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Thread created 12-01-2012 by nrdk00
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Thank you very much for the helpful reply. I've paid online, and have until mid January for the balances to show 0, but I am trying to be as thorough as possible with everything. I've managed my own...
Mortgage Process
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Thread created 12-01-2012 by nrdk00
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24 Replies
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Sounds like you shouldn't buy yet.
Sorry.
Mortgage Process
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Thread created 12-01-2012 by nrdk00
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I'm avoiding going into too much detail, as it's hard to say who comes and goes on SD, but the program is a local recovery incentive program in order to rebuild neighborhoods damaged by natural...
Mortgage Process
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Thread created 12-01-2012 by nrdk00
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24 Replies
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This post can be edited by most users to provide up-to-date information about developments of this thread based on user responses, and user findings. Feel free to add, change or remove information...
Mortgage Process
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Thread created 12-01-2012 by nrdk00
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24 Replies
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Next monthly statement/cycle . Cc will report to credit bureau each monthly statement. If your credit card statement closes on Dec 3rd - by Dec 5th your credit report should show the zero balance....
Mortgage Process
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Thread created 12-01-2012 by nrdk00
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Redfin is one of the best online resources you can find. In my neck of the woods if you don't already have gas, all you have to do is contact the energy company and they will run the gas into your...
Mortgage Process
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Thread created 12-01-2012 by nrdk00
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Just noticed this portion of your earlier reply.
The reason I cannot go conventional would be because of the local incentive program offering 25% is being used as my down payment. Unfortunately,...
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Thread created 12-01-2012 by nrdk00
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The property is designed to be turn key, I went ahead and made all the selections myself and chose quality material.
As well, I work for an appliance company and get a great deal (about 60% off)...
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Thread created 12-01-2012 by nrdk00
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Pick the appliances yourself. If you do not you will get the crappiest ones they make and will have to replace them in a few years time.
Also what kind of warranty covers house settling that they...
Mortgage Process
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Thread created 12-01-2012 by nrdk00
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Thanks for the replies, both positive and negative. It's useful to get a total picture of outside opinions.
Yes, I am quite new to this and thus why I am using all of my resources (including the...
Mortgage Process
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Thread created 12-01-2012 by nrdk00
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Theres a reason its figured out on paper. Because it works. Obviously your new to this and have no idea how much life costs.
I agree with the others. You aren't financially ready quite yet.
Mortgage Process
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Thread created 12-01-2012 by nrdk00
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Do you mind disclosing what program this is? That is a killer deal and definitely one that I would not pass up, even if you have to stretch. You're young and can take the risk for the kind of...
Mortgage Process
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Thread created 12-01-2012 by nrdk00
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There's a difference to what I can afford on paper and what I can actually afford, it's just a matter of timing as the incentive program is limited access and time.
Mortgage Process
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Thread created 12-01-2012 by nrdk00
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On a 15 year FHA, you pay an upfront MI of 1.75%, but for loans with a loan to value under 78% there is no monthly mortgage insurance. On a 30 year, you pay the 1.75% upfront AND you have the monthly...
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Thread created 12-01-2012 by nrdk00
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I just closed on my home in September. I was also working in a bank at the time as a sales officer (investments, loans, etc.).
I am with you on paper vs reality. I gross somewhere around $80,000...
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Thread created 12-01-2012 by nrdk00
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Absolutely positively get an inspection after you get the keys. Do not assume its all good just because it is brand new house. If you talk to other experienced home owner they will tell you the same....
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Thread created 12-01-2012 by nrdk00
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Usually takes several days for the payment to show and get recorded. Are you paying online or by check? As soon as it posts and you can see it online that's all you need for the underwriter. They...
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Thread created 12-01-2012 by nrdk00
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Credit balances are updated once a month with the bureaus and are sometimes a month behind. Meaning if you pulled credit today, it might show what you had for a balance in October.
You'll need to...
Mortgage Process
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Thread created 12-01-2012 by nrdk00
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Thanks for the reply, sounds like you're actually in almost an identical situation, as I'm 23 years old as well :lol:
I have not and was unaware of a 'Paid in Full' letter, but that would be...
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Thread created 12-01-2012 by nrdk00
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So, I'm in process of building a new home and finalizing a mortgage.
Due to a great program in the area I'm building, I'll be receiving a 25% final sale price credit from the local government in...
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Thread created 12-01-2012 by nrdk00
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"Paid in full" does not work with revolving debt. Like I said before, the credit has to be pulled with zero balances on the cards.
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Thread created 12-01-2012 by nrdk00
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I was instructed to have at least $3,500 verifiable in my bank account prior to filing the full application to cover closing costs, which at 1.75% I should only need just over $2,600 (final sale...
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Thread created 12-01-2012 by nrdk00
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1.75% is not your percentage for closing costs. It's the funding fee that is rolled into your loan since you're doing a FHA loan. Definitely sounds like a state housing program. I know you...
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Thread created 12-01-2012 by nrdk00
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Ah, understood. Well the program has been in place a few years now and all of the local banks have everything setup and in place to make the process easier. The mortgage consultant I'm working with...
Mortgage Process
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Thread created 12-01-2012 by nrdk00
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24 Replies
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Thanks for the positive and very helpful reply. I do plan on having an inspector come in prior to close, as it has always been one of those up front costs that seems well worth the time, money, and...
