shadokeeper

Advise on buying

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Ok I am in a non traditional relationship and our state does not allow Civil Unions or Same Sex Marriages. My partner and in for the long haul and we have been talking about purchasing a home together, but we are both fearful of the market and such. My partner works for a local Savings and Loan Bank, he is worried about his job stability. I work for a hospital I am not worried about my job it is not going any where.

I want to purchase a home together using FHA, he wants to keep saving till we have the full 20% to put down my scores are just over 700 and we are unsure what his scores are (he refuses to check). Can any one give me some advise, ammunition for me to use to help persuade him to lean my way, or for me to lean his way…

Thanks

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Ok I am in a non traditional relationship and our state does not allow Civil Unions or Same Sex Marriages. My partner and in for the long haul and we have been talking about purchasing a home together, but we are both fearful of the market and such. My partner works for a local Savings and Loan Bank, he is worried about his job stability. I work for a hospital I am not worried about my job it is not going any where.

I want to purchase a home together using FHA, he wants to keep saving till we have the full 20% to put down my scores are just over 700 and we are unsure what his scores are (he refuses to check). Can any one give me some advise, ammunition for me to use to help persuade him to lean my way, or for me to lean his way…

Thanks

Your partner's way sounds better. It will make sure that you won't pay PMI. With both of you working, you should pretty much see 20% soon. This whole "I want it now" is precisely why the economy is in such a mess to begin with. Yeah, FHA is good, but if you are both working, you can both contribute to that 20%, and the fact that he's the one that suggests it means that he feels that by looking at both your numbers, it can be achieved. Also, if your scores are over 700, you might not need FHA to begin with (even with everything else that's going on with respect to the economy).

With regards to both of you, you can both be on the mortgage and the deed. Friends and couples (before marriage) buy houses like that all the time. The only thing you will want to do is to set up a contract in the event that either one of you dies, break up, etc. You both have to protect your own individual interests...you only know what's happening now, but not what's going to happen a year or two from now.

Good luck with whatever you decide to do.

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Thanks a lot AA!

The more we can have down i know it is better, the only reason for my buy not mentality is the rates are good, and may go even lower! Houses in this area and at record lows! It just seems to be a good time to make the purchase, we think in 3 to 6 months we will have the full 20%.

Thanks again

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Thanks a lot AA!

The more we can have down i know it is better, the only reason for my buy not mentality is the rates are good, and may go even lower! Houses in this area and at record lows! It just seems to be a good time to make the purchase, we think in 3 to 6 months we will have the full 20%.

Thanks again

All the more reason to go with the 20% down. I will almost guarantee that in 3-6 months the rates you see now are either going to remain the same or be lower. The low rates are tied into the economic mess we're in right now. Even if I'm wrong, I really don't think rates will not go up by much. I've been looking at getting a house myself and know that this is the time to buy when rates and prices are very depressed. But I feel it's going to be like this until at best Summer '09. Plus, you can always refi later anyway.

Also, with 20% down, you will definitely go through less bull' then you will with FHA. Yeah, you'll still have to provide income verification, but it won't be as strenuous. Plus you'll have equity already in your new home.

Plus in 3-6 months, it will give you a great plan to work out what kind of house you want as well as other issues you no doubt will need to work out.

Good luck.

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With FHA loans, you will have to have MI (same thing as PMI) for 5 years, unless you go with a 15 year term. for a year it is at a great rate of .5, that means on a 100K home you are looking about 42.00 per month.

My thoughts on how much to put down is different. Yes, maybe save up so you have 20% down if that is your plan. BUT, don't put it down on your home. Take that money and put it in several FDIC insured banks (Credit unions have something similar, but I don't remember the acronym) It is much better to have assets you can draw from instead of having the funds in your home. Much more conservative way to handle things.

Charles

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