Just waived contingencies and looking like I’ll be a homeowner next week.

I went to five lenders. Our initial quotes were 6.50-6.75% for 7/6 ARM. All fixed 30 year 7.25-7.375% as of last week.

Two lenders then battled back and forth and we ended up at 6.125% for 7/6 ARM with .25% origination/processing fee.

I didn’t realize lenders could just drop their rate when in a competitive process?

I am currently behind on my FHA mortgage due to loss of income in the amount of around $14k. I have went through loss mitigation (after a forbearance) and was offered a loan modification/partial claim option. But the trial payment is an increase of $1,550 to $1,845. The paperwork also states that if I agree my interest rate will increase from 4.25% to 7.75%, nothing said about extending the loan and I don't want to assume this is implied. I can not currently make a payment of $1845 (3 months starting 11/1) and I really don't want the interest rate increase. I don't want to say I can and then put myself in a situation where I can't make the payments or they try to continue payments at that same amount. I guess my question is are TPP payments supposed to be higher than regular mortgage payments? How can I get my same payment or lower? What happens if I call and tell then I cannot afford the TPP payment amount? I am going to request the waterfall workout to see if perhaps there was something done incorrectly. I'd also like to get more information on the amount of the partial claim and the future monthly payment would be. Would they not have that information?

The paperwork also states that I was not eligible for a standalone partial claim because it exceeds 30% but how can that be if my unpaid principal is $180k? A payment supplement was also not reviewed because it was approved for the modification/partial claim which is a step above that. But what if that's a better option? I have not agreed to the current offer as I'm hoping to get another waterfall review. Is that even a good idea?

I'm just looking to stay in my home with a reasonable payment and without the increase in interest rate. I want to make the best informed decision. Thank you for your help.

been running numbers every night after my shift. we can swing 10% down on the houses in our range. that leaves PMI. or we wait another year and hit 20%. my wife says PMI is just burning money. i keep thinking the equity we build in that extra year might offset it. plus rent keeps climbing. my spreadsheet is a mess of conflicting scenarios. the thing I keep getting stuck on is whether PMI drops off automatically or if we have to refinance. heard both stories. also heard some loans let you buy it out upfront. i do not even know if that is a real thing or something a lender made up to sound good. anyone here done the math on this? did you go lower down payment and eat the PMI? did you wait? what changed your mind? i need to stop spinning my wheels and pick a path

What is a minimum down payment on a conventional home loan for say a $300k home? Is 5k accepted. I know it’s based on what I’d want the monthly payments to be exc. but I’m just trying to see if 5k would be accepted as a minimum or if I should save more. Thank you

To explain briefly, we know little to nothing about mortgages. We know the house has 400k-ish left on the loan. We know it's managed through Rosegate, on that website it states it's a conventional 30yr Freddie Mac loan with a 4.5 rate.

Are we (my wife and I) able to assume this loan? One parent passed that was the primary caretaker of the 2nd parent. Second parent is on the mortgage but lacks the mental capability to handle finances. The surviving parent could payoff mortgage or continue payments but we are dealing with some issues that may not allow that. Placing house in a trust likely not an option as well. We are capable of paying the mortgage but would not like to make payments if the house is not under our name/ownership.

Thanks for any info/advice!

Standard housing is far more than I can afford right now in my area, but looking at potentially moving in with the parents on their property and taking out a mortgage for an in-law suite, if the parents are on board with this. Moving to a different state or area is not in the cards unfortunately.

I've read that the mortgage would have to be under their name since it's their property. The plan would be to eventually pay off both the mortgage loan on the in-law suite, then the main house, at which point we would own the property.

For those that have gone through this, are there any crash courses or recommended resources for dummies that you would suggest I go to first before attempting to tackle all the big worded jargon that banks and companies will throw at me?

Thank you in advance for any resources or advice!

Edit for extra info: The in-law suite has not been built yet, their mortgage is around $700/month, we currently rent at $1500/month, and a house under 300k would cost us $2800/month and this is in a LCOL area for my location.

Warning long post ahead! My husband (40m) and me (33f) currently make about ~160k a year. We bring home ~$8500 a month AFTER taxes, health insurance, and a 1300k contribution in 401k/Roth between the two of us (before employer matches). I’m an LCSW in a non profit and he works in the agriculture industry. We are offering 490k on a home with 20% down, at the current interest rate we will have a PITI payment of ~$3000 a month. We live in a relatively LCOL area in rural Midwest. It’s a brick home is on several acres with a pool, and has been very well maintained. We honestly both loved it.

Currently we are sitting at around 115k in retirement between the two of us, he has a guaranteed $1200 pension as well from a previous job. We’ve had a few income jumps in the past 3-4 years, roughly increasing our salary of about 30k. About a year ago we moved for his job and have been living in a small rental. Rent is stupid cheap like $850 a month but we are busting at the seams ready to get out. We have always dreamed of a home in the country/on acreage as that’s how we both grew up and being in town is just not for us. Originally we had wanted to spend about 350k-450k on a home but quickly realized that in our area that was not going to happen unless the home needed some work, was lacking space, or our “must haves”—big kitchen, acreage, basement, 1800-2000sq foot and enough room for guests as family is not local.

After the 20% down we would have about 15k in our savings. As a part of my husband’s job, he receives an annual profit sharing bonus that the company has always done. I know we can’t always RELY on a bonus but this has been the structure for years and it’s how they retain talent, according to husband it’s not changing. This year his bonus grossed 75k, after deductions and investment in 401k he took about 35k. So essentially we grossed about 245k. His bonus could essentially be anywhere from 10k-120k gross depending on profit. We have no debt at all aside from my student loans which I’m doing PSLF for with 3.5 years left and that is $211 a month. Will probably need a new vehicle for myself in the next couple of years but I work remote and he has a work vehicle/company card for gas. No children, yet, but planning on 1-2 MAX and we will have to pay for some sort of childcare but average costs around here are $650-$800 a month for one infant. We live relatively frugal with cooking most meals at home, taking 1-3 trips a year, fancy dinner out a couple times a year, thrift most of our clothes, quick meal/coffee out 1-2 times a month. No credit card debt at all and overall we are homebodies. This mortgage payment freaking scares me but husband thinks we will be good to go. Should we continue to wait on the sidelines and stack up cash? These rates only seem to keep going up and the houses are not coming down. Needing some honest feedback.

Does anyone know roughly how long it takes to find out whether you’re approved or denied?

Initially my wife and I were planning to buy a new home slightly bigger than what we currently have but after looking at interest rates, there’s no way were selling the house we live at the moment anyway. Just looking at the numbers makes me sick to my stomach.

So my wife and I decided to apply for a FHA Type 1 loan to do some remodeling to our current home. We submitted everything the bank needed on 10/1 but haven’t heard anything back as of yet.

Would you celebrate your mortgage tipping point, which is the point at which most of your payment starts going towards your principal instead of the interest? I just realized I’m getting closer and feel like making some improvements to my humble abode to celebrate. 🥳🏡

I’m so torn because we really are outgrowing our home and it just doesn’t fit my life anymore. The location isn’t as desirable anymore. But our mortgage is so cheap because of the low interest rate. Our income has increased substantially so we could afford to move and keep our mortgage at 30% if take home pay.

Anyone else do something similar? It just stings to even consider but I feel like life is too short to stay somewhere you’re not happy?

ETA: would you feel comfy if you had 3k leftover after mortgage and all total bills

I am a prospective first time home buyer, and we have been on the sidelines for awhile waiting for the right house/deal. Recently I came across a property we are interested in, the sellers original loan is assumable with a very low covid era rate, and makes up about 75% of the sale price. I would need a loan to cover the equity gap, my realtor sent me to a mortgage broker he works with and the best we were able to come up with was a lender that would go up to 90% CLTV. Is anyone aware of a lender that will go up to 95% CLTV for a purchase money second? Is there a different way to navigate this?

Credit is good, seller is not willing to finance the difference, and we already checked with the original lender they will allow a second with the assumption.

Im hoping someone might be able to help me here, im not very financially literate and have never had a mortgage so im struggling to wrap my head around what our options are.

I'm currently renting a property off my mum in the south of England. I'm a single parent with two children and work full time. Even working f/t I still get universal credit since I only earn 32k.

My mum is in her 70s and this house is worth around 350k, for a while she has only been paying off the interest. There is 140k left to pay on the house. Her current mortgage is consent to let, it is coming to an end next year and they won't renew it. She can't get a buy to let mortgage because i am close family. Her age is stopping her getting another mortgage.

I am trying to see what our options are to hopefully prevent her needing to sell. She loves this house and loves that me and her grandkids are close by and in good schools. If she had to sell we would not be able to afford to rent privately in this area.

We thought about adding me to the mortgage but my universal credit would stop. I would therefore be unable to pay the mortgage. I think I have worked out I need to be on 48k to make this work in any way. (I'm actually not even sure how adding someone to a mortgage works, would I just need a mortgage for the remaining 140k and then we are shard owners?)

I feel like goggling is only confusing me more so I'm hoping someone can help me with something that I may have missed!

Thanks