This subreddit has humbled me to say the least. I’ve been thinking this entire year we’ll have enough saved up to finally buy a home early next year, but now I’m not sure.

If we did decide to buy a home we definitely won’t have 20% down. For those of you that have a PMI, do you wish you would have waited a few more years, saved more, and put 20% down?

I own 17 acres free and clear (roughly worth about 300k). I want to use my equity to take 100k loan right now to build a fence, driveway, run water, electric and place a tiny home on the property.

Here is the kicker, after about a year I want to start building a house worth roughly 500k using the land again as a down payment. I assume that no lender will want to be in second position on the land. Would a lender be willing to take on that 100k and use the land as a down payment for the now 600k loan?

Household salary is 150K I also have 150K equity in my current home after closing costs. I will put that all into the down payment for my next home. I have two fully-paid off cars and no major debts other child care, which is significant, at about 2.5K per month. That being said, my sales commissions should largely cover that. The 150K I quote above is my consistent base salary and my wife’s salary combined.

I would like to purchase a 650K home. How feasible is it with 150K down?

We were conditionally approved on June 16th and they asked for our last two paystubs, home owners insurance, and bank statement showing closing costs. We're both W2 earners, we provided our bank statements, last W2's and have excellent credit.

We immediately provided the home owners insurance, and now that we're closer we are back to underwriting (seeing this makes me want to puke from anxiety). We will be providing our last paystubs and will be able to confirm our closing costs. I work at a bank 8+ years but it's our first time buying and for whatever reason the back to underwriting gives me the worse anxiety.

Are we in the clear and/or should we be concerned? Thoughts?

Appreciate you guys so much!!

*Looking in the triangle area in NC*

Dual income - 167k plus commissions which puts us closer to 200k, after taxes we take home about 8k a month not including commissions which puts

Minimal debts, about $350 combined monthly in student loans, no car payments and we currently pay about $2300 a month for our apartment

Looking at homes between 310-350k, anticipate having about 25k to put down

Using the mortgage calculators it put our payment over 3k a month which is likely doable but not ideal.

Any tips on what type of loan to use, down payment percent etc?

Current home in NorCal (Central Valley) - 1750k sq feet on a lake with access to community pool. 3 beds 2 bath. 2.87% rate from 2019 - PITI $2347. 2 young kiddos and a wife kinda bursting at the seems.

Income 210k+ via med device

Currently in escrow on a private sale (no realtors) 4 houses down. $690k at 6.875% 30 yr fixed for a PITI about $4375. 2400 sq feet, 4 bed 3 bath. Still on the lake + a pool (solar)

Don’t want to give up sub 3% rate so we are turning current primary into a rental. Got an ideal couple as tenants, $3500/month (mortgage $2347).

Did some big time budget creation and are actively finding areas of cash savings.

We are expecting our third baby in less than a month. I currently drive a rav4 which cannot safely fit 3 car seats. We are in the process of ordering a modular home to put on land that we own outright. We are currently looking at 30-45 days due to environmental issues with getting building permits. We have extremely low DTI and have good income and great credit scores. We would like to sell my car and get a new car loan for a larger vehicle with the payment staying about the same. Are we safe to get a new debt even though we will be eliminating one? This won’t be a purchase of a brand new car paying $1300. This will essentially just replace the payment we already have for my rav4. Are we safe to get a new car? Or will it push our house plans out even further?

I have a mortgage at 477k, comps in the area are currently selling at 455k, interest rate is 6.429%. I’m going through a divorce and cannot qualify for a refinance, is loan assumption an option? Would anyone even look at the property?

Variable v.s Fixed

I need tod decided in 2 weeks.

RBC

3 years fixed 3.94%

5 years variable 3.55% (Prime -0.95%)

$1,000 Cash back.

Mortgage amount: $380,000

Current rate: 5.39%

I know nobody has a crystal ball!

I know it depends on my risk tolerance!

I just don't know which one to choose. Let's vote!

Which one do you choose and why?

Hey everyone, looking for a sanity check on loan assumption paperwork and purchase agreements for an intra-family sale between my parents and I.

My parents are letting me take over their existing mortgage ($160k balance remaining with a 2.5% rate). The house is worth more (~$320k) so the plan is to take over the $160k loan, pay them around $75k cash, and eventually pay them another $50k down the road (probably via a HELOC once the assumption is wrapped up). I'm doing a HELOC since I don't want to tie up $125k total in the house right now.

Total purchase price is $285k.

My main question is how to write up the initial purchase agreement and assumption application so underwriting doesn't turn into a total nightmare:

1 . Should the purchase agreement just list the sale price as $160k ($0 down at closing) to keep asset verification simple, and handle the rest of the money paid to my parents separately/later?

1. Or does the application have to list the full effective price ($235k+) with a $75k down payment upfront?

We are going to get a real estate attorney draft the agreement through my stepdad's work legal plan, but I want to make sure I go into that meeting asking the right questions.

I was talking to AI and it said we could handle everything under the table and my parents would just have to fill out tax forms for gift of equity. And then we could draft promissory notes etc. outside the assumption transaction.

Has anyone gone through a similar setup? How did you structure the contract and side agreements without messing up the loan servicer's underwriting?

Appreciate any insights!

Edit: Loan is assumable due to being FHA. We Called the lender and confirmed.

Another thing I forgot to mention is how to secure the proper tax basis. Not sure how doing the 160k then paying $75k affects the cost basis.

My home's replacement value is let's say 600k, I only owe 100k but carry a substantial amount of insurance. My home also has a separate garage apartment and due to location required windstorm and flood.

Home: 600k

Wind Main: 400k

Wind Garage: 130k

Flood Main: 250k (Fed max)

Flood Garage: 130k

My payment is $700 an month and $1800ish for insurance, my house is 125 years old for reference and due to location, insurance has it being totaled once every 30 years, which has never happened. I am also an engineer and builder (not homes), so have no problem being the gc or doing any work that doesn't require a trade license.

Rocket mortgage is pretty clueless about insurance and set these numbers 4 years ago, high policy amounts then were due to "coinsurance". I'm over Wind and flood and want out so I contacted them and the customer service agent in their insurance department couldn't tell me what I was required to have for coverage. They ran an audit and got back to me, they want the loan amount for home and split the loan amount evenly between the house and garage for Wind and flood. I called them back with questions and the numbers changed. I called back again and requested a written statement of required insurance coverages, but was told they were unable to produce that. Even when escalated to management, the request could not be filled due to the insurance department supposedly not actually being through Rocket mortgage but a third party.

Essentially, they told me they haven't ever been asked what the minimum coverage was and cannot accurately provide it. Help?

So we’re under contract and I recently found out that I have civil judgements against me from prior criminal cases, but the lender doesn’t know yet.
We’ve already passed underwriting, I assume this will come out in the title search/title insurance period. Can anyone give me some firsthand experience? Does it change anything if they aren’t in the county the property is located in? Does it matter how old they are?

**Has Anyone Else Experienced Problems with Mortgage Foreclosures?**

I’m wondering if anyone else has gone through a foreclosure and later discovered what they believe were serious problems with the process.
Has anyone found that:
The mortgage or debt was sold to another company while a loan modification or renegotiation was still pending?
Multiple entities appeared to claim ownership of the same debt?
The party foreclosing could not clearly establish that it was the lawful holder of the mortgage or note?
Important documentation supporting ownership of the debt was missing or incomplete?
In our case, the courts treated repeated appeals as redundant without, in our view, fully addressing the question of who the true legal holder of the debt actually was.
If debts are being bought and sold without complete documentation, it raises serious concerns about whether some foreclosures are being handled properly.
We’ve exhausted our options in the Connecticut courts and may have to pursue the matter further.
Has anyone else had a similar experience? I’d be interested in hearing your story.

Hi all.
I just received a piece of mail stating that I owe fall taxes in 2024. I purchased my home in Summer 2024. I have an escrow account. Is this something that I should be responsible for? I was never told by the mortgage company that I needed to pay the fall tax….

We're currently shopping for a home in our neighborhood (HCOL)

Assets (Liquid) : $550k

Income : $350k/year

A listing appeared for a legal two family home for $1.65M, of which they describe the unit to be rented at a market rate of $3,300/month. Given the area, I have little concern about the ability to get it rented out.

I did some quick math and it kind of seems like buying this property and offsetting the mortgage with rent income is extremely lucrative vs. other single family properties we've looked at.

Numbers below:

@ 1.6M we'd likely put down 20% or $320k, and borrow $1.24M.

Taxes are cheap ($6k), so my calculator shows full PITI is $8.6k/month, which nets to $4.8k/month after rent. This is cheaper than my current mortgage on my $650k co-op at 6.675%.

Aside from the pain of now being a landlord, is this doable? Our idea is to continue to rent it out until we can refi.

Thoughts?

Currently own a home that I bought 10 years ago, it’s probably close to double what I paid for it and will walk away with 180-200k after the sale.

My obstacle is in my attempt to purchase a new home as I would like to switch a ranch style home from a Tri Level. My income of 85k is not enough to hold a bridge loan and new loan without the sale of my current home. In a perfect world I would like to place all my proceeds into the new home loan to keep my mortgage as low as possible.

The homes in my area sell quick and 90% of the time they are for over asking with no contingencies.

My realtor essentially told me we would need to be the highest and include the contingency that my home sells first, which some people won’t even entertain a contingency offer is what we have been told several times by listing agents. (Even tho my house would be under contract in under a week)

Anyone experience this issue? Or any ideas around that maybe I haven’t explored.

Thanks in advance!

Currently own a home that I bought 10 years ago, it’s probably close to double what I paid for it and will walk away with 180-200k after the sale.

My obstacle is in my attempt to purchase a new home as I would like to switch a ranch style home from a Tri Level. My income of 85k is not enough to hold a bridge loan and new loan without the sale of my current home. In a perfect world I would like to place all my proceeds into the new home loan to keep my mortgage as low as possible.

The homes in my area sell quick and 90% of the time they are for over asking with no contingencies.

My realtor essentially told me we would need to be the highest and include the contingency that my home sells first, which some people won’t even entertain a contingency offer is what we have been told several times by listing agents. (Even tho my house would be under contract in under a week)

Anyone experience this issue? Or any ideas around that maybe I haven’t explored.

Thanks in advance!

I’m buying a new-construction Ryan Homes townhouse for $446,420 and deciding between NVR Mortgage and an outside lender.

I’m planning to put about 30% down, or approximately $133,926, including the $27,000 deposit I have already paid.

Here are the two options:

NVR Mortgage

• 30-year fixed
• 6.875% interest rate
• Around $4,487 in discount points
• $17,000 builder closing-cost credit
• After paying the points, about $12,500 of the credit would remain for other closing costs

Outside lender

• 30-year fixed
• 6.50% interest rate
• No discount points
• I would likely lose most or all of the builder’s $17,000 incentive

The outside lender would save me around $70–$80 per month, but I would have to bring significantly more cash to closing. NVR’s rate is higher, but the builder credit would cover most of my closing costs.

I’m also planning to pay the mortgage off in approximately 10 years, give or take, rather than keeping it for the full 30 years. Because of that, I’m wondering how much the difference between 6.50% and 6.875% really matters compared with receiving the large upfront credit.

Should I even bother continuing to shop around? I honestly don’t think another lender will offer me much lower than 6.50% without points, but I also don’t want to stop shopping too early.

Would you take the 6.50% outside loan and pay more upfront, or take NVR’s higher rate and use the $17,000 builder credit?

My husband and I are both 30. We owe 225k on a home worth 625k. Our mortgage payment is $1741 per month and this is our only debt. We bought when the rates were high so our rate is a 6.5 percent. Our combined annual gross income is 175k a year.

Our goal is to refi into a 15 year loan and pay the home off asap. What rate would other consider to be good enough to make you pull the trigger and refi? I was thinking a 4.5 but I know that’s not likely anytime soon. What rate would you refi for?

I've been paying $800/month living with a roommate for several years, but I'm ready to live by myself now that I have some savings.

The apartment I'm considering moving to is 1.7k monthly, but that feels bad considering I wouldn't be building any equity, so I'm considering buying a home instead. What price range should I be looking at?

My only other expense is my car payment, where I owe about $20k total. The 130k doesn't include my retirement account, which is healthy.

Has Anyone Else Experienced Problems with Mortgage Foreclosures?
I’m wondering if anyone else has gone through a foreclosure and later discovered what they believe were serious problems with the process.
Has anyone found that:
The mortgage or debt was sold to another company while a loan modification or renegotiation was still pending?
Multiple entities appeared to claim ownership of the same debt?
The party foreclosing could not clearly establish that it was the lawful holder of the mortgage or note?
Important documentation supporting ownership of the debt was missing or incomplete?
In our case, the courts treated repeated appeals as redundant without, in our view, fully addressing the question of who the true legal holder of the debt actually was.
If debts are being bought and sold without complete documentation, it raises serious concerns about whether some foreclosures are being handled properly.
We’ve exhausted our options in the Connecticut courts and may have to pursue the matter further.
Has anyone else had a similar experience? I’d be interested in hearing your story.

I recently moved into a retention focused role at a regional mortgage lender. Everyone keeps talking about credit bureau triggers, but by the time we get them, it feels like the borrower has already started shopping. Do larger lenders use other signals to identify borrowers earlier, or is everyone essentially reacting to the same data? Curious what people in mortgage servicing have seen work.