Real Estate: CFPB to eliminate DTI requirement from qualified mortgage standards - HousingWire |
- CFPB to eliminate DTI requirement from qualified mortgage standards - HousingWire
- Extreme buyer's remorse
- Should you update appliances before selling?
- CalPLUS FHA Program
- Is refinancing with my husband a good idea?
- Upgrade from 100 amp to 200 amp service?
- Is it a terrible idea to look at a a house before Im preapproved for a loan?
- Agents who work in higher-end markets: what's the profile of a buyer on the market for a $3-5m home?
- Which way should I go about this?..
- Should I skip the inspection?
- What is the value of this property?!
- Stressed out trying to buy in a sellers market with nonexistent inventory... advice?
- Site engineering costs
- Buying a home that requires repairs but multiple lenders said rehab loans are currently suspended. Any ideas?
- Should I fix the central A/C before selling?
- Should I walk away from my deposit on my NYC condo ?
- Address issue.
- In a unique situation, need some advice about buying or renting
- Taking your real estate class
- Looking to buy first condo/co-op in Queens, NY
- Worth a low ball offer??
- First time Homebuyer - Mold like growth in attic
- Turnaround time on 203k approval vs conventional mortgage?
- Home Sales Collapse 26.64% Lowest Since The Great Recession.
- Zillow question
| CFPB to eliminate DTI requirement from qualified mortgage standards - HousingWire Posted: 23 Jun 2020 09:31 AM PDT |
| Posted: 22 Jun 2020 03:01 PM PDT I never thought I would be one of those, but... I knew my house was close to an interstate. I looked at the map and thought "oh, it's plenty far, plenty of trees in the way, and we definitely aren't the closest house in the neighborhood. meh" I didn't notice the noise for some reason. I visited the house several times. I noticed it yesterday. Outside and it was loud. My eyes zoomed in on the cul-de-sac like that scene in Jaws. I can hear it inside. It's not that loud inside, but it's there. I can't unhear it. Not to mention the possible health effects on the children we plan to have. My wife thinks everything is fine. I don't. I'm going insane. We move in next week. House is 800ft best I can tell from the interstate And there's no one to give the finger to. It's my house. I can't turn around and resell it without it being a huge clusterfuck. God help me. [link] [comments] |
| Should you update appliances before selling? Posted: 23 Jun 2020 05:06 AM PDT My house has old kitchen appliances. Real estate agent wants me to upgrade them, but husband disagrees strongly and says we should sell as is. Advice? I'm torn between the two. [link] [comments] |
| Posted: 23 Jun 2020 05:27 AM PDT Need help with understanding options. I am specifically asking about help understanding details regarding CalPLUS FHA Program, but welcome information about other programs or options available to me. I have a stable (5+ years and working during COVID with WFH options indefinitely) FT salary job making $100k. My partner is in grad school at the top university in their field and ~$100k is their industry salary average for first-year grads. We are in the Bay Area and plan to buy a house end of next year. My credit score is 800+ and my partners is 760+. No negative marks on our credit history. Own our car note, no debts, and 6 month EF. We are first-time homebuyers and this would be our first/only mortgage. We are looking at 2br/2ba condos in the Contra Consta area with an ideal budget in the $300k-$600k range. We could have $50k+ saved for Down-Payment (DP) separate from other assets and savings. My understanding is that this would be within the eligibility requirements of the program and we would need around $20k for the 3.5-percent DP minimum. Here are my questions:
All advice is welcomed! [link] [comments] |
| Is refinancing with my husband a good idea? Posted: 23 Jun 2020 08:14 AM PDT I've owned a property in Austin for about 3 years. It has been a rental investment property for the past year now. When we bought the property, we applied with only me on the loan because he was currently back in school and working part time which a huge amount of private student loan debt, so it made sense to only use my credit. Since then he has really successfully consolidated his loans and is at a well paying full time gig. We are considering refinancing our home to take advantage of new interest rates, but I'm a little confused if it would be worth it or not to have him now be a co-borrower. It would be nice to have him on the title, but I'm not sure if the benefits of having 2 incomes on the loan outweigh his hefty student debt (which I am not a co-signor on in any way shape or form). I also don't know if this will affect his ability to get us a first time home buyers credit in the future. FWIW, our current interest rate is 4% and we still are just under 20% equity. We see ourselves keeping house for 5+ more years as the rental market in Austin is great. So any advice on adding him as a co-borrower or if we should refinance in general is appreciated. [link] [comments] |
| Upgrade from 100 amp to 200 amp service? Posted: 23 Jun 2020 10:07 AM PDT I am preparing to sell my house, which has 100 amp service. My brother in law is an electrician and told me I need to replace the panel. Is it better to spend the extra money to upgrade it to 200 amp? I haven't selected an agent yet to ask. Thank you. [link] [comments] |
| Is it a terrible idea to look at a a house before Im preapproved for a loan? Posted: 23 Jun 2020 07:08 AM PDT Okay, I know you're not supposed to start shopping before you get your loan but I'm an idiot and I have been scrolling through realtor.com anyways and today I found the PERFECT house for me. It has everything I've been looking for and just went on the market today and I already have enough saved for the down payment I would need! My problem is, I haven't been preapproved for a loan. I haven't been denied one, I just haven't applied for one because I haven't started my new job yet and can't provide proof of income aside from the part time job I do right now. I'm a teacher and I'm supposed to sign my contract on July 1st, but I'm worried the house will be snatched up in that one week period of time. The houses in my neighborhood are being snatched up super fast right now. Based on the millions of times I've run the numbers, this house is WELL within my budget based on my husbands income and what I will be getting once my contract starts. My husbands income and both of our excellent credit scores alone may even be enough to preapprove us for the amount we need but I'm not %100 sure. I am pretty young and know pretty much nothing about real estate aside from what I've studied online and have no one to help me so what I'm basically asking is: is it a bad idea to tour the house and get in contact with a real estate agent just so I can get my foot in the door? I really don't want this house to pass me by in a week Also, any other advice anyone can give me would be well appreciated. My dad is very against my husband and I moving because he is my landlord and obviously wants us to keep renting from him so google is my only source of info on how to buy a house and the proper ways to do everything. Update: I got preapproved through better mortgage. What are my next steps? [link] [comments] |
| Agents who work in higher-end markets: what's the profile of a buyer on the market for a $3-5m home? Posted: 22 Jun 2020 06:14 PM PDT I live in the Boston area near some nicer neighborhoods where most single family homes are listed in this range. What kind of person can afford a $5m home? With so many sold and on the market I have to wonder who's buying. [link] [comments] |
| Which way should I go about this?.. Posted: 23 Jun 2020 10:19 AM PDT Hello, I am currently seeking some advice as a first time person who is doing mortgages/refinancing on a house. I currently own a house bought by a relative where we pay him a set amount every month.. due to us not having aged credit when we needed the house, so we couldn't get approved for a loan. Currently, we are seeking a refinance/home equity loan now that our credit has aged and we have fairly good credit now. Currently the loan amount is $231,000 with 7.5% interest rate/30 yr.. which is just crazy. Now that we can get an actual mortgage done.. how do i go about this? The property is currently valued close to $300,000.. 2 applicants with both a good credit score, but when a lender pulled my score they stated it was 675, but my FICO/Experian/Transunion say 715 (I think it didn't update for this month, so that's why it showing 675 still?) Which type of loan can I get, I would need to refinance and pay my relative back then pay it off. For example.. I get the money from the loan company via check, pay the relative back and then start paying the rest with the lender at a lower interest rate. Which loan should I look into? I was looking into a 15-year fixed rate with a 2.75% rate since it would be little lesser than how much we actually pay, also half of what we do right now.. we will pay the escrow fees/insurance ourselves. I was hoping to just straight up refinance with a 2.75% rate / 15-year.. but how would I refinance and pay my relative back? Does the company write me a check when I refinance to pay him back? [link] [comments] |
| Posted: 23 Jun 2020 10:18 AM PDT I'm under contact for the duplex immediately next door to my own. It is essentially identical to mine, but it was almost completely renovated on the inside about five years ago, including foundation repair and new electrical and plumbing. I'd like to save a little money as I have had a few deals that fell through and have had to eat the costs of the inspections and appraisals on those. Would it be wise to skip the inspection in this case? [link] [comments] |
| What is the value of this property?! Posted: 23 Jun 2020 10:00 AM PDT Me and me fiancee have been house hunting for a while now. We have found a house that we both like, but does need some small work to make it ours, and it is little low on square footage. However, it does have a pretty good size garage, We are prepared to offer $108,000 but the realtor said they would not accept that, and we are considering countering at $110,000 but is it too much at ~$105/square foot? [link] [comments] |
| Stressed out trying to buy in a sellers market with nonexistent inventory... advice? Posted: 22 Jun 2020 07:07 PM PDT (South suburbs of Chicago area.) Ah, the double edged sword of selling in a sellers market so easily... and then not being able to buy anything. We currently have a place to rent temporarily, but it's not ideal and we'd love to buy a house ASAP. But... there's nothing. Even if we look for houses 20k+ our price range. Even the stale listings are getting sold. Any house that goes on the market is sold immediately. (Hell, we sold our house in 22 hours.) I know it's the pandemic and everything, but I'd love any advice or just words of hope if anything haha. It's pretty hard on your spirits when you want to move so bad but have no options. How long does the turnaround usually take for the market? Is there any hope that inventory will go up later this summer or in early fall? Is trying to buy a house in the holiday season/dead of winter even worse? The feeling of being stuck in limbo is so.. unsettling. [link] [comments] |
| Posted: 23 Jun 2020 05:42 AM PDT I'm looking to get some opinions on site/lot engineering costs. We are developing 26 acres with 7 x 3 acre lots with a public road. Engineering costs for the site came in at $6k per lot, $42k total. Initially when we spoke they said it was going to be around $19k, I asked for a reason as to the increase? They said the amount of lots and public road were the reason and that $6k a lot was reasonable. I have no reason to distrust them, it's just a lot more, so I wanted to make sure pricing was inline. I'd appreciate any information, this is in suburban western NY. Thanks. [link] [comments] |
| Posted: 23 Jun 2020 09:26 AM PDT Hello Reddit, so I'm in the market for a home. There's a house I found in Belmont, NC that's in a very good location but requires some repairs (lower income buyer here). I spoke with 2 lenders who both informed me all rehab loans have been suspended, due to COVID-19. Are there other solutions available, should I buy a home requiring some repairs? Thank you all for your input! [link] [comments] |
| Should I fix the central A/C before selling? Posted: 23 Jun 2020 09:21 AM PDT I am in an extreme seller's market right now. Everything has multiple offers. I am about to list and one of my central A/C units just broke down. I am very hesitant to fix it and put money into it and would rather give a buyer a credit for $5000 during the inspection period. My realtor feels I should fix the central A/C before listing, but finally left the decision upto me. It is his opinion that it would sell very fast either way. [link] [comments] |
| Should I walk away from my deposit on my NYC condo ? Posted: 23 Jun 2020 09:19 AM PDT |
| Posted: 23 Jun 2020 09:10 AM PDT Hello, I've posted here in the past about dealing with a bad realtor and got a lot of good advise. We are closing this Friday, all the paperwork is good to go, seller signed everything, we just need to meet up with the title company to sign our portion but I have one issue and I don't trust the realtor and the bank / title company are going on her word.(in the past, realtor has lied about everything, refused to do many things... just bad all over) We have 6 documents from the realtor, half have the address with city "A", the other have city "B". The official land survey says city "B" but the realtor is insisting that it's city "A". She said something about it being a different county but the mailing address is different... I don't know. I live in Sheboygan Wisconsin, small town of 50k. Sheboygan county stretches for 20-30 miles in all directions. In the county area, there are many towns, of which are town "A" and "B" which are right next to each other and are very small, (one with a population of 60 and the other of 200). We've had to do 5 amendments already, all for mistakes that she made on the original paperwork. Not changes, mistakes by just not filling something out or guessing or just plain and simple typos. How do I figure this out? I would have thought that the land survey would be the place to check. If I call the city or county... will they not refer me to the land survey documents? With COVID and dealing with very small towns, it's hard to get ahold of a person to ask at times. Thanks [link] [comments] |
| In a unique situation, need some advice about buying or renting Posted: 23 Jun 2020 09:00 AM PDT Currently my boyfriend and I live in a 3 bed apartment in Richardson with a basement. It's huge and nice and we are lucky to have it. About 3 weeks ago we were talking about potentially buying a house for not much more than 250K. We looked at some houses since then, and we wanted to get a 4 bed 3 bath so we could rent it out in the future. I have about 54k in an investment account and 30k in another account I'm not investing, and some of that 30k is going to tuition for my senior year (and a house if we end up buying). Yesterday my boyfriend's job offer got rescinded due to problems with COVID-19, and we were kind of relying on that and he is trying to find another job now. He has a job, but it's not really related to his field of study. I do not have a job. We both have credit above 720. He's currently taking 2 summer classes so he can graduate college in August of this year, and I have one more year until I graduate from college in Spring 2021. We were hoping to buy a house in August for when our lease is up, but now that job offer has been rescinded we don't know if we should still try to buy or keep renting this apartment for another year. [link] [comments] |
| Posted: 22 Jun 2020 10:59 PM PDT After taking the real estate class, will the place you take the class help you find a job and get started in real estate if you pass the exam? If not, how do you get started after getting your real estate license? [link] [comments] |
| Looking to buy first condo/co-op in Queens, NY Posted: 23 Jun 2020 08:18 AM PDT Been renting for 8 years or so in Astoria, NY--I'm 33 and currently single. I've been thinking it's time to stop renting and invest in a solid 2-bedroom for myself and future. I've always been worried that I'll forever be priced out of the housing market in Queens. I'm in a secure NYC teaching position and currently make around mid $90k. I have personal stocks around 30k in mostly blue chips. Art assets that could be liquidated for around $10k. Also have cash in an account around 10k. My personal teaching differed pension plan (different and voluntary from own regular pension plan) is about 26% of my bi-weekly check and has accrued close to 80k, which I could borrow against.
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| Posted: 23 Jun 2020 08:08 AM PDT House is in a sellers market, been on the market for 140 days and has fallen through contracts 4 times. Worth a low ball offer? Listed at 185. Sold by Opendoor. [link] [comments] |
| First time Homebuyer - Mold like growth in attic Posted: 23 Jun 2020 08:06 AM PDT Hi everyone. I'm a first time homebuyer so I don't have any experience with these issues so just hoping someone on here can give me their 2 cents on this. I'm supposed to close next week. I hired a home inspector who found "mold like growth in the attic". It was not a lot at all, just a little bit at the point of the roof where the two sides connect. Most of it was around nails. The sellers said that they believe it to be just oxidation around the nails, but they had someone bleach clean it anyway. My realtor wanted me to get it tested, but there is nothing to test now that it is bleached. Is this something I should be overly concered about? Also, seller has a attic fan that has not been running, so that could maybe be a factor in all of this. If anyone has any experience with an issue like this I'd greatly appreciate your input. Thanks. [link] [comments] |
| Turnaround time on 203k approval vs conventional mortgage? Posted: 23 Jun 2020 08:03 AM PDT I know the estimates, drawings, etc. necessary to obtain a 203k mortgage. But what's the general turnaround time from application > approval vs. obtaining a conventional mortgage? it's been 25 years since I obtained a 203k and I honestly cannot remember. [link] [comments] |
| Home Sales Collapse 26.64% Lowest Since The Great Recession. Posted: 23 Jun 2020 07:50 AM PDT KEY NOTES: Sales of existing homes in May fell 9.7% compared with April, to a seasonally adjusted annualized rate of 3.91 million units, according to the National Association of Realtors. Sales were down 26.6% annually. That is the largest annual decline since 1982, when interest rates were about 18%. It is also the slowest sales pace since October 2010. [link] [comments] |
| Posted: 22 Jun 2020 12:31 PM PDT I have seen on a couple properties that the property is listed, then it says pending offer then it says off the market instead of sold. Also the last sold date is listed as years prior. Does that mean that the pending offer fell through or is that normal to see when the pending offer has gone through? [link] [comments] |
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