Mama
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Well, in case you decide to look for a rental instead: Looking at the landlord is almost as important as looking at the place. We've generally had good landlord experiences with one exception. Ever since I would not sign a lease until I meet the …
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He gave $120K (all his savings and money he got from other property) as a downpayment I dunno -- the part in bold is bad news in any market IMO...esp today's job market. Lets hope that he 1. Has no family to suffer the possible downside of r…
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Thanks guys, I guess what Dave0 wrote is a good reminder. I always see people talking about 30-40% of gross income liabilities so I had somehow remembered that 28% is the concervative estimate. But if that's an LOs max number, no wonder it's tight. …
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jon, thanks. I am trying to do the calculation in a "vacuum" -- i.e stable house price(not relevant since this is the first and only house we'll ever own), 0 inflation. We have other hedges for negative inflation/loss of income...at least for so…
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But that 80% off figure suggests average annual household income would need to drop to $20k. I think two people working minimum wage would have an annual income of about $30k This is true if you assume that minimum wage laws would be observed…
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Thanks Rhonda, yes, you understand the situation correctly. I "trust" the person somewhat, I suppose (I've seen them in person and prequalified with them twice so they know my situation). But I don't _really trust_ anyone in this process, because…
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jillayne, thank you so much for your detailed answer but I'm afraid my inexperience here gave misleading information 1. The person is not really a mortgage broker, they are a loan originator (they offer mortgages but work on behalf of a big bank …
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Dave0 wrote: I'd be all for a state income tax as long as it replaced the sales tax. An income tax is much better for society than taxing sales. Those that have lots of money to spare pay a larger share, while those that are struggling to get by p…
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LOL, I wonder if they'll put restrictions on the use of land. I was always joking with my spouse that we should buy 3000sq feet with a view and a good school system and plop a cheapo trailer. Total price would probably equal that of a small-med hous…
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Something similar happened to us not long ago -- we went to view a house to rent but we were a little early. We rang the bell anyway, not aware the unit is occupied. Then all he.. broke loose -- it was an extremely unpleasant situation. In any ca…
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Jillayne, and everyone else, thanks so much for the tips. I have a good friend who works for a title insurance company, I just never knew they are the ones to know/provide this info. thanks again.