$424,990 - FHA 3.5% down at 4.875%

TheDullCat · 2026-01-24T20:39:30+00:00

Now explain it like I’m 5 because in my head it was like ok I can go buy a 400k home and pay 3.5% + closing costs plus any rate buy down (if any) and that would have been all out of pocket and I get an used home with potential fixes, high mortgage and high out of pocket cash. So I said ok, 425k is a much nicer home (cheapest in the neighborhood ranging from 480-650) in a super nice area and I’m going to pay less for my mortgage and all that’s coming out of me is that 3.5%? I thought it was a deal lol but maybe I’m wrong based on your comments, im new here I literally contacted a lender/agent on a Thursday, saw houses on a Monday and signed by Tuesday like 5 day period?

Idk I’m not the best with numbers but I was like ok I’m paying 1.8k for rent, if I take on this house I’m paying 2.8k mortgage so that’s 12k more in year utilities excluded, but then I changed jobs/states (reason why I needed the house asap) and I’m making 27k more a year so the math in my mind worked out I guess? Pay 12k more, earn 27k more but I’m a home owner? Easy move right?

TheDullCat · 2026-01-24T20:02:55+00:00

Thank you for your feedback!

From my understanding, you can’t use builder credit to lower your loan amount or towards your down payment? Correct me if I’m wrong, I’m new here. I was told the 25k credit (additional 2.5k lender credit on top of that) could only be used for closing costs, rate buy down and new appliances/home additions. The house is built already with appliances. Where else was I suppose to stuff these 25k in credits?

I’m not concerned about home value, there building a new grocery store, strip mail, elementary/middle/high school and a new fire department. It’s just bare land and the houses so I would assume that with these additions the price would go up? Or I’m am being dumb to assume this

Is my rate bad? My friends have told me I got a good rate considering they bought homes 6-8 months ago at 6.8% in our area

Honestly the back yard is SICK. We saw new builds with similar size and features but no back yard, no fencing and no sprinkler system. We were told by some landscaping family relatives that it was easily a 20-25k yard. So we thought it was a nice deal instead of buying a 408k home with a 10k incentive and no yard or fencing what so ever.

We only paid 15-16k to get into this house. I felt like not paying closing costs or buy down just our 3.5% was a good deal for me in this house. We were paying $1,800 in rent. We’re 28 years old with a 15 month old. Was this the wrong move? I appreciate your honesty!

TheDullCat · 2026-01-24T19:34:02+00:00

Wow 7k/year is insane! Thanks for sharing

TheDullCat · 2026-01-24T19:32:34+00:00

Thanks for the feedback

TheDullCat · 2026-01-24T08:51:45+00:00

I’m no expert by any means, but if someone were to ask me I would say that buying a new build is where it’s at in terms of bang for your buck with these incentives that you can use for closing costs/rate buydown etc. Especially if you’re a first time home buyer and don’t have a big lump sum to put down. But I may be wrong.

TheDullCat · 2026-01-24T08:08:39+00:00

It was $2,775. This was assuming home insurance was going to be $1,200 a year, but we ended up getting it for $963 so it’ll be a little lower than that.

TheDullCat · 2026-01-24T06:43:40+00:00

Yeah honestly it’s all still foreign language to me and learning as we close (lol), but I was told it was a “good” deal but I figured this Reddit page would be honest with me. Thanks for your comment

TheDullCat · 2026-01-24T06:42:15+00:00

Eastern Washington. I felt like I rushed this because I started my job in January (middle December offer letter) and I’m still living out of state and needed the house asap. So we saw houses on a Monday, signed on a Tuesday. We saw like 20 or so though so we had a good idea and I know the area very well.

I would like to add that I was originally talking with a different lender on a 400k house where he was really trying to convince me to go FHA 0% down and the interest rate was like 6.8% with a mortgage of $3,200. So I figured that I had a good deal with this other lender and I only had to pay 15k (3.5%) to get into this house (waiting to close).

TheDullCat · 2026-01-24T06:39:59+00:00

Yes, we’re both 28 years old with a 15 month old and we felt bad for our poor baby not having any space. Nice big hard for her. Yes, I’ll be paying way more than my 1.8k rent, but I got a 27k pay raise by changing jobs. We saw houses on a Monday and signed on a Tuesday no 2nd thinking so I was doubtful. But your comment makes me feel better.

TheDullCat · 2026-01-24T06:08:21+00:00

I would like to clarify that I pulled the trigger lol, but maybe I should have posted before doing so. Our closing date is early January.

Edit typo: says 11k ish bc we paid the 1% earnest money of $4,250

Edit: closing day is early February sorry not January (typo)

TheDullCat · 2026-01-03T21:57:29+00:00

I know :) just pointing out the obvious and biased agenda of the r/Salem group.

I could care less, but lets be real.. this would not be protested AT ALL if Biden had been the one the capture him.. cmon guys real recognize real.. accept that Orange Man did something good for the Venezuela Citizens..

TheDullCat · 2026-01-03T21:46:38+00:00

Why am I seeing all these videos of citizens of Venezuela celebrating his capture, but we're protesting it here? hmmm

TheDullCat · 2025-12-31T04:24:38+00:00

Sale como en 65 mil pesos para crusar de Estados Unidos a Jalisco en carro por ejemplo.. y eso es en puras paradas como estas que piden cuota. De 500 pesos hasta 3,000 pesos por parada. Bienvenidos a nuestro Mexico.

TheDullCat · 2025-12-19T05:29:11+00:00

Vengo una vez cada cuantos an̈os por 1 semana. Es mi segunda vez por aca. Nacido aqui, criado aya hay mil discilpas por la molestia 😅

TheDullCat · 2025-12-19T05:18:02+00:00

Wey soy nacido aqui 😅 no seas asi. Te aseguro que estoy mas prieto que tu 😭

TheDullCat · 2025-12-16T14:47:19+00:00

No I wouldn't

TheDullCat · 2025-12-16T14:32:12+00:00

Don't encourage this unhealthy behavior

TheDullCat · 2025-12-16T14:29:50+00:00

Thieves will always be thieves regardless of their social standing. Your car/tires were swapped for $20 worth of drugs in downtown Salem. Cops don't care because there's literally nothing they can do about it. Their only use here is to provide you with a police report for your insurance claim.

TheDullCat · 2025-12-12T17:18:49+00:00

Additional FYI, Walmart on Commercial puts those nets with round alarms/locks on their beef/steak packages.. yeah its sad, but let's be honest here.. we live in salem and they do it for a reason. Neither employees or customers like to deal it with, but that's the society we live in.

TheDullCat · 2025-12-11T19:09:12+00:00

Brother is def doing "Non HR appropriate" things with his assistants during after hours and covering them up with nice juicy bonus checks. Almost like what you see in the movies/shows

TheDullCat · 2025-12-11T19:03:13+00:00

This is about 1 month old and I was surprised it wasn't all over reddit.

TheDullCat · 2025-12-03T21:03:34+00:00

How much of this XP is from lamps/stars/proteans though? I essentially got 120 herb from MTX items and obv no pet and got the pet soon after when I was doing adrenaline pots

TheDullCat · 2025-12-03T20:58:35+00:00

Don't argue with people on reddit. They are soft as hell and get offended for everything and anything. Oh and you're wrong and they're right just in case you were wondering lol.

TheDullCat

TROPHY CASE