Is It Good Time To Buy A House In Us?

[introuble]

Bhayyas, 

Is it good time to buy a house? I am still in dilemma, koncham suggest cheyandi?

 

[littlestar]

yes

[mukunda1]

depends on where you want to buy, how much is the budget, how many sq.ft fits your need, what is neighborhood etc. man. 

[accuman]

It all depends where? And how?

And how much?

[introuble]

yes

thanks bhayya, what are the steps need to take care. 0 knowledge on mortgage and how the process will work, can you throw some light?

[Rebel890]

Watch hgtv

[Hitman]

How much rent you are paying?

How long you be there at your present location?

are u willing to rent or live?

how much down payment u can?

what is Credit score?

What is expected loan amount vs your combined salary?

 

etc

[introuble]

I am looking around 250k, 1900sft, townhome 3 bd 3 bath and the location is very good in means of school district and community, budget ante entha downpayment kattali and credit score entha undali and market ela undi anedi ardam kavatledu. India lo konala leka ikkada teesukovali ani thinking

 

[Hitman]

Watch hgtv

 

HGTV ok.. but real life lo anta easy ga undadu ga..

[Hitman]

 

I am looking around 250k, 1900sft, townhome 3 bd 3 bath and the location is very good in means of school district and community, budget ante entha downpayment kattali and credit score entha undali and market ela undi anedi ardam kavatledu. India lo konala leka ikkada teesukovali ani thinking

 

 

Good now answer my questions above.. and also where r u planning?

[vokatonumberkurrodu]

 

I am looking around 250k, 1900sft, townhome 3 bd 3 bath and the location is very good in means of school district and community, budget ante entha downpayment kattali and credit score entha undali and market ela undi anedi ardam kavatledu. India lo konala leka ikkada teesukovali ani thinking

 

 

 

Credit score 700+ unte approval chances untai...Debt to Credit ratio < 30-40% unte approval chances ekkuva.

 

Based on type of loan downpayment will be as low as 3.5% and may be as high as 20% (if you pay 20% you can avoid paying Mortgage insurance which is needed for any load with downpayment < 20%).

 

If you plan to settle here then buy here or else India...

 

Go with a good realtor...buying a used home involves a lot of negotiations during which the realtor may help in making offers, counter offers, negotiating closing costs...

 

there are lot of desi realtors...some full time and some part time...

 

also buy a home based on family needs...1900 sq ft may be sufficient for a couple now...but with kids down the line in a year or two you will need a bigger house...and school district will come into picture when kids turn 5 yrs...

[introuble]

Good now answer my questions above.. and also where r u planning?

How much rent you are paying?  ---- 1000

How long have you been there at your present location? --- 3 yrs

are u willing to rent or live? -- no, buying for my purpose

how much down payment u can? --- around 5-10%

what is Credit score? --- 700

What is expected loan amount vs your combined salary? --- 240k - 5%(10%) and salary 100k

[introuble]

Credit score 700+ unte approval chances untai...Debt to Credit ratio < 30-40% unte approval chances ekkuva.

 

Based on type of loan downpayment will be as low as 3.5% and may be as high as 20% (if you pay 20% you can avoid paying Mortgage insurance which is needed for any load with downpayment < 20%).

 

If you plan to settle here then buy here or else India...

 

Go with a good realtor...buying a used home involves a lot of negotiations during which the realtor may help in making offers, counter offers, negotiating closing costs...

 

there are lot of desi realtors...some full time and some part time...

 

also buy a home based on family needs...1900 sq ft may be sufficient for a couple now...but with kids down the line in a year or two you will need a bigger house...and school district will come into picture when kids turn 5 yrs...

thanks for the answer bhayya,

I am planning on buying a new house with a downpayment of around 5% or 10% and my CC utilizatation rate is 42%. credit score 700. is this enough to get the approval. The closing is in April next year, so that I can build my credit by that time but now the builder wants a preapproval, not sure what are the chances of getting pre-qualified.

[Hitman]

How much rent you are paying?  ---- 1000

How long have you been there at your present location? --- 3 yrs

are u willing to rent or live? -- no, buying for my purpose

how much down payment u can? --- around 5-10%

what is Credit score? --- 700

What is expected loan amount vs your combined salary? --- 240k - 5%(10%) and salary 100k

 

Also.. how long will you be living/owning the house? if you are planning to be permanent at same place is Ok.

 

Not sure where u are planning. but most of the places .. the housing market bounced back and prices are getting increased day by day. If you are going to be living in house at least for 4  years it is fine.. otherwise with the current market price you will not gain much + you will not able to save much if you plan to sell near future. 240 K ante.. u can expect 1800 as EMI. Browse available houses from ZILLOW.. if it is old house.. see the history then u can get some idea how much it can appreciate etc..
 

[vokatonumberkurrodu]

thanks for the answer bhayya,

I am planning on buying a new house with a downpayment of around 5% or 10% and my CC utilizatation rate is 42%. credit score 700. is this enough to get the approval. The closing is in April next year, so that I can build my credit by that time but now the builder wants a preapproval, not sure what are the chances of getting pre-qualified.

 

Is it a new construction? which city or suburb?