buying a house

[Willesgirl]

fanning's sock doesn't realize that half of this board are lawyers

Fanning's sock's mom is a real estate agent rock star I think.  Goes to conferences and everything.

Wrong.

[Mr Bread]

never heard of upfront mortgage insurance.  i think you didn't understand something.

Single Family Upfront Mortgage Insurance Premium (MIP)
Upfront mortgage insurance premium (MIP) is required for most of the FHA's Single Family mortgage insurance programs. Lenders must remit upfront MIP within 10 calendar days of the mortgage closing or disbursement date, whichever is later (Mortgagee Letter 2005-28). This page provides links to information on the collection and processing of upfront MIP payments for all case (loan) types except a Home Equity Conversion Mortgage (HECM) or Title I manufactured housing loan.

[Mr Bread]

fanning's sock doesn't realize that half of this board are lawyers

Fanning's sock's mom is a real estate agent rock star I think.  Goes to conferences and everything.

Wrong.

Well of course.  Fanning's sock doesn't have a mother as it is a sock and ipso facto that mother does not have a career. 

[sys]

Upfront mortgage insurance premium (MIP) is required for most of the FHA's Single Family mortgage insurance programs.

well, there you go.  fha is kind of a dick, it sounds like.

[pissclams]

man. skip my house hunters recommendo, you're definitely cut out for property virgins.  call rinomato asap, son.  unless williesgirl is rinomato, then just pm her.

[sys]

Well of course.  Fanning's sock doesn't have a mother as it is a sock and ipso facto that mother does not have a career.

i think you're mistaken, mr. bread.  fanning's sock is a female.  a girl.  female.  get that through your head.

[michigancat]

In that price range you probably won't be able to take advantage of the mortgage interest deduction.

[steve dave]

In that price range you probably won't be able to take advantage of the mortgage interest deduction.

will depend on what other things he can itemize. I'm betting he can, especially filing single.

[CNS]

Depending on the quantity of value you think you can create through the renovations, I wouldn't worry about the 20% down unless your renovations wouldn't increase the value of the home enough to cross that 20% threshold once complete.

I don't know about all loans, but my loan(non FHA) allows me to hire an appraiser after 12 months to re-eval the value of the home.  If the home is worth more, then my loan will recognize that new appraised value and adjust the % of ownership accordingly. 

Ex: I practically stole my house, but put down less than 20%. I plan to get an appraisal on it next fall as it was appraised at approx 25K more than what I bought it for and the houses for sale in the neighborhood that are comparable are asking $10-$15k above that.  So, if the neighbors aren't crazy and the last guy who did the appraisal isn't Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!), I could spend $450 next fall for the appraisal, file it with the bank, and all of a sudden my % of equity will be enough to cross the 20% mark and my PMI will drop off.

All that said, PMI isn't very expensive.  Mine is like $80/mo.

[michigancat]

In that price range you probably won't be able to take advantage of the mortgage interest deduction.

will depend on what other things he can itemize. I'm betting he can, especially filing single.

BET NOT. He's a firefighter, so has excellent medical coverage (2nd most common big deduction?). Plus he's almost engaged. Plus buying a house solo blows his mind so I can't imagine him doing a good job handling itemization.

[JohnCurrie is Weird/Gross]

This crap is boring let's talk moats. PM me after you buy. I drew up this sketch over my lunch break and would be willing to cut you a goEMAW deal.

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[steve dave]

In that price range you probably won't be able to take advantage of the mortgage interest deduction.

will depend on what other things he can itemize. I'm betting he can, especially filing single.

BET NOT. He's a firefighter, so has excellent medical coverage (2nd most common big deduction?). Plus he's almost engaged. Plus buying a house solo blows his mind so I can't imagine him doing a good job handling itemization.

hmmm, student loan debt? gambling losses?

[Rage Against the McKee]

This crap is boring let's talk moats. PM me after you buy. I drew up this sketch over my lunch break and would be willing to cut you a goEMAW deal.

That's a horrible design and will have your house structurally deficient in no time.

[Institutional Control]

This crap is boring let's talk moats. PM me after you buy. I drew up this sketch over my lunch break and would be willing to cut you a goEMAW deal.

That's a horrible design and will have your house structurally deficient in no time.

Not to mention how easy it would be for someone to use the diving board to jump into that second floor window.

Dumbest. Moat. Ever.

[michigancat]

In that price range you probably won't be able to take advantage of the mortgage interest deduction.

will depend on what other things he can itemize. I'm betting he can, especially filing single.

BET NOT. He's a firefighter, so has excellent medical coverage (2nd most common big deduction?). Plus he's almost engaged. Plus buying a house solo blows his mind so I can't imagine him doing a good job handling itemization.

hmmm, student loan debt? gambling losses?

You get the student loan interest deduction even if you don't itemize.

[KCFDcat]

In that price range you probably won't be able to take advantage of the mortgage interest deduction.

will depend on what other things he can itemize. I'm betting he can, especially filing single.

BET NOT. He's a firefighter, so has excellent medical coverage (2nd most common big deduction?). Plus he's almost engaged. Plus buying a house solo blows his mind so I can't imagine him doing a good job handling itemization.

you know me so well. do not itemize. will start after buying a house though.

[steve dave]

In that price range you probably won't be able to take advantage of the mortgage interest deduction.

will depend on what other things he can itemize. I'm betting he can, especially filing single.

BET NOT. He's a firefighter, so has excellent medical coverage (2nd most common big deduction?). Plus he's almost engaged. Plus buying a house solo blows his mind so I can't imagine him doing a good job handling itemization.

you know me so well. do not itemize. will start after buying a house though.

 

[KCFDcat]

i have no student loan debt, paid cash for my ksu education 

also I pay approximately 0 dollars a month on health insurance  ($5 for dental though)

[steve dave]

i have no student loan debt, paid cash for my ksu education 

also I pay approximately 0 dollars a month on health insurance  ($5 for dental though)

between my wife and I we have about $100k in student loan debt. no big whoop.

[Institutional Control]

Student loan debt is the best debt.  I was sad the day I made my last payment. 

[Mr Bread]

This crap is boring let's talk moats. PM me after you buy. I drew up this sketch over my lunch break and would be willing to cut you a goEMAW deal.

That's a horrible design and will have your house structurally deficient in no time.

Not to mention how easy it would be for someone to use the diving board to jump into that second floor window.

Dumbest. Moat. Ever.

Might as well call it an outdoor urinal.  Won't be able to keep the neighborhood kids from pissing in it.  Like a goddamned piss magnet. 

[KCFDcat]

Student loan debt is the best debt.  I was sad the day I made my last payment.

I'm not even going to ask. you'll just make fun of me and my pud ways

[The Big Train]

If you are looking at houses and want to know what the homeowners insurance would be on that particular house, I could help with that. 

[KCFDcat]

If you are looking at houses and want to know what the homeowners insurance would be on that particular house, I could help with that.

so can just about every insurance website ever. or my insurance dude.

sorry guy.

[Skipper44]

I am surprised we are 4 pages in w/o a realtor posting.  I guess a gE realtor maybe savvy enough to use pm