FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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OP i'm a little confused, you stated you make $40k/year, but here it looks like you TAKE HOME $3,000 per month. At $40k/year I would think you take home considerably less.
What do you actually...
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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Not sure what you mean by Retail Loan? You can go to a Retail place and get a FHA loan or a Conventional loan. Also not sure where you're coming up with 35% down, but like it's been said here...
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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You don't need 24 months of employment to go FHA.
You can do it, but you're going to have a tough time.
If your income is $40M, that is $3333/mo before taxes. Assuming you go FHA, put 3.5%...
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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And those MF Funds are liquid, much more diversified, and have a lot less risk too.
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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Im still not confident we are at rock bottom prices. They said that 2 years ago when i bought and they dropped another 20% here.
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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That would be an old way of thinking. Nationally over the last 5 years, the value of a house has not appreciated, it's depreciated. Now house prices should appreciate, but it's not likely you are...
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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While I agree with Dr. Rowlett's opinion that is should be scrapped (and that we should adopt the metric system formally), he is wrong in the context of finance. I respect his background and bredth...
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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K
an informal abbreviation for one thousand used in
expressions where the unit is understood, such as "10K
run" (10 kilometers) or "700K disk" (700 kilobytes or
kibibytes). Note...
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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Thanks!
Do you know if organizations would have stricter requirements if income increased 30% (with the same employer) over the last two years' tax returns?
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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No I think current income is all they care about. The downpayment talks mostly though. A large one will ease their fears about your ability to pay it back more. (ie 35% vs 5%). Cuz with that down...
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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Ok I am 27 and I am looking to buy my first house really soon. To qualify for a FHA loan I believe I need 24 months of employment but I only have 20 months so far. Should I wait the extra 4 months...
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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Well if I shouldn't buy a house at this time, how can I turn my 100k into 1 million? lol
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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Don't buy a house as an investment.
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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dude please change those "M" into a "k"
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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In Standard American English (SAE) measurement, M = thousand and MM = Million.
k is a metric unit of measure and isn't compliant with use for U.S. Dollars. If we were having a discussion in Euros...
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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Yes house prices are rising slightly, they typically always do in the summer - and fall again in the winter. A house of that cost sounds way to expensive for you. I make much more than you, put 35%...
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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Should I just invest in an Antioch house as a rental unit then? They are about 150-200k. I'm worried that if the housing market does go up, Antioch would be one of the last places that will rise as...
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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I have no other debts and if needed I have another 100k available to cushion the stress in the mean time. I was thinking maybe I can rent out a few rooms or the lower portion of the home and recover...
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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SF Bay area though...400k is pretty cheap unfortunately. I don't get it.
But yea, they only wanted last 2 pay stubs.
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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Last 2 stubs if i recall. My loan is with BOA.
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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How many months of pay stubs are generally needed to prove income?
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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Without more information, it is really tough to say. You could get a payment somewhere around $1000 for the house, but then you'll have to add taxes, insurance, etc. to the bill and calculate out...
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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What if I decide to move further down south to San Jose, CA? I see a few for 325k that are decent. If I down 100k, my monthly would be around $1400 including property tax and insurance. If I make...
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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Some good replies here.
OP, while you have a down payment you really do not have the income to carry a loan of any substantial size.
Conventional financing ratios are up to 45% ; so a total payment...
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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That is a whole other scenario with a 225k loan amount.
Lots of opinions on whether or not now is a good time to buy.
In every case you need to look at your own personal 'big picture' and whether...
FHA loan or Retail loan?
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Thread created 07-10-2012 by d0min0
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Technically that's an incorrect statement. If you leave your $100k in the bank even at a good rate, say 1.25%, in 5 years it will actually be worth less due to inflation.
Not only that, but the...
