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Old October 17th, 2009, 10:57 PM   #41
MonkeyBiz
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One of the interesting things about this place, is that it doesn't have a furnace... It has Hot water heat, a boiler in the basement, and baseboard radiators all over the house. Theres no way in hell i'm gonna pay asking price. Its been on the market for a while now, and its a buyers market right now.
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Old October 19th, 2009, 10:24 PM   #42
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Thanks for all the great info.. a little more back groun on the house I'm looking at.

It is a HUD home, and have been told by my relator, that it is a repo. I've gone through it once. As far as I can tell, there is only a small roof leak in the breeze way between the house and garage. The asking price is 74K, the SEV is 47K, then the tax year 2008. I've been told that make the house appraised at 94K. It is in a Rural Development area, and I do qualify for the zero down. After talking with the bank, I can get a 5.4% interest rate, and have to have the PMI on it until I have the 20% equity.
If your going to get an RD loan( Rural Development) you don't pay a monthly PMI payment. You pay what they call a "funding fee" up front. Usually it is rolled into the mortgage. RD is a great loan product.
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Old October 19th, 2009, 10:29 PM   #43
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One of the interesting things about this place, is that it doesn't have a furnace... It has Hot water heat, a boiler in the basement, and baseboard radiators all over the house. Theres no way in hell i'm gonna pay asking price. Its been on the market for a while now, and its a buyers market right now.
This is actually a great heat source. Much better than a forced air furnace. You get a nice even heat throughout the entire house. I strongly recommend a good home inspection. You just need to keep in mind that any house you look @ is going to need some repairs. With a good home inspection you can decide if the repairs that are needed are to much & you need to walk away or if you can handle it. Best to know before you buy than after you buy. Good luck on your purchase.
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Old October 19th, 2009, 10:49 PM   #44
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One of my best friends is a licensed Realtor in OH. I believe you are in MI, but he still may be of help to you if you'd like to talk to him. Shoot me a PM if you want this contact information.
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Old October 20th, 2009, 12:55 AM   #45
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One of my best friends is a licensed Realtor in OH. I believe you are in MI, but he still may be of help to you if you'd like to talk to him. Shoot me a PM if you want this contact information.
I have a realtor, but thanks!
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Old October 20th, 2009, 05:07 AM   #46
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PMI blows ball, we were within 18 percent or so till the market went belly up. Now I will be stuck paying 75 extra bucks a month for while unless I can refi and put another 15k or so down.
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Old October 20th, 2009, 01:10 PM   #47
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so my question is,im looking at spending about 72k and its a fha loan.i dont have 20% down so, im sure their going to make me put that pmi inc. on the loan.so how much will i be paying for the pmi inc.?
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Old October 20th, 2009, 02:50 PM   #48
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IMO Nick wait. That roof leak could be way worse then you think. With the market right now you can likely find something with more minor stuff wrong. I looked at a few already that were under 100, but were over 200 a couple years ago. Some had minor drywall work and paint was all they needed.

I wouldn't rule out a 0 down, as long as it is a fixed rate mortgage.

For what your current place costs you, I'd stick around there for awhile and just try to get a barn someplace.
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Old October 20th, 2009, 03:17 PM   #49
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Buy low, sell high.
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