All my homeowners get in here?

[Darth Nubian]

Either put down 20% or do the minimum in a neighborhood that is growing in equity, get the house reappraised when the value is 80% LTV and get the pmi dropped. Refinance when applicable. This only works if you have a conventional loan. FHA has lifetime of loan PMI.

 

[BmoreGorilla]

I went thru a first time home buyers program that put up 20k for me as a down payment. I had 8k saved up myself for a down payment so I was able to use that 20k to bring down the price of the house. Only drawback to the program is that I couldn’t refinance or sell for the first five years. But I wasn’t planning on doing that anyway. I’ve been here over five years now and wouldn’t trade being a home owner for the world. Yea the little dumb repairs add up and can be annoying. Like I just had to install a new garbage disposal which is easier than I thought it would be. Also recently one of my homeboys broke the bannister leading to the basement. But that was easy to fix too. Luckily I have a home warranty and my bro n law is a contractor so if any major shyt happens I’m covered

 

[Musty]

I rent ($800 per month for 3 bedroom rent stabilized Apartment in a decent neighborhood in Brooklyn - rooms aren't very big though), I'm thinking of buying a house.


How do you guys deal with the mental stress of the repairs never stopping?

A home warranty can help with this. Those things come in super handy.

 

[BmoreGorilla]

A home warranty can help with this. Those things come in super handy.

Yup. And they aren’t expensive at all. I pay $60 every three months. Luckily the only time I had to use it was for a new water heater

 

[Amestafuu (Emeritus)]

20% the repairs don’t stop. I feel poor

learn skills

 

[Raw Lyrics]

A home warranty can help with this. Those things come in super handy.

Home warranty?

 

[NkrumahWasRight Is Wrong]

I put like 45% down

 

[Akae Beka]

I'm rethinking buying. Initially, I did intended on renting, then buying in 3 years.
Starting next month I'll be month to month for the next 6 months. For some odd reason, I didn't get accepted for the new place I sought to rent, even though money wise and credit wise,
I should have easily.
Gonna concentrate on buying now, since my score jumped over 700(came a long way from sub 500 years ago) after student loans came out of deferment. Will focus on paying down debt to get it near 750 by the end of the summer.
In the area I want to move to, Average homes are slightly under 500k. I can afford it easily, but I think I want to change occupations somewhere down the line (doing something I love)
that may not pay as much as what I'm making now. Guess I could always sell it, cause I'm not trying to pay 3k a month mortgage into my 50s.
I'm trying to move back to the islands and live off the land by then.

I don't have 80k to throw down for down payment, most I can give is about 20k.
It SUCKS thinking you gotta live your life, just to pay off your mortgage, when you're closer to death and all

 

[R.E.N. Spells Ren]

Highly recommend looking into NACA

NACA

The best rate you'll find on a 30 or 15 year fixed. No income restrictions. No credit score requirement. Put as little as 0% down (tho if less than 20%, you pay into a fund, but it's not PMI).

Downsides: there's a max purchase price (the reason I didn't end up using them), they can be a bear to deal with

 

[Azul]

I'm at 752 FICO, my debt ratio is at 18% and I have about 65k in cash...problem is I live in NYC and I wanna stay close to work. Not sure if I can afford NYC property though, unless I go to an area with higher crime, which I don't want to do cuz I have kids.

I think I sent you a PM regarding this.

Highly recommend looking into NACA

NACA

The best rate you'll find on a 30 or 15 year fixed. No income restrictions. No credit score requirement. Put as little as 0% down (tho if less than 20%, you pay into a fund, but it's not PMI).

Downsides: there's a max purchase price (the reason I didn't end up using them), they can be a bear to deal with

NACA offers get rejected A LOT. I had an agent beg me to convince my sellers to accept their offer

 

[Mr. Glass]

3.5%

 

[UserNameless]

Don’t know how y’all are avoiding PMI by only putting down 3%-5% with a credit score that’s not even in the “exceptional” range ...

 

[BlackBall]

learn skills

Some shyt you can’t do yourself

 

[R.E.N. Spells Ren]

NACA offers get rejected A LOT. I had an agent beg me to convince my sellers to accept their offer

I know plenty who have purchased with NACA.

But it's a fair point. What's the harm in having a NACA preapproval ready in case you need it? It's probably the best loan on the market for a buyer.

I had preapproval's from three lenders when I purchased my home.

 

[the cac mamba]

I rent ($800 per month for 3 bedroom rent stabilized Apartment in a decent neighborhood in Brooklyn - rooms aren't very big though), I'm thinking of buying a house.


How do you guys deal with the mental stress of the repairs never stopping?

obviously no one wants to rent forever, but i don't believe you're "losing" if your rent is 3 digits

im paying 900 in rent now. and yeah i could buy a condo, but even if i bought the fukkin thing in cash it would still be at least 600 a month for condo fee, property tax and insurance plus repairing shyt, being tied down to it

ill buy something eventually but im not in a rush. if i was paying 1200 a month in rent id be in more of a rush