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Realtor and Home Buying

PandaPancake

By PandaPancake,
in Huddle Lounge

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h0llywood Newbie

h0llywood

Posted
Posted

I'm sure it's good advice but you'd have to give me 30% more advice to equal American advice. I was just looking out for your fingers.

I have no idea about Denver. I'm looking north. I'm more about the land than the house itself. We found one 3 bed 2 bath with 180 acres for 315

 

That is amazing. 

 

Assuming the property is worth $315k, the VA loan will pay 20% or $63k down. You are only financing 255k which is a 1,200 mortgage payment minus taxes. As other mentioned, you don't have to worry about PMI which is an additional couple hundred.

 

Save the cash. 

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thefuzz Mentor

thefuzz

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Maybe one had too many experiences buying a car and not wanting to give away too much information. We have a price range, we already have a liquid down payment that's about a fifth of our budget. We don't want to get too much of a loan in case our income changes. Should income or down payment be mentioned? Or just set a ceiling price? What lenders should we see? What are the guidelines for income to debt ratio? How do they feel about student loan debt? What interest rate should we look for? Should I use my VA loan? The fiance is a W2 and by the time we sign I'll be self employed. Part of this purchase would be moving my consulting business from the offIce I'm leasing now to a separate structure on the land. We're looking at 100+ acre properties. Because my business will be there should that effect how long our loan is?

 

You are looking at a very specialized type of property, and an "unusual" type of income.

 

I would go sit down with your credit union or bank and have them tell you what you can afford, and go ahead and go through underwriting if possible.  

 

There are a billion questions I have for you, but if you want some help, DM me and I will get you my number.  You do need some help, and a really good realtor.

 

As to what you should or shouldn't say, unless the realtor is the same one listing the property, be honest and open about everything.

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PandaPancake Newbie

PandaPancake

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You are looking at a very specialized type of property, and an "unusual" type of income.

I would go sit down with your credit union or bank and have them tell you what you can afford, and go ahead and go through underwriting if possible.

There are a billion questions I have for you, but if you want some help, DM me and I will get you my number. You do need some help, and a really good realtor.

As to what you should or shouldn't say, unless the realtor is the same one listing the property, be honest and open about everything.

Thank you. Let's wait until after I talk to this realtor on Saturday. No sense in wasting time if it takes us six months to find something we like

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thefuzz Mentor

thefuzz

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Thank you. Let's wait until after I talk to this realtor on Saturday. No sense in wasting time if it takes us six months to find something we like

 

My fear is you leaving a job, and becoming self employed.  Lenders are really really tough on self employed folks these days.

 

If you can stick with your job, until you find something and close, it will be much easier.  Unless you are already an independent contractor, then it won't really matter.

 

Strongly suggest going to a bank first.

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PandaPancake Newbie

PandaPancake

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My fear is you leaving a job, and becoming self employed.  Lenders are really really tough on self employed folks these days.

 

If you can stick with your job, until you find something and close, it will be much easier.  Unless you are already an independent contractor, then it won't really matter.

 

Strongly suggest going to a bank first.

 

That's what we thought. I plan on being employed by my current company until everything closes.

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PandaPancake Newbie

PandaPancake

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Fuzz knows, listen to him...

 

Best thing we ever did when we bought our last house was get a buyers agent.  They work directly for you, it's awesome.

 

 

I'm just glad I live far enough from Denver I don't have to worry about a Roaring Riot camping trip parked out on my property for a weekend when the Panthers play here.

 

It's an hour to the stadium if anyone is wondering.

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thefuzz Mentor

thefuzz

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Fuzz knows, listen to him...

 

Best thing we ever did when we bought our last house was get a buyers agent.  They work directly for you, it's awesome.

 

Just thought about it the other day...I've been doing this for 11 years now.  Got into it waiting on a job opening in an entirely different field, and enjoyed it.

 

Has certainly changed my life's path, mostly for the better.  

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