Current Events > Fuck yeah, buying a house soon.

(+) Yeah! (+)

Finished all the required mortgage paperwork and they'll loan us as much as $255k.

$0 down payment and no PMI.

So damn excited to start looking this weekend.
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How did you escape PMI? I'm going to get hit with it even though my down payment is 10% and you're not putting anything down?
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@kinetika_ posted...

How did you escape PMI? I'm going to get hit with it even though my down payment is 10% and you're not putting anything down?

Got any family members who have been or are currently in the military?

If so, you're eligible to open an account at Navy Federal Credit Union. They're pretty much everywhere. They have a "Homebuyers Choice" mortgage, which is $0 down and no PMI. There's a "funding fee" of 1.75% at closing but you can choose not to pay that for a slightly higher interest rate (like half a percent, I believe)

They also apparently have a program where you use one of their preferred Realtors and you'll get a couple thousand bucks at closing, but I haven't looked much into that yet since we're pretty sure we have a realtor already.

They also have pretty decent dividend rates on checking and savings that pay out monthly so I'm most likely switching everything to them once it's all done.
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My real father was in the Air Force, but I don't talk to him. My stepdad was also in the Air Force, but I don't know if that counts.
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littlebro07 posted...

$0 down payment and no PMI.

smh
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Don't buy a pos track home or one with a HOA.
Look for an original 50s-80s built. Check the foundation, electrical and water. (That goes for any home though)
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Doesn't that 0% down kill you in the long run from the interest of having to borrow more?

Either way congrats I'm a long way from affording a home here until my gf passes the bar and becomes a real lawyer.
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I've got a long complaint story about being a fucking passenger to my fiance buying our house that I won't delve into.

$0 down isn't the best thang
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kinetika_ posted...

My real father was in the Air Force, but I don't talk to him. My stepdad was also in the Air Force, but I don't know if that counts.

You could always join the military yourself and get dat VA loan
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littlebro07 posted...

@kinetika_ posted...

How did you escape PMI? I'm going to get hit with it even though my down payment is 10% and you're not putting anything down?

Got any family members who have been or are currently in the military?

If so, you're eligible to open an account at Navy Federal Credit Union. They're pretty much everywhere. They have a "Homebuyers Choice" mortgage, which is $0 down and no PMI. There's a "funding fee" of 1.75% at closing but you can choose not to pay that for a slightly higher interest rate (like half a percent, I believe)

They also apparently have a program where you use one of their preferred Realtors and you'll get a couple thousand bucks at closing, but I haven't looked much into that yet since we're pretty sure we have a realtor already.

They also have pretty decent dividend rates on checking and savings that pay out monthly so I'm most likely switching everything to them once it's all done.

Nice.
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I just bought a home for $0 down myself. Closed about 5 days ago.

Good luck with all the paperwork, appraisal, home inspection, and closing costs TC.
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kinetika_ posted...

My real father was in the Air Force, but I don't talk to him. My stepdad was also in the Air Force, but I don't know if that counts.

I'm pretty sure it does, but they'll tell you right away when you call if you're eligible or not.

TreyFlowers posted...

littlebro07 posted...

$0 down payment and no PMI.

smh

Why drop 50k when I can keep it in my bank account or invest it when mortgage rates are this low

Also I don't have 50k >_> most I could do was 5% down but I wouldn't have anything set aside for emergencies. Now I will.

EternalDivide posted...

Don't buy a pos track home or one with a HOA.
Look for an original 50s-80s built. Check the foundation, electrical and water. (That goes for any home though)

This'll be our second house, so we'll know what to look for now since we were just eager noobs back then. No HOA is at the top of our list. I'm not paying some old bitches a monthly fee to tell me what I can and can't do with the property I own.
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What is your mortgage rate
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Hexenherz posted...

What is your mortgage rate

4.25%

Credit scores in the 800s for both myself and my wife...4-5% looks to be the average in our area now. Sucks because a year ago everything was under 4%
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