divemedic Posted February 7, 2007 Report Share Posted February 7, 2007 I am looking for a house. After finally paying my CC's off, I think I am ready. Here are my stats:Income: $82,500FICO's: TU 753 EX 708 EQ 722One outstanding medical collection (DOLA 5/2001) for $21One paid medical collection (DOLA 10/2000)No CC debt, credit limit $33,000 on 5 cardsOne installment loan $414 monthly pmt, $7300 outstandingI want to get a house with a PITI of about $1900. I don't have anything to put down, I used my spare cash to pay off all other debts. I am a first time home buyer.Is this doable? What rates can I expect? How much house can I afford? The average price here for a home is about $220,000. Link to comment Share on other sites More sharing options...
cavazos007 Posted February 7, 2007 Report Share Posted February 7, 2007 My hats off to you Dive...you've been an inspiration dude! Link to comment Share on other sites More sharing options...
thomassl Posted February 7, 2007 Report Share Posted February 7, 2007 I don't live in Florida so I can't help you there. I can tell you as a first time home buyer, there are programs to help you with finances. I have a friend who just recently purchased a condo in Bradenton, Florida and closed two weeks ago. She used those programs to help her as she is disabled and has no money. I would suggest looking into that. I believe the program is called, "SHIP". Also as a first time home buyer, check to see if there are mortgage credit certificates available. If you find one for your state, make sure you have it processed with your mortgage lender "before" you close. I had a friend who forgot and they will not consider it after closing. Just a few tips to pass along...hope it helps! Link to comment Share on other sites More sharing options...
firstsource Posted February 7, 2007 Report Share Posted February 7, 2007 try to have between 4 and 6,000 in reserves or 401K etc. Then you will qualify for the best rates available to someone that is borrowing more than 95%. You will pay a small premium for 100% financing but not much.Charles Link to comment Share on other sites More sharing options...
momof5 Posted February 7, 2007 Report Share Posted February 7, 2007 I would think you would be eligible for a good rate on an 80/20 loan.Contact a mortgage broker..... Link to comment Share on other sites More sharing options...
divemedic Posted February 7, 2007 Author Report Share Posted February 7, 2007 I have $11,000 in my 457 plan. I have another $4,000 in my savings. That is it. Link to comment Share on other sites More sharing options...
firstsource Posted February 7, 2007 Report Share Posted February 7, 2007 That is perfect Link to comment Share on other sites More sharing options...
MTG_BROKER_OH Posted February 9, 2007 Report Share Posted February 9, 2007 I am looking for a house. After finally paying my CC's off, I think I am ready. Here are my stats:Income: $82,500FICO's: TU 753 EX 708 EQ 722One outstanding medical collection (DOLA 5/2001) for $21One paid medical collection (DOLA 10/2000)No CC debt, credit limit $33,000 on 5 cardsOne installment loan $414 monthly pmt, $7300 outstandingI want to get a house with a PITI of about $1900. I don't have anything to put down, I used my spare cash to pay off all other debts. I am a first time home buyer.Is this doable? What rates can I expect? How much house can I afford? The average price here for a home is about $220,000.You should be good to go to buy a home and you should be eligible for the some best rates and terms out there. I am not sure about the medina income for your area but it would seem you may make too much money for a Mortgage credit certificate program or a bond money loan. You should be able to get your loan done within your payment range. Have you gotten any Homeowners Insurance quotes? You could be paying $150/mo -$200/mo for HO. At least that has been my experience with FL loans. You shoudl be able to get rates in the low 6's and and in the 8's on a second if you do a 80/20 or 75/25 <- which may come out lower due to less costs to do an a 75/25 rather then a 80/20. Link to comment Share on other sites More sharing options...
ybrew Posted February 12, 2007 Report Share Posted February 12, 2007 Good luck Dive! You were my inspiration when I joined back in 2005. Glad to see you soon joining the homeowner ranks! Link to comment Share on other sites More sharing options...
divemedic Posted March 1, 2007 Author Report Share Posted March 1, 2007 I was preapproved for $300K. I am now shopping. Link to comment Share on other sites More sharing options...
newbie7069 Posted March 1, 2007 Report Share Posted March 1, 2007 Wow, what a great birthday present!!!!!Congrats to you!I can't wait until we are there!! Link to comment Share on other sites More sharing options...
sr28b Posted March 1, 2007 Report Share Posted March 1, 2007 Wow, what a great birthday present!!!!!Congrats to you!I can't wait until we are there!!Birthday Bump this post. Link to comment Share on other sites More sharing options...
divemedic Posted March 1, 2007 Author Report Share Posted March 1, 2007 Question: I want to keep my PITI around $1800. How can I easily find out what the insurance and taxes are gonna cost, so I know how much house I can afford. Link to comment Share on other sites More sharing options...
sr28b Posted March 1, 2007 Report Share Posted March 1, 2007 The tax rate for the remainder of the calendar year is inherited by the buyer. Next year in 2008, the 'save out homes' cap is lifted and you will have to multiply the assessed value (less homestead exemption) times the millage rate. Don't get fooled by the low property taxes that the current owner may have at this moment. If, for example, someone has lived in a home since 1992 then the 'save our homes' cap has limited real estate tax increases to 3% per year. Citizens, the 'insurer of last resort', will most likely be the u/w for properties in Florida. You can call an insurance agent to get an estimate or maybe to see if there is another u/w other than Citizens. Insurance agents hate Citizens as much as the insured. They require twice the amount of paperwork and pay the insurance agent less $$. Link to comment Share on other sites More sharing options...
ybrew Posted March 1, 2007 Report Share Posted March 1, 2007 Question: I want to keep my PITI around $1800. How can I easily find out what the insurance and taxes are gonna cost, so I know how much house I can afford.You should be able to get a GFE from any lender.A good rule of thumb used to be around 1% of the total cost of the home. So you'd be looking at 180K homes. Depending on rates, downpayment and tax rates (and don't forget association/community fees), you'll probably be looking at something in the 210-240K range. Link to comment Share on other sites More sharing options...
divemedic Posted March 1, 2007 Author Report Share Posted March 1, 2007 So you'd be looking at 180K homes. That won't get you a doghouse in crack town down here. Link to comment Share on other sites More sharing options...
sr28b Posted March 1, 2007 Report Share Posted March 1, 2007 That won't get you a doghouse in crack town down here.Yeah, but is that with or without the HOA fees? Link to comment Share on other sites More sharing options...
ybrew Posted March 2, 2007 Report Share Posted March 2, 2007 Where'd you come up with the $1800 figure?It's less than 1% generally, but not a lot less.a $269k house here costs about $2225 full monthly payment, with a sub 6 interest rate and an almost 3% tax rate, or about .85% of the loan.lower taxes would lower that %. Higher rate would increase it.A GFE should give you a better idea. Link to comment Share on other sites More sharing options...
divemedic Posted March 4, 2007 Author Report Share Posted March 4, 2007 I got a good faith estimate from a broker for the house I want:30 year fixed rate at 6.375 for $230,000P&I 1440taxes 265insurance 150total: 1855What gets me is I think I can do better on the rate. They pulled my credit and got: 754TU 679EX 679EQThat paid collection is killing me. Is there anyway a lender will do better than that? I mean, come on! It is a 6 year old paid medical collection for $84. Why should I pay THOUSANDS extra for a house because of that? Link to comment Share on other sites More sharing options...
ybrew Posted March 5, 2007 Report Share Posted March 5, 2007 "Depending on rates, downpayment and tax rates (and don't forget association/community fees), you'll probably be looking at something in the 210-240K range." I was right based on your scores though, I think you're getting a good rate.from myfico.com for Florida760-850 5.776% $1,756700-759 5.998% $1,798660-699 6.283% $1,853When does that collection fall off? I'm not gonna ask if you've done everything possible to get it removed because it's YOU and I know the answer already.If you buy now, you could refi after a year, but no idea what rates will be in a year. And you could wait for this to fall off on it's own, but again, no idea what rates will be.You have 2 other possible options:1) This is a paid collection. I assume you have proof of payment. You might be able to find a broker willing/able to do a rapid rescore. Based on proof of payment, if they could get this removed, at least long enough to do a rapid rescore, your score would jump and you would get a better rate.2) Naca.com. based on your credit, you're not their target audience, but if the house you want is below their cap for your area, you could get a 5.35% 30 year fixed, no closing costs loan today. It's worth investigating. You may not necessarily like the 'politics' of it, but for that much money, sometimes it's good to grin and bear it. Link to comment Share on other sites More sharing options...
divemedic Posted March 5, 2007 Author Report Share Posted March 5, 2007 That is with $0 down, and closing costs covered by seller ( I will increase the offer to cover them)The collection falls off in October. My rate is 6.250% Link to comment Share on other sites More sharing options...
divemedic Posted March 29, 2007 Author Report Share Posted March 29, 2007 Updated again. I am due to close on the 18th, at 6.125. My PITI is $1734. Link to comment Share on other sites More sharing options...
jq26 Posted March 29, 2007 Report Share Posted March 29, 2007 Updated again. I am due to close on the 18th, at 6.125. My PITI is $1734.Two updates in a row, each with a 0.125% rate decrease. You're on a roll. Link to comment Share on other sites More sharing options...
blondie813 Posted March 29, 2007 Report Share Posted March 29, 2007 Congratulations! Link to comment Share on other sites More sharing options...
pjfan Posted March 29, 2007 Report Share Posted March 29, 2007 Wow Congrats, Keep us posted!!!Updated again. I am due to close on the 18th, at 6.125. My PITI is $1734. Link to comment Share on other sites More sharing options...
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