First Time Home Owner Questions
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Thread created 05-22-2012 by jmkalfut
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Yup, I'm nearby there. I was just wondering about school districts. Chippewa Valley is not a bad district, but for the cost of house you're looking at, I'm going to say :-/ on the probability of...
First Time Home Owner Questions
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Thread created 05-22-2012 by jmkalfut
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5% would be around 13-14k. I think I would investigate this Conventional Loan option over an FHA loan, then have the PMI paid upfront by the seller. The maximum seller's concessions for a 5% down...
First Time Home Owner Questions
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Thread created 05-22-2012 by jmkalfut
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School district is very good in this neighborhood.
About 15k. Unfortunately, I dont have 56k for 20% down.
First Time Home Owner Questions
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Thread created 05-22-2012 by jmkalfut
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The 1.5% more isn't an issue- this is just what the mortgage folks have been telling me was "OK".
I guess that is the problem... everyone seems to be pushing for the FHA and not really giving...
First Time Home Owner Questions
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Thread created 05-22-2012 by jmkalfut
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Check out www.aimloan.com, www.amerisave.com, www.provident.com.
I personally find them to have better rates than most. Their 30 yr FHA with your value is only $4k down.
I don't know much...
First Time Home Owner Questions
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Thread created 05-22-2012 by jmkalfut
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What's the most you could comfortably pay upfront?
First Time Home Owner Questions
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Thread created 05-22-2012 by jmkalfut
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This is great advice.
First Time Home Owner Questions
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Thread created 05-22-2012 by jmkalfut
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What specific city is the house in?
First Time Home Owner Questions
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Thread created 05-22-2012 by jmkalfut
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Hello All,
Long time SlickDeals surfer for deals, but coming to you folks for some help on something completely new to me... home buying. Let me give you a scoop on what I am thinking. I am...
First Time Home Owner Questions
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Thread created 05-22-2012 by jmkalfut
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you said you don't know what a point is. 1 point = 1% you're paying the lender to give you the rate you're getting. you can pay 0 points, and have a slightly higher interest rate. make sure the 1%...
First Time Home Owner Questions
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Thread created 05-22-2012 by jmkalfut
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While FHA does provide for up to 96.50% financing, the Up Front Mortgage Insurance and monthly MI premiums are relatively high compared to conventional financing.
As a broker I am biased, but...
First Time Home Owner Questions
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Thread created 05-22-2012 by jmkalfut
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Back of the napkin calculation says you will spend $20,000 more to live in the house over the next 5 years, than you would if you just stayed in your rental. I took into account rent increases, but...
First Time Home Owner Questions
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Thread created 05-22-2012 by jmkalfut
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I'm also in the Metro-Detroit area and was in your same position 3 years ago. A few points of advice from what i went through...
-If you are smart with your money, and can save up for at least a...
First Time Home Owner Questions
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Thread created 05-22-2012 by jmkalfut
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http://www.detroitnews.com/article/20120517/BIZ/205170336/Metro-Detroit-short-sales-up-foreclosures-fall?odyssey=mod%7Cnewswell%7Ctext%7CFRONTPAGE%7Cp
First Time Home Owner Questions
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Thread created 05-22-2012 by jmkalfut
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your paying too much median sales price to $70,000
if you want to sell you need to be in a good school distrct
i would not get a Adjustable Rate Mortgage,rates are low now but they will go...
First Time Home Owner Questions
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Thread created 05-22-2012 by jmkalfut
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DO NOT do the FHA loan. There is no reason you can't save up an additional 1.5% for the down payment and go conventional (which is sounds like you already have). The rate will be a little higher,...
First Time Home Owner Questions
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Thread created 05-22-2012 by jmkalfut
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Pretty much took every word out of my mouth.
You're pulling in close to $100k per year and only putting $10,000 down? Something is off.
I don't know the Detroit market and cannot say it's...