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Old December 30th, 2014, 11:41 AM   #1
AJ Hall
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Default Home loans...

As soon as I get my W2s I am going to try to get pre-approved on my first house. I'm pretty set on a rural development loan because of the low fixed interest rate. But does anyone on here do mortgages or have any better suggestions?

I'm not looking to put a whole lot down or spend more than 150k...
I want to be no farther east than Attica, no farther North than North Branch, No farther South than Metamora, and no farther West than Hadley/Elba.

Thanks :)
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Old December 30th, 2014, 11:50 AM   #2
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You can get a w-2 for fist fulls of change?
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Old December 30th, 2014, 11:51 AM   #3
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Rural development loans are a pita because of paperwork. A cleaner conventional loan is much more appealing to a seller.

I was the only one to put an offer in on my home with a conventional. Guess who got it?
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Old December 30th, 2014, 12:06 PM   #4
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are you building? what is the rural development loan of which you speak?

We just bought our first house in august. used the VA loan. Which was actually the easiest part of the loan. the bank was a PITA (used my bank, Chase). I would recommend not to use them... I should have used USAA...
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Old December 30th, 2014, 12:20 PM   #5
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Chase was not a big deal for me...
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Old December 30th, 2014, 12:29 PM   #6
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Chase was not a big deal for me...
my biggest issue was the dude in arizona. he kept dropping the ball on paper work and telling me the day before closing he needed a inspection receipt etc... (that he had) I re-forwarded him the initial receipt. my closing was rescheduled 3 times because we was flaky and scattered.

my local guy was cool. other than the under writer assistant guy in arizona I had no issues.
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Old December 30th, 2014, 12:56 PM   #7
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Rural development loans are a fixed rate regardless of credit(just have to have a 620 or higher I believe to qualify. They are for rural areas within a certain population amount. My cousin and friend just bought there houses in Lapeer last summer and it worked great for them. I would do FHA but I hear the guidelines are more strict and you need at least 3.5% down.
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Old December 30th, 2014, 01:02 PM   #8
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I used an RD loan without issue, for the simple fact of it being the lowest interest at the time. It was 4 years ago so I don't know if things have changed but it wasn't a big deal at the time.

If you can't affird 3.5% down you are asking for trouble when the first issue pops up. Not to mention if you are looking in the 150k range there should be no issue with that small of s down payment.
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Old December 30th, 2014, 01:34 PM   #9
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I used an RD loan without issue, for the simple fact of it being the lowest interest at the time. It was 4 years ago so I don't know if things have changed but it wasn't a big deal at the time.

If you can't affird 3.5% down you are asking for trouble when the first issue pops up. Not to mention if you are looking in the 150k range there should be no issue with that small of s down payment.
Has nothing to do with having the money. Just that I would rather not put it down. Id prefer to find something around 70-90k and use some saved up money to fix it up to my liking.
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Old December 30th, 2014, 01:38 PM   #10
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Has nothing to do with having the money. Just that I would rather not put it down. Id prefer to find something around 70-90k and use some saved up money to fix it up to my liking.
In that case you might want to narrow you budget window down, $70,000-$150,000 is a large window to search in.
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Old December 30th, 2014, 01:51 PM   #11
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In that case you might want to narrow you budget window down, $70,000-$150,000 is a large window to search in.

Its hard when shes involved

But 150k would hopefully be for a house that's "perfect"
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Old December 30th, 2014, 02:03 PM   #12
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I just did a refi through Steve Frankiewicz ( Car guy, and Sponsor over on the Motown Muscle forum). I highly recommend him as a guy that you can get a hold of at any time, and will be on top of shit for you. I've been away in Texas for 3 months, and he was able to get everything handled remotely, and even met me at my house to close while I was home for Christmas.

Even if you don't go through him, it may be worth a call to see how the RD loan's are running this year. Two years ago when I bought my house, they ran out of money and I was unable to close.

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Old December 30th, 2014, 02:41 PM   #13
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Fha is worse than conventional if your credit score is higher.
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Old December 30th, 2014, 03:45 PM   #14
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I think we tried to go through FHA, but were unable to because is wasn't in town. Can't remember for sure.
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Old December 30th, 2014, 04:00 PM   #15
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Quote:
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Its hard when shes involved

But 150k would hopefully be for a house that's "perfect"
If her name is not on the loan, tell her to STFU. Also do not allow her to fall in love with any house. We did not get the "perfect" house, but one we both liked. The ones that she "loved" always seem to fall through.

The wife and I got a FDA loan. No money down, fixed 30. Went through a guy I know from our lake. Our biggest issue was the insurance guy dropping the ball.
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Old December 30th, 2014, 04:48 PM   #16
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Why dont you first get married, save enough money for at least 10% down payment and 6 months of payments in the bank. Find a house that costs 25% of your take home pay and buy it no sooner than 1 year after you are married. Any advice besides this is bad advice and you may very well be making a decision that you will regret.

Your girlfriend wants to play house and will want more than you can afford. You are already going down a bad road.
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Old December 30th, 2014, 04:52 PM   #17
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If you can go with your local Credit Union. From my experience having to deal with clowns from out of state can be a huge pain. If you have issues you can go into the office and sort things out. Nothing worse than trying to fix problems over the phone with people who don't care.
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Old December 30th, 2014, 04:53 PM   #18
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Why dont you first get married, save enough money for at least 10% down payment and 6 months of payments in the bank. Find a house that costs 25% of your take home pay and buy it no sooner than 1 year after you are married. Any advice besides this is bad advice and you may very well be making a decision that you will regret.

Your girlfriend wants to play house and will want more than you can afford. You are already going down a bad road.
^^^^This is the Best advice here.
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Old December 30th, 2014, 05:22 PM   #19
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We have been together for 3 years and have been renting a house for 2 years, and shes due June 2nd. The house will only be in my name. What would be the point in spending money on a wedding and waiting a year? To me it makes more sense to buy now while rates and home prices are still super low. She honestly doesn't have much say in any of it. I just want to make sure its something she will be happy with. I'm not being cocky, I just don't understand why I would want to wait until I am married. Is it to be politically correct? I'd rather have the house before we are married then in the case of a divorce I can say I had the house before we were married and bought it as a personal investment. Marriage is nothing but a obligation and a piece of paper. Id rather have our house and then save for the wedding she really wants.

Shes really the complete opposite of all that lol She doesnt care if we keep renting or buy a house. She wont let me get more than I can afford.
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Old December 30th, 2014, 05:33 PM   #20
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When you bought the house will not matter if you split up and a child is involved.

It will bring back fond memories of the 'pound me in the ass' prison.
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