Real Estate Gurus! NEED HELP! I WANT THIS HOUSE!

[Cie]

If you have $40K, then you are pretty close. According to LAB, you only need $50K to pull it off based on your 722 scores. $10K is too close to let your dream house go. Liquidate some investments, or take some out of an IRA. I am 99% sure that you can withdraw funds from a Roth w/o penalty to purchase your first home.

GL

 

[layinwood]

Its amazing..

4 bed 4 full bath, office with stone fireplace, and a huge media room upstairs, Entire downstairs is handscrapped hardwood floors..

Its in the Tribute Lakeside Golf and Resort Community

Check out how beautiful
http://www.thetribute.com/index.php

Two 18 hole golf courses, lakes, community pools, Plans for a marina and even a hotel.. The equity i would have makes my mouth water..


This is BS

Woooo, looking to move out to the burbs! Long way from downtown and the nightlife.

 

[BUCSnotYUCKS]

Would have loved to been the one who painted that house! I'm sure they made a nice penny on that. -- my line of work.

You got a great deal at 310,000 if you can land it. Huge yard, all the perks that come with it as well.

 

[hedgehog]

borrow some money from your mom and dad or hers come up with 20% down and the 23k to finish, bank could not say no then right? That is an awesome house, hope you get it. I like the stonework, how many sq feet? seems like a low price to me, bank must be taking a huge hit. good luck

 

[AR182]

gib....

very nice house....hope it works out for you....


good luck....

 

[LA Burns]

Gib, this is something that i think you might be able to get done with a little more $$ - keep shopping lenders and find someone who has a purchase / renovation loan -- what you want to look for is someone who will offer the highest loan to value % so you will have to put down as little $$ as possible, and then you can see if you can make something work - basically at a purchase price of 310 you're looking at a 340k acquisition cost (always goos to overestimate on renovations), so based on what kind of max ltv% you can find you will know what you need - you will also have to take into account closing costs, etc.


Another potential option is an FHA 203k loan - you would have to find out max fha loan amount for your area, but that program allows you to put down 3.5% of your acquisition cost - you need to find a cool local guy to talk to who you can ask about all of this stuff, ask all of your friends, etc for someone you can call and just talk to normally who isn't a stuffy banker type



GL - burns

 

[DrRays]

Gibber

Gibber

Ask a family member for a personal loan. Hate to say if you have credit cards with limits write those checks. Buying a house is a good investment no matter what if this is the home you want do anything to make it happen. You can borrow against 401k or stock account too.

 

[MadJack]

Hate to say if you have credit cards with limits write those checks

the mortgagee won't allow that :nono:

 

[DrRays]

MJ

MJ

Technically you are right but if he does it 5 days before the closing so the amount clears his bank account and tells them it is a gift from a family member and has them draft a letter saying so it would work. The only issue would be if they pulled a credit report at closing which if he does it right before it wont show. Just a little ole trick. Fuck the mortgage companies they sure did fuck us all when they had the chance.

 

[jhawksoon]

Ask a family member for a personal loan. Hate to say if you have credit cards with limits write those checks. Buying a house is a good investment no matter what if this is the home you want do anything to make it happen. You can borrow against 401k or stock account too.

This is one reason we got in the bubble in the first place. Everyone always thinks that real estate is a can't miss. What if someone bought that house at 410k, would you still be telling them that it was a good investment. After inflation, maintenance, utilities, etc. houses are rarely a "good investment"

 

[theGibber1]

Woooo, looking to move out to the burbs! Long way from downtown and the nightlife.

Haha yeah I know.. The downtown life is a young mans life.. Me and the wife had a lot of fun right in the thick of things... But we want to start having kids and start a family. Time to grow up i suppose.

Not to mention i cant wait to just open the backdoor and let the dog out. Taking him down 30flights every time he needs to piss is getting old..

 

[theGibber1]

borrow some money from your mom and dad or hers come up with 20% down and the 23k to finish, bank could not say no then right? That is an awesome house, hope you get it. I like the stonework, how many sq feet? seems like a low price to me, bank must be taking a huge hit. good luck

We tried that.. The problem is no money can be gifted or borrowed. You have to show the lenders that the money has been in your account for 4 months.

Square foot is 3,590

 

[theGibber1]

Gib, this is something that i think you might be able to get done with a little more $$ - keep shopping lenders and find someone who has a purchase / renovation loan -- what you want to look for is someone who will offer the highest loan to value % so you will have to put down as little $$ as possible, and then you can see if you can make something work - basically at a purchase price of 310 you're looking at a 340k acquisition cost (always goos to overestimate on renovations), so based on what kind of max ltv% you can find you will know what you need - you will also have to take into account closing costs, etc.


Another potential option is an FHA 203k loan - you would have to find out max fha loan amount for your area, but that program allows you to put down 3.5% of your acquisition cost - you need to find a cool local guy to talk to who you can ask about all of this stuff, ask all of your friends, etc for someone you can call and just talk to normally who isn't a stuffy banker type



GL - burns

Wow thanks..
Just the kind of info i was looking for.

Ill keep you lads posted

Thanks everybody:toast:

 

[theGibber1]

Just an update lads...

We closed on Monday and the house should be finished on Dec 5th!!!!!

Thanks for all the help and input..

Cant wait to move in!

Thanks again

gib

 

[WhatsHisNuts]

Just an update lads...

We closed on Monday and the house should be finished on Dec 5th!!!!!

Thanks for all the help and input..

Cant wait to move in!

Thanks again

gib

Congrats Gibber! That is so great.

My wife and I found a house here in Westerville, OH that we just love. Having a place you love to be is hard to put a dollar figure on.

 

[DR STRANGELOVE]

congrats, my house is being built as well, just in time to move in after the wedding in august.

enjoy it! beautiful home

 

[freelancc]

just in time to move in after the wedding in august.

:mj08:





as always...good luck Doc

 

[Cie]

Just an update lads...

We closed on Monday and the house should be finished on Dec 5th!!!!!

Thanks for all the help and input..

Cant wait to move in!

Thanks again

gib

Congrats!

I am building a house soon. Land is purchased, but will not break ground until I sell my current house:scared

 

[Morris]

Congrats on the new house Gibber!!

 

[theGibber1]

Thanks for the well wishes boys! Ill post some picks when shes all done..

Looks like some of you guys are taking advantage of the cheap home prices out there as well.. Congrats to all of you.


Doc where are you building a home? In london? You going to be a lifer there?

BOL

Gib