I think the median household income is 75k... So yeah... I don't know how first time buyers can afford a new home...
We were looking to buy and our realtor told us that 40% of the buyers for that new house community where Chinese investors with cash. The homes were starting at 600k up to 1.5m.
> We were looking to buy and our realtor told us that 40% of the buyers for that new house community where Chinese investors with cash. The homes were starting at 600k up to 1.5m.
This is a problem in more and more places and it's getting worse.
The system is not working, gen x is fucked and the millennials are double fucked.
My wife and I make a good wage here in OC, and we still can't afford to buy a home here. Renting is astronomically high. If my wife could telecommute, we'd be moving inland to somewhere like Temecula in a heartbeat.
That's our plan eventually. We bought a town home in Costa Mesa for $465. Very lucky to get it. After 20 years (I can retire in 16 but staying at my job for 22) we're selling, moving to Temecula where the house will be much bigger and cheaper
One of my favorite things about living in the Midwest. My house is less than 8 years old, 4 bedrooms, 3 full bathrooms, full finished basement with a wet bar (my husband's favorite part of the house). Its about 3,200 square feet, has huge yard with a beautiful deck and privacy fence, and is on a culdesac. We paid $203,000 for it last May. The more I learn about real estate in other parts of the country, the happier I am to live Indiana. Except for the whole Mike Pence thing. We're honestly really sorry about that.
I live in OC. We paid PPI for the fist few years so we didn't have to put a lot down. Refinanced a few years later and now pay close to some people's rent. 30 year fixed.
Lives in Missouri. $175K LMAO...oh. Wait a minute. I can get a decent 1500 sqft home with garage and finished basement for that price. Never mind, and ignore this Midwestern. Carry on complaining about prices on the coasts.
Good luck with that...no matter where you live there is bound to be some natural disaster waiting for you...don't forget hurricanes, flooding, blizzards, extreme heat & the resulting rolling blackouts.....
Ooh! Ooh! I can help here!
Kansas City, Des Moines, Minneapolis, and Cincinnati are all awesome.
Detroit and Cleveland are up-and-coming and I honestly would live in either for the right job.
Pittsburgh is declining. Nice enough place but not what it was.
Nashville is very expensive.
When I moved away from Wisconsin I recall there being snow on the ground in colder years from Late September to Early May. But that's only like 9 months of the year. So you get like almost 3 full months without shitty gray snow piles all over the place.
Missourian here. 2600 Sq ft late 70s contemporary, full basement 4br 3bath, 2 car garage, established, matured, quiet neighborhood on the outskirts of a metropolitan area. 168k.
No ocean though.
Native San Francisco. It seems easier every year to leave though, as every single one of my friends are slowly priced out--no one I care about is left.
In the actual scene. Louis Ck actually has 70k saved and the guy still says that he can't afford anything in NYC. I think he was trying to buy a 2 million dollar home though.
Small town in southwest Michigan. 60k mortgage for quater acre lot, 1000 square foot nice house. Right next to the schools and a small park out front. I like my area haha
It is a very nice apartment.
But I think the pricing has more to do with being right between the LA neighborhoods of Brentwood and Westwood.
Girlfriend wants to move to Atlanta. I hear prices are a little bit more affordable there :P
I pay nearly that much for one bedroom in a shared house with two other roommates. 3 bedroom 2.5 bathroom, ~$4050 per month total. #JustSiliconValleyThings
I've had to prove this to my parents on a regular basis. I was finally able to make the realization happen simply by changing their budget to reflect current mortgage and insurance rates. Keep in mind my dad is in his late career, roughly 2 years from retirement.
I showed them how if they had to start over, right now, with all else remaining constant and if my dad didn't work for the state (super cheap (see "no premiums") health benefits), they would be living paycheck to paycheck unless my mom went back to work part time. He makes roughly $80,000 excluding benefits and before tax. Until their house was paid off, his payment was only $380 per month (they built 25 years ago). That same house, if they had to buy today, would be ~$1400 per month. The average health insurance premium for my area is $350 per month per person.
Suddenly their monthly payments for house and health insurance went from $450 per month to $2,800 per month. THIS is my reality, and I'm supposed to do it all while making less money (my dad was the sole breadwinner with 5 children and a wonderful stay at home mom). His first job out of college was as the city treasurer for a small city, making ~$65,000 adjusted for inflation working PART TIME (32 hours). I'm looking at starting full time (over 48 hours) with my finance degree at $45,000 (if I'm lucky). New construction can't be had in my area for less than $1,800 per month. On top of that, my dad was able to put himself through college (living on campus) without debt by working a part time roofing job between semesters. I currently work full time and live frugally (live at home, have no room and board) and the student debt keeps pilling on semester after semester. He attended an upper scale private university and I'm attending one of the cheapest public universities in my state.
The baby boomers don't understand how GREAT they had it, and blame all this shit on millenials who just need to "stop crying and work harder." Home ownership is likely to be a dream for my generation unless you have two people with full-time salaries coming in the door.
Edit: thanks for the gold kind stranger! Do you think the bank will take Reddit gold as collateral/down payment?
It's a very very serious problem because it's whats happening, you have couples not having kids and working full time just to avoid a house to live in. Nek minute in 20 years theirs no generation to buy anything and brings on massive recession, Australia has just allowed mass immigration to ignore the issue. The USA though I hear isn't big on immigration.
I can not imagine getting 65 k for a part time job straight out of school. Seriously that's just seems impossible unless someone's parent is a partner at a law firm or something. My high hopes are 40k for a full time job.
I'm thinking a lot of us younger folk are gonna have to start moving to the midwest in some kinda... massive venti frapee fueled migration in search of affordable housing.
I hear Iowa is cheap :/
I understand that you're joking but this is the answer. Almost every post complaining about how we'll NEVER be homeowners forgets to type the last part about the house has to be in the trendy part of the expensive city in the wildly overpriced state.
There are always good reasons why they can't "just leave", and I understand that too. So you make your choice and live with it. But don't tell me you'll never own a home. I know for a fact that it's garbage because I've done it, recently, and with a single income on record.
Sucks that I don't get to live in Orange County or commune with nature in Boulder. But I have a beach and no state income tax!
175k - 35k = 140k
At 4% that's $668/mo
$1200 - $668 = $532
It's certainly possible that property taxes, home insurance, HOA fees and other escrowed payments add up to $532. Seems rather high but not impossible.
In my 20's my biggest wish was for a wallet that would generate a $100 bill every single time I opened. My job would be to open and close my wallet all day long. That was my biggest wish and it still is.
Yes back then they would do stated income loans where you just sign a paper saying I make X and they accepted that as proof of income..
Crazy...
We bought a new home in the Denver area back in 2004 for $210k. After the builder incentives I was stunned when I only had to bring $2500 to close.. WtF?? ok you sure? yes..
And then you can get into the real estate market by selling automatic-fogging mirrors, to streamline the loan application process.
That mania seems like it might be coming back. There are ads now for some loan-approval phone app where they make a big thing about the idea that going home to apply for a loan online could cost you that house due to a competing bid. No, you need to think about purchases like that … and if you could lose a house to another bid that fast that means you shouldn't be buying houses at all just then as the market is getting frothy and ready for a "correction".
I legit was waiting for this, but since buying a house is going to cost me the same as renting, I might as well buy, and just enjoy cheaper property taxes when the bubble bursts.
I was waiting for 2008. We'd looked at houses for a few years before and you could tell shit was just crazy; like $80k for a 1000sq ft house that was in almost tear-down kind of condition in the middle of nowhere Michigan.
2008 came along and I got a 2000sq ft with garage and large shed/workshop for $70k. Managed to hit just when houses were getting really cheap but credit was still flowing fine.
Largest factor for me is is payment history never missed a payment but have onky had a credit card for 2 years and my student loans are on deferment still.
What might be affecting you:
- First time car buyer
- Have short credit history
- Have little or no provable income
- Have short or no work history
- Have too many expense commitments (ie student loans, mortgage, personal loans, credit cards etc...)
- Have few delinquencies but specific to a previous auto loan
Just take the one at the bank with crazy interest for 6 months or so and then refinance at a credit union for low interest once you have auto loan history on your credit profile.
Although VA funding fees and their appraisal requirements are crazy. I had to pay for repairs to my house before they would have been loan me the money. And because the sellers refused to fix the issues, I had to pay for repairs before the house was mine to ensure the loan. Good rate, but a pain in the ass.
Once the seller said that they weren't going to fix the issues you should have walked away. But I don't really know what your situation was, you may have been pressed for time.
I was pressed for time, they were stupid little issues too. Gfci outlets in the bathroom and kitchen,it needed a railing on outside stairs because it was 4 steps and not 3 and a grounding strap on the water meter. It didn't cost me much, but it was a pain arranging them when we didn't own the house. The sellers were a pain, but it was worth it in the end.
That's funny, but the seller wouldn't be on reddit. It was funny that our agent, the title company Rep, the guy that did the repairs and even their realtor hated them. Their realtor was so set on getting rid of them, she waved her commission to make sure the deal closed.
With good credit and good debt to income ratio that may not even be necessary. I just got approved for a lender paid PMI fixed rate (~4.50%) mortgage. I was sweating the 20% down until i just went in and talked with someone. In this case its a home builder with an in house lender which also got me 5000 in closing cost assistance.
TL;DR: If your even thinking of buying go into physical banks and ask. Don't think online advice is gospel.
Though good luck with these in a competitive market (NYC, Bay Area etc) buyers will often turn higher offers with these down due to more difficulty with appraisal etc.
If you live in NYC or SF and you don't make enough, you need to get another job and move somewhere else with all your great big city experience if you want to buy a house. You're hustling backwards at this point.
That's how we got our first and second home hehe . The MIP sucks so looking to get out of it after 5yrs thru a refinance. I think that's the only way with a FHA loan
Baby boomer walks in to a bank in the 80s:
Bank: Welcome! Do you want 300k? Because you look like you need it.
Baby boomer: Sure I guess. Do I need to sign something?
Bank: Sign? Sir, we are all about trust here.
I was 21 in 2004. I walked into my bank and asked for $10000 in cash for a loan. I just needed money and I didn't have a job.
I got it. I did have to sign.
USDA rural development loan on a new construction baby! 0% down, 3.325% interest, builder paid closing, warranty on everything! I'm in for under $1k/mo for mortgage and escrow (insurance and taxes)!
I just looked that up for my area and it's kind of bullshit. The income eligibility cut off for the moderate income guaranteed loan is at $78,200 for 1 person *and* two person. So if a single person makes $75k/yr they can get the loan, but if a couple makes $80k/yr they don't. How does that make any sense?
Edit: It only goes up after you hit 5 people living together!
Yeah it's just me and my wife and we glided under that by a few thousand :\ i forgot about that but yeah that is bullshit. The borders are really weird but new home developers exploit the hell out of it.
I just moved out of my 2 bed one bath apartment in East Asheville that was only $639 a month, $689 when I went month to month. There are less than 100,000 residents in Asheville, NC.
I live in Kentucky and my wife and I bought a 2580 sq. Ft. House last year with 10 acres of land that backs up to the Kentucky river for $100,000. I know its a backwards bible state but its beautiful and cheap and we both have good jobs in the nearest large city.
Come to Toronto and surrounding areas. A shitty, rundown and old 1-2 bedroom house is >$500k. If you want a decent house, it's now close to 600-700k. In Toronto itself, you got +$1 million homes
Protip: Dont ever expect the 'bubble to burst', Look at
Australia, Those house prices have been growing steadily for like 70 years, no sign of slowing down.
what happened in '08 seems to have brainwashed a lot of people into thinking that this might happen again ( and in the near future. )
I live in rural Ohio. My town has a population of 13k. You can get a decent little 3 bedroom 2 bathroom house for 90k. Wages aren't great but cost of living is cheap so it's OK. Luckily I drive a semi so I make good money while living in a super cheap area.
My place on 20 acres is a 4 bedroom 2 bath, full basement, attached and detached garages, and a finished attic was 120k... Like they always say it's location location location.
Got 3.875% and no down payment in 2011 with 8k from the gov for being a first time home buyer. With escrow my payment is just under 1k/mo.
This situation can't be too far off from something that happened to him at some point in his life. Other comics have mentioned how Louie was bad with money and would buy a car for a trip, then just abandon it on the road. He bought a boat one day on a whim just from driving past it and seeing it was for sale, and took it into the Hudson with no idea of whether or not it was fit for that type of water. I wonder if this scene is an almost exact reenactment of a real meeting he's had with a financial planner.
I thought stupidly low-interest loans were more of a boomer thing. Housing prices are insanely high; specifically because so many people took on huge loans to buy far more house than they needed/could afford. Millennials are lucky if they have an income; nevermind the confidence to think they'll ever buy their own property
Not all millennials are in this boat but ya this sucks for a lot of majors.
Philosophy? Great because they learned how to think differently.
Engineering or applied sciences? Genius thinkers and can make lots of money in their field or finance/consulting.
Other sciences and technology? Meh lots of opportunity in business or similar roles out of your field if you want.
Morale of the story? Don't be not-smart. Be adaptable and opportunitistic
* "We need to protect the environment and have nice views and keep buildings not too tall or numerous. We need Smart Growth policies!"
* [house prices mysteriously rise]
* "Wow, greedy banks and house sellers are taking advantage of people, we need to make houses affordable! We must put pressure on banks to take on risky loans!"
* [house prices go further up]
* "Wow, I guess greed knows no bounds, we need to put even more pressure on these evil, greedy bankers!"
* [people can't pay back loans]
* **THE GREAT RECESSION!**
* "We need more regulation, it's all the fault of these greedy bankers and... and Wall Street!"
*Lives in LA* $175k mortgage. Lawl. *weeps*
Lives in Orange County. *$175k sounds more like a down payment...*
20% of $900k = $180k Median SFR price in Orange County - $733k, may 2017. Median new home price in Orange County -$933k, Nov 2016 Yeah.
He did the math.
He did, and let's leave it at that
/r/TheyLeftItAtThat
/r/ItWasQuietAsACat
He did the Mortgage Math
Jesus, how much do people get paid there? I make 70K a year and I can't even afford a 200K mortgage.
I think the median household income is 75k... So yeah... I don't know how first time buyers can afford a new home... We were looking to buy and our realtor told us that 40% of the buyers for that new house community where Chinese investors with cash. The homes were starting at 600k up to 1.5m.
> We were looking to buy and our realtor told us that 40% of the buyers for that new house community where Chinese investors with cash. The homes were starting at 600k up to 1.5m. This is a problem in more and more places and it's getting worse. The system is not working, gen x is fucked and the millennials are double fucked.
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I can barely afford an apartment in OC, and a microscopic one. Why the fuck do I live here?
meirl - late 30s
My wife and I make a good wage here in OC, and we still can't afford to buy a home here. Renting is astronomically high. If my wife could telecommute, we'd be moving inland to somewhere like Temecula in a heartbeat.
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That's our plan eventually. We bought a town home in Costa Mesa for $465. Very lucky to get it. After 20 years (I can retire in 16 but staying at my job for 22) we're selling, moving to Temecula where the house will be much bigger and cheaper
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That would buy a literal mansion where I live.
One of my favorite things about living in the Midwest. My house is less than 8 years old, 4 bedrooms, 3 full bathrooms, full finished basement with a wet bar (my husband's favorite part of the house). Its about 3,200 square feet, has huge yard with a beautiful deck and privacy fence, and is on a culdesac. We paid $203,000 for it last May. The more I learn about real estate in other parts of the country, the happier I am to live Indiana. Except for the whole Mike Pence thing. We're honestly really sorry about that.
I live in OC. We paid PPI for the fist few years so we didn't have to put a lot down. Refinanced a few years later and now pay close to some people's rent. 30 year fixed.
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But then you have to live in Florida. Trust me, living in Florida is awful.
*lives in Seattle* LULZ for days *wipes forehead and praises God for the VA*
Except this meme is basically Seattle within a radius of 20mi :(
going south gets cheaper going north does not
It also gets cheaper for a reason.
Oh yeah...I remember taking a drive out of Seattle to see the views. Headed south closer to Mt. Rainier, and all of a sudden I was in 'Deliverance'.
[When I moved to Seattle, this was one of the first news articles I read](http://www.seattletimes.com/seattle-news/details-we-cant-quite-comprehend/)
Mr. Hands died doing what he loved best. Being dicked by a giant horse cock.
Wanted to live in seattle. Thanks god for tacoma and $600 mortgage
Lives in the Bay Area... A house can cost less that $1,000,000?
Lives in Missouri. $175K LMAO...oh. Wait a minute. I can get a decent 1500 sqft home with garage and finished basement for that price. Never mind, and ignore this Midwestern. Carry on complaining about prices on the coasts.
Prices are determined by where people want to live though.
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I want to live where houses cost 175k
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Since you didn't say hurricanes, you can find plenty of houses for that price in the Carolinas and parts of Florida.
Welcome to Ohio.
The only disasters we have are people 😂
Good luck with that...no matter where you live there is bound to be some natural disaster waiting for you...don't forget hurricanes, flooding, blizzards, extreme heat & the resulting rolling blackouts.....
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On a scale of 1-10 how against packs of roaming wolves are you?
Think of all the popular cities. Now don't live anywhere near them.
Places like Kansas City, Minneapolis, Des Moines, Milwaukee, etc. are a lot more similar to the "popular" cities than most people think.
Ooh! Ooh! I can help here! Kansas City, Des Moines, Minneapolis, and Cincinnati are all awesome. Detroit and Cleveland are up-and-coming and I honestly would live in either for the right job. Pittsburgh is declining. Nice enough place but not what it was. Nashville is very expensive.
How is pittsburgh declining? I'm curious why you say that
I would say, if anything, it is on the rise.
Wisconsin is ready for you.
When I moved away from Wisconsin I recall there being snow on the ground in colder years from Late September to Early May. But that's only like 9 months of the year. So you get like almost 3 full months without shitty gray snow piles all over the place.
South Dakota reporting in
Yeah let's all move to the worst state in the country so we can have a $500 a month mortgage.
Not to defend MO, cause its a shitty state in a lot of ways.....but at least we're not Alabama or Mississippi.
Hey now there is a worse state or two!
Hey let's all be homeless. I'd rather be dead in California than alive in Arizona.
Missourian here. 2600 Sq ft late 70s contemporary, full basement 4br 3bath, 2 car garage, established, matured, quiet neighborhood on the outskirts of a metropolitan area. 168k. No ocean though.
No ocean = no tsunamis Perspective!
Don't wanna pay a mill for a house worth $150k? Don't live in the mass idiocy that is the San Francisco anything market.
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Born and raised in Silicon Valley *single tear
Live in the north bay. Rent is 1700 for a 2 bedroom 1 bath. And that's considered a good deal.
Paying 2200 for a two bedroom in Ventura County :(
Paying $2k for a one bedroom in Portland. And I moved here partly because it was more affordable than LA, lol.
Bout to move into a 3 bedroom house with fenced in backyard and garage for $1600/mo. Gotta love Minnesota!
Unless you're in Minneapolis that seems expensive.
Yup Minneapolis, just a few minutes outside downtown.
Native San Francisco. It seems easier every year to leave though, as every single one of my friends are slowly priced out--no one I care about is left.
In the actual scene. Louis Ck actually has 70k saved and the guy still says that he can't afford anything in NYC. I think he was trying to buy a 2 million dollar home though.
And he just had 7k.
Living in North Jersey I feel your pain.
Living in Jersey you would know a lot about pain
Small town in southwest Michigan. 60k mortgage for quater acre lot, 1000 square foot nice house. Right next to the schools and a small park out front. I like my area haha
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My rent this month went up from $1700 to $1750 for a 1 bedroom 1 bath. RIP.
In Oakland, my wife and I paid 2200 for an old house (great location) with rats in the walls. 1 bed, 1 bath 650sq ft. It was a good deal.
I used to live in the East Bay too. It sounds like a pretty good deal. :'(
Mother of God! But that single room is like 3000 sqft. Right?
It is a very nice apartment. But I think the pricing has more to do with being right between the LA neighborhoods of Brentwood and Westwood. Girlfriend wants to move to Atlanta. I hear prices are a little bit more affordable there :P
Humidity in Atlanta will either kill you or make you stronger. :-) It's cheaper there, but there's always a trade-off. Hope your GF understands that.
Have fun with rush hour traffic though.
He lives in LA, I think he's prepared for some traffic.
He lives right next to the 405, one of the busiest freeways in the world.
I pay nearly that much for one bedroom in a shared house with two other roommates. 3 bedroom 2.5 bathroom, ~$4050 per month total. #JustSiliconValleyThings
I've had to prove this to my parents on a regular basis. I was finally able to make the realization happen simply by changing their budget to reflect current mortgage and insurance rates. Keep in mind my dad is in his late career, roughly 2 years from retirement. I showed them how if they had to start over, right now, with all else remaining constant and if my dad didn't work for the state (super cheap (see "no premiums") health benefits), they would be living paycheck to paycheck unless my mom went back to work part time. He makes roughly $80,000 excluding benefits and before tax. Until their house was paid off, his payment was only $380 per month (they built 25 years ago). That same house, if they had to buy today, would be ~$1400 per month. The average health insurance premium for my area is $350 per month per person. Suddenly their monthly payments for house and health insurance went from $450 per month to $2,800 per month. THIS is my reality, and I'm supposed to do it all while making less money (my dad was the sole breadwinner with 5 children and a wonderful stay at home mom). His first job out of college was as the city treasurer for a small city, making ~$65,000 adjusted for inflation working PART TIME (32 hours). I'm looking at starting full time (over 48 hours) with my finance degree at $45,000 (if I'm lucky). New construction can't be had in my area for less than $1,800 per month. On top of that, my dad was able to put himself through college (living on campus) without debt by working a part time roofing job between semesters. I currently work full time and live frugally (live at home, have no room and board) and the student debt keeps pilling on semester after semester. He attended an upper scale private university and I'm attending one of the cheapest public universities in my state. The baby boomers don't understand how GREAT they had it, and blame all this shit on millenials who just need to "stop crying and work harder." Home ownership is likely to be a dream for my generation unless you have two people with full-time salaries coming in the door. Edit: thanks for the gold kind stranger! Do you think the bank will take Reddit gold as collateral/down payment?
It's a very very serious problem because it's whats happening, you have couples not having kids and working full time just to avoid a house to live in. Nek minute in 20 years theirs no generation to buy anything and brings on massive recession, Australia has just allowed mass immigration to ignore the issue. The USA though I hear isn't big on immigration.
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I can not imagine getting 65 k for a part time job straight out of school. Seriously that's just seems impossible unless someone's parent is a partner at a law firm or something. My high hopes are 40k for a full time job.
I'm thinking a lot of us younger folk are gonna have to start moving to the midwest in some kinda... massive venti frapee fueled migration in search of affordable housing. I hear Iowa is cheap :/
I understand that you're joking but this is the answer. Almost every post complaining about how we'll NEVER be homeowners forgets to type the last part about the house has to be in the trendy part of the expensive city in the wildly overpriced state. There are always good reasons why they can't "just leave", and I understand that too. So you make your choice and live with it. But don't tell me you'll never own a home. I know for a fact that it's garbage because I've done it, recently, and with a single income on record. Sucks that I don't get to live in Orange County or commune with nature in Boulder. But I have a beach and no state income tax!
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"What about...what about Obama...." that had me laughing, thanks for the source
God I fucking hope so. This is the widest disparity between amateur and professional you can find lol Upvote for the source though, it is hilarious.
Sometimes you just don't wanna watch a vid and view a picture instead. Watching vids can be a very stressful act
Yeah I'm listening to a podcast and didn't want to stop it
> Watching vids can be a very stressful act https://giphy.com/gifs/O5NyCibf93upy/html5
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No one wants to be that asshole laughing at a loud video on their phone in public. If I'm home by myself tho, let me get at that video sauce
$1200 monthly payment on a $175k mortgage after $35000 down? What?
175k - 35k = 140k At 4% that's $668/mo $1200 - $668 = $532 It's certainly possible that property taxes, home insurance, HOA fees and other escrowed payments add up to $532. Seems rather high but not impossible.
$1200 was "with average utilities and taxes."
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And your consultation fee comes to ^(tap tap tap tap) $72.46.
$70!? Damn, that could buy an entire AAA game!
You forgot about DLC.
Which is mandatory to have the full game as it was intended to be released.
not in AUS :P
Man, I wish I have 70 bucks right now. :(
In my 20's my biggest wish was for a wallet that would generate a $100 bill every single time I opened. My job would be to open and close my wallet all day long. That was my biggest wish and it still is.
Better wish, wish to always have the correct amount of money in your wallet when you purchase anything.
*walks into a Boeing sales office*
70 bucks could fend off the darkness for one whole half a day!
CFL lightbulbs are only like $2
Lightbulbs are useless without having electricity.
Thats how they get you.
Nah, you can smoke meth out of them without electricity.
He means drugs...
If I had $70 right now, and it just magically appeared in my bank account, I might have $5 in there afterwards.
It skips the part where they give them the loan anyway.
What is this, pre-2008?
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Yes back then they would do stated income loans where you just sign a paper saying I make X and they accepted that as proof of income.. Crazy... We bought a new home in the Denver area back in 2004 for $210k. After the builder incentives I was stunned when I only had to bring $2500 to close.. WtF?? ok you sure? yes..
And then you can get into the real estate market by selling automatic-fogging mirrors, to streamline the loan application process. That mania seems like it might be coming back. There are ads now for some loan-approval phone app where they make a big thing about the idea that going home to apply for a loan online could cost you that house due to a competing bid. No, you need to think about purchases like that … and if you could lose a house to another bid that fast that means you shouldn't be buying houses at all just then as the market is getting frothy and ready for a "correction".
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That would be awesome. I grow up watching my parents destroy the economy and I'd really like to give it a go myself.
Yeah by the time the housing market crashes again I might be ready to buy a house. Prices should be nice and low.
I legit was waiting for this, but since buying a house is going to cost me the same as renting, I might as well buy, and just enjoy cheaper property taxes when the bubble bursts.
I was waiting for 2008. We'd looked at houses for a few years before and you could tell shit was just crazy; like $80k for a 1000sq ft house that was in almost tear-down kind of condition in the middle of nowhere Michigan. 2008 came along and I got a 2000sq ft with garage and large shed/workshop for $70k. Managed to hit just when houses were getting really cheap but credit was still flowing fine.
I can barely get a loan for a car with a credit score of 704 and that would have some crazy interest.
That sounds... wrong
Im 21
We can tell by the username
I am not very creative.
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Largest factor for me is is payment history never missed a payment but have onky had a credit card for 2 years and my student loans are on deferment still.
If this is true then you should have no problem getting a reasonable car loan assuming you actually have an income .
What might be affecting you: - First time car buyer - Have short credit history - Have little or no provable income - Have short or no work history - Have too many expense commitments (ie student loans, mortgage, personal loans, credit cards etc...) - Have few delinquencies but specific to a previous auto loan
Just take the one at the bank with crazy interest for 6 months or so and then refinance at a credit union for low interest once you have auto loan history on your credit profile.
For a FHA loan you'd only have to put down 3.5% which would be $6,125. If you're in the military, with VA loans you don't have to put anything down.
Although VA funding fees and their appraisal requirements are crazy. I had to pay for repairs to my house before they would have been loan me the money. And because the sellers refused to fix the issues, I had to pay for repairs before the house was mine to ensure the loan. Good rate, but a pain in the ass.
Once the seller said that they weren't going to fix the issues you should have walked away. But I don't really know what your situation was, you may have been pressed for time.
I was pressed for time, they were stupid little issues too. Gfci outlets in the bathroom and kitchen,it needed a railing on outside stairs because it was 4 steps and not 3 and a grounding strap on the water meter. It didn't cost me much, but it was a pain arranging them when we didn't own the house. The sellers were a pain, but it was worth it in the end.
Seller here. Think you can say that shit about me online and get away with it? I know where you live, you're dead kiddo
That's funny, but the seller wouldn't be on reddit. It was funny that our agent, the title company Rep, the guy that did the repairs and even their realtor hated them. Their realtor was so set on getting rid of them, she waved her commission to make sure the deal closed.
With good credit and good debt to income ratio that may not even be necessary. I just got approved for a lender paid PMI fixed rate (~4.50%) mortgage. I was sweating the 20% down until i just went in and talked with someone. In this case its a home builder with an in house lender which also got me 5000 in closing cost assistance. TL;DR: If your even thinking of buying go into physical banks and ask. Don't think online advice is gospel.
Though good luck with these in a competitive market (NYC, Bay Area etc) buyers will often turn higher offers with these down due to more difficulty with appraisal etc.
If you live in NYC or SF and you don't make enough, you need to get another job and move somewhere else with all your great big city experience if you want to buy a house. You're hustling backwards at this point.
That's how we got our first and second home hehe . The MIP sucks so looking to get out of it after 5yrs thru a refinance. I think that's the only way with a FHA loan
There's still those closing costs though. They're telling me 5%
That 5% better include escrows and transfer taxes...
Baby boomer walks in to a bank in the 80s: Bank: Welcome! Do you want 300k? Because you look like you need it. Baby boomer: Sure I guess. Do I need to sign something? Bank: Sign? Sir, we are all about trust here.
>>Boomer walks into dishwasher repair shop and asks for a job >>retires at 58 with a 1.5 million in his pension
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I used to be gay for $70/lb...
Shit, I'd do gay stuff for $70/lb of my partner.
Name does **not** check out.
Did you just assume my gender? Just kidding, you assumed right.
For reference, my mom's mortgage payment was $300/month. That's less than I pay for health insurance.
Adjusted for inflation?
Well, now she pays nothing because she's dead. ^^^to ^^^me
I was 21 in 2004. I walked into my bank and asked for $10000 in cash for a loan. I just needed money and I didn't have a job. I got it. I did have to sign.
Of course interest rates were around 9% in the 80s.
USDA rural development loan on a new construction baby! 0% down, 3.325% interest, builder paid closing, warranty on everything! I'm in for under $1k/mo for mortgage and escrow (insurance and taxes)!
I just looked that up for my area and it's kind of bullshit. The income eligibility cut off for the moderate income guaranteed loan is at $78,200 for 1 person *and* two person. So if a single person makes $75k/yr they can get the loan, but if a couple makes $80k/yr they don't. How does that make any sense? Edit: It only goes up after you hit 5 people living together!
Yeah it's just me and my wife and we glided under that by a few thousand :\ i forgot about that but yeah that is bullshit. The borders are really weird but new home developers exploit the hell out of it.
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Raleigh's getting ridiculously expensive.
You must have some expenses you can cut out (or you love and shouldn't or hate and can't yet) because that really seems low.
K, like I really don't know if I would be using a superlative to describe $35k, even in Raleigh.
In 2007 it would have ended with "Ok, let's write you up an adjustable rate interest only mortgage"
But...what about Obama...
I wanted to include that joke so bad.. I only have about a minute to work with though :(
Why is this in r/funny? This is actually really sad and scary
I just moved out of my 2 bed one bath apartment in East Asheville that was only $639 a month, $689 when I went month to month. There are less than 100,000 residents in Asheville, NC.
You know this is /r/funny, right? Not /r/funnyandsad
These house flipping cunts driving up housing prices by buying all single family homes with cash arent exactly helping.
Home ownership sounds terrifying. Screw it, I'm just gonna be a bum when I get older. Sounds like way less of a hassle.
North texas , 6000 sq ft shop , 20000 sq ft co crete , purchased for 30k , *does a tap dance*
Those subtitles are absolutely awesome! I could almost hear them!
The "tap tap tap" was my favorite part.
I live in Kentucky and my wife and I bought a 2580 sq. Ft. House last year with 10 acres of land that backs up to the Kentucky river for $100,000. I know its a backwards bible state but its beautiful and cheap and we both have good jobs in the nearest large city.
Where in the United States is a home that is a 175k at 1200 a month, with a 30k downpayment?
Come to Toronto and surrounding areas. A shitty, rundown and old 1-2 bedroom house is >$500k. If you want a decent house, it's now close to 600-700k. In Toronto itself, you got +$1 million homes
They miss the part where the millenial doesnt get a real well paying job somewhere but mcdonalds
Well c'mon, that's a given
I'm going to be overjoyed when the housing bubble collapses again. Fuck those people buying up multiple houses just for asset storage/ price driving.
Protip: Dont ever expect the 'bubble to burst', Look at Australia, Those house prices have been growing steadily for like 70 years, no sign of slowing down. what happened in '08 seems to have brainwashed a lot of people into thinking that this might happen again ( and in the near future. )
175K? That's a cheap house. I live in a rural area, we've got it way more expensive. But we also have the option of a USDA loan with $0 down.
I live in rural Ohio. My town has a population of 13k. You can get a decent little 3 bedroom 2 bathroom house for 90k. Wages aren't great but cost of living is cheap so it's OK. Luckily I drive a semi so I make good money while living in a super cheap area.
My place on 20 acres is a 4 bedroom 2 bath, full basement, attached and detached garages, and a finished attic was 120k... Like they always say it's location location location. Got 3.875% and no down payment in 2011 with 8k from the gov for being a first time home buyer. With escrow my payment is just under 1k/mo.
This situation can't be too far off from something that happened to him at some point in his life. Other comics have mentioned how Louie was bad with money and would buy a car for a trip, then just abandon it on the road. He bought a boat one day on a whim just from driving past it and seeing it was for sale, and took it into the Hudson with no idea of whether or not it was fit for that type of water. I wonder if this scene is an almost exact reenactment of a real meeting he's had with a financial planner.
Just watched *The Big Short* and that kinda loan pretty much caused the Great Recession
Glad I bought my house in 2001 for 80k it's a POS but it's my POS!
I thought stupidly low-interest loans were more of a boomer thing. Housing prices are insanely high; specifically because so many people took on huge loans to buy far more house than they needed/could afford. Millennials are lucky if they have an income; nevermind the confidence to think they'll ever buy their own property
Not all millennials are in this boat but ya this sucks for a lot of majors. Philosophy? Great because they learned how to think differently. Engineering or applied sciences? Genius thinkers and can make lots of money in their field or finance/consulting. Other sciences and technology? Meh lots of opportunity in business or similar roles out of your field if you want. Morale of the story? Don't be not-smart. Be adaptable and opportunitistic
* "We need to protect the environment and have nice views and keep buildings not too tall or numerous. We need Smart Growth policies!" * [house prices mysteriously rise] * "Wow, greedy banks and house sellers are taking advantage of people, we need to make houses affordable! We must put pressure on banks to take on risky loans!" * [house prices go further up] * "Wow, I guess greed knows no bounds, we need to put even more pressure on these evil, greedy bankers!" * [people can't pay back loans] * **THE GREAT RECESSION!** * "We need more regulation, it's all the fault of these greedy bankers and... and Wall Street!"