Buying a house

Hey OG, I have been calling realtors to look at houses but having very little luck with anyone actually calling me back. I’m not sure the exact route to go. For you more experienced guys out there how did you go about finding a lender to get pre-approval? I get e-mails from my bank but also see these other institutions like Quickenloans, lending tree, Wells Fargo loans and so on. Not really sure where to go from here. Thanks dudes. 

Apply for a loan first and foremost. No respectable realtor will waste their time without a preapproval. They will look at two things mainly for qualification purposes.

1. DTI Debt to Income Ratio. Different loan programs have different guidelines.

2. Credit score. 580 is the magic number for FHA, however, I think since the pandemic they have tightened their guideline to 620. They look at the middle of the three credit bureaus score.
 

Don’t do Rocket mortgage or any shit like that. You will want to get pre approved first before finding a realtor. 

1 Like

MoreThai22 -

Apply for a loan first and foremost. No respectable realtor will waste their time without a preapproval. They will look at two things mainly for qualification purposes.


1. DTI Debt to Income Ratio. Different loan programs have different guidelines.


2. Credit score. 580 is the magic number for FHA, however, I think since the pandemic they have tightened their guideline to 620. They look at the middle of the three credit bureaus score.
 


Don’t do Rocket mortgage or any shit like that. You will want to do that first before finding a realtor. 

Is there a specific loan company I should look for or would you suggest walking into my bank and say “I’d like to see what I qualify for a loan?”

PenAndPaper -
MoreThai22 -

Apply for a loan first and foremost. No respectable realtor will waste their time without a preapproval. They will look at two things mainly for qualification purposes.

1. DTI Debt to Income Ratio. Different loan programs have different guidelines.

2. Credit score. 580 is the magic number for FHA, however, I think since the pandemic they have tightened their guideline to 620. They look at the middle of the three credit bureaus score.
 

Don’t do Rocket mortgage or any shit like that. You will want to do that first before finding a realtor. 

Is there a specific loan company I should look for or would you suggest walking into my bank and say “I’d like to see what I qualify for a loan?”


What state are you in? Your bank could def give you a look. I can tel you right now whether you would get qualified.


How much do you make annually before taxes?


If your wife (or Husband if you’re a fag, which there’s nothing wrong with) will be on the loan as well, how much do they make?


If you aren’t on salary, have you been at your job for two years or longer?


How much is your car payment?


Minimum payment a month on credit cards?


School Loans?


Child support?


Alimony?


What do you think your credit score is?

Google top realtor for your city.   I hate saying it, but look on Redfin...the listing agent for a house you like may/should be on there.  They’ll have (or should have) preferred lenders that they work with and trust.  Will help the overall smoothness of the transaction.  They can refer you to a littany of affiliates (inspectors, title reps, etc).   
 

get pre-qualified (or go all the way with full D.U. Approval) for an amount over what you want to buy.  You’ll need pre-qualification to send with your offer in most places these days.  How’s the credit?  How’s your savings (you’ll need cash to close...can always request seller pay closing but good luck negotiating that...most sellers already paying a lot to sell).  
 

what city r u in?  I’m in So Cal if that helps.  Lmk what I can do!  

AlisoRob -

Google top realtor for your city.   I hate saying it, but look on Redfin...the listing agent for a house you like may/should be on there.  They’ll have (or should have) preferred lenders that they work with and trust.  Will help the overall smoothness of the transaction.  They can refer you to a littany of affiliates (inspectors, title reps, etc).   
 


get pre-qualified (or go all the way with full D.U. Approval) for an amount over what you want to buy.  You’ll need pre-qualification to send with your offer in most places these days.  How’s the credit?  How’s your savings (you’ll need cash to close...can always request seller pay closing but good luck negotiating that...most sellers already paying a lot to sell).  
 


what city r u in?  I’m in So Cal if that helps.  Lmk what I can do!  

Also...qualify with a couple places.  It’s a soft pull on your credit and credit reporting agencies will see you’re trying to qualify for a mortgage.  
 


lending tree sucks but they’ll run you through a couple different places and show you like five results. 

They won't call or email you back. Get someone on the phone there and then who can help it forget it

OP is a faggot :)

It’s the closing costs that broke my bank...

TheHerps -

It’s the closing costs that broke my bank...

Whoever you buy a house from make that part of the deal to have them pay closing costs. And then tell your lender to boost the loan amount $2,000 so you can save $2,000 out of pocket. Only raises your monthly payment $12 but you save $2,000 it of pocket. 
 

For example (Hypothetical Math)

Loan Amount $200,000 = Monthly payment $1,000

Closing Costs (Out of pocket) $10,000

Vs. 

Loan Amount $202,000 = Monthly payment $1,012

Closing Costs (Out of pocket) $8,000

I am getting way ahead here.

I feel like realtors (the industry) and even some friends put too much faith in the home inspection/inspector step or process. ( I will get more into this later).

Don't be afraid to bake in the cost of things that need to be replaced or repaired on the front end on your offer price. Don't let the industry make you think you can or will handle that on the back end during or after inspection.


This may sound silly but it is something I did not know as an example.

If you. have any questions or concerns about the condition of the roof.

1) Find a legit roofer (not an estimator or job scout for a roofing company if possible) and see if they offer pre purchase roof inspection you can pay for.

After finding a leak over a porch area a owner / operator local roofer looking at it pointed out a bunch of things that made it clear the house needed a new roof that was not pointed out so clearly or even noticed by the "home inspector" (used a drone for a lot of the roof inspection).





MoreThai22 -
PenAndPaper -
MoreThai22 -

Apply for a loan first and foremost. No respectable realtor will waste their time without a preapproval. They will look at two things mainly for qualification purposes.

1. DTI Debt to Income Ratio. Different loan programs have different guidelines.

2. Credit score. 580 is the magic number for FHA, however, I think since the pandemic they have tightened their guideline to 620. They look at the middle of the three credit bureaus score.
 

Don’t do Rocket mortgage or any shit like that. You will want to do that first before finding a realtor. 

Is there a specific loan company I should look for or would you suggest walking into my bank and say “I’d like to see what I qualify for a loan?”


What state are you in? Your bank could def give you a look. I can tel you right now whether you would get qualified.


How much do you make annually before taxes?


If your wife (or Husband if you’re a fag, which there’s nothing wrong with) will be on the loan as well, how much do they make?


If you aren’t on salary, have you been at your job for two years or longer?


How much is your car payment?


Minimum payment a month on credit cards?


School Loans?


Child support?


Alimony?


What do you think your credit score is?

I’m in Nj. Only loans is my car. No student debt, not married, no kids, no alimony and other stuff loans no military. Car payment is 550 a month, credit card about 200 a month, yearly income 70k and credit score around 750. I have been with my company for 5 years. 

williepep - I am getting way ahead here.

I feel like realtors (the industry) and even some friends put too much faith in the home inspection/inspector step or process. ( I will get more into this later).

Don't be afraid to bake in the cost of things that need to be replaced or repaired on the front end on your offer price. Don't let the industry make you think you can or will handle that on the back end during or after inspection.


This may sound silly but it is something I did not know as an example.

If you. have any questions or concerns about the condition of the roof.

1) Find a legit roofer (not an estimator or job scout for a roofing company if possible) and see if they offer pre purchase roof inspection you can pay for.

After finding a leak over a porch area a owner / operator local roofer looking at it pointed out a bunch of things that made it clear the house needed a new roof that was not pointed out so clearly or even noticed by the "home inspector" (used a drone for a lot of the roof inspection).





The problem “baking in” costs is that the seller can say take a hike and you’re back at square one trying to find a house that works.  

williepep - I am getting way ahead here.

I feel like realtors (the industry) and even some friends put too much faith in the home inspection/inspector step or process. ( I will get more into this later).

Don't be afraid to bake in the cost of things that need to be replaced or repaired on the front end on your offer price. Don't let the industry make you think you can or will handle that on the back end during or after inspection.


This may sound silly but it is something I did not know as an example.

If you. have any questions or concerns about the condition of the roof.

1) Find a legit roofer (not an estimator or job scout for a roofing company if possible) and see if they offer pre purchase roof inspection you can pay for.

After finding a leak over a porch area a owner / operator local roofer looking at it pointed out a bunch of things that made it clear the house needed a new roof that was not pointed out so clearly or even noticed by the "home inspector" (used a drone for a lot of the roof inspection).





I was a silent partner with someone with apartments (no longer involved with them) and that taught me a lot. I’d be the guy who goes to look at a house and I’d ask about the roof, have a flash light to look under all the sinks for leaking pipes. I don’t have much faith in home inspectors after what I have gone through with the apartments. 

PenAndPaper -
MoreThai22 -
PenAndPaper -
MoreThai22 -

Apply for a loan first and foremost. No respectable realtor will waste their time without a preapproval. They will look at two things mainly for qualification purposes.

1. DTI Debt to Income Ratio. Different loan programs have different guidelines.

2. Credit score. 580 is the magic number for FHA, however, I think since the pandemic they have tightened their guideline to 620. They look at the middle of the three credit bureaus score.
 

Don’t do Rocket mortgage or any shit like that. You will want to do that first before finding a realtor. 

Is there a specific loan company I should look for or would you suggest walking into my bank and say “I’d like to see what I qualify for a loan?”


What state are you in? Your bank could def give you a look. I can tel you right now whether you would get qualified.


How much do you make annually before taxes?


If your wife (or Husband if you’re a fag, which there’s nothing wrong with) will be on the loan as well, how much do they make?


If you aren’t on salary, have you been at your job for two years or longer?


How much is your car payment?


Minimum payment a month on credit cards?


School Loans?


Child support?


Alimony?


What do you think your credit score is?

I’m in Nj. Only loans is my car. No student debt, not married, no kids, no alimony and other stuff loans no military. Car payment is 550 a month, credit card about 200 a month, yearly income 70k and credit score around 750. I have been with my company for 5 years. 

First off NJ sucks, you should move to Florida. Second off, you will want to do conventional loan. Your debt ratio only allows up to a $2,100 mortgage. You want to be under 50% Debt to Income ratio to qualify.

ABCTT_TFK_Mr.Smiff - OP is a faggot :)

All day everyday unless when I’m with Asian chicks. 

AlisoRob -

Google top realtor for your city.   I hate saying it, but look on Redfin...the listing agent for a house you like may/should be on there.  They’ll have (or should have) preferred lenders that they work with and trust.  Will help the overall smoothness of the transaction.  They can refer you to a littany of affiliates (inspectors, title reps, etc).   
 


get pre-qualified (or go all the way with full D.U. Approval) for an amount over what you want to buy.  You’ll need pre-qualification to send with your offer in most places these days.  How’s the credit?  How’s your savings (you’ll need cash to close...can always request seller pay closing but good luck negotiating that...most sellers already paying a lot to sell).  
 


what city r u in?  I’m in So Cal if that helps.  Lmk what I can do!  

I’m in NJ. Would love to be in So Cal. Bmx almost everyday lol.

everything was going great with my lender, went through 90% of the process with forms, credit etc. now they're coming back with i have to pay off a past 5 year old credit issue with a timeshare company that i never used and basically was a scam but put me on the hook for 2k. it pisses me off that this wasn't brought up in the beginning as i had to pay off one of my vehicles and a credit card to keep my debt/income ratio on point.

closing is killing me, it seems they think as if i'm made out of money. when it's all said and done, the mortgage payment will be no problem but fuck me getting to that point.

MoreThai22 -
PenAndPaper -
MoreThai22 -
PenAndPaper -
MoreThai22 -

Apply for a loan first and foremost. No respectable realtor will waste their time without a preapproval. They will look at two things mainly for qualification purposes.

1. DTI Debt to Income Ratio. Different loan programs have different guidelines.

2. Credit score. 580 is the magic number for FHA, however, I think since the pandemic they have tightened their guideline to 620. They look at the middle of the three credit bureaus score.
 

Don’t do Rocket mortgage or any shit like that. You will want to do that first before finding a realtor. 

Is there a specific loan company I should look for or would you suggest walking into my bank and say “I’d like to see what I qualify for a loan?”


What state are you in? Your bank could def give you a look. I can tel you right now whether you would get qualified.


How much do you make annually before taxes?


If your wife (or Husband if you’re a fag, which there’s nothing wrong with) will be on the loan as well, how much do they make?


If you aren’t on salary, have you been at your job for two years or longer?


How much is your car payment?


Minimum payment a month on credit cards?


School Loans?


Child support?


Alimony?


What do you think your credit score is?

I’m in Nj. Only loans is my car. No student debt, not married, no kids, no alimony and other stuff loans no military. Car payment is 550 a month, credit card about 200 a month, yearly income 70k and credit score around 750. I have been with my company for 5 years. 

First off NJ sucks, you should move to Florida. Second off, you will want to do conventional loan. Your debt ratio only allows up to a $2,100 mortgage. You want to be under 50% Debt to Income ratio to qualify.

If it helps I was going to put close to 40% down. Sadly moving out from NJ is a bit of a problem. I could look to see if I could get hired at a Florida facility but why move to Florida...it is Florida we are talking about. Every time one of these threads pop up someone says “save 100k”...

tubuku01 - everything was going great with my lender, went through 90% of the process with forms, credit etc. now they're coming back with i have to pay off a past 5 year old credit issue with a timeshare company that i never used and basically was a scam but put me on the hook for 2k. it pisses me off that this wasn't brought up in the beginning as i had to pay off one of my vehicles and a credit card to keep my debt/income ratio on point.

closing is killing me, it seems they think as if i'm made out of money. when it's all said and done, the mortgage payment will be no problem but fuck me getting to that point.

What’s taking so long?