Real Estate: Read this if your credit score is less than 640 |
- Read this if your credit score is less than 640
- Tighter Lending Requirements = Lower Demand on Housing = Lower Prices, No?
- Freddie Mac Quarterly Forecast predicts home prices to fall 0.5 percentage points over next 4 quarters
- What to do to ensure basement is ok...
- [NC] Question about closing and recording timelines
- Will I pay any capital gains tax? Texas
- Which condo is a better investment? [VA]
- Business owner, got a loan commitment letter last year for new construction. What documents will I need for closing and what can go wrong in 2 weeks? Getting anxious reading last minute rejection stories.
- What leading indicators are you paying attention to?
- Appraisal Waiver for newly built condo - worth signing?
- Virginia real estate question
- Take advantage of forbearance, why or why not? (TX)
- Successful purchase during pandemic
- When buying a home and are pre-approved on financing, have you experienced or heard of anyone having financing fall apart on closing or before closing?
- Is this a good deal
- Florida Real Estate Classes
- 1 year in, still regret house
- Real estate agent is doing the initial and final walk through of new construction
- Understanding builder markup on homes
- Found and bought my dream home. Only realized there was noise from the main road after moving in.
- Wife has no credit score (applying for mortgage)
- 5% down, no PMI
- need advice from realtors
| Read this if your credit score is less than 640 Posted: 13 Apr 2020 02:46 PM PDT My mortgage broker told me today that she cannot finance anyone with a credit score below 640 (well not her but her companies investors). This is as of this morning. Covid-19 is fucking up the economy bad right now and I'm experiencing the first wave a homebuying fuckery. Was headed to look at perfect home for me and my wife when she told us this. She told us she will try and find a solution or another lender but this might affect the market for months to come. For rural development they're not financing anyone with a score below 660 and new construction 700. They are also suspending all in-process loans. This is not good. Anyone know what to do in my situation (besides pulling my credit up more?). [link] [comments] |
| Tighter Lending Requirements = Lower Demand on Housing = Lower Prices, No? Posted: 14 Apr 2020 09:10 AM PDT With all the news of tighter lending requirements, won't this naturally lead to less buyers and lower demand on housing? And with lower demand, lower home prices? Full disclosure: Call me a "crash wisher" or whatever you want, but I live in an area (San Dieego) where I'm completely priced out of the market right now and so a dip in housing prices would definitely benefit me as a FTHB. [link] [comments] |
| Posted: 13 Apr 2020 03:09 PM PDT
Forecast Snapshot April 2020: https://imgur.com/a/nRd8YYz Expanded Snapshot by Quarter: https://imgur.com/a/DmaERB0
Big asterisk with any forecasting of course is the assumptions that drive it:
And
Source: http://www.freddiemac.com/research/forecast/20200413_quarterly_forecast_housing_challenges.page [link] [comments] |
| What to do to ensure basement is ok... Posted: 14 Apr 2020 08:06 AM PDT I may be buying a house with living space in the basement. I've never had this before. There's carpeting and paneling. When I looked at it, there was a very slight musty basement smell, and they had a dehumidifier running. I will, of course, hire an inspector; but what, if anything, can I do prior to the inspection and what should I make sure the inspector checks to ward off any future basement issues? [link] [comments] |
| [NC] Question about closing and recording timelines Posted: 14 Apr 2020 10:13 AM PDT Hi all. I'm having a rather frustrating time with my first home purchase. My wife drove down to NC from VA where we live now to close on a house. We "closed" yesterday, the 13th. Right before closing we were informed that we can't take possession of the home until the sale is recorded. Ok, a little annoying that we have to wait a few hours, no big deal but would've been nice to know before hand. Then while signing, the closing attorney's office informs us that the sellers' payoff information hasn't made it to them, so they can't record. Now we're ~24 hours later and the payoff still isn't there. My wife is night-to-night in hotels (not great during a pandemic). We've now been informed that payoff info will make it to the attorney no later than this evening so they can record 1st thing in the morning, at which time we can take possession (I'll believe it when I see it). A few questions:
Thanks for reading and for your answers! [link] [comments] |
| Will I pay any capital gains tax? Texas Posted: 14 Apr 2020 10:11 AM PDT I plan to sell my house without a realtor (FSBO). The approx. sell value will be $300,000 (Texas). My concern is we have not lived in here for 2 years. We sold our old house and bought this house in August 2018 (21 months ago) Will I be hit with capital gains? [link] [comments] |
| Which condo is a better investment? [VA] Posted: 14 Apr 2020 10:10 AM PDT So I'm about to buy my first place, I decided on a condo- I just can't decide between two that are quite different. I want to consider what would be a better investment for turning it into a rental or an air bnb in the future- I'm buying in Ghent, Norfolk. It's just me (34f) and my daughter (9) and a cat; I'm definitely done with children One is a 2 bed 1 bath and is 940 sq ft and is the second floor of four floors- no balcony The other is 3 bed 2 bath 1250 sq ft and top floor of six floors with a big balcony and about 65k more than the other one They are basically in the same block though the bigger one is in a slightly better position and they have the same condo fee, both have a garage, and seem equally appealing to me. I can afford the bigger one pretty comfortably but I'm not sure all that extra space is necessary for me and my girl but if it means it's the better investment, then I'm all for it. [link] [comments] |
| Posted: 14 Apr 2020 09:51 AM PDT Got a loan commitment letter 1yr ago FHA Jumbo to start new construction. Builder is 99% done. I'm set to close in 2 weeks and loan officer has not asked for other documents except for final appraisal and title work to submit the full package back to the underwriter. I locked the rate at 3.49% in March and submitted all 2019 tax returns and W2, and the pulled my updated credit. The officer has not asked for any updated bank statements (biz or personal). They haven't asked for last quarter's Profit and Loss or Balance Sheet for business either. There are no other items on the conditional approval checklist regarding financial documents, just standard things like termite inspection and final credit pull before close. 1) Will they ask for my updated bank statements and the P&L and Balance sheet for last quarter, even though it's not on the commitment letter conditions? 2) I will owe significant taxes but have enough cash reserve in my savings to pay off. Right now I have about 6-8 months worth of mortgage payments in my savings and that would be depleted to 2 months if they ask me to pay off my tax balance in full. (I had plan to do a payment plan with IRS in July, since it's not due.) They had not mentioned anything about taxes. 3) What other shit can go wrong and make them deny my mortgage last minute? 4) What are my other options if I get denied at the last moment? I know the builder owns their own mortgage company also. More info: Credit high 690s to 700, Low to zero DTI, Income qualified in 2019 by using both W2 and K1 business income on my returns. [link] [comments] |
| What leading indicators are you paying attention to? Posted: 13 Apr 2020 07:55 PM PDT I am sure a good number of us here are waiting for the right time to take action but how do we know we reach that point? What leading indicators aside from unemployment rate, claims, mortgage foreclosure news, etc are you using to track the downturn? I am thinking about tracking a set of metrics? Anyone else doing this or is this not worth the time. [link] [comments] |
| Appraisal Waiver for newly built condo - worth signing? Posted: 14 Apr 2020 09:19 AM PDT Just purchased a new condo (which is just finishing being constructed), and the lender, Wells Fargo, gave us an appraisal waiver to sign. I've done some research on it, but I'm not still not entirely clear on whether or not it's worth signing. On the one hand, I don't want to hold up the move in date, which is only a few weeks away from now. But I also wonder - even if the appraisal came back way under what I'm purchasing the condo for (unlikely of course, but just as an example), I highly double the builder/lender would adjust the pricing in any way, right? Forgive my ignorance. [link] [comments] |
| Posted: 14 Apr 2020 09:17 AM PDT posting on behalf of friend. on the state of Virginia. can you grant easements on a property that has liens or judgement on it? [link] [comments] |
| Take advantage of forbearance, why or why not? (TX) Posted: 14 Apr 2020 09:08 AM PDT I own a four plex I got on an FHA loan with Flagstar Bank. They recently announced that I could get 180 days of forbearance if requested. Luckily neither myself or my tenants have been directly affected by the pandemic but you never know how the next few months will look.
Why should I not just go ahead and request the 180 day forbearance? They way I see it, I can save the 6 months worth of payments. The only potential downside I see is that my escrow balance may be low at the end of the year so i may end up owing some money. From my understanding the balance will not all be due at the end of the 180 days, rather they would work with you to see what option is best (may have increased monthly payments for a short period of time, or have them tacked on to the end of the loan). [link] [comments] |
| Successful purchase during pandemic Posted: 13 Apr 2020 01:13 PM PDT Saw a post below about a successful purchase and wanted to echo the sentiment that not all is lost, hopeless or impossible. TL;DR is that I just closed Friday with zero hiccups/ interruptions/ problems caused by Corona-19 on a 21 day escrow on a SFR in central CA (suburb of Silicon Valley, extremely HCOL). Long, long version of the story of success below. My partner and I have been looking to find a house for us an our four kids (combined family) for quite a while in a hyper competitive market. The only other house we found had 7 offers and went for $80K over asking. A basic 3/2 1,800 sq foot 1960's ranch that needs updating can sell for over $1M here, no problem. Our budget was $1.1 super stretch, though we were hoping to stay below $1M and we need something big enough for the 6 of us plus would really like some land. I am lucky to have had cash in hand for a 20% downpayment from the sale of my previous home to my ex-spouse in December 2019. My credit score is about 800, and because this was significantly higher than my partner's score, and I was able to qualify for a loan up to $768k on my own, we went with the mortgage entirely in my name. My annual salary is $110K and I am not in danger of losing my job in 2020. I had become friends with my realtor after she helped me buy my previous house in 2013 and she has shown me literally hundreds of homes in the last 5 years. I had already been in contact with and preapproved for a loan from 3 different brokers. On Friday March 20th I saw a new listing I loved on zillow for a 1974 1,867 sq foot 3/2 on .87 of an acre, texted my agent, and she got me an appointment to see it that afternoon. During our tour we wore masks, gloves and didn't touch anything in the interior. With our previous experience of losing a place we wanted, we went in with as strong as on offer as we could come up with. The house was listed at $899k and we put in an offer that night at $910K, with a 21 day escrow and offered a 6 week rent-back that the sellers wanted, with 2 weeks given free as an incentive. The selling agent showed them the offer that night and they accepted that same night and pulled the listing from the MLS as a sign of good faith. We had the home inspection done on March 24th and met the inspector on site while staying 6 feet away. They already had the pest and septic inspections done showing minimal work needed. We had another pest inspection done to see what their dollar amount was as a 2nd opinion (it came in about the same at $4k), and requested a credit on termite treating (common in my area) for half the cost and asked them to fix one plumbing issue and install new electrical panels, as the original ones were a brand known to be defective. The sellers agreed and had the plumbing and electric done before closing. Hardest thing was getting the appraisal done- the lender assigned it to one appraisal company and it was given to an appraiser who then sent it back undone. It was sent to someone else and done as a "desk appraisal" on March 27th where they apparently just used the photos online and didn't even drive by. Appraisal came in the next day at $915 or $5K over sale price, so no worries. Things went fine with the lender- at $728K loan it is considered "High Value Conforming" and not eligible for the lowest rates, but thankfully not a "Jumbo" or over $768k as we heard the lender (Quicken Loans) stopped doing jumbo rates during this period. On April 5th I locked in 3.99% on a 30 year HVC with $5,600 in lender credits. I could have bought the loan down to a lower rate but decided to take the cash now with the idea of refi-ing at some point being likely. Signed all the final paperwork on Wed the 8th via a mobile notary who came to my current home. I wanted to do a final walk through but at that point we were on full shelter in place and the sellers didn't want more people in the house and I agreed. Escrow officially closed the 10th, and we move in June 1! It can happen, even now! [link] [comments] |
| Posted: 14 Apr 2020 08:14 AM PDT I am thinking of buying my first home, and based on what I'm reading it appears that I don't understand the ways that financing could fall apart, so any stories from here would be helpful! [link] [comments] |
| Posted: 14 Apr 2020 08:12 AM PDT Been looking to secure our first office space for many months now. I was looking to pay normal price but now everthing is going so cheap. Is now a good time if I can secure a large discount on a place I like? Or should I hold out and wait? This is downtown in a big metropolitan city. Just made an offer on a place that is typically $3500-4000 per month. My business is an e-commerce startup and is doing okay with the coronavirus spread. It affects our sales but we are still going to continue business, even if this lasts for months. We have 5 employees and would like to work at an office instead of from home. I would like the internets opinion. [link] [comments] |
| Posted: 14 Apr 2020 07:51 AM PDT There's many different classes on getting a real estate agent license. Does anyone have any recommendations? [link] [comments] |
| Posted: 13 Apr 2020 05:57 PM PDT Nearly a year of living in our "new" house and still filled with so much regret and buyer's remorse. Will this feeling ever go away? Covid-19 and the potential implications on the real estate market do not help. The million dollar question is How long do we have to live here before we can move without losing tons of money? I feel like we paid $50k too much for it, maybe more. Though since it appraised out, can we assume that it's worth that much? I am not exactly looking for specific answers but more so just some support or solidarity with others who have gone through something similar. I hate that it lingers on my mind every day... I just want to be done with it! Don't want it to impact my family's day to day happiness in the meantime. Sigh... thanks for listening. [link] [comments] |
| Real estate agent is doing the initial and final walk through of new construction Posted: 13 Apr 2020 07:42 PM PDT Is there a list of things I should have them look for? Or just trust their intuition? I'm not sure how often real estate agents have to do the walk throughs for their client Edit: I am not in the area. This is an out of state purchase [link] [comments] |
| Understanding builder markup on homes Posted: 14 Apr 2020 05:50 AM PDT I realize this is difficult to answer, but with home prices expected to fall, i'm trying to understand how low they can go before the price of the house is actually less than what it cost the builder to build it. What is the typical square foot markup? To understand how much prices are inflated, I think it helps to understand how much it actually costs to build a home (labor, material, permits, etc). Obviously land is hard to generalize, but assume land is abundant. [link] [comments] |
| Found and bought my dream home. Only realized there was noise from the main road after moving in. Posted: 13 Apr 2020 05:48 PM PDT I live in a small city so I didn't except total silence but I'm worried I overlooked the noise from a main road. I didn't realize how important a quiet yard was for me. People tell me how great the house is and what a good neighborhood we're in but we're about 1.5 acres from a major road (45mph but people go faster) and I just can't get over the consistent 'hum' of the road. It almost sounds like an airport at times because it's so constant and it doesn't completely quiet down until very late at night. You can definitely talk over it and kind of forget it's there if you are working out in the yard but I always pictured having a quiet backyard where I could enjoy my morning coffee. It's loud enough that it kind of irritates me early in the morning. We visited the house numerous times before deciding to buy and I didn't notice it before but now I can't un-notice it. If I could do it again I would look for property further away from a main road but this house literally had everything else on our list. Would you say that every house has something that just needs to be overlooked or gotten over? This house and yard is perfect in every other way so I feel so guilty for feeling like we made the wrong move. I've researched landscaping that might help with the noise but I'm worried after years of waiting for the trees to grow it won't make that much of a difference. I'm just wondering if all first time home buyers feel this way about one issue or another. [link] [comments] |
| Wife has no credit score (applying for mortgage) Posted: 13 Apr 2020 09:53 PM PDT If you were to have a great credit score and your spouse have no credit score, is there anyway that you could choose to only use one specific credit score? Can you put it in only your name? (Obviously if you're married it belongs to both of you though right?) Thanks for any help [link] [comments] |
| Posted: 13 Apr 2020 11:50 PM PDT Was speaking with a friend who are interested in purchasing a house and they mentioned they were working with a mortgage broker who could get them a place with 5% down payment and no PMI. I mentioned that that is not possible that the PMI might be built into the mortgage payment but they insisted that it's not. Can anyone here provide clarity on whether this scenario is possible on a conventional loan? Thanks [link] [comments] |
| Posted: 14 Apr 2020 03:13 AM PDT Im an 18 year old about to graduate high school and very interested in becoming a real estate agent. sales run in my family and I want to carry the tradition, curious on what you guys think the best books and reads are out there for someone just starting out please and thank you! [link] [comments] |
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