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Thread: Thinking about buying...

  1. #1
    Gold Member Yearly Supporter mtnairlover's Avatar
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    Thinking about buying...

    Thinking about this major economic mess we're facing has me on the fence about purchasing a home next year. I am seriously considering a townhome. I've got some worries though, and since I don't have a financial adviser and I'm the head of household, there's a whole lot riding on my shoulders.

    I used to do things without thinking too much further into the future. My ex's attitude was always..."Oh, if there's a problem with $ flow, then I'll just take a side-job." Um, I can't do that. It's not a guarantee for me. That's not my issue though, I just want to feel more comfortable about buying in 6 months and knowing that even when inflation hits us real hard, I'll still be ok.

    What I want to buy is something that is big enough for me and at least 2 of my 3 kids, but won't be a burden when my last child moves out in say 8 years. I don't like moving. I want to be in a place where my monthly payments are still easy to make and I still have something extra...yeah, I know that has a lot to do with my other bills...so I'm working on paying those down.

    Anyhoo, it's not my finances...it's the idea that buying in today's economy might be the worst thing for me to do. Tell me if that thinking is wrong and tell me why (logically).
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    Business in the front, party in the back! CYCLE_MONKEY's Avatar
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    Re: Thinking about buying...

    Well, that's kinda where I'm at. The job market sucks, and I'm not sure how stable things are anywhere, BUT.....this is a great time to buy, and I'm tired of renting for the last 6 years. Greeley seems to be the only affordable area around here.

    Best of luck!
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    Re: Thinking about buying...

    I acutally think that if you have the available capital for a downpayment that right now isn't an all bad time to think about buying real estate. You are paying for a home to live in now anyways, so if you can get close to that monthly payment and gain equity in the property that wouldn't be a bad idea. Housing prices are at a low point, and Colorado is a bellweather for other parts of the nation. We started the downturn earlier and will likely start the upturn earlier too. Prices in Denver seem to have stabalized.

    I encourage you to talk with a couple of professionals for sure. Wyeth (lovinCO) is in real estate and is very good at what she does. Also Dale Eaton from the MRA is in mortgage and may be able to help you determine if your finances are in order to make a home purchase.

    Home loans are a little harder to get right now than they have been in recent years. Having a downpayment is almost a requirement at this point, as well as good overall credit. If you want to contact Dale let me know.

    s

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    Gold Member Yearly Supporter mtnairlover's Avatar
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    Re: Thinking about buying...

    Quote Originally Posted by CYCLE_MONKEY View Post
    Greeley seems to be the only affordable area around here.

    Best of luck!
    Do you have any idea how much further that is for me to drive to work in Westminster? Sigh...not only that, but I really don't have any good feelings about schools out there. Just feelings right now, no logical reasoning for that.

    Btw Frank...what makes you look in Greeley anyway?
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    Gold Member Yearly Supporter mtnairlover's Avatar
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    Re: Thinking about buying...

    Quote Originally Posted by RYBO View Post

    Home loans are a little harder to get right now than they have been in recent years. Having a downpayment is almost a requirement at this point, as well as good overall credit. If you want to contact Dale let me know.

    s
    Thanks Scott. I've got a good "in" with my pal Chad's wife, Catherine. And they live really close to me, so if I am freaking out about something...naw, I don't do that to Catherine, but like I said, they are close. More importantly, I like the way Catherine works.
    ...ready to take on the world...one canyon at a time...

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  6. #6
    Senior Member Captain Obvious's Avatar
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    Re: Thinking about buying...

    I am in a similar situation. I want to buy at the beginning of the first quarter next year.

    Not too worried about the job market but don't know how getting financing will be. Def put me in high gear to clear as much outstanding debt as I can. Espicially since I still own a rental in Georgia.
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    Senior Member Filo's Avatar
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    Re: Thinking about buying...

    I am looking into buying right now, although it is an investment. For me it comes down to cash flow. Past prices were too high for positive cash flow, current prices are better. I have made a few offers already that were REALLY low-ball. They were not received as badly as expected. Also, financing hasn't been a problem, but that depends on your personal financial situation. The big question about buying right now is the job market. The rumor at my company is today is a big layoff (20% of the work force). If you're in the same boat, buying may not be the best option. Then again the recession probably won't last forever.
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    Gold Member asp_125's Avatar
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    Re: Thinking about buying...

    Like RYBO says, it's a good time to buy if you can. If you can qualify for a mortgage and have something to put down, it's a buyer's market. There are so many properties in my neighborhood with some that have "for sale" signs for months.
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    Senior Member lovinCO's Avatar
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    Re: Thinking about buying...

    Quote Originally Posted by mtnairlover View Post
    Anyhoo, it's not my finances...it's the idea that buying in today's economy might be the worst thing for me to do. Tell me if that thinking is wrong and tell me why (logically).
    Agreed. The logical reason to buy now is we're supposed to "buy low, sell high". Buying now when the real estate market is in the dumps is a good idea. Buy to live in the home for the long term, like you're talking about, and it's a great idea. Plus rates are good.

    Couple things you can talk to your mortgage broker about (if you ever need a referral I also recommend Dale Eaton)... FHA downpayments are going up *slightly* as of January 1st, to 3.5%. Also keep in mind that historically interest rates are lowest around the holidays, and highest in July. In January of this year rates briefly hit 5.25% for those who were lucky enough to be in the market at that time.

    I like your idea of a townhome for a few reasons. It will keep your purchase price down, which makes your downpayment more affordable and your monthly payment more affordable. And while you'll have an HOA to pay, it covers the outside maintenance costs and work. A break for working parents.

    Lastly, buying something now with 3 or more bedrooms for your kids gives you the option of a roommate down the road when the kids leave. Always nice to have options.
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    Re: Thinking about buying...

    Based on your concerns and financial limitations I ran some numbers and this is what I found for ya:
    Be assured that a walk through the ocean of most souls would scarcely get your feet wet.

  11. #11
    Senior Member Tipys's Avatar
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    Re: Thinking about buying...

    Jeff if glreely is to far what makes you thinks SOCO is gonna be a good idea. Other then it being the best place in Colorado to live
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    Gold Member Yearly Supporter mtnairlover's Avatar
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    Re: Thinking about buying...

    Quote Originally Posted by Sortarican View Post
    Based on your concerns and financial limitations I ran some numbers and this is what I found for ya:



    I almost blew soda out my nose.

    Seriously speaking again though, I know that the summer isn't going to be the best time for me (that's one of the things my mortgage person told me). I just am having a hard time coming to terms with the idea of yanking my kids out of school in the middle of the school year. I want to move away from Loveland (aaaaaaaaaa). Yeah, cuz my work is an hour drive and my Dad has moved down from the mountains, so my first choice is somewhere close to Lafayette.

    I might consider the holidays of 09. My oldest daughter will be graduating high school in June, so I'll only have my youngest to try and make happy if we wait. Her transition will be big enough because she's finishing elementary school this year.

    Oh the decisions....yeah, I kinda thought the whole idea of buying now was a good one...now, it's just getting the $$$ I'll need.
    ...ready to take on the world...one canyon at a time...

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    Re: Thinking about buying...

    BUY BUY BUY!!! Right now is a great time to pick up a smoking deal. Be prepared to be dragged in the dirt…kick in the nuts…and hand out blood and semen samples. Well…not all of those for you but it sure is dang hard to get money right now.

    It’s almost impossible to get a conventional loan even if you put more then 20% down at the moment. That means that a major percentage of the loans given out are FHA. They seem to have learn there lesson that they just can’t give money to every Tom, Dick and Harry. My second closing date which was scheduled for tomorrow has been canceled because FHA is so backed up right now. That translates in to a two week delay so far for me to move in to my new house and none of it has been my fault.

    All that is worth it because I am buying a house that sold for 65k higher then I am buying it for just two short years ago.

  14. #14
    Douche Yearly Supporter Sortarican's Avatar
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    Re: Thinking about buying...

    Quote Originally Posted by Tipys View Post
    Jeff if glreely is to far what makes you thinks SOCO is gonna be a good idea. Other then it being the best place in Colorado to live
    Yeah, SoCo rocks, but all you Thousandaires down there have driven up the prices of those Million cent homes.

    Quote Originally Posted by mtnairlover View Post

    Seriously speaking again though,... I just am having a hard time coming to terms with the idea of yanking my kids out of school in the middle of the school year....
    If you're somewhere nearby you can always leave them in their current school till this years over.
    Prices will probably bottom out in Jan/Feb, everyone who's moving wants to either be in by the holidays or else wait till the spring.
    It's all about your credit rating and money down you can come up with.

    Personally I'm looking to buy land this winter and build on it later.
    I have a great credit rating can easily put 20% down on something so I should be able to get good terms on a loan.
    Unfortunetly vacant land hasn't taken the hit that homes have, but I'm thinking after X-Mas people needing money will start dumping their investment properties to pay the bills and I can pick up something (relatively) cheap.

    If I come across a deal too good to pass on in a residential home I might buy one as an investment.
    I'd rent it to you cheap just to know I have someone responsible living there.
    (Free months rent for an X-Mas bonus and no security depo for you Sunshine.)
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  15. #15
    Gold Member Yearly Supporter mtnairlover's Avatar
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    Re: Thinking about buying...

    Quote Originally Posted by Sortarican View Post
    (Free months rent for an X-Mas bonus and no security depo for you Sunshine.)
    I love you too. Wish my finances were even half of yours...credit rating, etc. But, like I said, I'm working on it.

    I'm not moving close to where I live now. My move may be as much as 40 miles south of Loveland. So, that's why the kid concern.

    Anyhoo, this just makes me more determined to get done what I need to get done.
    ...ready to take on the world...one canyon at a time...

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  16. #16
    Geriatric Curmudgeon Lifetime Supporter Nick_Ninja's Avatar
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    Re: Thinking about buying...

    9-news is having an all day consumer telethon tomorrow with free financial advisers available to speak with.
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  17. #17
    Senior Member chad23's Avatar
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    Re: Thinking about buying...

    Quote Originally Posted by UnoMOTO View Post
    BUY BUY BUY!!! Right now is a great time to pick up a smoking deal. Be prepared to be dragged in the dirt…kick in the nuts…and hand out blood and semen samples. Well…not all of those for you but it sure is dang hard to get money right now.

    It’s almost impossible to get a conventional loan even if you put more then 20% down at the moment. That means that a major percentage of the loans given out are FHA. They seem to have learn there lesson that they just can’t give money to every Tom, Dick and Harry. My second closing date which was scheduled for tomorrow has been canceled because FHA is so backed up right now. That translates in to a two week delay so far for me to move in to my new house and none of it has been my fault.

    All that is worth it because I am buying a house that sold for 65k higher then I am buying it for just two short years ago.
    your loan was postponed because your lender is having problems not FHA. If all is good and true your lender can close a loan in a week. If there is an emergency the loan can be closed in 3 days. Check with your lender to the real problem.


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  18. #18
    Gold Member Yearly Supporter mtnairlover's Avatar
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    Re: Thinking about buying...

    Quote Originally Posted by chad23 View Post


    Cathy get with Cat and sit down and talk to her about all that is concerning you and she help
    Will do, Chad.
    ...ready to take on the world...one canyon at a time...

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  19. #19
    Senior Member chad23's Avatar
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    Re: Thinking about buying...

    Quote Originally Posted by Sortarican View Post
    Based on your concerns and financial limitations I ran some numbers and this is what I found for ya:
    Witha little paint and bondo we can have this plase all pretty for you. I can read the ad now " needs a little TLC"
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  20. #20
    Gold Member Yearly Supporter mtnairlover's Avatar
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    Re: Thinking about buying...

    Quote Originally Posted by chad23 View Post
    Witha little paint and bondo we can have this plase all pretty for you. I can read the ad now " needs a little TNT"
    Fixed it for ya...
    ...ready to take on the world...one canyon at a time...

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  21. #21
    Senior Member TurboGizzmo's Avatar
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    Re: Thinking about buying...

    You can have my house, loan and all....I've grown tired of my terribl...wonderful loan.
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  22. #22
    Senior Member Clovis's Avatar
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    Re: Thinking about buying...

    Hey Cathy,

    Just so you know, I've exitted the mortgage industry (I last worked for Wachovia Mortgage but after they pulled out of Colorado I figured it's time to move on).

    Anyhow, I can still give you some advise.

    Currently, with your situation getting an FHA loan is your best bet. If you're FICO score is at least a 580 getting approved through most lenders is realistic and you'll be looking at a much better rate then with conventional financing.

    Also, FHA requires a 3% downpayment. There are programs called DPAs (Down Payment Assistant) but these have been becoming harder and harder to get. Basically a DPA is a seller funded down payment, usually the way it works is they'll give seller concessions paying for your down payment as well as your closing cost.

    Look at CHFA in paticular - only a handful of lenders in Colorado can use this but this is how my wife and I bought our house five years ago with only $1000 down.

    http://www.chfainfo.com/

    CHFA provides your down payment in the form of an interest free second mortgage. Up until 2003 it used to be a grant, then in 2003 it became repayable but there are no cost associated with the money.

    Like everyone else has said, now is a good time to buy and here's a little secret.

    Craigslist. That's right, craigslist.

    CL has a section for realestate buying as well as renting and selling and you would be supprised how much is listed on there. Just google the city you're looking at, ie "Denver Craigslist" or "Colorado Springs Craigslist".

    Here's my only concern about buying a town house; they appreciate very, very slowly compared to a traditional house and with today's current prices a house is just as affordable.

    My parents bought a town house for $120,000 in 1995; at the top of the market in 2005/2006 it was valued at approximently $180,000 - so $60,000 worth of appreciation in 10 years. A house would have doubled in value in that same time. (The townhouse is now worth an estimated $163 - $173k).

    If you do decide to buy a house and find a lender, I would be happy to take a look over their estimate documents (good faith, truth in lending, ect) and let you know if you're really getting a good deal or if they can do better).

    -Clovis
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  23. #23
    Junior Member CatNip's Avatar
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    Re: Thinking about buying...

    Quote Originally Posted by UnoMOTO View Post
    BUY BUY BUY!!! Right now is a great time to pick up a smoking deal. Be prepared to be dragged in the dirt…kick in the nuts…and hand out blood and semen samples. Well…not all of those for you but it sure is dang hard to get money right now.

    It’s almost impossible to get a conventional loan even if you put more then 20% down at the moment. That means that a major percentage of the loans given out are FHA. They seem to have learn there lesson that they just can’t give money to every Tom, Dick and Harry. My second closing date which was scheduled for tomorrow has been canceled because FHA is so backed up right now. That translates in to a two week delay so far for me to move in to my new house and none of it has been my fault.

    All that is worth it because I am buying a house that sold for 65k higher then I am buying it for just two short years ago.
    Brian, It is not FHA that is behind it's your lender/broker....I'm an expert in FHA (I have never done a sub prime loan so I konw FHA inside and out) it sounds like the person your dealing with is a Broker which means that they do not have control over your mortgage & the process, they process, promise and then they hope that the lender they send your loan to will agree to everything they promised. Lenders are not only skeptical of the fraud within their company but they are even more skeptical of brokers and when they send over your information. Most brokers barely know how to do FHA or the ins and outs of FHA because they have relied on subprime. I have a similar deal currently in progress that came to me last Thursday, we locked in and will close tomorrow. FHA loans may have increase in popularity but they are not the ones that underwrite the loan, the lender does. So the loan officer your dealing with is not shooting it straight. In the past 1 1/2 years (been in the business for 6+ years) that deals have become more difficult I have NEVER missed a closing date. This is a lender/broker issue.

    Brian, I'm a straight shooter (others on this board will tell you that), call me...I'm not here to steal the deal but lets make sure you have your questions answered and then you can challenge your lender to shoot it straight to you.

    It is not impossible to buy or to get a conventional loan, I have several loans in progress is just 5% down and the reates are great. The news and the media have done a terrible job explaining things.

    On a side note.....I was in a motorcycle accident and I'm on a few drugs so bare with me but I still know my stuff and I'm here to help.

    Catherine Eusea 720-300-6777

  24. #24
    Junior Member CatNip's Avatar
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    Re: Thinking about buying...

    Quote Originally Posted by CYCLE_MONKEY View Post
    Well, that's kinda where I'm at. The job market sucks, and I'm not sure how stable things are anywhere, BUT.....this is a great time to buy, and I'm tired of renting for the last 6 years. Greeley seems to be the only affordable area around here.

    Best of luck!
    No, there are great deals everywhere, not just Greeley, I can set you up on a site that is just of your with your information to check around. You will be amazed whats out there. Most home searching sites are now requiring that you sign up with all your informaiton. With this site, you can play around will every area. (ask Cathy....she loves the site!)

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