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Thread: Buying a House - FHA rates

  1. #1
    AudreyLeigh
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    Default Buying a House - FHA rates

    nevermind
    Last edited by AudreyLeigh; 06-12-2009 at 01:10 PM.

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    Default Re: Buying a House - FHA rates

    Quote Originally Posted by AudreyLeigh View Post
    nevermind
    One of the best posts in this group. I wish more were like it.

  3. #3
    AudreyLeigh
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    Default Re: Buying a House - FHA rates

    lol... well, I found out the answer - mine is 5.875 - hoping it goes down some before we lock in our rate. We close July 27th.

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    Default Re: Buying a House - FHA rates

    Awesome....buying a house eh Audrey? Post some pics.

  5. #5
    AudreyLeigh
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    Default Re: Buying a House - FHA rates

    Ugh. Well, ok... here's some. Plan is... knock out the half wall to open entryway, remove wallpaper, remove cabinets over bar, paint house (interior and exterior), hardwood floors. Remove tile in kitchen, bathrooms, replace with granite. Replace all light fixtures, etc. Its going to be beautiful when we're done and we will have ONE month to do it all. We paid $257k and will put about $20-30K into it.




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    Default Re: Buying a House - FHA rates

    Quote Originally Posted by AudreyLeigh View Post
    lol... well, I found out the answer - mine is 5.875 - hoping it goes down some before we lock in our rate. We close July 27th.
    Great the turnaround has started. I bought a car not for me but for the good of the US of A.

    America thanks you. HOUSE WARMING PARTY.

  7. #7
    AudreyLeigh
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    Default Re: Buying a House - FHA rates

    Im doing my part to help the economy!

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    Default Re: Buying a House - FHA rates

    A house of your own that you love makes all the difference.

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    Banned Melonie's Avatar
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    Default Re: Buying a House - FHA rates

    Audrey your home is stunning !

    ^^^ agreed about finding / having a house you love. That was actually one of the most difficult parts of my temporary expat migration 'south of the border' ... I can only spend two weeks a year in my beloved house in the Adirondack foothills of NY. I think this is even more difficult since in fact I bought the house that my grandfather built ... where I spent countless hours as a child being taught gardening / cooking / arts and music / common sense by my grandmother !

    However, living near a tropical beach and legally not having to pay $40,000 a year in US taxes does have it's 'pluses' as well !

    So far I have been viewing my expat status as temporary. However, with ongoing developments in the US / NY which would seem to only increase the tax advantages of remaining an expat, I have been beginning to entertain thoughts of buying property down hear rather than leasing. From that standpoint, an equivalent US 'median' house down here ( with a view of the ocean) can be built for less than $150k, and property taxes would run about $100 a year !

    ~
    Last edited by Melonie; 06-14-2009 at 03:41 PM.

  10. #10
    AudreyLeigh
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    Default Re: Buying a House - FHA rates

    Thank you!

    I forgot the best part - over on the side of the house - its the back corner lot at the end of a cul-de-sac so the yard is actually twice the size you see... it wraps around the side - anyway -there is a brand new jacuzzi... not just any jacuzzi but one of the nice ones that you can lay in. Its awesome.

    If this doesn't say something about the market - about 2 years ago this house appraised at $389,000. They didn't sell but wow... huge difference in that and what I paid.

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    Default Re: Buying a House - FHA rates

    Quote Originally Posted by AudreyLeigh View Post

    If this doesn't say something about the market - about 2 years ago this house appraised at $389,000. They didn't sell but wow... huge difference in that and what I paid.
    I don't see housing falling as it did the last few years. A home is the best investment; it appreciates and gives one a place to live.

    Much of the money that has been handed down in my family has come from the homes owned going back to my grandparents. It's beat inflation 5 to 1. It is the number one investment by far.

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    Default Re: Buying a House - FHA rates

    For most people, a house will hands down be their best investment decision in their life. It will also give them the most joy and fulfillment.

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    Banned Melonie's Avatar
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    Default Re: Buying a House - FHA rates

    It is the number one investment by far

    a house will hands down be their best investment decision in their life

    While this truism actually turned out to be really true for many years, it has certainly NOT been the case for the past 3-4 years !!! Arguably, US housing prices in general are still at least a year away from 'bottoming out' - due to the ever growing supply of foreclosed homes, and due to rising long term interest rates ( a byproduct of Obama stimulus money printing) pricing more and more would-be new home buyers out of the market.

    To compensate, the US gov't is now offering an $8,000 subsidy to first time home buyers ... but this is really a drop in the bucket compared to the total cost of paying off a home mortgage with interest, plus property taxes, plus maintenance. However to make matters dicier, the Alternative Minimum Tax 'patch' is probably going to be allowed to expire at the end of this year, rendering home mortgage interest non-deductible for many middle class and most 'rich' taxpayers. Plus local governments have been and will continue to hike property tax rates as the primary means of trying to balance their local budgets.

    I don't mean to say that investing in a new home today is automatically a bad / risky investment. However, it is not the automatic 'moneymaker' that America grew used to over the past two generations. Today the purchase of a home needs to be thoroughly evaluated in terms of total after-tax cost of ownership. And in many cases, in many areas, the cost of renting / leasing is now significantly lower than owning. Research ALL of the costs involved, research all of the tax issues, and do the math instead of just assuming !!!

  14. #14
    AudreyLeigh
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    Default Re: Buying a House - FHA rates

    ^^ I dont know about most parts of the country but where I live there is typically only one foreclosure on the market about every 2+ miles. The banks aren't flooding the market because they don't want to lower home prices. Prices are actually starting to go back up with people offering more than asking on almost all REOs and active short sales with traditional sellers getting asking... so all homes are about the same - you MAY get a better deal on an REO but then again you buy as is whereas with traditional you have some leway - we also had them get a 1 year warranty for us too....

    Im happy - my dad says we're buying at the right time - I mean sure we could have waited another 6 months but with interest rates starting to go back up what you're paying would kind of equal out of house prices do drop a little... but I really don't think they will. My dads been an agent here through the boom and through the drop and thinks this is the best time to get into the market.

    My thoughts - even if the house prices do drop for the next year - we'll be here at a MINIMUM 5 years - probably longer so we'll stay through the bottom and be here as the houses start picking back up (I know just a little... not another boom). That along with the work we're putting into our home (doing MOST ourselves) I definately see us having some equity in a couple years.

    I'll post better pics once I close on the house and of course as we start fixing it up, etc... maybe I'll start my own house thread!

    ** I think this is the longest post Ive ever made on this website....

  15. #15
    AudreyLeigh
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    Default Re: Buying a House - FHA rates

    Im thinking about leaving the house white and painting the trim a light brown and the gutters the same color but a couple shades darker... hmmm.... and my husband and I are already fighting over the furniture.. lol.. he loves contemporary whereas I like traditional. Uh oh.

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    Default Re: Buying a House - FHA rates

    Quote Originally Posted by Melonie View Post
    While this truism actually turned out to be really true for many years, it has certainly NOT been the case for the past 3-4 years !!!
    Agreed but a home is primarily a place to live and an investment second. Rents go up every year and all rent money is lost. The primary benefit is a place to live where one does not have a landlord.

    People started buying houses as an investment first and that is what caused the market collapse.

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    Default Re: Buying a House - FHA rates

    Quote Originally Posted by AudreyLeigh View Post
    My thoughts - even if the house prices do drop for the next year - we'll be here at a MINIMUM 5 years - probably longer so we'll stay through the bottom and be here as the houses start picking back up (I know just a little... not another boom).
    What else could you have put your money in that makes you so happy? Not many people take pride when they buy pork belly futures.


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    God/dess threlayer's Avatar
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    Default Re: Buying a House - FHA rates

    That house around Syracuse would go for about $120-140k at most. And likely it would be an underinsulated energy hog. But it looks nice and seems to be a deal where it is.
    Last edited by threlayer; 06-17-2009 at 03:42 PM.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

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    Default Re: Buying a House - FHA rates

    Quote Originally Posted by Earl_the_Pearl View Post
    What else could you have put your money in that makes you so happy? Not many people take pride when they buy pork belly futures.

    pork belly futures are frozen.

  20. #20
    AudreyLeigh
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    Default Re: Buying a House - FHA rates

    Im stressed the fuck out. Im in home buying hell and I just want to be done! Add to it the fact that my landlord is selling the house Im in and is having an agents open house Thurs and a regular open house Sat and his moronic agent trying to tell me that many agents dont call first even if you put that in the MLS I just want to strangle someone. I told her thats fine - Ill put a fucking note on the door stating that I only let them do showings between 10-3 with a 2 hour call ahead and if they come in I will call the cops.

    I close in 3 weeks... I will be here for another 3 after that. Im so done with this. Seriously. OK, vent done.

  21. #21
    AudreyLeigh
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    Default Re: Buying a House - FHA rates

    Quote Originally Posted by threlayer View Post
    That house around Syracuse would go for about $120-140k at most. And likely it would be an underinsulated energy hog. But it looks nice and seems to be a deal where it is.
    Of course I dont have to deal with snow or humidity either. Id totally pay twice as much for the house and get the great weather! Who needs insulation when the coldest it gets is 40 degrees!?

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    God/dess threlayer's Avatar
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    Default Re: Buying a House - FHA rates

    I understand about the agents bugging you to someone else's advantage. Will your landlord reduce your last month's rent by say $20 per hour you are inconvenienced? Since the landlord is supposedly getting more, quicker by showing the place before it is vacant. Does your lease cover this problem?

    Quote Originally Posted by AudreyLeigh View Post
    Of course I dont have to deal with snow or humidity either. Id totally pay twice as much for the house and get the great weather! Who needs insulation when the coldest it gets is 40 degrees!?
    Though there are many reasons not to move or buy here, weather may not be the most important one. But for saving 50% on a huge investment, many people would consider buying a down parka and a set of good snow tires.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

  23. #23
    AudreyLeigh
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    Default Re: Buying a House - FHA rates

    Quote Originally Posted by threlayer View Post
    I understand about the agents bugging you to someone else's advantage. Will your landlord reduce your last month's rent by say $20 per hour you are inconvenienced? Since the landlord is supposedly getting more, quicker by showing the place before it is vacant. Does your lease cover this problem?
    Hes giving us the washer/dryer/fridge. I just spoke with him... we're vacating August 15th so our rent will be 1/2. Loan contingency is now gone. Just waiting to close on the house now. Boy were yesterday and this morning crazy. Glad its almost over.. Thursday - Saturday (I'll be in Reno) and that should be the end with this house and people coming and going.

    No way - Id rather spend $100k on good weather than $100 on a Parka! I will not even get in my car when its raining bad, I will not drive in snow at all. Im scared shitless of bad weather.

  24. #24
    AudreyLeigh
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    Default Re: Buying a House - FHA rates

    OMG I forgot to post - there is a new appraisal system and homes are coming in LOW.

    We offered $265 + $8k back for closing (why I put $257)... appraisal came back at $250K. So were paying $250K and getting $5k back for closing and our interest rate is 5.5% - that MAY end up a little lower.. we'll see.

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