Illu konadam - at peak high cost

[ringa_ringa]

3 hours ago, Kootami said:

then is buying necessary now

Rent Chala ekkuva undi...inko few hundred pay chesthe saripotundi ani 

Also 1-2 years look manchi school community lo dorakkapothe ela ani

[soldier]

Evarana FHA loan tesukunara? 

H1 ani fha loan ivavamu ani conventional ki marcharu. 

Online lo chuste fha istaru h1 meda ani undi.

valltho argue chese opika leka inka kite tesukunaa 

[ringa_ringa]

confusion lo undi post vesthe, inka confusion perigindi

• Manchi area ithe max 10% taggochu recession ochina antunaru, - 10% kooda huge ye kada 
• 20% down payment and 6 months reserve ante asalu nenepudu illu konalenemo - unless recession ochi housing costs 30-40% padthe tappa
• 36% down kante ekkuva pay cheyoddu ante - oche salary ki manchi school district lo asalu illu raadu, even paying 20% down for small (2db) house . Rents chala penchestunnaru (4 years back i used to pay 800, now paying 1400) and inko 2 years ki adi 1700 avtadi .... 
• Sare konakunda 1-2 years wait chesina, home prices malli 10% perigithe ide paristiti untadi (ikkada 2 years back prices and now chusthe morethan 10% increased)

 

[AFDB_Director]

Don't try to time the market, you'll always lose

Adhe area lo oka 5-10 years untava? Jobs ela unnav mee area lo, can you get another job without relocating? then go for it. You will build enough equity in 5-10 years and no recession will last that long. 

You can pay as low as 5% and pay PMI. conventional loan ki PMI will be .5% of the total loan per year, that means if you take $500k mortgage, you will pay $2500 per year on PMI with 5% down. if your mortgage credit score is more than 760, you will be pay .3% instead of .5%. as many said, 6 months emergency fund is very important. 

also, as one poster said above, your mortgage payment (PITI + PMI) should be less than 35% of your income. Don't be house poor, there are other important things in life rather than buying a villa. 

Good Luck!!!

[AFDB_Director]

17 hours ago, soldier said:

Evarana FHA loan tesukunara? 

H1 ani fha loan ivavamu ani conventional ki marcharu. 

Online lo chuste fha istaru h1 meda ani undi.

valltho argue chese opika leka inka kite tesukunaa 

evadu man aa lender, fire him and shop around. naa first mortgage FHA, with that said, FHA endhuku teesukuntunnav? 3.5% down pedthunnava? if you are putting 20% down, go with conventional, FHA has lot of upfront costs, it is for people with low down payment and not good credit score.