Rosario02:

This isn't 2006-2007. You need a downpayment; if you don't have it then you shouldn't be buying a house

it's easy as hell, tons of first time homebuyer programs are out there, even for those foreclosed on there is a back to work program.
If the glove don't fit, you must acquit!
 

You're trying to get a mortgage in the US?

You'll need to produce pretty comprehensive documentation including paystubs (past 1-2 months), W-2s, tax returns, ~2+ months of statements on all accounts (bank, brokerage, 401K etc) and information on any other assets.

Many mortgage companies are going to want to see 2 years worth of employment history.

It should go without saying that you will definitely need a down payment. Depending on your credit score they may pressure you to put up to 25% down.

 
Best Response

first of all, prices are a bit high. in my area and other cities around me, many starter homes are selling for 10-30% above ask, so it's not the best time to buy. if you want a fixer, that's a different story, but if you can't afford a down payment, I doubt you can afford a contractor (no offense, just saying).

one of the biggest financial mistakes you can make is buying a house too early. yes, a home is a good (not great) purchase, yes you get some tax benefits, and yes renting can be a pain in the ass especially if you have roommates which always change and therefore you're always moving, but tough it out.

reason being, you don't build up meaningful equity in your home for a while, it's just the way mortgages amortize. if you don't plan on staying in your home 10+ years, don't buy. at this point in your career (assuming you're young), you can't bank on that, so is it worth the risk? if you do decide to buy then get relocated 3y out, are you going to try to sell your house? you'll take a loss for sure (unless your market has improved dramatically). you could always rent it, but do you really want to remotely manage a property? if you pay a management company, their fees will eat into any profit you have, so while you get the mortgage paid for, still a headache.

also, incidental expenses are a bitch. any idea what plumbing & electrical repairs cost? heaven forbid your fixer upper isn't up to code and what that might entail. what if your washer & dryer breaks? what if some squirrels fall into your fireplace and die because you didn't have a cap on your chimney? what about aesthetic stuff? sure, you can live in a shithole and not redo the floors, counters, cabinets, etc., but don't you want to be happy where you live?

I think homeownership is a great thing, but I don't understand the hurry. use your formative years to live in a place where you have minimal liability. you have a problem, call the landlord. something breaks, call the landlord. you want to move? no need to sell & stage your house, just give them 60 days notice and gtfo.

 
thebrofessor

prices are a bit high. in my area and other cities around me, many starter homes are selling for 10-30% above ask, so it's not the best time to buy.

this aged well

Quant (ˈkwänt) n: An expert, someone who knows more and more about less and less until they know everything about nothing.
 

well, looks like I'll be eating my words for lunch today!

I will say this, my wife and I bought 3y ago and it was much easier to find a good deal. 2017 was crazy but yeah, looking at my comments from 5y ago, I had a little too much hubris. structural factors have kinda made the SE a perennial grower price wise, the only advantage to waiting was the lack of competition

 

If you have a family member in the military you are eligible to join Navy Federal Credit Union. They offer 100% financed mortgages and jumbo mortgages.

The last act is tragic, however happy all the rest of the play is; at the last a little earth is thrown upon our head, and that is the end for ever.
 

Yeah I have Navy Federal - they are good.

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee
 

ditto, I would have gone with them if I could. For other service member families, USAA also has really great auto rates, Navy Federal probably does too. I ended up going with PenFed which offered a great rate for a 15yr but was fucking annoying to deal with, even for someone with previous homebuying experience.

Quant (ˈkwänt) n: An expert, someone who knows more and more about less and less until they know everything about nothing.
 

Thank You all. I heard that it is hard to get a mortgage without any down payment. I just saw an article from the Alberta mortgage portal, about bi-weekly plans for low-interest payment. Had anyone tried such plans for reducing interest?

 

Another possible option are FHA mortgages. They require a down payment but they can be extremely small, relative to the more traditional 20% down payment. I believe the minimum is something like 3.5%.

"Successful investing is anticipating the anticipation of others". - John Maynard Keynes
 

Yes, you said right about this. An FHA loan can be used for several housing types: a single-family house, a multifamily house with up to four units, a condominium, or a manufactured home that’s on a permanent foundation. Another perk is that you can use an FHA loan to buy a multifamily (two-to-four unit house) with a 3.5% down payment and qualify with rent on the other parts as long as you live in the house for a year.

 

there are programs for US military veterans with ZERO down payments (these differ by locale, so check your city/state for details)....but you still have to pay PMI (private mortgage insurance)....which makes the cost of ownership much more expensive than renting. If you buy a multi-family housing unit (for example, a multi-family house with 3-4 living units) where you can rent out enough units to make living in the property "free", then this is a great deal.

For example, this is the case in Stamford CT right now (45min commute to Manhattan)...the multi-family housing units aren't the nicest places to live...but they are decent...and you can net/net live for free, while having tenants pay off your mortgage.

 

I've purchased a bunch of properties over the past 25 years, and it wasn't until this last one that a VA loan finally made sense. I looked into it every single time I bought (starting in 1991) and conventional lenders were always more competitive. This time around (early 2015) the VA was finally the best deal out there, so I bought with no money down (or very little down,

 

Me and my wife put about 16% down. We both had great credit, zero debt, good job history, and it was still the biggest pain in the ass I've ever had to deal with. Almost didn't go through because my wife had changed from teaching into the medical field 2 years ago. If you have good credit and no debt you might be able to get a non-conventional but your payments will SUCK.

If your single or unmarried, I wouldn't waste your time. My advice is save up as much as you can, have 3 years steady employment (in the same field), attack any debt you have (if any), wait for the right opportunity, and go conventional. Home ownership is great but it's stressful.

 

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