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Old October 17th, 2009, 05:13 AM   #21
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There is also "Rural Development Act" loans (RDA for short) they are supported by the US dept of agriculture and are for putting people in homes at 0% down. check into it and see if your qualfiy www.usda.gov
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Old October 17th, 2009, 07:19 AM   #22
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I really can't recommend 0% down or down payment loans.


If you don't have 20% of the price range you are looking for, wait until you do.

Then go 15 year, not 30. The no money down loans are a big part of what killed this economy because they put people into houses they couldn't afford with no equity.


Do the math, and if the math says you can only afford a $50,000 house with 20% down and 15 yrs, then that's all you can afford. Don't kill yourself trying to impress a bunch of assholes on the internet.
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Old October 17th, 2009, 08:30 AM   #23
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Just assume that everybody in the business, from top to bottom is shifty.
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Old October 17th, 2009, 09:36 AM   #24
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From what I heard is that if you qualify for the $8,000 credit or what they call it, you need to stay in the house for X amount of years or you need to pay it back.


Is that the truth? Anyone know?
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Old October 17th, 2009, 09:46 AM   #25
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From what I heard is that if you qualify for the $8,000 credit or what they call it, you need to stay in the house for X amount of years or you need to pay it back.


Is that the truth? Anyone know?
3 years.
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Old October 17th, 2009, 09:49 AM   #26
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From what I heard is that if you qualify for the $8,000 credit or what they call it, you need to stay in the house for X amount of years or you need to pay it back.


Is that the truth? Anyone know?
Quite a few of the incentives/loan programs require that you stay in a house for X years and that it is your primary residence. They're meant to provide incentive to buy and stay in a house, not buy a 2nd house, or repair and turn around a house immediately.
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Old October 17th, 2009, 09:56 AM   #27
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When i bought my house i offered 59k less than they were asking. They Laughed at me at the time . But i endedup getting it for 51k less than they were asking for it 2 weeks later so it never hurts to lowball the seller.
That's what happened with Kate and I. The house was originally listed for $160K, then down to 120, 100, 80, 60.


We offered them $52,000 when it was listed at $59,900. They came back with $59,000. 9 days later they dropped the price to $49,900 so we bought it lol.

Now is a great time to buy if you can afford to. We were looking at renting not even a year ago. Our mortgage is about 1/4 of what we would have been paying to rent some shithole.
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Old October 17th, 2009, 09:57 AM   #28
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3 years.
I believe it's 2 years?
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Old October 17th, 2009, 10:15 AM   #29
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In my opinion I think the market has yet to bottom out. Even though real estate seems like a bargain now, without any growth in the jobs market I feel that it will continue to fall. Especially with over half of todays mortgages being underwater. I would rent for a year to see where the economy is.
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Old October 17th, 2009, 10:16 AM   #30
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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.
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Old October 17th, 2009, 10:27 AM   #31
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In my opinion I think the market has yet to bottom out. Even though real estate seems like a bargain now, without any growth in the jobs market I feel that it will continue to fall. Especially with over half of todays mortgages being underwater. I would rent for a year to see where the economy is.
X2 people buying 100k houses right now for 60k or 70k thinking they're getting a great deal are going to kick themselves in a year or two when those same houses will be going for 25k
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Old October 17th, 2009, 10:34 AM   #32
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X2 people buying 100k houses right now for 60k or 70k thinking they're getting a great deal are going to kick themselves in a year or two when those same houses will be going for 25k
If things get this bad, we're all totally fucked.
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Old October 17th, 2009, 10:49 AM   #33
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I really can't recommend 0% down or down payment loans.


If you don't have 20% of the price range you are looking for, wait until you do.

Then go 15 year, not 30. The no money down loans are a big part of what killed this economy because they put people into houses they couldn't afford with no equity.


Do the math, and if the math says you can only afford a $50,000 house with 20% down and 15 yrs, then that's all you can afford. Don't kill yourself trying to impress a bunch of assholes on the internet.
Or is was Adjustable Rate Mortgages (ARMs) that got everything as bad as it is. If you can afford the house at 5% interest and then all of the sudden the bank raises it to 15% there is no way anybody can afford it. I would imagine that if your payment was only 20% of bring home then you would be okay but it would still be hard.

I wish I would have waited to buy a house. I built one a couple years ago before the market got bad and I have more into it then what it's worth.
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Old October 17th, 2009, 10:55 AM   #34
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Originally Posted by BlooMule View Post
I really can't recommend 0% down or down payment loans.


If you don't have 20% of the price range you are looking for, wait until you do.

Then go 15 year, not 30. The no money down loans are a big part of what killed this economy because they put people into houses they couldn't afford with no equity.
That is true under normal circumstances, but in the case of buying a foreclosure for less than half of what it is worth, you are starting out with quite a bit of equity. So as long as you aren't going over what you should be able to afford, 0% down shouldn't get you in trouble.
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Old October 17th, 2009, 12:38 PM   #35
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So what does this Rural Development do for anyone? I live in one of those areas. Our neighbor has put their's up for sale instead of walking away from it. They originally wanted $489,000 for it.
With the RDA program could someone get assistance to buy that house?
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Old October 17th, 2009, 03:28 PM   #36
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That is true under normal circumstances, but in the case of buying a foreclosure for less than half of what it is worth, you are starting out with quite a bit of equity. So as long as you aren't going over what you should be able to afford, 0% down shouldn't get you in trouble.
If the market doesn't drop further, this would be good.

I'm not that optimistic. I'd rather lose a bit out of equity that lose money I owe.


I've been through hell with my house, finally (with help) negotiated payoff based on 13 yrs payments vs value drop, essentially they signed the house over free and clear because my area had dropped so far in value. There have been over 50 foreclosure within just a few blocks in the last year.
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Old October 17th, 2009, 03:46 PM   #37
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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 the house appraises at 94k and you pay 74k than you have more than 20% equity. You figure equity from the appraised value, not purchase price. I would also not go off the SEV to figure value, they are way behind in adjusting those figures in relation to the market.
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Old October 17th, 2009, 03:55 PM   #38
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Originally Posted by MonkeyBiz View Post
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 you haven't seen one of these amortization tables yet here is a link for you, http://www.bretwhissel.net/cgi-bin/amortize You can plug in the amounts and interest rates and will calculate payments and total amount paid.

Personally, I think you really should try to come up with the 20% down and avoid the PMI, that seems like one of the bigger ripoffs around. Really should try for 15 years too, only another $185 a month but will save you $40,000 in the end (using $74,000 @ 5.4%).

Last thing I would say is that realtors are paid by the seller of the house (unless you hired a buyers agent) so most don't have a real desire to help the buyer get the best deal possible.
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Old October 17th, 2009, 09:23 PM   #39
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im looking as well, this is what i found about the tax credit
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Old October 17th, 2009, 09:40 PM   #40
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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.
Mike and I bought a foreclosure and we managed to get the bank to give us a 1 year home warranty (we used it to replace a hot water heater) and an additional 5k off the agreed upon price after the findings of the inspection. Don't think you cant negotiate on Foreclosures.
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