All Forum Posts by: Colton S.

My only hope is to avoid paying the refinance to get out from under an FHA loan, because it seems to be more expensive that it's always worth. I know I have heard of the Conventional 97 loan from Fannie Mae, is that something I can do that would allow me to eliminate the PMI without a refinance once I hit the 79-80% mark?

Hey BP,

I had a few questions about financing that I cannot seem to find a clear answer for. Let's say I am looking to buy a house for 70k, the apprasial comes at 85k, which mean the loan is 82.353% of the home's value. Does that mean with a 3.353% down payment, I qualify for a convential mortgage and no PMI? Also, does that mean I have roughly 20k of equity right from the start?

The reason I ask, is we are looking to get a second home and I need to be able to afford it on my current income and would like to avoid FHA loans, if possible because I cannot elimiate PMI without a refi on those.

DeMarcus Washington I was looking in Burlington and it seemed I could find defend properties for $70-$90 that would easily rent for $750-900.

Well, with that being said, I think there is USDA Loan restrictions that means I cannot rent it. I'll research those. My next option would be to put the house in my Wife's name and co-sign for it to qualify. Our current house is in my name only, purchased before we married.

I might have to look into a USDA loan, if they would be worth while.

Hmm. I didn't know that you cannot get multiple FHA loans. We are going to talk to the lender, but before I used anyone's time up, I wanted to be prepared with the right expectations. It would be due to my wife's work (1.5 hours away from our current hour).

I don't have experience with properties that have towers so close, but I would have to assume that if it's a rental in the area it wouldn't pose a large problem for renting it out in the future. This depends on the area you're in. Also, health issues from what I could find seem to not be proven and mainly speculative.

I'm still interested to know how you didn't notice it before putting the offer in, seems like it'd stand out. (:

Also, I might be able to persuade a Co-Signer into being on board with this. Do you forsee that helping me with DTI if mine is currently too high?

Hey guys,

My wife and I are considering moving and purchasing a new house. I know how to calculate DTI, but I'm still generally new at it so I wanted your feedback.

Below is the current numbers we have:

Income: $48,500

Expenses:

Mortgage: $674.58 (Includes PMI, Taxes and Hazard Ins)

Car Payment: $271.72

Student Loans: $170

Est new home expenses:

Insurance: $90

PMI: $60

Taxes: $60

Total monthly expenses: $1325

Total Monthly Income: $4,041.66

I have my estimated DTI at 32,82% currently, meaning we could purchase a house for 60k or less. Does that sound correct?

Also, we will be renting out our current home (The $675/mo payment) for roughly $900 a month, once we move. Can I include this in my income to decrease my overall DTI? My wife will be getting a full time job come January, however, I was hoping to purchase this house off my income and we use her's for another home.

One note, our old home was purchased with FHA and our new one will be purchased with FHA, unless we can find another low down payment option!

Thanks!

My two questions are: Why/how did you not know it was that close to a high voltage cable? What is your biggest concern being so close? Health, safety, insurance, etc? Honestly, it sounds like it *could* be beneficial to purchase the house for your original intended purpose if the cable doesn't conflict with anything.