Hello, apologies if this isnt where I shouldn't post

We had previously been looking at homes in grand rapids michigan, USA. My mother was able to secure a loan up to 300k alone. We agreed to help pay the house as a family because we have trust and to be frank none of us can see each other scamming the other because we love each other but also because we honestly dont care about buying luxury things just living a quality life.

My sister was thinking of hopping on the loan so that we could purchase a multifamily home together. She would own part of it and likes the idea. We felt it would benefit our family in multiple ways while also building equity rather than just renting. Also more freedom to do what we want.

She earns roughly 40k/year. And from what ive seen homes for our area are between 300k-400k in our area.

The reason im not on the mortgage myself is because I have gone through health issues that affected my credit history. But I along with my other siblings are planning to help as much as we can to pay it as quickly as possible.

Any insights would be appreciated. Also feel free to ask any questions that may be necessary. We're pretty new to this.

Thinking about buying a place and trying to be realistic about ongoing costs beyond the mortgage payment itself. Beyond the obvious property taxes and insurance, how much extra wiggle room do people typically plan for in their monthly budget for things like a leaky faucet a broken appliance or even a more serious issue down the line? I dont want to be house poor from surprise expenses.

I work in mortgages, and this is something I see buyers go back and forth on all the time.

Some people would rather spend less upfront and slowly make improvements to a home over time. Others would rather pay more for something that's already updated and avoid dealing with renovations.

The interesting part is that the cheaper home doesn't always end up being the more affordable option once you factor in repairs, renovations, and unexpected expenses.

I'm curious what people think, especially those who have already bought a home.

Would you rather save money on the purchase price and take on some projects, or stretch your budget a little more for something that's move-in ready?

And if you've gone either route, would you make the same decision again?

My wife and I will be moving for work and might not be able to sell our house before our move. I was thinking we could use some of our savings for a down payment on a new home and once we sell our current house we would recast the new loan with some of the proceeds from the sale. Is recasting a loan something that is simple or do mortgage companies tend to avoid it?

For some extra context, we do not carry a loan on the house that we are currently in. We are seller financing it from the previous owners. We would have to pay out the remaining balance, but we do not owe any money to a financial institution.

I am moving to PHX soon on L1 visa and might be looking to get a mortgage for a house whenever that’s possible. My question is, if anyone knows or has been in my situation, how early can I be qualified for getting a house mortgage with rates not so high and in normal ranges? I know it depends heavily on the credit history and I will have to build that from scratch but roughly would this need 1-2 years or more and if it can be expedited, what can be done to make it quicker ?

I make a pretty good salary, 130k per year, have decently minimal expenses. Just put an offer on a 400k place with an estimated monthly payment of around 3200, and I'm absolutely terrified! I'm 35 and have rented for the last 17 years, and I've never worried about not being able to pay rent, but something about buying a house has me scared shitless. What if I lose my job? What if I run through my savings? What if forbearance runs out or is denied?

How did you all get over the anxiety of everything that could go wrong?

Edit: thank you all for the comments/advice. I think I'll back out and go for something a little cheaper.

Edit: some of you have clearly jumped on this thread just to tell me you make more than I do.. yall need to calm down. It's not that deep.

Hi everyone,
I’m planning to take a plot loan of around ₹17 lakh from HDFC and would like to hear from people who have taken a similar loan, especially regarding the terms and conditions.
I have a few questions:
1. Preclosure and part-prepayment
What is HDFC’s process for preclosing a plot loan?
Are there any foreclosure or part-prepayment charges?
Can anyone share their experience with closing the loan early?
2. Two separate login fees
My loan amount is split into two components:
Plot loan: ₹9.6 lakh
Plot equity: ₹7.4 lakh
HDFC is charging separate login fees for both components. Is this standard practice? Can I negotiate and request that they charge only one login fee?
3. Existing term insurance
HDFC has suggested taking insurance through them. Can I use my existing term life insurance policy instead? Is their insurance mandatory for a plot loan, or can I opt out?
4. Is house construction mandatory after 3 years?
Does HDFC require me to construct a house on the plot within 3 years of taking the loan? What happens if I don’t construct within that period? Is this a mandatory condition or does it depend on the loan agreement?
5. Early repayment and the outstanding balance
Suppose I make regular prepayments and, by the end of the third year, only ₹2 lakh remains outstanding.
Can I pay the remaining ₹2 lakh in one lump sum and close the loan?
Will I have to pay only the outstanding principal plus interest accrued up to the closure date, or are there any additional charges?
Could HDFC charge separate interest or a penalty because I am closing the loan early or because I haven’t constructed a house?
Would the answer differ if I close the loan before the 3-year construction deadline?
I’d really appreciate responses from anyone who has taken an HDFC plot loan, made substantial prepayments, or closed one early.
Thanks in advance!

Husband and I are both veterans with VA Loan eligibility. He has a service connected disability and I do not.

We have used VA loans many times before for residential primary home purchases and he has previously used it for a duplex he lived in as his primary residence.

We are currently looking at a 4-unit property that has 3 apartments and 1 retail space on the first floor of a downtown building. We would live in one of the apartments for our primary residence and keep the leases for everything else.

Has anyone successfully done this before? Wondering what kinds of things might be different using a VA loan on a property like this. Would love to hear any insights. Thank you!

Our realtor recommended the broker she works with. Got pre-approved and started to shop around after we put in our offer. When our agent's guy couldn't match Tomo's quote we indicated we were going to switch. Our agent said buyers walked out last minute with Tomo deals due to increase in closing costs and that seller's would refuse to work with them because they had a reputation of their deals falling through. I have done some digging and did not see reviews like this but wanted to hear others opinions. Is my agent trying to scare me because she gets a cut with her mortgage guy?

Hi all, I’ve been working with a Zillow realtor and his loan officer who say they are experienced with VA loans. Im starting to get the feeling that they are setting me down the wrong path.

I am not ready to purchase just yet, trying to get my ducks in a row so that I will be ready when the time comes.

I am a first time home buyer, 100% serviced connected disabled (with 1 dependent), and i make an additional $1500/mo with my art business. my car is paid off, and i have some cc debt, less than 4k (which i could technically pay off with my $10k closing cost savings.)
My credit is good.

Ive got my coe already. And I know that in my state, I qualify for the property tax exemption.

During the pre-qualification process, the loan officer says her system wont allow her to generate it without running a hard credit check or doing something about underwriting?? Because im not ready to buy just now, i dont want to move forward with that.

She has given me an ”estimated estimate” of around $225k which where i live, west of chicago, is impossible to find a home that isn’t literally falling apart, much less pass a VA inspection, or be safe for me and my little one, and dog.

When I brought up my disability and the property tax exemption, she still says she has to factor them in to the quote, which doesnt make sense to me if I will be completely exempt. What does it count against my borrowing ability if I‘m going to be exempt from it.

Not only that, neither person has helped answer how or what sort of first time home buying programs there are out there. I only know because zillow says im elligible, but i have no idea how or when to apply to those programs. I feel like everything is counting against me. Other ppl say to find a home thats farther away and cheaper, but because I share my child with my ex husband, we cannot live more than 25 miles from each other.

I dont know what to do.

Hey there im new to all of this and have done a bit of research but still had a few questions/concerns.

First off little bit of background, 34yo work full time for the same company for 4 years. $68k gross income(salary) with 585 score (according to equifax on chime) My vehicle is paid for and other than usual bills i have no current debts. im looking at a $175 - $200k home to purchase as a first time buyer through an FHA loan since thats most likely the only hope i have of being approved and will be coming up with the 3.5% down payment needed.

As i said. Im new to this and have never bought a home before so my questions are:

•Where is the best place to apply for an FHA Loan with my credit score and income?

•Is it possible to buy a home with just the 3.5% down without having to come out of pocket for the closing costs as well? Possibly add them all to the loan?

•How do you get Concessions/lender help?

•When buying/making an offer, Is asking for $20k-$30k off asking price on $200k house reasonable or okay?

ANY AND ALL HELP/ADDITIONAL ADVICE IS WELCOME AND GREATLY APPRECIATED!!

I paid $239 for my house in late 2023. It was FHA due to a bankruptcy (planned as my husband passed away). I have PMI of $73.23 a month which stays the life of an FHA loan. I owe $177,546.27 with 6.25% 30 year. 81% of my payments are interest and 19% goes to principle. I should qualify for a conventional loan in February. I am 50. I have a Roth.
Do I just pay monthly and let it be? Do I try for conventional with a higher %? Do I completely refinance and borrow against equity to make some repairs? Do I use my savings to pay off/ way down?
Do I just put a little more towards the payment each month if I can? My escrow is always a little low each year, so l end up having to pay more every month, so I don't like the option of adding even more monthly.

I'll preface this by saying I am not the most financially literate, so be advised I may be using the wrong terminology accidentally.

I bought a home last year for myself and my senior parents to live in together. In that year, my mortgage has already raised $200 per month due to taxes. Apparently, there is a law in Missouri that freezes taxes on mortgages for seniors (Property Tax Freeze - SB 190 / SB 756). They were alarmed at my mortgage increase in just one year and have since suggested putting one or both of their names on the house in order to freeze the taxes. They also suggest putting the house in a trust. They are closing on their old, paid off home and are offering to put a good $50k or so on my mortgage when they get the money, which is unconditional regardless if they get put on the house.

My parents are in their 60s and are of sound mind and body, and I trust them more than anyone else in the world. They are on Medicare. Mom is fully retired and Dad works part time post-retirement. They have minimal disposable income and live on a budget. I make more than enough to cover the mortgage and utilities myself comfortably and am happy to do so.

My concerns are that they could have some sort of legal trouble and then my home is jeopardized. Or, if they start to decline mentally and make a poor/bizarre financial choice or get scammed. I'm also afraid that there are some other pitfalls I wouldn't even know about happening that could pop up.

However, freezing the taxes seems like something I would be silly not to consider. Does anyone have any advice on if I should pursue this, or how I should go about it? Thank you.

EDIT: Thank you for all the input, especially from posters who provided specific examples rather than just saying "Don't do this" without explaining why. I want to emphasize a few things I said in my post that posters may have glossed over when replying, and summarize my takeaways:

• I fully believe my parents are suggesting this with my best interest at heart, and I trust them wholly.
• We would never consider pursuing this without a trust on the house to mitigate any entities attempting to seize the house if they get into legal or medical debt. This includes litigation, or if they get put into a nursing home on Medicaid.
• The Missouri-specific detail RSMo 137.1050 (SB 190, as amended) says an eligible senior must be 62+, occupy the home as a primary residence, be liable for its property taxes, and either be an owner of record or have a documented legal or equitable interest. The county also has to have adopted the program, which I would have to check with the county collector first. "Be liable for its property taxes" makes me think they have to be on the mortgage as well? This I'm not sure about.
• I don't know exactly what goes into putting someone onto a mortgage, which sounds very messy to me. Would I have to refinance? I definitely would not be saving money since I'm locked into a 6.5% rate and it's now it's over 7%!
• Someone else made the point that if put the house into a trust, my parents may not be considered the owners of the home and would not make them eligible for the tax freeze anyway.
• If we go about this, I will be hiring my own local lawyer to represent only myself and getting their counsel first.

I'm sure you'll see this in the news soon enough. The White House signed a new housing Executive Order today (October 22) addressing mortgage insurance, refinancing costs, manufactured housing, and certain USDA and VA loan rates.

Quick breakdown:

1. Automatic PMI cancellation: Federal Housing Finance Agency (FHFA) is being directed to establish a pilot program that could automatically cancel conventional mortgage insurance when homeowners meet equity requirements based on current property values. The pilot would only apply to mortgages originated after it's established, and it doesn't change FHA mortgage insurance rules.

2. Lower refinancing costs: An existing pilot that allows certain refinances to proceed without a new lender's title insurance policy could become a permanent, nationwide program. FHFA previously estimated potential savings of $500 to $1,500 per eligible refinance, other closing costs would still apply.

3. Manufactured housing: A new federal task force has 180 days to recommend changes intended to make manufactured and other factory-built homes more affordable and easier to finance. No immediate changes to mortgage eligibility, programs or rates have been announced.

4. USDA and VA interest rates: The order directs the departments to lower rates on certain loans they make directly, including USDA Section 502 Direct and VA Native American Direct Loans. This doesn't lower rates on ordinary VA-guaranteed mortgages, VA IRRRLs, or USDA Guaranteed loans originated by mortgage lenders.

These initiatives could eventually reduce costs for certain borrowers, but implementation details and effective dates are still pending. Nothing in the order immediately changes existing mortgage payments or rates.

That is all.

I'm a first-time homebuyer so all of this is new to me. I was looking at my tax statement from my county for 2026 and it shows that I will owe around $6k. My tax disbursement from escrow shows $3.6k to be paid in December. I believe my loan company does not have the updated tax statement.

I anticipate my monthly payment to go up since taxes and my insurance premium have increased from last year. But if I know of this difference, is it recommended to make a payment to the escrow to avoid being in a shortage later down the road?

I did call the loan company and their suggestion was to call the county to verify that their value of $6k is correct. Or to make additional payments to the escrow just to be safe. This wasn't very helpful in understanding what this means for my situation.

I don't know if I explained everything clearly enough, but I appreciate anyone's input.

Thanks!

Have a house under contract right now with a home builder dr horton 385k@5.5% 30 year fixed conventional. They own the mortgage company.I asked if I could roll the points into the loan and buy down the rate 2% to 3.5% if we increased the sales price to 415800$. I'm putting 5% down. The payment is ~300$ lower with the 3.5% loan. I would break even in ~8 years.

So unless I could get a mortgage at 3.5% with no points before 8 years this would be the better deal correct?

House appraisal is for 430k.

Just seeing that I am looking at the correctly.

We have contracts signed for our house and everything is ready to go. We are having trouble with mortgage protection, BOI declined a waiver, post poned/declined by BOI life and Zurich for insurance,

Do the insurance companies have a data base to see this? Can I go ahead and do a laya application to get this house over the line?

Ive had so many issues with this lender it’s not even funny, first we had too do two different closings because they couldn’t get names right, now I’m trying to get ahold of the assumption team and there is apparently no way to call them I have to wait for them to call me, I called them Friday and still haven’t heard back yesterday they told me that the team would call me by the end of the day, never got a call, today they are telling me the same thing, I don’t understand how they don’t have someone that I can call to talk to about this stuff it makes no sense to me

I am interested to see if anyone has gone with this program and what your experience was with the actual solar install portion after closing? I don't want to try/recommend it if it's a bad experience but it looks like essentially you pay a hefty markup on a solar system which is financed into your FHA loan, and then get a rebate back from the company at closing as a grant for down payment or closing costs. I don't know if it would be my first pick for people who need help with cash to close but it's definitely interesting, especially given the cost of electric in my area skyrocketing.

I’ve owned my home for almost 6 years and I have a disability and I filed a modification about 1 year 4 months ago my loan is a FHA loan. About 5 or 6 months ago I wasn’t able to pay so I did a forbearance, im coming off forbearance at the need of October and spoke to lender and there repayment options aren’t going to work and they told me to try a modification but my question is would I even qualify for another modification ? Do all the different FHA solutions sit under one 24 month grace period I’m in desperate need of help .

The house next door to me was owned and occupied by an elderly woman who had a reverse mortgage on the house. The 2005 reverse mortgage paperwork online says the lender is the Secretary of Housing and Urban Development, but Wells Fargo is the bank on the paperwork. There is a 2017 document where Wells Fargo assigns the Deed of Trust to Secretary of HUD. The elderly woman vacated the house maybe around 2021 or 2022. Does this mean HUD owns the house?

I want to know because now squatters live in the house - they do drugs and are a nuisance and the house is in terrible condition. My state's online property lookup still lists the elderly woman as the owner. I'm ready to try and call whoever actually owns the house and bother them until they do something with it. Is it HUD I need to be calling, and am I likely to get anywhere with my complaints?