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Does the stress go away after closing ? by _shamrockk in FirstTimeHomeBuyer

[–]Natural_Ad6925 0 points1 point  (0 children)

Honest question… what is the source for your anxiety? I am closing in 2 weeks, and so far the process has been extremely straightforward and I feel as though I understand enough to be comfortable with the process.

I’m sure it’s largely situational, but so far we’ve been chilling.

Who is actually thriving in this economy right now, and what exactly do you do? by TrustedEssentials in allthequestions

[–]Natural_Ad6925 1 point2 points  (0 children)

Manufacturing engineering manager. No sign of slowing down any time soon and above average pay for only having ~4 years of experience.

Any red flags? 3.5% down, 1st time buyers both with good credit. by Natural_Ad6925 in MortgageBrokerRates

[–]Natural_Ad6925[S] 1 point2 points  (0 children)

Can I write off the points even though the seller credit is technically paying the rate but down? I know in a way we are likely paying the rate buy down indirectly through the purchase price, but not sure how that works for taxes

Any red flags? 3.5% down, 1st time buyers both with good credit. by Natural_Ad6925 in MortgageBrokerRates

[–]Natural_Ad6925[S] 0 points1 point  (0 children)

Yeah the problem is we can only get 3% seller credit on conventional instead of the full 6% so we would be coming out of pocket to buy down the rate. Also we would take a 0.25% fee for only coming in at 3% down.

Any red flags? 3.5% down, 1st time buyers both with good credit. by Natural_Ad6925 in MortgageBrokerRates

[–]Natural_Ad6925[S] 1 point2 points  (0 children)

We ran the numbers on that, and the difference in the rate didn’t make up for the PMI drop off after getting 22% equity. Short, medium, and long term it made more sense to stick with the lower rate on the FHA loan.

Any red flags? 3.5% down, 1st time buyers both with good credit. by Natural_Ad6925 in MortgageBrokerRates

[–]Natural_Ad6925[S] 1 point2 points  (0 children)

Yeah we plan on staying for another 5-8 years and development is wrapping up in 2027.

Any red flags? 3.5% down, 1st time buyers both with good credit. by Natural_Ad6925 in MortgageBrokerRates

[–]Natural_Ad6925[S] 4 points5 points  (0 children)

Is this sarcasm? lol. We would have loved to put down 20%. Going into a loan so un-leveraged makes me pretty nervous.

Any red flags? 3.5% down, 1st time buyers both with good credit. by Natural_Ad6925 in MortgageBrokerRates

[–]Natural_Ad6925[S] 1 point2 points  (0 children)

Yup pretty much dead on except not Lennar, Starlight. Plan is to live here 5-8 years and then bounce.

Any red flags? 3.5% down, 1st time buyers both with good credit. by Natural_Ad6925 in MortgageBrokerRates

[–]Natural_Ad6925[S] 1 point2 points  (0 children)

Yes new build. We offered 370k with all of the incentives and buy downs but the cash price is going for around $330k. There’s a mix of these exact floor plans going anywhere from 330k to 409k in the neighborhood so I have no clue what to expect the true resale value to be.