RenterRob Posted February 17, 2022 Share Posted February 17, 2022 Buying wasn't on the radar 10 days ago, until..........landlord wants to sell small (460 sq ft) condo I've rented past 3 years. I've been getting a great rent deal for this area. Now, I'm searching only to find prices at least $400 more than I'd been paying. The place is a wonderful fortress of solitude. I was offered 1st opportunity to buy. Assessed @ $ 91,000 last Spring. Building is 50 years old. HOA dues are $210/month. Taxes are $200/month, though homesteading could drop that about 25%. I've lived in this general area all my life. No military service.....Vietnam ended the month I was to go in. I'm semi-retired. Income from SS, small pension, and W-2 (SS max of 19,500/year) is $4,000/month after small amount of income taxes are paid. I've been off the credit grid since a bankruptcy in 2010. I have nothing on my report. Score is 600. I have $75,000 cash on hand. I want to offer 95,000 with 19,000 down @ 3.5% for 15 years. I'm not gonna ask whether I should buy........obviously a personal decision. But, if there's an opinion, feel free. Are the terms I want doable, and with whom? Allkindabroke 1 Quote Link to comment Share on other sites More sharing options...
hegemony Posted February 17, 2022 Share Posted February 17, 2022 14 hours ago, RenterRob said: Buying wasn't on the radar 10 days ago, until..........landlord wants to sell small (460 sq ft) condo I've rented past 3 years. I've been getting a great rent deal for this area. Now, I'm searching only to find prices at least $400 more than I'd been paying. The place is a wonderful fortress of solitude. I was offered 1st opportunity to buy. Assessed @ $ 91,000 last Spring. Building is 50 years old. HOA dues are $210/month. Taxes are $200/month, though homesteading could drop that about 25%. I've lived in this general area all my life. No military service.....Vietnam ended the month I was to go in. I'm semi-retired. Income from SS, small pension, and W-2 (SS max of 19,500/year) is $4,000/month after small amount of income taxes are paid. I've been off the credit grid since a bankruptcy in 2010. I have nothing on my report. Score is 600. I have $75,000 cash on hand. I want to offer 95,000 with 19,000 down @ 3.5% for 15 years. I'm not gonna ask whether I should buy........obviously a personal decision. But, if there's an opinion, feel free. Are the terms I want doable, and with whom? welcome to CB! I'll let others chime in on the mortgage itself but if you have a few months you can take steps to improve your FICO scores. Is 600 your mortgage FICO score? Quote Link to comment Share on other sites More sharing options...
RenterRob Posted February 17, 2022 Author Share Posted February 17, 2022 3 hours ago, hegemony said: welcome to CB! I'll let others chime in on the mortgage itself but if you have a few months you can take steps to improve your FICO scores. Is 600 your mortgage FICO score? Thank you! Mortgage score? Don't know. I'm looking to see if I have 2 legs to stand on when applying for a mortgage. Quote Link to comment Share on other sites More sharing options...
8ball Posted February 18, 2022 Share Posted February 18, 2022 If you have a 580 or better FICO score you should be able to get an FHA loan. Put at least 20% down to avoid PMI. Quote Link to comment Share on other sites More sharing options...
RenterRob Posted February 19, 2022 Author Share Posted February 19, 2022 16 hours ago, 8ball said: If you have a 580 or better FICO score you should be able to get an FHA loan. Put at least 20% down to avoid PMI. I applied with a commercial bank. I will then apply with the FHA. Thanks. Quote Link to comment Share on other sites More sharing options...
RenterRob Posted February 23, 2022 Author Share Posted February 23, 2022 2 pre-approval letters today. One for 30% more than I asked. 30 years......around 5%. I may go 15 years to get 4%. I'm late to the game, but better than never. Tryin2GetItRight, 8ball, hegemony and 1 other 2 2 Quote Link to comment Share on other sites More sharing options...
8ball Posted February 23, 2022 Share Posted February 23, 2022 16 hours ago, RenterRob said: 2 pre-approval letters today. One for 30% more than I asked. 30 years......around 5%. I may go 15 years to get 4%. I'm late to the game, but better than never. Congrats! RenterRob 1 Quote Link to comment Share on other sites More sharing options...
VAloanMaster Posted February 23, 2022 Share Posted February 23, 2022 On 2/18/2022 at 6:13 AM, 8ball said: If you have a 580 or better FICO score you should be able to get an FHA loan. Put at least 20% down to avoid PMI. You cannot avoid Mortgage Insurance on an FHA no matter how much money you put down. Quote Link to comment Share on other sites More sharing options...
RenterRob Posted February 24, 2022 Author Share Posted February 24, 2022 9 hours ago, 8ball said: Congrats! Thank you! Since I've lived in the place for 3 years I feel I don't need a real estate agent.......just the lawyer. Frankly, my idea of a bid is writing a number on a piece of paper, facing it downward, then sliding it across the table. LOL......I'll get an education in this before too long. Quote Link to comment Share on other sites More sharing options...
RenterRob Posted May 8, 2022 Author Share Posted May 8, 2022 I closed on Friday, 05/06. It was a good decision to buy. Had the rate locked in for past 6 weeks, so it isn't bad at all. Best to all of you!! hegemony, Morpheus1967, swimmingwithsharks and 2 others 4 1 Quote Link to comment Share on other sites More sharing options...
RenterRob Posted May 8, 2022 Author Share Posted May 8, 2022 From original post: "I want to offer 95,000 with 19,000 down @ 3.5% for 15 years." Ended up offering 100,000 with 20,000 down @ 4.125% for 20 years. hegemony and DebtFreeIn04 2 Quote Link to comment Share on other sites More sharing options...
hegemony Posted May 9, 2022 Share Posted May 9, 2022 4 hours ago, RenterRob said: I closed on Friday, 05/06. It was a good decision to buy. Had the rate locked in for past 6 weeks, so it isn't bad at all. Best to all of you!! congrats!!! RenterRob and Achillia 1 1 Quote Link to comment Share on other sites More sharing options...
Emperess Posted October 22, 2022 Share Posted October 22, 2022 I'm glad I stumbled on this thread, even if it is old by now. I've been considering buying my next home, and if I do I would be a first-time homebuyer at 59 or 60. I wondered if I was too old to be doing something most people do in their 20s and 30s, but I guess not :-). RenterRob, Burgerwars and hegemony 1 2 Quote Link to comment Share on other sites More sharing options...
hegemony Posted October 24, 2022 Share Posted October 24, 2022 On 10/22/2022 at 1:27 PM, Emperess said: I'm glad I stumbled on this thread, even if it is old by now. I've been considering buying my next home, and if I do I would be a first-time homebuyer at 59 or 60. I wondered if I was too old to be doing something most people do in their 20s and 30s, but I guess not :-). never too old!!!! Kat58, RenterRob and Emperess 3 Quote Link to comment Share on other sites More sharing options...
Achillia Posted March 3, 2023 Share Posted March 3, 2023 (edited) Good for you! Hey, my idea of a savings account is the coffee can in the toolshed, so I can relate to all of this. Buying for the first time at 59! Edited March 3, 2023 by Achillia swimmingwithsharks, RenterRob, Kat58 and 1 other 3 1 Quote Link to comment Share on other sites More sharing options...
swimmingwithsharks Posted May 11, 2023 Share Posted May 11, 2023 With the right credit score, any purchase can be financed! RenterRob 1 Quote Link to comment Share on other sites More sharing options...
RenterRob Posted February 23, 2024 Author Share Posted February 23, 2024 Well, it's been a couple years since my original post. Turned 67 last month. Best decision ever was to be a first time buyer at age 65. Rents were/are incredibly high. $100,000 purchase for very small condo with $20,000 down.........20 years @ 4.125%. I made it just before rates rocketed. Mortage is down to $75,000 now. Condo is worth $115,000 minimum. Experian fico8 is up to 761. Equifax Transunion follow closely. Closing cost was about $5,700.00 Mortage is $490+/month Property taxes & Homeowners insurance $150.00/month (Senior homesteading discount) Homeowners Association dues are pricey..... $252.00/month. It's well-funded, and helps to be involved. Nope, it's never too late. I had tons of doubts heading into this process. I was over my head. However, I didn't panic and did my best at due diligence. Good luck, and good health to all of you. hegemony, Kat58, greendeh and 1 other 3 1 Quote Link to comment Share on other sites More sharing options...
hegemony Posted February 27, 2024 Share Posted February 27, 2024 On 2/23/2024 at 12:37 AM, RenterRob said: Well, it's been a couple years since my original post. Turned 67 last month. Best decision ever was to be a first time buyer at age 65. Rents were/are incredibly high. $100,000 purchase for very small condo with $20,000 down.........20 years @ 4.125%. I made it just before rates rocketed. Mortage is down to $75,000 now. Condo is worth $115,000 minimum. Experian fico8 is up to 761. Equifax Transunion follow closely. Closing cost was about $5,700.00 Mortage is $490+/month Property taxes & Homeowners insurance $150.00/month (Senior homesteading discount) Homeowners Association dues are pricey..... $252.00/month. It's well-funded, and helps to be involved. Nope, it's never too late. I had tons of doubts heading into this process. I was over my head. However, I didn't panic and did my best at due diligence. Good luck, and good health to all of you. congrats!!!! Quote Link to comment Share on other sites More sharing options...
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