afford to spend 49,500 per year on my home, that's payment and taxes. Can you tell me what home price that puts me at?
Click to expand...

What's your property tax rates in your area?

For example, I pay $8100 a year here
 
gotmilk said:
For example, $650,000 at 7% over 30 years is around $4300 monthly
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that helps. At the MOST i could afford like $4000 a month I think, thats taxes, mortgage, insurance, etc.

I'd be on a shoestring budget though.
 
Lestat said:
that helps. At the MOST i could afford like $4000 a month I think, thats taxes, mortgage, insurance, etc.

I'd be on a shoestring budget though.
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Yeah, but that number does not reflect down payment, mortgage insurance, etc. Plus, some loan brokers will not do 55% any more.
 
I wouldn't spread yourself too thin.


Trust me...You don't want to "live" for a house. That payment is going to be there longer than the "big new house" feeling will be.
 
gotmilk said:
Yeah, but that number does not reflect down payment, mortgage insurance, etc. Plus, some loan brokers will not do 55% any more.
Click to expand...

Plenty will. It has to be a strong file.

Lestat, if you're looking at jumbo loan amounts you'll be fucked on the rate no matter how good your credit is. There are a few portfolio lenders that will give decent rates, but they're all ARMs and a horrendous pain to deal with. $417K will give you a P&I payment of $2433. I don't know what the taxes in your area are or what your insurance would be.
 
I would buy as much as you need, not as much as you can afford. 20-30 yrs is a long time to be eating PB&J. Leave some cushion to buy a car just in case you decide to...then take on a housemate and charge that fool 1/3...unless it's me. I'll expect the AA discount.
 
For a $350,000 loan, The payment is $2200 at 6.5% over 30yrs. The taxes estimated at $4500 per year is $375 per month. Home Owners Insurance will be at max $100 per month. If you buy a Condo, you will have Home Owners Association dues as well. Estimate those at $500 per month and you are well within qualifying ratios at 90k per yr with no debt. This assuming decent to excellent credit, which you should have if you have no debt. Do you know what your credit score is? I have owned my Mortgage company for over 10yrs and been in the business for 13yrs. Let me know what other questions you may have.
 
Dial_tone said:
I would buy as much as you need, not as much as you can afford. 20-30 yrs is a long time to be eating PB&J. Leave some cushion to buy a car just in case you decide to...then take on a housemate and charge that fool 1/3...unless it's me. I'll expect the AA discount.
Click to expand...

Thats why you bust that shit out on a 10yr loan.
 
GDF said:
For a $350,000 loan, The payment is $2200 at 6.5% over 30yrs. The taxes estimated at $4500 per year is $375 per month. Home Owners Insurance will be at max $100 per month. If you buy a Condo, you will have Home Owners Association dues as well. Estimate those at $500 per month and you are well within qualifying ratios at 90k per yr with no debt. This assuming decent to excellent credit, which you should have if you have no debt. Do you know what your credit score is? I have owned my Mortgage company for over 10yrs and been in the business for 13yrs. Let me know what other questions you may have.
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6.5% today is an assraping.
 
rnch said:
90K doesn't buy shiot in SOCAL, does it?
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I'm trying to figure out what exactly it does buy!

I've got a good nest egg of saving, so I am hoping that helps me get into something halfway decent.
 
jnevin said:
I don't know what the taxes in your area are...
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1.25%

I used to know a ton of folks in the mortgage bidness! LOL! I think a few of them are still in it though. Poor bastards.

Oh, and you'll most likely have HOA's in SD, even in a SFR.
 
the intersect of the curves of "affordability" and "desireability" is getting harder and harder to find nowadays.... :(
 
rnch said:
the intersect of the curves of "affordability" and "desireability" is getting harder and harder to find nowadays.... :(
Click to expand...
yep, i've given up on finding a place i find desirable, and will simply settle for affordable.
 
Lestat said:
yep, i've given up on finding a place i find desirable, and will simply settle for affordable.
Click to expand...
in the "real world" (not "elite e-world") most of us have to do this also.
 
rnch said:
in the "real world" (not "elite e-world") most of us have to do this also.
Click to expand...
Its a bummer. I am not unhappy, but I think I'd be happier if I had a nice 3-4 bedroom place with a yard, couple of dogs, etc.

In San Diego that just isn't affordable now unless you make 200K+ per year or are coming in with a HUGE downpayment. Nice homes run 500K on the cheap end, but realistically you are going to be close to 1M to get something that people would really consider "nice."
 
Don't buy a house in the country. Don't buy any fixer upper. Too much work in either case. If it weren't for the wife id sell off and get a cheap apt. No maintenance, low utilities, no fucking grass to mow, etc. Christ, I have 3 mowers and a freaking tractor. etc. etc. Full-time job for upkeep. Everytime I turn around I find something to spend a thousand bucks on. It's a nice place, most people that come out here are pretty pleased with it----but im not so sure home ownership is the way to go in this day and age. Of course now that im finally done with this goddamn ametyville fucking horror of a house I my as well stay. I spent 7 years remodeling this mofo that was a schoolhouse in the 1800's. I spend most of my time upstairs which is a 30x40 room vaulted to 18' high that consists of a big screen, pit group, bar and bathroom. Everything I fucking need.
 
For San Diego you are looking at something like a townhouse

There's calculators out there that factor in everything. Do a google for "how much house can I afford"

Interest rates just dropped to like 5.625% over the past week with this government bailout of fannie may and freddie mac.

Do you have a 20% down payment?
 
Lestat said:
Its a bummer. I am not unhappy, but I think I'd be happier if I had a nice 3-4 bedroom place with a yard, couple of dogs, etc.

In San Diego that just isn't affordable now unless you make 200K+ per year or are coming in with a HUGE downpayment. Nice homes run 500K on the cheap end, but realistically you are going to be close to 1M to get something that people would really consider "nice."
Click to expand...

Oh, I dunno, I get told all the time my home is "nice" and it would go for $650K. 3BR, 2.5BA, 2150 sq ft., on a golf course, so no neighbors behind us, in a very good school district (not SD). I rather like it. Sure, the beach (Torrey Pines) is 10 miles east of me, but I don't mind. I have pretty much everything I need within a mile or two (grocery stores, restaurants, etc.).

I just looked at comps, and .25 miles away in 3/08 one 1525 s/f, 3/2 home built 6 years earlier ('88) sold for $555K, and another in 3/08, 1949 s/f, 3/2.5 also built in '88 sold for $560K. I haven't seen them, but I know the area and the homes there are "nice" too. The neighborhood is pretty damn nice as well.
 
Lestat said:
Its a bummer. I am not unhappy, but I think I'd be happier if I had a nice 3-4 bedroom place with a yard, couple of dogs, etc.

In San Diego that just isn't affordable now unless you make 200K+ per year or are coming in with a HUGE downpayment. Nice homes run 500K on the cheap end, but realistically you are going to be close to 1M to get something that people would really consider "nice."
Click to expand...

Haha...You should move to Colorado.


I just had a 3100 sq ft house built 9 mo ago. and it only cost me $234,000
 
jnevin said:
fuck, that's cheap

and I live in UT
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well...parts of CO are cheap. Depends on where you go. We have a ton of CA transplants coming here all the time.


They sell their shitty lil 1200 sq ft houses for big money down there, and move up here and buy monsterous houses for the same price. LOL
 
nice little house bro
I like the cabinets
dark cherry or mahogany?
 
I just bought my first house a month ago today...
 
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