Specified “maximum” because theoretically you could have a large down payment but low monthly payment affordability due to income/debt etc. But let’s assume that’s NOT true and you can afford a very high monthly payment. Would you ever get pre-approved for more than down payment + 80%?Scenario: Husband and I will be first time homebuyers this year. No kids, high income, low debt. Let’s say most mortgage calculators, given income/debt say we can comfortably afford monthly payments for a 900k home. This is 3 times the amount we’re actually going for however. We’re actually going to look in the 300k range. If we have a downpayment of 50k this would mean 20% of a 250k house. Does this mean the most we could be preapproved for is a 250k house? Or would it consider that given our income/debt we can afford much higher (though would probably need PMI since we then wouldn’t be putting 20% down)?I promise I’ve googled this but I can’t find a straight answer. Thanks.
FTHB As the title states. How do we find a good one? What are some tips to consider to find a quality one that will consider and look at everything. Are there qualifications to look out for?
This is an update to:https://reddit.com/r/personalfinance/comments/atpia3/buying_a_house_with_leased_solar_panels_do_i_take/So after reading about the terms of the contract from Tesla and the comments I had in the previous thread, it seems like the lease is a bad idea. I looked into the lease and it says the seller has 3 options.A. Transfer the LeaseB. Pay for the Rest of the Lease and increase cost in whatever paid into the cost of the house.C. Move the Panels to Her New House (Would take a year to move them).After reading these conditions, I realized either I’m going to have to absorb the lease or not buy the house. Of course the following morning I received 7 texts and a voicemail from the seller asking why I don’t want the solar panels.Lost on what to do here. I didn’t realize Tesla were jackasses. There should be a penalty for ending the lease, not this bs where someone else has to take the lease or get fucked.The thing is I’m already under contract and they have my escrow.Any ideas?
Here’s my situation, I can most likely make around $80k by selling my current house. We’re thinking about upgrading, but we’re very picky about what we like, so just putting our house on the market and buying another one might not work for us, since we don’t know when a house we love will come on the market. So I’m just looking at houses, if there’s one we’re interested in, we would put an offer. If it were to be accepted, we would put our house on the market where it will probably sell quick.I could make an offer on a house with a contingency to close on my house, but the market here is so crazy that there’s a high chance that the buyer would just pick another offer without a contingency.I’m planning on when putting in an offer, set the closing date a bit far away, and when I do sell, try and get a quick closing date.So I met with a broker today about how to work all of this, he mentioned if I don’t end up selling the house before closing on the new one, I could recast the loan when I finally sell my house and have that chuck of money. My only worry is PMI, I’m not sure if I’d have to wait some amount of time after recasting to get rid of the PMI.Anyone done anything similar before? Anything I’m missing? Would love to hear from people who went through the same situation.
My elderly neighbor sold her house (one half of a duplex) to her granddaughter and husband.They came by today because they are seeking a variance that would allow them to convert the unit from a single family into two apartments, one on each floor. The variance request required signatures from people in the neighborhood, which is why they came by.This is the property that is directly adjacent to mine, and we share a fence. If the unit is converted into apartments, how would that affect my property values? The value has gone up pretty significantly since we bought 4 years ago.The street is all SFHs save for their building and another duplex across the street. They would be the first apartments on the street, although there are a couple buildings on the next street over that are homes converted to apartments.I’m in PA, just outside Philadelphia in the suburbs, if that helps.
My lender mentioned that they can run a report through a national database to provide an appraisal on the house we’re under contract for in lieu of having an actual appraiser go on site. It would cost only $75 for this type of report rather than the $300-500 for the onsite appraiser. Has anyone gone this route? I’m assuming my lender is taking all the risk. Is that true? Thanks in advance for the responses.
This seems like a great sub for home buying and any general real estate questions. I have created another sub similar but that has a different focus. r/LBHousingPredictions This is a subreddit for users to discuss and predict future housing market trends based on location.Areas around you that you want to know about, or give insight to other users based on backed information you may have or insider knowledge. Cities and towns around you that may be up-and-coming areas or have future plans for development. Discussions here may help your decision during the home buying process, investing, or simply just wanting to know about the areas around you.This is a brand new sub, all are invited and welcome to join. Must be 18+ to join. This will be a slow startup subreddit, as those joining looking for answers about the areas around them, must rely on other user information/advice. To put it simply, the more the merrier to make the sub a success. Thank you all and have a great day
As the title says, I’m 16 and I have very little knowledge or experience with the real estate market. The knowledge I have comes from my dad as he himself has a few property’s he manages. My plan is in order to minimize the costs of college as well as after, is to invest in a house near the college I plan to attend in order to rent it out to fellow colleagues going to the same school I am. My idea is, correct me if I’m wrong, that getting a property near a popular school is a surefire way to get tenants. The school will always be there, and so will my property giving hospitality to anyone who doesnt want to live directly inside the dorms of the school.The problem with this is I’m not sure what things I should learn and focus on NOW whilst I still have 2 years until I actually buy the property. What are some books, articles, videos, etc. that I can learn from in order to gain an understanding of real estate in general as well as so I dont go in completely clueless and end up wasting large sums of money.
There was an article a poster posted on someone’s post about capital gains tax about 1week-3weeks ago and i can’t find it. Basically my stepdad has 20+ rentals and he is under the impression he can move into them , homestead, sell after 3 years and collect all gains but I told him he would have to pay depreciation tax or something on them. He isn’t aware of the law bush passed screwing investors out of screwing the government lol. Any help??
When I’m searching for properties, I have to find a place I want to see more info on, and only then I can see that “school rating” is “3.4 out of 10”.Any tool out there where school rating is a filterable setting? Redfin and Zillow mobile don’t seem to have the ability.