Hey folks, I'm shopping around for 30yr fixed rates and was recently offered the below package from Omaha Mutual: Option 1) Year 1: 6.125% with a lender buy-down and no lender fees. Year 2+: 7.125% fixed Option 2) 6.875% fixed, no points or lender fees. With rates expected to drop next year, I'm leaning towards the option 1 with a goal of refinancing. I can comfortably afford the payments at 7.125 if rates don't drop. Anything I'm missing? Option 2 matches the best rates I've been offered so far. X posted in r/RealEstate submitted by /u/WarpigAA [visit reddit] [comments ..read more

I’ll start off by saying I am a first time home buyer. My dad has a home he wants to sell for $159k. The house has a current county tax appraisal of $297k. This house was a crack house and is in need of a total interior remodel (Hence his selling price). He offered this house to me for $135k. What do I need to do to A) get him his $135k and B) borrow an additional $80k to remodel this home? He offered me a gift of equity to cover the 20% down so I don’t have to pay PMI. However from what I’m reading it looks like he would really be giving me a gift of equity for $162k (Appraisal minus the Sel ..read more

We are trying to refinance a paid for modular home built in 2005 on 8 acres. It is on a permanent foundation but the county has it listed as a mobile home. I'm waiting on a few banks/credit unions to call back. I have one quote at 9.25 for a 7 year balloon rate so far, my credit union doesn't offer anything for a mobile home over 10 years. Does anyone have a recommendation for a lender? Or is it possible to get it changed to a regular house by the county? submitted by /u/theokayestbeard [visit reddit] [comments ..read more

I’ve been in the market for a new home for the past 4 months or so. With the high rates, my budget is in the low $300s w/ 5-7% down ($115k income). We’ve been having a hard time finding anything that is not a fixer upper (2 bedrooms, around 1,200 sq ft). My father has offered to help, but he wants to do it as an investment. So he would pay $200k cash, bumping us up to a $500k budget, and he would retain 40% ownership. This would make finding a decent property much easier, and we would still be on the hook for the same amount of mortgage we were planning. Is this possible to do? I talked to a ..read more

We have under 220k left at 3.625% but our house is too small for our family (5 kids, no more coming). Can sell for somewhere in the neighborhood of 500k maybe a little more but it was a rental and we haven’t done the interior stuff (new roof, windows, fence, a/c and furnace). On track to have it paid off in 8 years (15 from purchase)! Credit union will approve us up to 900k, we’re looking at houses in the mid 600s, won’t go over 700 and would prefer upper 500s but those are rare here for the sqft we need. Adding on is possible but can’t do some of the things we need due to our lot and locatio ..read more

Here's a shorter version: Building with Taylor Morrison and wondering about their home funding options. What mortgage rates are they offering for new construction homes? Anyone have experience with this? submitted by /u/Kannadakanda [visit reddit] [comments ..read more

Went through a life change. Have to remove my X’s name from the mortgage. I’m at 3.6 and rates are ridiculous. I can’t assume it. Current rates will increase my payment $600mo. I can’t believe a bank needs me to pay an extra 216k over 30 years to remove a name from some paperwork. Sad they will rather see someone lose their home than work with the current owner to keep them in their home. submitted by /u/countryboy_189 [visit reddit] [comments ..read more

Feds need to lower interest rates to at least 5%. Groceries are too high, gas is too high, electric is too high. Can we please get a break on mortgages!! We are paying student loans, have kids, etc. Give us all a break, please!! interestrates lowerrates submitted by /u/SnooCupcakes5186 [visit reddit] [comments ..read more

I used to buy all of my rentals with a conforming loan. That is, you provide your paystub, tax returns, etc. The bank qualifies you based on the total debt / income, usually 50% for conventional loan or 43% for jumbo loan. But with your rental property number increases, and the high interest rate, it's sometimes impossible to be qualified with the conforming loan.I have found two ways to finance the investment property deals now. ​ You can use DSCR loan, which is qualified based on the appraised rent of the subject rental property only. Your other rentals and liability don't count. The rate ..read more

I keep seeing people on here say that if you think or intend to change jobs after closing that it's fraud because your qualifying income isn't what is making the payments. I have been under contract for 6 months but might get a job offer soon and I really wanna take it. submitted by /u/Lord_Baltimore1 [visit reddit] [comments ..read more