Real Estate: PSA regarding mortgage deferment. |
- PSA regarding mortgage deferment.
- "No nonbank is too big to fail." - Federal Housing Finance Agency Director Mark Calabria
- 3.25%
- Locked in 3.37 interest rate today
- Fannie Mae / Freddie Mac not approving less than 20% down?
- Use this time to obtain my real estate license..
- Wife and I have been looking for our first house and need some advice
- Leveraging instant equity?
- Help with Tenant/Landlord issue
- Jumbo Mortgage Rates
- Seeking advice to hold or not to hold
- Low mortgage interest rate?
- Prospective First Time Homebuyer here: Is San Diego going to get hit hard by this economic crisis, relative to other cities?
- Which lenders are good for first time homebuyer?
- Coronavirus Florida: Real estate deals in peril amid buyer fears
- Ex wants to buy me out of our duplex, what's a fair deal?
- Bought condo at the beginning of January in a new residential building that's still under construction
- Is buying a small place a bad idea?
- Asking for A Delayed Closing or Possession
- tax on sale question
- Am I too relaxed about a foundation issue
- Is all of the total rent collected taxed as income?
- Better Mortgage, yay or nay?
- How to determine the price of a 1 car garage?
| PSA regarding mortgage deferment. Posted: 09 Apr 2020 08:31 AM PDT EDIT: I meant forbearance in the title, not deferment. I don't think a lot of people realize what the repercussions are of deferring 3 months of mortgage payments. 1: It's not a forgiveness, you will still owe that money and in most cases, it's not just added to the end of your loan, it's due along with next payment after the 3 months. So there's gonna be a lot of people who need to make a 4 month mortgage payment in one lump sum right when they're trying to get back on their feet. 2: The deferred payments are "technically" delinquent and will show on your credit history. It won't go on your credit report unless you don't make the lump payment at month 4, but if you're looking to refinance and have to provide 2 years of good credit history, it may cause problems. Your credit score won't take a hit unless you can't make the lump payment on month 4, on which case, all those deferred payments will get reported and you'll be considered 4 months behind on your payments. 3: Some lenders are working at making it possible to spread the deferred payments out over a 12 month period but right now it's not common to see that. Just keep in mind that on a $1,200 monthly payment, your monthly payments for the next year will become $1,500. I think we're gonna see a lot of short sales and foreclosures in the upcoming year. Lenders are not explaining this well, so if you or someone you know is considering it, ask lots of questions. [link] [comments] |
| "No nonbank is too big to fail." - Federal Housing Finance Agency Director Mark Calabria Posted: 09 Apr 2020 04:39 AM PDT "No nonbank is too big to fail." - Federal Housing Finance Agency Director Mark Calabria But if a nonbank does find itself on the "precipice," the company shouldn't expect the FHFA to come to their rescue. "While I cannot speak for others, I certainly don't consider any of these firms to be too big to fail," Calabria said, when asked if the government would save a failing nonbank during this crisis. https://www.housingwire.com/articles/calabria-no-nonbank-is-too-big-to-fail/ [link] [comments] |
| Posted: 09 Apr 2020 07:52 AM PDT Buying a new house, currently set to close May 1st. Feel good about the house, condition, price, etc.. I'm locked in at 3.25% interest. APR is 3.39% I'm not super financially savvy, is that a good deal? My old house that I sold was 4%, so I'm obviously doing better than the last house. [link] [comments] |
| Locked in 3.37 interest rate today Posted: 08 Apr 2020 04:43 PM PDT 30 year fixed, 20% down, conventional with around 3.4 apr. Excellent credit. Was our first time applying (wow so many documents). Dunno if its considered good right now so going to apply elseware to try and push it lower. [link] [comments] |
| Fannie Mae / Freddie Mac not approving less than 20% down? Posted: 08 Apr 2020 01:07 PM PDT Hi I got pre approved for closing on a house at 5% down, got a good rate and price on it, feel really good. Well I just got a call from my broker that there's rumors that less than 20% loans will not be approved in underwriting? Can someone confirm or deny? Thanks Thank you everyone Edit since nothing has been heard of this: is there a downside to getting my loan underwritten now, prior to my closing 5/15? Edit: mortgage lender broker [link] [comments] |
| Use this time to obtain my real estate license.. Posted: 09 Apr 2020 06:21 AM PDT Hi there! I was recently by laid off (restaurant manager) and was hoping to use this time to get my license online. Realistically, I have about six weeks and want to spend less than $1,000 on the class. For the time being, my plan is to get licensed and go back to work once restaurants are open. This year I want to buy a second investment property so even if I am the agent for myself and save myself some money, I would be happy. Ultimately the future of my industry is pretty rocky and I want to have a backup plan- one that could lead me into a new career. Any recommendations on where to start? [link] [comments] |
| Wife and I have been looking for our first house and need some advice Posted: 09 Apr 2020 09:33 AM PDT Looking for our first home. Living in New Jersey and have around a 400k price range. Were pretty young so I can't recall what happened during the 2008 crash. My question is, is now the time to buy or is this the time to wait and see what happens? I see interest rates are dropping and ppl are getting 3.25% which is great but does anyone have advice on if we should wait to see if the entire housing market goes down. Our biggest fear is putting 20% down on a 400k home and in 2 months everything loses value. Any advice/ would be greatly appreciated that since we are pretty new to this and it's a crazy time. [link] [comments] |
| Posted: 09 Apr 2020 10:48 AM PDT For context, my husband and I are FTHBs living and buying in DC proper. After seven rejected offers, we snagged an off-market 3/2 rowhouse in early March. We matched the asking price of 649k and opted for a two-day inspection contingency and no appraisal or financing contingencies (yes, this made me nervous too). The appraised value came out to be 693k, 44k more than our offer. We've been deemed clear-to-close ahead of our closing date next Tuesday (4/16). Provided it was even an option in the first place, is it too late to leverage the instant equity at closing? We are prepared to assume the full closing costs, but it would be nice to have more money in our pockets if it's feasible. [link] [comments] |
| Help with Tenant/Landlord issue Posted: 09 Apr 2020 10:24 AM PDT Help with Landlord/Tenant issue Before all of this COVID stuff happening, I signed a new yearly lease with a tenant to move in on May 2020. They already paid me first month as a deposit and signed the agreement. Yesterday they asked if they could push the rental agreement one month because their plan was to list their own house for sale before moving in. But now due to covid, they say that now isn't the best time to list their home and they want to wait until June to move in. I feel like this is last minute and don't really want to accommodate it. What if their house doesn't sell next month? However, I'm not sure what the right thing to do is. I know I don't want to look for another tenant right now. But I'm wondering if I should just put pressure on the tenant to stick to the agreement they have already signed. [link] [comments] |
| Posted: 09 Apr 2020 10:20 AM PDT Any mortgage experts/lenders out there who now where Jumbo rates are sitting right now. I am in a county where the Jumbo loan is still considered conforming (765k limit). Just for an idea on the numbers the rates I have currently seen are 3.875% with no points, 550k loan, 800 credit, 95% LTV. I do get a business incentive to work with this specific lender for $7500, so technically a 1 point buy down would be put at 3.625% with a $2000 lender credit. Is this worth locking in now? I have been advised to let this float, but wanted to see what other's opinions were. [link] [comments] |
| Seeking advice to hold or not to hold Posted: 09 Apr 2020 10:19 AM PDT I have two scenarios I am trying to choose between Im looking at 1mil in commercial building with 25% down in both scenario scenario 1 : cash out now via refinance and buy commercial property when corona is over scenario 2 : wait until corona is over and 1031 exchange into commercial property, we factor in 20% price drop on all my sales which do you prefer to hold ? here are my scenario layout on excel [link] [comments] |
| Posted: 09 Apr 2020 09:35 AM PDT How exactly does the US federal government subsidize the low interest loans given to buy homes? A 30 year term should warrent a better ROI for a leaner in a typical capital market. [link] [comments] |
| Posted: 09 Apr 2020 09:32 AM PDT I (30M) live and work in San Diego (stable government job). I have a wife and 4 kids. We've been renting since we moved here 6 years ago. Currently we rent house a 3/2 for $2200 a month. Back in January we started to more seriously consider buying a house since we have started to save up enough for a FHA loan (3.5% on a roughly 450k house). I am a complete noob when it comes to real estate (and reddit) but I'm wondering what factors are at play (positive and negative) during this crisis that affect San Diego specifically. (Military town, Bio-tech companies, STR/Airbnb, tourism, etc.) To be clear, I am hoping for my fellow San Diegans that no one loses their homes due to the crisis, but I know this crisis is affecting so many and there inevitably will be a fallout. [link] [comments] |
| Which lenders are good for first time homebuyer? Posted: 08 Apr 2020 07:55 PM PDT I want to lock in a good mortgage rate with a good lender so I am ready to buy this summer. I have about 10k for a down payment $160k is my budget. Wanting to house hack in a nice area....idk which lenders to trust? Not sure how to pick one. [link] [comments] |
| Coronavirus Florida: Real estate deals in peril amid buyer fears Posted: 09 Apr 2020 08:19 AM PDT Coronavirus Florida: Real estate deals in peril amid buyer fears With the onset of the pandemic, real estate agents say deals that were in the works are encountering all types of problems, creating havoc in the market as buyers try to back out of contracts. But can buyers cancel due to COVID-19? Real estate lawyers said there isn't a clear answer. [link] [comments] |
| Ex wants to buy me out of our duplex, what's a fair deal? Posted: 08 Apr 2020 10:17 PM PDT The ex and I are in the process of splitting up. We bought a duplex together a couple of years ago, have been living in one side while renting out the other. She wants to buy me out of the house and live/maintain it herself. What is a good deal and what should I be looking for to know I'm not getting screwed? Any help would be appreciated. Edit: not sure what information would be helpful exactly. It's worth roughly $300,000 [link] [comments] |
| Posted: 09 Apr 2020 03:36 AM PDT Hi guys, Was just wondering if anyone else is in a similar situation. At the beginning of January I bought a condo in a new residential building that was about 70% done. I made a down payment of 80% and 100% for the parking space with just 20% left to pay when the condo will be handed over to me. This is supposed to happen at the end of July. I spoke with the investor and they said it might take longer due to the pandemic shutting down some of the factories they work with, mainly for interior stuff like doors (which is understandable given the current situstion). They have sold 90% of the condos in the complex so far. Now, I've checked the building and exterior is all done, just the interiors are lacking for the moment. I'm kind of worried that this will drag for the rest of the year and I won't get it in due time, my rent contract is finishing right at the time when I should be moving, not sure what to do, if I should pull out from the deal while I still can and get my money back. Thinking about them going out of business as well but I don't think that's plausible considering they are almost done... this it the first time I'm buying a condo not sure what to expect really. Any advice is much appreciated. P.S. the condo is in Europe. [link] [comments] |
| Is buying a small place a bad idea? Posted: 09 Apr 2020 06:59 AM PDT Looking at buying a small house (~430 sq ft). Live there for a few years and then rent it out. All the single family homes in the area that are up for rent go very quickly. House is in good condition and well-priced. Should we be concerned about renting it out due to the size? Thank you! [link] [comments] |
| Asking for A Delayed Closing or Possession Posted: 09 Apr 2020 06:56 AM PDT I am going to be buying my first home in what is still a hot market. Does anyone know if it is normal to ask for a delayed possession? My understanding is that the process is already taking longer than usual right now with everything going on so I'm doubting I will be able to close in less than 45 days, but who knows. If it is possible to ask for that when I submit my offer, do you think it is a really bad idea? Would the seller probably reject that offer? [link] [comments] |
| Posted: 09 Apr 2020 06:47 AM PDT Hello, quick tax-related question on a sale. Because of some unfortunate family circumstances, I have to sell a home only two years after purchasing. Sale price will be roughly 20k higher than purchase price. However, after the final accounting, I will basically receive down payment back and no more. Is the 2 of 5 primary residence rule still the law of the land to deduct any capital gain? Will I actually have any capital gain to deduct (I have reported home sales before, can't recall all the categories of what's deductible and not)? Basically, the issue is whether I need a closing date after my two year mark or whether I can have a date prior to that and not face increased tax liability. Thanks in advance for any help! [link] [comments] |
| Am I too relaxed about a foundation issue Posted: 09 Apr 2020 06:45 AM PDT Hey yall, Just got my inspection done, and the inspector discovered that with the foundation piers/cinder blocks (its a raised foundation), a decent number of them are cracked, missing mortar, and or were laid on the wrong side. The inspector was a good dude and told me on the side they'd probably be about $250 to fix each (probably looking at $3000). Realistically, that doesn't seem like a major concern to me, but I know usually the idea of "foundation issues" is a big red flag and sometimes deal killer with real estate transactions. For reference, I'm a first time buyer but this doesn't seem like killing the deal over, but wanted opinions from yall about if I should be more concerned about something listed as a foundation issue? [link] [comments] |
| Is all of the total rent collected taxed as income? Posted: 09 Apr 2020 12:37 AM PDT To expand on title question, if my mortgage payment is 1000 and I charge 1200. Is the 200 dollars what I get taxed on as it is not used to service the debt, or is it the full 1200$ Also if I do get charged on the full 1200 wouldn't it make sense to make a LLC and then have the 1000$ as expense and only show 200 profit? thanks for anyone who has honest feedback. [link] [comments] |
| Posted: 08 Apr 2020 07:48 PM PDT I'm deciding between Movement Mortgage and Better Mortgage. Just wondering if anyone has cautionary tales about either? [link] [comments] |
| How to determine the price of a 1 car garage? Posted: 08 Apr 2020 07:40 PM PDT I live in a 10 unit condo complex. Each unit has a 1 car garage (not attached to the unit). One of the other owners said he doesn't use his and would sell it to me. How can we determine what a fair price is? [link] [comments] |
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