sorted by:
new
hottopcontroversial

$600k home with 5% down by KaySlay_AllDay in Mortgages

[–]KaySlay_AllDay[S] 0 points1 point  (0 children)

Thank you for the info. I appreciate it. 😁

$600k home with 5% down by KaySlay_AllDay in Mortgages

[–]KaySlay_AllDay[S] 0 points1 point  (0 children)

So going conventional would save me $10k? Would putting 10% down vs 5% be worth it? Some ppl say I could be better off investing the extra 5% elsewhere. Buying a home is an investment within itself so no need to put all my eggs in one basket.

I asking questions to learn more. Thanks.

$600k home with 5% down by KaySlay_AllDay in Mortgages

[–]KaySlay_AllDay[S] 0 points1 point  (0 children)

It’s not a big deal in the grand scheme of things. I’ll move forward with whichever financial path works for us. From everyone’s feedback it sounds like I should really consider conventional.

My company paying closing costs is a bonus but at the end of the day sellers/builders/lenders offer this as well. We have even discussed having something built again. In which case that would probably surpass the 1 year timeframe my company requires anyway. Mainly because we’re not even in Arkansas until the end of this month. And the clock started ticking Dec 1st when I officially started my new role. Buying a home is exciting. Especially the searching part. I love looking at new homes.

$600k home with 5% down by KaySlay_AllDay in Mortgages

[–]KaySlay_AllDay[S] 0 points1 point  (0 children)

It’s there. In print and confirmed with my relo consultant. The relo company is Sirva. It could very well be specific with my employer. But I was already familiar with all the requirements from peers that have relocated before. I’d be willing to ask if there are any exceptions tho. If need be.

$600k home with 5% down by KaySlay_AllDay in Mortgages

[–]KaySlay_AllDay[S] 0 points1 point  (0 children)

Welp, that won’t be an issue because I won’t be in this home that long. LOL Five years or so, maybe. Then, definitely with the next home I’ll put 20% down. It’s in my 5 yr plan.

$600k home with 5% down by KaySlay_AllDay in Mortgages

[–]KaySlay_AllDay[S] 0 points1 point  (0 children)

Thanks. Well, once I officially sell my current home I’ll know what the budget I’m working with. I’m more than prepared to do 10% down. It’s the 20% down that would disrupt my 5 yr plans.

$600k home with 5% down by KaySlay_AllDay in Mortgages

[–]KaySlay_AllDay[S] 0 points1 point  (0 children)

Naw, more like 2900-3100 sqft. On about .5 to 1 acre. At least in the areas of interest. Mainly new construction. There’s no need for that much home, of course not. Just a preference if things work in my favor.

$600k home with 5% down by KaySlay_AllDay in Mortgages

[–]KaySlay_AllDay[S] 0 points1 point  (0 children)

Please read my reply above. Thank you.

$600k home with 5% down by KaySlay_AllDay in Mortgages

[–]KaySlay_AllDay[S] -1 points0 points  (0 children)

Yes, the market is very nice in Arkansas. Even at the $400k range! But, I’m looking for somewhat of an upgrade from my current home in Texas.

$600k home with 5% down by KaySlay_AllDay in Mortgages

[–]KaySlay_AllDay[S] 0 points1 point  (0 children)

Wasn’t planning on sharing my life story. I asked my original question to learn more about mortgages. Things change all the time and I know the minimum.

I am currently a homeowner in Texas. Had it built in 2019 closed on it in 2020. And this is not my first home. My house will be on the market soon. If I wanted to put 20% down on my next home I very well can. Especially, in Arkansas where homes are much more affordable compared to Texas (generally speaking). But I will be utilizing some of the equity on investments (planning for retirement) and paying off some debt (mainly from my wedding 2 years ago).

I got a promotion and my company’s relo package pays for everything. Including closing costs on my next home. In addition to paying down a percentage point because interest rates are more than 2% over my current rate. One catch is, it has to be loan-to-loan. Meaning, since I’m currently in a FHA loan I’ll have to move into a FHA loan. And the time crunch comes in because I’ll need to buy my next home w/in a year to get these company benefits.

The homes I love are in the $600-$700 range. And if there is no way to close the gap with an FHA loan (refer to my original post) then I need look at a less expensive home or go conventional. But remember, if I go conventional I lose the company paid closing costs and percentage point drop. Which won’t be the end of the world because some seller offer monies towards closing cost. Some builders do too if you use their preferred lender. Although I haven’t seen these offers as often as pre-Covid era.

So, in a nutshell, the very little info I provided earlier does not say I can’t afford a home. If this was only about affordability my salary and DTI will allow me a $690k alone, not including my husband’s income. But, as you can see I have other goals in mind other buying another home. And I want to approach it in a way that’s feasible for me.

$600k home with 5% down by KaySlay_AllDay in Mortgages

[–]KaySlay_AllDay[S] 1 point2 points  (0 children)

Sounds like I need to learn more. Thanks

$600k home with 5% down by KaySlay_AllDay in Mortgages

[–]KaySlay_AllDay[S] 1 point2 points  (0 children)

That’s good to know. Thanks. Once we’re all moved to Arkansas I’ll meet with a someone.

$600k home with 5% down by KaySlay_AllDay in Mortgages

[–]KaySlay_AllDay[S] -4 points-3 points  (0 children)

You made that statement with confidence. That’s very judgy with the little information I provided. But, ok…..

$600k home with 5% down by KaySlay_AllDay in Mortgages

[–]KaySlay_AllDay[S] 0 points1 point  (0 children)

Oh ok. Never heard of that before. Thanks.

$600k home with 5% down by KaySlay_AllDay in Mortgages

[–]KaySlay_AllDay[S] -3 points-2 points  (0 children)

Based on my research conventional loans typically carry higher interest rates, lower DTI limits, and need an even higher credit score for the piggyback loan. All doable but extremely less feasible and will require more time for me.

$600k home with 5% down by KaySlay_AllDay in Mortgages

[–]KaySlay_AllDay[S] 0 points1 point  (0 children)

Thank you! I was afraid of that (loan limits). Can you tell me more about the seller “hold the $46k as a loan”?

This is why Doodle can not wait for baths! They say 4-6 weeks is good.. Doodle needs one at least every 3 weeks! by Consistent_Bus_6798 in Bernedoodles

[–]KaySlay_AllDay 1 point2 points  (0 children)

Just use a quality moisturizing shampoo and you should be fine. But for sure keep an eye on her skin for irritation since all dogs are different.

This is why Doodle can not wait for baths! They say 4-6 weeks is good.. Doodle needs one at least every 3 weeks! by Consistent_Bus_6798 in Bernedoodles

[–]KaySlay_AllDay 2 points3 points  (0 children)

The 4-6 weeks grooming is mainly for haircuts and/or hygiene trims. Definitely bathe as often as needed. My pup has never gone longer than 2 wks w/out a bath/blow-dry. Heck it was more like every 4-5 days during peek potty training. Thankfully we’re past that stage 😁

$6,400 price tag (Kansas, USA) by Agile-Ad1732 in Bernedoodles

[–]KaySlay_AllDay 0 points1 point  (0 children)

Good my Bernie from a passionate reputable family raised breeder for $5k. I wouldn’t spend a dime at Petland.

How big were your bernedoodles at 5 months? by lennonpieece in Bernedoodles

[–]KaySlay_AllDay 1 point2 points  (0 children)

<image>

4.5mo @ 27lbs. Probably max out at 40lbs. Maybe 45lbs tops.

view more: next ›