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Home loan

Anonymous Fri 23 Apr 02:33:03 2021 No.24010316 View View Reply Original Report

Quoted By: >>24010358

Anyone have a suggestion for a potential new home owner looking for a loan? I'm looking at Rocket Mortgage but I want to know of anyone has a preference. I've got a few years of steady employment, a mid 700's credit score, and about 8k for a down payment.

Anonymous Fri 23 Apr 2021 02:34:29 No.24010325 Report

Quoted By: >>24010399

Get a mortgage that is reasonable with early repayments.

Anonymous Fri 23 Apr 2021 02:42:20 No.24010358 Report

Quoted By: >>24010399

>>24010316

If you can't put a full 20% down for a conventional loan, you can take out an FHA loan for about 3.5% of the property's value. They will slap a PMI (private mortgage insurance) on your loan because of how much extra risk you borrowing so much of their money versus the amount you put in poses for them.

Also look into first time home buyer programs in your state. Could help.

If you go the FHA route, you can save money over the long run by paying the full PMI in one lump sum. waiting for your equity to build overtime to the point where they take off the PMI can cost you more money that just paying it upfront.

People hate my advice for two reasons. they assume you're either going to want to work like a slave to pay your house in five years, or they want you to put 20% down. There's nothing wrong with either criticism. I just assume you probably don't want to work like a slave and with only $8K your options might be limited.

What market are you buying in? Im assuming your in burger land broski.

Anonymous Fri 23 Apr 2021 02:50:21 No.24010399 Report

Quoted By: >>24010423

>>24010325
Of course.

>>24010358
I see I see. My income potential will improve quite a bit once I get on my own property so having to work hard for a while doesn't sound bad.

I'm in Indiana. Haven't settled on an area yet but I'm looking for a plot with a couple acres. I'll likely end up out in the corn somewhere unless I get lucky and find something closer to the national forests.

Anonymous Fri 23 Apr 2021 02:58:04 No.24010423 Report

Quoted By: >>24010430

>>24010399
A rural area? sounds much cheaper than the suburbs.

My only other advise for you is to consider renting for a while, as you get used to your new venture. You say your income will rise. I assume you're either getting a better job or starting a business. Rent for a while and see if you actually like working at your new source of income. Otherwise you might end up unhappy with your property if your forced to stay in that job/business to pay for the property you could only afford by staying at said job/business.

god speed

Anonymous Fri 23 Apr 2021 03:00:16 No.24010430 Report

Quoted By:

>>24010423
It's a little difficult to explain but it's something I've done before and love doing, so I'm not worried about burning out.

Oh yeah I've seen a lot of decent homes in what I'm projecting my price range to be, next step is to look at loans. Thanks for the advice m8

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