1st time home buyer - need help

[Mrs Pantherfan]

we got into our house with 0% down...this was also in 2005 before the economy went to sh*t too...

keep in mind...you may think that getting into a 200k house would be X amount a month..but you gotta factor in insurance and all that fun stuff which will end up adding on hundreds of dollars

[Panthro]

FHA loans are good if you do not have a lot of money to put down. The bad part is (besides a lot more "paperwork")you are required to pay PMI for 5 years even if after 1 year your house appreciates 20%. In the same scenario but with a traditional loan after 1 year you could drop the PMI.

$150-200 a month based on the price range youre looking at.

[Guest]

20% appreciation in one year is a little dreamy dontcha think?

[CRA]

20% appreciation in one year is a little dreamy dontcha think?

I don't even want to know what my house is worth right now......bought it right before things went to poo. I also don't live in the Charlotte area (who haven't been hit as hard as other places in the Carolina)

[Panthro]

20% appreciation in one year is a little dreamy dontcha think?

That was to be more of an example. Say you put 10% down and it appreciated by 10%. You could be PMI free after 1 year but not with an FHA loan. You are stuck paying it for 5 years.

[Mrs Pantherfan]

I don't even want to know what my house is worth right now......bought it right before things went to poo. I also don't live in the Charlotte area (who haven't been hit as hard as other places in the Carolina)

at one time we had a lot of equity....now we're upside down (not by much, but still)..it sucks...6 years ago..it was 46,000 higher than it is now

[Panthro]

Yeah we bought our house in August and had it appraised then. Zillow today says its worth 17% less. Houses are still selling for the same per sq foot in the area.

Zillow's zestimates are garbage for pricing your own home. Use it just to look at comps in the neighborhood.

[Guest]

That was to be more of an example. Say you put 10% down and it appreciated by 10%. You could be PMI free after 1 year but not with an FHA loan. You are stuck paying it for 5 years.

yeah I know what you meant. PMI sucks but I doubt anything would appreciate 20% in five years right now, unless it was a perfect scenario.

[thefuzz]

Where do you want to buy?

[CRA]

Yeah we bought our house in August and had it appraised then. Zillow today says its worth 17% less. Houses are still selling for the same per sq foot in the area.

Zillow's zestimates are garbage for pricing your own home. Use it just to look at comps in the neighborhood.

Zillow is worthless. If I could sell my house right now for what Zillow says it is worth it would be a done deal.

[Ja Rhule]

I want to buy a house in Stallings NC, Union county. Indian Trail near Stallings will probably do as well.

I want 3 bedrooms 2 baths one story house all brick. The cheaper I can get it the better.

[Mrs Pantherfan]

http://www.realtor.com/realestateandhomes-search/Stallings_NC?source=web#/sortby-1

[pstall]

Rent that first year or two man. Dont paint yourself into a corner right out of the gate. Save some money and more than likely pay down/off that wedding and honeymoon bill if you are coming out of pocket now. The dynamics of homeownership have changed so much its distorted the values on so many levels. Just because you can afford something doesnt mean you HAVE to buy it. Good luck

[Mrs Pantherfan]

^^^ since you guys are dead set on a big wedding, I'd wait to buy as well...

should you change your mind about the wedding..then go for it..go ahead and buy