Sooooo..... - Page 362

Disneyphile · 07-09-2009, 03:07 PM

So, Ken and I have started to toy with the idea of buying a house again. There are some really awesome houses in our town going for $300K and even less. Most are 3-bedroom, around 1,100 sq. feet, but sit on large lots of 8,000 sq. feet, giving us a lot of add-on options later down the road.

So, we've put through some inquiries with a few lenders to see if we can pre-qualify. And, with our criteria, we've already been told we qualify for a 30-year fixed FHA program, with our total monthly payments being close to what we already pay in rent.

The catch is coming up with the required 3.5% down payment (which is even allowed to be a gift), so we're exploring some options on that now, which might actually let this come to fruition in the coming months.

If there's one good thing about this recession, it's the availability of cheap/affordable housing.

In the meantime, our landlords have given us permission to paint, so I'm going to add some color to our home over the next few weeks. I've been needing a change of scenery (mostly from over-working), and a bit of color will really help with that. I'm thinking of going deep burgundy or grayish-blue for the office. Some folks argue that it's a waste to put money into a rental, but for me, it's a $30 bucket of colorful happiness.

Strangler Lewis · 07-09-2009, 03:11 PM

Quote:

Originally Posted by Betty

It was such an expected thing - but I'm now the proud owner of a watermelon some young kid grew for school.

Isn't that how "Invasion of the Body Snatchers" started?

Save it. Especially if it's been genetically modified to talk. It might be worth something someday.

alphabassettgrrl · 07-09-2009, 03:27 PM

How nice, Betty!

DP- now is definitely a buyer's market. Good luck! Enjoy your painting, too. I still haven't managed to paint here and we've been here a long time. I envy your energy!

Not Afraid · 07-09-2009, 03:39 PM

Prices a low in the housing market but there is a TON of competition and things are selling above their list price and most have multiplle offers on them. Bid high and put in multiple offers - making sure you stipulate that you are making multiple offers when you send in your offer.

My friend has been trying to buy a place for about 6 months now and is having a terrible time. She's been outbid many, many times. FHA has also been a stickler on their requirements.

Make SURE your Realtor is experienced and has been in the business a long time. Sometimes knowing the selling agent makes a WORLD of difference. This is NOT the market that is friendly for a new Realtor.

Disneyphile · 07-09-2009, 04:02 PM

Yeah, the lender informed us that we could take months to land something, and we can't get "attached" to any single property - it's almost luck of the draw. But, that time frame totally works for us, as I'm not really wanting to move anytime this year.

This particular lender works side-by-side with a realtor who's been in the business for over 30 years who has rave reviews that I've been able to check out. We'll probably meet with both of them by month's end to start dipping our toes in the pool at least.

Betty · 07-09-2009, 06:55 PM

Quote:

Originally Posted by Disneyphile

If there's one good thing about this recession, it's the availability of cheap/affordable housing.

We're doing the same thing right now. Don't forget about the $8,000 tax CREDIT (not deduction - but credit) if you can buy it before the end of the year.

JWBear · 07-09-2009, 07:16 PM

Quote:

Originally Posted by cirquelover

I have a question though; You don't shape the crust to the pan until after it comes out of the oven the second time?

Yes.

Quote:

Originally Posted by Betty

I am intrigued. It almost sounds like baking a cookie and then smooshing it ino the pan still hot so it holds it's shape. Must try this.

Exactly.

Morrigoon · 07-09-2009, 09:31 PM

Quote:

Originally Posted by Disneyphile

So, Ken and I have started to toy with the idea of buying a house again. There are some really awesome houses in our town going for $300K and even less. Most are 3-bedroom, around 1,100 sq. feet, but sit on large lots of 8,000 sq. feet, giving us a lot of add-on options later down the road.

So, we've put through some inquiries with a few lenders to see if we can pre-qualify. And, with our criteria, we've already been told we qualify for a 30-year fixed FHA program, with our total monthly payments being close to what we already pay in rent.

The catch is coming up with the required 3.5% down payment (which is even allowed to be a gift), so we're exploring some options on that now, which might actually let this come to fruition in the coming months.

If there's one good thing about this recession, it's the availability of cheap/affordable housing.

In the meantime, our landlords have given us permission to paint, so I'm going to add some color to our home over the next few weeks. I've been needing a change of scenery (mostly from over-working), and a bit of color will really help with that. I'm thinking of going deep burgundy or grayish-blue for the office. Some folks argue that it's a waste to put money into a rental, but for me, it's a $30 bucket of colorful happiness.

That's great! Did you find out if Garden Grove has programs to help with the down payment? I don't show Garden Grove on that list I found a couple years ago, but that may have changed. However, is FP's employer technically within Anaheim? Because they give assistance to residents or people who work within Anaheim (for purchase in Anaheim, of course). Here are the numbers I had for there:

Anaheim Home Program (HOME)
$35,000 (714) 765-4340

Anaheim Second Mortgage Assistance Program (SMAP)
$25,000 (714) 765-4340

Now, this was before the crash really took hold, so those programs may have changed, but it's a place to start.

Fall and winter are good times to look too, because people get all into the holidays and a large enough number of them decide to hold off till the next spring (peak market) to give the buyer a little extra edge. Although this summer is pretty good too, because of the condition of the market.

Paint is cheap, happiness is priceless. Totally worth the effort, even on a rental

Disneyphile · 07-09-2009, 10:35 PM

Quote:

Originally Posted by Morrigoon

Paint is cheap, happiness is priceless. Totally worth the effort, even on a rental

Thanks for all the info! I'll definitely check into the assistance grants/programs.

In the meantime, we're pretty much decided on Autumn Maple (dark red with orange hints) or Velvety Merlot (dark red with magenta hints) for the office, Evening Symphony (dark blue) for the bedroom, and we're torn on French Tarragon (dark sage green), Copper Mine (caramel), Laurel Leaf (medium sage green), or Autumn Gold (rich gold with orange hints) for the living room.

We'll start with the office, or course.

Disneyphile · 07-09-2009, 11:03 PM

Hmmm. Now, it appears we've decided on two shades of blue for the bedroom - darker on the bottom half. We're literally going to invoke the "sea & sky" motif so it goes with our cruise decor. The two colors will be separated by a thin white piece of trim... in the spirit of a ship railing.

07-09-2009, 03:07 PM	#3611
Disneyphile SQUIRREL! Join Date: Jan 2005 Location: On the curbside. Posts: 5,098	So, Ken and I have started to toy with the idea of buying a house again. There are some really awesome houses in our town going for $300K and even less. Most are 3-bedroom, around 1,100 sq. feet, but sit on large lots of 8,000 sq. feet, giving us a lot of add-on options later down the road. So, we've put through some inquiries with a few lenders to see if we can pre-qualify. And, with our criteria, we've already been told we qualify for a 30-year fixed FHA program, with our total monthly payments being close to what we already pay in rent. The catch is coming up with the required 3.5% down payment (which is even allowed to be a gift), so we're exploring some options on that now, which might actually let this come to fruition in the coming months. If there's one good thing about this recession, it's the availability of cheap/affordable housing. In the meantime, our landlords have given us permission to paint, so I'm going to add some color to our home over the next few weeks. I've been needing a change of scenery (mostly from over-working), and a bit of color will really help with that. I'm thinking of going deep burgundy or grayish-blue for the office. Some folks argue that it's a waste to put money into a rental, but for me, it's a $30 bucket of colorful happiness.
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07-09-2009, 03:27 PM	#3613
alphabassettgrrl Senior Member Join Date: Jan 2005 Posts: 4,978	How nice, Betty! DP- now is definitely a buyer's market. Good luck! Enjoy your painting, too. I still haven't managed to paint here and we've been here a long time. I envy your energy! __________________ Why cycling? Anything [sport] that had to do with a ball, I wasn't very good at. -Lance Armstrong
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07-09-2009, 03:39 PM	#3614
Not Afraid HI! Join Date: Jan 2005 Posts: 17,108	Prices a low in the housing market but there is a TON of competition and things are selling above their list price and most have multiplle offers on them. Bid high and put in multiple offers - making sure you stipulate that you are making multiple offers when you send in your offer. My friend has been trying to buy a place for about 6 months now and is having a terrible time. She's been outbid many, many times. FHA has also been a stickler on their requirements. Make SURE your Realtor is experienced and has been in the business a long time. Sometimes knowing the selling agent makes a WORLD of difference. This is NOT the market that is friendly for a new Realtor.
	Submit to Quotes

07-09-2009, 04:02 PM	#3615
Disneyphile SQUIRREL! Join Date: Jan 2005 Location: On the curbside. Posts: 5,098	Yeah, the lender informed us that we could take months to land something, and we can't get "attached" to any single property - it's almost luck of the draw. But, that time frame totally works for us, as I'm not really wanting to move anytime this year. This particular lender works side-by-side with a realtor who's been in the business for over 30 years who has rave reviews that I've been able to check out. We'll probably meet with both of them by month's end to start dipping our toes in the pool at least.
	Submit to Quotes

07-09-2009, 11:03 PM	#3620
Disneyphile SQUIRREL! Join Date: Jan 2005 Location: On the curbside. Posts: 5,098	Hmmm. Now, it appears we've decided on two shades of blue for the bedroom - darker on the bottom half. We're literally going to invoke the "sea & sky" motif so it goes with our cruise decor. The two colors will be separated by a thin white piece of trim... in the spirit of a ship railing.
	Submit to Quotes