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Home owners...

Lestat

Lestat

MVP
EF VIP
I need to stop renting and buy a place already.


The absolute cheapest things I can find in my area are 200K+

I can get about 800 sq ft for $214,000 but I am not sure if I can afford it...

I'd have to pay PMI because I'm not putting 20% down.
The HOAs average around $200 around here
then there is property tax

How do I figure out how much I can afford??
 
PM me some info.

are you paid by w-2?
how much do you make?
how much outstanding debt do you have? (cc, or cars)
how long have you been at your job?
how much are the taxes for the house you want? (or how much do taxes run in the area you are looking)
How is your credit... great, good or terrible?
 
NO, you need to speak to a loan officer and they'll tell you the maximum loan amount you can get financed for.
 
I am not going to be actually buying until August, but I want to get my wits about me for this shit so I know how much to try and save and what not.

I've got some tools at my disposal... 401k.. and other savings opportunities.. but I want to make sure i save enough.. its really easy for me to blow thousands of dollars over snowboard season.
 
ever been in the military? Can you get a VA loan?

If not, work with a mortgage borker. They're a little sleazy so watch your ass....but usdualy they can find a lender who will forego PMI with a 10% downpayment.

Some of those mofo's will do it for less...but 10% can be possible.

As to what you can afford:

Property taxes - how does your state calculate? Divide by 12 annually.

How much are you borrowing at what %? For example, 100K at 5% = $5000 per year. So your monthly payments are about $420 per month to pay the $5000, plus a small amount for principal. Throw in property taxes and you are looking at about $650 per month.

Every year, the interest becomes a slightly smaller portion as the loan balance decreases and theinterest is clauclated off this smaller amount. This is called amortization and most on-line mortgage sites have an amortization schedule.

Borrowing $200K at 7% = $14000 per year. Payments would be about $1200 per month for that, plus some small principal plus taxes. Realistically, $1600 per month.


Buying a home is NOT about what you can afford. it's about what it will be worth when you sell it.
 
mrjoker5150 said:
PM me some info.

are you paid by w-2?
how much do you make?
how much outstanding debt do you have? (cc, or cars)
how long have you been at your job?
how much are the taxes for the house you want? (or how much do taxes run in the area you are looking)
How is your credit... great, good or terrible?
Click to expand...

I can put average figures out here:

Yes, my earnings are all reported on a W-2. I work for a big company.
I make between 50 and 60K per year
Here is the breakdown of my debt:
Credit cards: about $1000.00 (I can pay that off anytime)
Car: $1400.00 this will be paid off by the end of the calendar year
Student loans: 29,000.00 (that's the big one but the interest is 3% and payments small)
I've been at my job 5 years.
Property tax rate is 1% or so... California
Gret is good. not perfect, but not poor. Score is in the mid 600s

Anything else?
 
You should easily qualify for that 215K house. You make enough income, your dti ratio is low. Even with borrowing 106% of the house, you make enough on paper to get that loan.

What everyone said about using a broker is true, you'll get the best deal, so long as you aren't stupid.

Do not pay points. Do not, do not, do not. You would be a fool to pay them, you are borrowing almost the whole value of the house, and you will refinance in two years. trust me, you will.

Do not put your info on the web. Lending tree is garbage, it is merely a computer program that sells all your info to anyone who will pay for it. If you put your info on the web, your credit will be pulled a million times, and your score will drop.

Your best bet is to find exactly how much you can swing. Check with the bank you normally bank with. They might give you best deal, as far as rate and closing costs are. You can avoid paying PMI by doing a piggyback loan.

Get your numbers in order, find a house. PM me, and I will make sure you aren't getting screwed... I'll tell you exactly what you should get.

I am not licensed in Cali, or i'd hook you up.
 
You can get an 80/20 loan and not have to carry PMI at all. Find out if there are any areas that offer tax abatement -- that'll help ease the pain initially.

Usually, you don't really wan't to go beyond 3x your income. You might be a little stretched for a 200k home with 50-60k income...
 
depending on where u are in sd, there are some very profitable real estate investments u could make... get a short sell or repo'd house and remodel it yourself while u live there. My close family friends make a living off the same thing down there...
 
Thanks everyone.

ttlpkg:

that 215K gets me a SMALL condo.... i'm talking built in 1977... 600-800 sq ft... 1-2 bedrooms... i wouldn't have a garage.. or my own laundry or anything.

Go to realtor.com and search in San Diego... see what you come up with. You'll see. The zip code I am specifically looking in is 92126. Its cheap, close to work etc.


Mrjoker:

as far as loans go.. here is another problem.

The condos I am looking at have a VERY low owner occupancy ratio... so much so that many lenders wont loan to buy them without a huge down... that just makes my job even more difficult.

And I know I can QUALITY for a 200K loan.. the question is, how much can I actually afford to pay every month.

Right now my rent and utilities is 700 per month.. that's for everything.. water, electricity, cable, etc.

my car will be paid off, so that is another $450 per month i can add.

So I know I can afford to write a check for $1150 per month and still survive... factor in the interest write off.... there is another $100 to $200..

so my total payment.. with insurance, loan, HOA, plus my utilities... can't exceed $1300.
 
As i said above, I think you're too tight for 200k.

What are you going to do if you need some major work on your car?
You get laid off?
etc., etc...

You need some "breathing" room.
 
You might have to come up with an alternative.

For 215k house, 30yr fixed term, at 6% rate your mortgage payment will be close to 1300/month. Now, that is just mortgage payment alone without property taxes , ins., and utilities.

You should seriously consider finding a repo'd house that needs work and go with that. Fix it up over the next couple years and sell it.

Depending on how long you planning on living in your first house, you may want to opt for an ARM loan.
 
Stangfriik said:
My house is twice as big and half as much. I don't see how living in Cali is worth it :confused:
Click to expand...

its not worth it at all.

I'f I could get a job in Phoenix I would in a heartbeat, I'd even take a small pay cut.


Anyone in Phoenix know of anyone looking for someone to work on a Data Warehouse team? I know some ETL but specialize in BI reporting and the related toolsets.
 
THeMaCHinE said:
As i said above, I think you're too tight for 200k.

What are you going to do if you need some major work on your car?
You get laid off?
etc., etc...

You need some "breathing" room.
Click to expand...

I agree man.. im trying to figure out exactly what it is I can afford.
 
Lestat said:
I'f I could get a job in Phoenix I would in a heartbeat, I'd even take a small pay cut.
Click to expand...

What you save on housing costs in AZ, don't you almost make up for in air conditioning bills?

Either way, I'll bake you housewarming cookies when you end up moving. Even if I have to Fedex them instead of hand-delivering them. :)
 
Ceebs said:


What you save on housing costs in AZ, don't you almost make up for in air conditioning bills?

Either way, I'll bake you housewarming cookies when you end up moving. Even if I have to Fedex them instead of hand-delivering them. :)
Click to expand...


Well, the air conditioning bill is offset by the fact that electricity there is much cheaper, plus the cost of living is 30 to 35% cheaper overall!

I'd demand the house warming cookies in person, and I'd even pay to fly you out to see me.

I'll consult you before any decisions are made though, I need to find out if you are ok with the long distance thing, and then eventually moving out to be with me. :)
 
Lestat said:


I agree man.. im trying to figure out exactly what it is I can afford.
Click to expand...

Aovid the adjustable rate mortgages and interest only deals...those are mor esphisticated istruments and are best used when you KNOW the property will appreciate.

You don't KNOW that....

You need to look at this from an investment standpoint. It;s not about what you can afford right now...if the R.E. market falls apart, you've stretched yourself and lost money. Not a place you want to be.

It;s not a buyer's market now. Tread carefully. If you can rent 12-18 more months you're better off.....
 
I CAN rent for longer, but im sick of it.. prices here continue to go up and the pool of places I can afford continues to shrink!

besides, I want the tax write off, and the opportunity to build a little equity.

I'm single and I make more then the average family household.. I should be able to afford a dumpy little condo right?
 
If you are a first time buyer, you might qualify for a low interest loan from the Federal Housing Authority..but only on the first $100,000. Around here.....the interest rate was as low as 3.75 percent on the first 100K.

Ever think of looking in other areas? Maybe looking for something you could fix-up, sell for a profit, and use the proceeds to move up?

800 square feet is aweful small. I have a 3400 square foot and I cannot imagine living in 800 ft2.....
 
Lestat said:
I CAN rent for longer, but im sick of it.. prices here continue to go up and the pool of places I can afford continues to shrink!

besides, I want the tax write off, and the opportunity to build a little equity.

I'm single and I make more then the average family household.. I should be able to afford a dumpy little condo right?
Click to expand...

Your equity is gone if the market takes a downturn.

Are the prices going up because fo supply and demand or low interest rates?
 
If the RE market drops, Interest rates might come down as well. So, If you do have an adjustable rate loan, You can either refinance at that time or just adjust lower to offset the price drop.

The two may not move in lock step but you have some relief from that.
 
MattTheSkywalker said:


Your equity is gone if the market takes a downturn.

Are the prices going up because fo supply and demand or low interest rates?
Click to expand...

supply and demand mainly... southern california is outrageous now.
 
btw 1% taxes is great. I pay over 3% here. Just another thing to consider.
 
im just guessing on that, that's what my co-worker told me.. and he owns his place... they are talking about raising them to get california out of the deficit.
 
Lestat said:


supply and demand mainly... southern california is outrageous now.
Click to expand...

it HAS been... some are predicting a leveling out of socal home prices. Remember, the prices can keep going up all they want, but interest rates can't keep going down... discount rate is already stupidly low. If interest rates go up, no one will be able to finance the inflated home prices. SD is gnarly but orange county probably has one of the highest % increases in home values, it's almost sickening.
 
From what I've read the costs is less the futher east you go but the commute is longer. Not something your interested in? You want to buy something in the mid range wherever you buy that you can improve a bit. Best things are the kitchen and bath because they bring more resale that anything else.

Damn...200K for 800 sqft.
 
dude even out East you get bent over.. i have to live within a half an hour of work max...
 
I love Cardiff, too. My father used to have a big place with high high ceilings on San Elijo Ave before he moved to Seattle.
 
yes. anything coastal is a fortune until you get up to Oceanside (dumpy marine base town...) I'd live there, except its almost an hour away!

So you gotta up north inland... Poway/Scripps Ranch to Rancho Bernardo.. to Escondido... to Fall Brook to Temecula! Many of my co-workers buy nice new homes in Temecula... but then literally spend 4-5 hours everyday in the car!!!! FUCK THAT
 
... temecula (although a huge drive) is on the up and ups right now with that new mall they built out there. I used to go out there a lot as a kid to visit people and it used to just be all undeveloped and desert'esque. Now it's bustling with business and new homes. I don't really like poway... I know a lot of shitty people from there (not to offend anyone who might be from poway...)

my suggestion: buy a place in TJ :P I think u get 99 yr leases form the mexican gov't!
 
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