titansNvolsR#1 Posted May 6, 2019 Share Posted May 6, 2019 5 hours ago, bigjohnson2009 said: A second home or condo is an investment whether you call it one or not. If it's lying dormant most of the year, the fixed costs will make it a sinkhole unless you have FU money. If it's somewhere near the beach insurance costs can be very high, HOA dues are standard and typically very high and real estate taxes are extra rough when it's not your principal residence. From a cost perspective it would almost assuredly make more sense to just rent something even if it's for 2-3 months. Unless you can buy at a steep discount and you think the property will increase in value a lot. You and @theJ are likely right in that it isn't worth the cost year long for a 2 month deal. I just get crazy ideas from time to time. Guess we could airbnb the thing pending where we were at, but then you'd need a cleaning service or rental company. Thought about just doing the airbnb subletting in a different city every summer but that adds up. Quote Link to comment Share on other sites More sharing options...
Blazer026 Posted May 7, 2019 Share Posted May 7, 2019 Went to my credit union and got approved, but only for 100K. That would be with my 20K down payment. I figured I could get more, but apparently I must pay at least 20% on a down payment. Should I try a different bank? Or will I probably get the same results. I have really good credit too. Quote Link to comment Share on other sites More sharing options...
nugpimpen Posted May 7, 2019 Share Posted May 7, 2019 6 minutes ago, Blazer026 said: Went to my credit union and got approved, but only for 100K. That would be with my 20K down payment. I figured I could get more, but apparently I must pay at least 20% on a down payment. Should I try a different bank? Or will I probably get the same results. I have really good credit too. There are typically other programs depending on the bank. FHA loans allow for 5% down but you would pay PMI (extra monthly cost) until your equity in the property gets to 20%. The monthly payments will be a bit higher but it's a good option for those that dont have 20% in cash. Quote Link to comment Share on other sites More sharing options...
Daniel Posted May 8, 2019 Share Posted May 8, 2019 On 5/7/2019 at 5:30 PM, Blazer026 said: Went to my credit union and got approved, but only for 100K. That would be with my 20K down payment. I figured I could get more, but apparently I must pay at least 20% on a down payment. Should I try a different bank? Or will I probably get the same results. I have really good credit too. That seems really low for such a high down payment, and I think this is probably the problem. I would go to a bank. Quote Link to comment Share on other sites More sharing options...
theJ Posted May 8, 2019 Share Posted May 8, 2019 On 5/7/2019 at 6:30 PM, Blazer026 said: Went to my credit union and got approved, but only for 100K. That would be with my 20K down payment. I figured I could get more, but apparently I must pay at least 20% on a down payment. Should I try a different bank? Or will I probably get the same results. I have really good credit too. I had a similar down-payment on my first house and they approved me for 200k (think they would have went higher too). Try another bank. Quote Link to comment Share on other sites More sharing options...
vikesfan89 Posted May 9, 2019 Share Posted May 9, 2019 2 hours ago, Daniel said: That seems really low for such a high down payment, and I think this is probably the problem. I would go to a bank. That does seem low. I went to a credit Union and was fine though Quote Link to comment Share on other sites More sharing options...
Blazer026 Posted May 9, 2019 Share Posted May 9, 2019 And I make about 47K a year and my only debt is 9K on the truck I bought 2 years ago. No student loans or anything. Quote Link to comment Share on other sites More sharing options...
Daniel Posted May 9, 2019 Share Posted May 9, 2019 13 hours ago, Blazer026 said: And I make about 47K a year and my only debt is 9K on the truck I bought 2 years ago. No student loans or anything. Definitely go to someone else. That is way too low. I don't make much more than you and have a good chunk of student debt, and I got approved for way more, with a significantly smaller down payment. Quote Link to comment Share on other sites More sharing options...
navysaintsfan Posted May 15, 2019 Share Posted May 15, 2019 Just got word Monday that the seller accepted my offer We close July 2nd! This is my first home! .25 acre lot, huge backyard, 1588 sq ft 3 bed/2 bath split level, nice size rec room, beautiful kitchen with granite countertops and new stainless steel appliances, in a good part of town! $205,000 (VA loan) with seller paying $7500 towards closing costs! So excited! Been trying to get a house for about a decade now (I'll be 36 at time of closing). 6 Quote Link to comment Share on other sites More sharing options...
navysaintsfan Posted May 15, 2019 Share Posted May 15, 2019 Me and MrsNSF are so amped! DaughterNSF and PuppyNSF are already in love with the yard. So much space, are planning to do a raised deck in the back, veggie garden, add a shed, still will be so much room left! Quote Link to comment Share on other sites More sharing options...
navysaintsfan Posted May 15, 2019 Share Posted May 15, 2019 On 5/6/2019 at 9:57 AM, MookieMonstah said: Yeah, we pay $650 a month now in rent and obviously do fine so I'm thinking we'd be fine in the 900-1000 dollar range for a mortgage. Wish I was that lucky. I pay about $1400 rent right now, this mortgage I am getting will land somewhere around $1125-1200 and I'm happy for that Quote Link to comment Share on other sites More sharing options...
MookieMonstah Posted May 15, 2019 Share Posted May 15, 2019 1 minute ago, navysaintsfan said: Wish I was that lucky. I pay about $1400 rent right now, this mortgage I am getting will land somewhere around $1125-1200 and I'm happy for that Benefits of living in New Hampshire I suppose Quote Link to comment Share on other sites More sharing options...
navysaintsfan Posted May 15, 2019 Share Posted May 15, 2019 1 hour ago, MookieMonstah said: Benefits of living in New Hampshire I suppose I figured New England would be a bit higher on cost of living. Central and North Virginia can be killers (I'm in Richmond). Quote Link to comment Share on other sites More sharing options...
Shanedorf Posted May 15, 2019 Share Posted May 15, 2019 4 hours ago, navysaintsfan said: So excited! Been trying to get a house for about a decade now (I'll be 36 at time of closing). HUGE congrats to you and your family, your place looks fantastic. Can I camp in your expansive back yard ? Quote Link to comment Share on other sites More sharing options...
navysaintsfan Posted May 15, 2019 Share Posted May 15, 2019 1 hour ago, Shanedorf said: HUGE congrats to you and your family, your place looks fantastic. Can I camp in your expansive back yard ? Whats funny is that's one of the first things my daughter wants to do. And I'm thinking making a small fire pit may be a great idea to go along with that Quote Link to comment Share on other sites More sharing options...
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