Welcome to the way it used to be and the (Pasadena)

Feb 17, 2012 - 5:54pm

Pasadena

Welcome to the way it used to be and the

way it will probably be going forward. The bubble years aren't going to happen again.

Nobody is going to let you buy a house anymore with not much down without you paying a ton for mortgage insurance.

This message has been modified

Originally posted on Feb 17, 2012 at 5:54pm

Message modified by Pasadena on Feb 17, 2012 at 5:54pm

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Messages

Author

Date

Buying first house... What's your opinion re: down payment

Stop_JimmerTime

Feb 17, 05:30pm

Don't buy until you can put 20% down...

brj8

Feb 17, 05:32pm

Good, option number 3 (nm)

Stop_JimmerTime

Feb 17, 05:33pm

my opinion on that

Ft Worth Cougar

Feb 17, 05:36pm

and no one cares if you have to walk away...just wait

kotacoug

Feb 17, 05:38pm

I thought you have to put some down nowadays? (nm)

CougarsFan

Feb 17, 05:38pm

You do. Even if you quailfy for a 3.5% down FHA loan...

brj8

Feb 17, 05:41pm

just closed on another property with 0 down last year (nm)

Ft Worth Cougar

Feb 17, 05:58pm

This is not what I would do...

brj8

Feb 17, 05:39pm

Disagree...

UteStar

Feb 17, 05:49pm

I view things different...

brj8

Feb 17, 06:08pm

your mistake is that you qualify a home as an investment (nm)

Ft Worth Cougar

Feb 17, 06:00pm

Whoa

CougarsFan

Feb 17, 05:42pm

Why would you buy a $500,000 house?

brj8

Feb 17, 05:45pm

$500K doesn't buy much here in SoCal (nm)

Tricky

Feb 17, 05:48pm

Well obviously. (nm)

brj8

Feb 17, 06:03pm

$500,000 for a house isn't a lot anymore is it?

CougarsFan

Feb 17, 05:53pm

Just depends on where you live. (nm)

brj8

Feb 17, 06:03pm

You can get 5 bedrooms in a nice neighborhood all

CougarGaijin

Feb 17, 06:09pm

do you live in Mesa and what do you consider a nice home lol

kotacoug

Feb 17, 06:12pm

I live in a 2,600 sq ft 5 bedroom home with a swimming pool

CougarGaijin

Feb 17, 06:16pm

you said Mesa... (nm)

kotacoug

Feb 17, 06:18pm

I live in Mesa. The schools don't always line up with

CougarGaijin

Feb 17, 06:20pm

Here is the Zillow listing for my neighborhood. (short)

CougarGaijin

Feb 17, 06:19pm

technically I guess that's Mesa, but anyone looking at the

kotacoug

Feb 17, 06:25pm

It's nice. Not opulent but there are many more to the east (short)

CougarGaijin

Feb 17, 06:34pm

Welcome to the way it used to be and the

Pasadena

Feb 17, 05:54pm

what? Why?

Jericho

Feb 17, 06:04pm

Vegas does not represent the norm in the housing industry. (short)

Pasadena

Feb 17, 06:12pm

ok, but do you know where the OP lives? (nm)

Jericho

Feb 17, 06:13pm

Mesa I think (nm)

Pasadena

Feb 17, 06:16pm

Mesa is probably pretty similar to Vegas in this regard

Jericho

Feb 17, 06:21pm

But it's not about affordability on a month to month

Pasadena

Feb 17, 07:00pm

you are not looking at the facts, or you are avoiding them

Jericho

Feb 17, 07:13pm

Which facts am I ignoring?

Pasadena

Feb 17, 08:02pm

If you have 10% down, and can afford to do a 15 year FHA (short)

TonyStark

Feb 17, 05:40pm

Any idea how 15 yr FHA compares to 30 year conventional w/

Tricky

Feb 17, 05:54pm

FHA 15 is at 3.125. (short)

TonyStark

Feb 17, 05:58pm

Payment comparison

TonyStark

Feb 17, 06:05pm

I would not even think about buying a house until I had at

crack

Feb 17, 05:54pm

All this stuff is really interesting to me since I thought

CougarsFan

Feb 17, 05:58pm

If you have a mortgage you are just renting money. So you

crack

Feb 17, 06:02pm

Buying really is renting.

jspj

Feb 17, 06:02pm

Thanks (nm)

CougarsFan

Feb 17, 06:03pm

sometimes you can't put an amount on owning your

swishh_15

Feb 17, 06:39pm

6 months of saving excluding your down payment. (nm)

kotacoug

Feb 17, 06:14pm

Watch this, then download the file.

jspj

Feb 17, 05:59pm

Am I missing something? $100,000 home

Malathion

Feb 17, 06:03pm

That's the old MIP. The new MIP is double what you posted. (nm)

brj8

Feb 17, 06:05pm

Doubled? That would stink on a more expensive home. (nm)

Malathion

Feb 17, 06:07pm

Welcome to my world. (nm)

brj8

Feb 17, 06:08pm

You do not have to pay PMI if you do not have 20%

BYUheaven

Feb 17, 06:13pm

are their really 'no cost' refi's?? when you look at the (short)

kotacoug

Feb 17, 06:15pm

I did the math and it will save me $23,000 over the life of

BYUheaven

Feb 17, 06:18pm

they take out their share and tack it onto the principle..

kotacoug

Feb 17, 06:21pm

I know what they tack on, it still will save me 23,000 over

BYUheaven

Feb 17, 06:24pm

Not really "no cost" - more like "no out of pocket cost" (nm)

CougarGaijin

Feb 17, 06:23pm

yep, just said the same thing in the above post (nm)

BYUheaven

Feb 17, 06:26pm

If the house and your income qualify, the USDA loan is

cheezedawg

Feb 17, 06:30pm

Amen. This is so. (nm)

TheDash

Feb 18, 12:35pm

Depends on what you want to do with it.

TheDash

Feb 18, 12:38pm

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