RenterRob Posted February 17 Share Posted February 17 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 Share Posted February 17 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 Author Share Posted February 17 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 Share Posted February 18 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 Author Share Posted February 19 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 Author Share Posted February 23 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. hegemony, Tryin2GetItRight, 8ball and 1 other 2 2 Quote Link to comment Share on other sites More sharing options...
8ball Posted February 23 Share Posted February 23 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! Quote Link to comment Share on other sites More sharing options...
VAloanMaster Posted February 23 Share Posted February 23 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 Author Share Posted February 24 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 Author Share Posted May 8 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 1 Quote Link to comment Share on other sites More sharing options...
RenterRob Posted May 8 Author Share Posted May 8 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 Share Posted May 9 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!!! Quote Link to comment Share on other sites More sharing options...
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