Formula96

I think i found a house to live in here in Hallsville TX, the reason for this post is i am real exited that it has a shop. Now if i can just get the house, put a lift in the shop, the fun will begin. Building the car, working on other peoples cars, this may turn into a great opportunity for me.

Also, if anyone has any tips for a first time home buyer, plz let me know!!!

Thanks!!!!





PS: I really hope i get this house!!!

quickblade

Do a 80 20 loan.. so you dont have to pay the stupid extra money on the 100% loan....

Formula96

80 20, whats that, 20 percent down?

ThaBirdMan

iTrader: (15)

pics of the house..lets see this sucka

ulakovic22

iTrader: (12)

Check building code to make sure you are able to do what you want with the shop. Not talking about running a business or anything, I'm talking about equipment limitations, building codes for Aux. buildings, etc. Also if you have enough money, don't pay escrow and put the money in a 9 or 12 month CD and pay it at the end of the year. The bank does the same thing with your escrow, but they get the interest from letting your money sit all year.

Racemadnss

80% loan and a 20% loan. You have to have mortgage insurance any time the loan is over 80%.

Might not be able to do that anymore with the economy in the crapper. Definitely try though!

Formula96

it is out of town so i don't have to have any inspections or anything. i am doing a FHA loan that i only have to put 3 percent down on. So i will prolly be screwed on that mortgage insurance deal.

Escrow is taxes and insurance correct? That is a good idea, supposedly doing that actually saves you money.

Thanks guys, i am real exited about this, hopefully tomorrow the realator will tell us whether the current owner accepted our offer or not.

aggiez28

iTrader: (19)

the rates you get doign an 80/20 may be just as bad if not worse than PMI

one way to reduce costs is to not use realtors.

Formula96

you can find it like this though, go to maps.google.com , type in 65 michael st, longview, tx . now click on street view, and put the little man in the bottom right corner on the red dot.

maybe work, works for me.

quickblade

depends on your credit also..
I have a 80 20 loan...
80% loan is 6.15%apr,
20% loan is 6.95%APR...

But I know what you mean.. my brother did it and ended up with a 20% loan that was like 15%APR....
so the PMI would of been better....

But if you can get the loans where you want them.. 80/20 is the way to go.

Formula96

well, they didn't exactly accept our offer, they want $900 more dollars than we offered them , they did accept the part where they pay up to $5,000 dollars of our closing cost!!! Now for the home inspector and structural inspectors to tell me what all is wrong with it, then i decide whether or not to buy.

Very excited!!!

deelong4002

iTrader: (8)

damn, its got a pool and a workshop.

Formula96

damn, how did you know that?

ProStreet_632

I was talking to my mortgage broker the other day and he told me they are not allowed to do 80/20's anymore.