For the Rookies

[8 Hour Day]

Do not let your mgt team know that you just bought this .
Now they will have leverage over you .

That's so true... in the mornings, I regularly say loudly and boastfully "Man, I have my bills paid by the end of Wednesday, I don't need 11 hours!"

This is only partially true, but it does keep them from thinking they can abuse the crap out of me. The last thing you want your mgmt. team knowing is that you're in the position of filing bankruptcy if you lose your job (and that's not unique to Brown).

 

[Overpaid Union Thug]

FHA is to help people who can't afford a larger down payment. If you can afford a larger down payment a conventional loan may be a better option. That 20% down means he could avoid the private mortgage insurance (which benefits the seller, not the buyer).

He could get in the house with an FHA loan and refinance later. People use that trick to get into a house that they really want because it's currently on the market and don't want to miss the opportunity by waiting to save up 20%. Personally... I'm going with a VA loan next.

 

[oldngray]

He could get in the house with an FHA loan and refinance later. People use that trick to get into a house that they really want because it's currently on the market and don't want to miss the opportunity by waiting to save up 20%. Personally... I'm going with a VA loan next.

My first loan was an FHA and I remember there was a class action suit against my finance company. I was left out because the settlement didn't apply to FHA loans. FHA can be good but does have some issues.

 

[hellfire]

Welcome to the machine.

 

[Overpaid Union Thug]

My first loan was an FHA and I remember there was a class action suit against my finance company. I was left out because the settlement didn't apply to FHA loans. FHA can be good but does have some issues.

That's what my current loan is. There are several others in my Center that have used it. No problems as of yet. But I have heard of problems existing elsewhere.

 

[Faceplanted]

I had a fha loan on my first house prior to the pmi change and it was just as good as a conventional loan. There is still nothing wrong with them. They are great for first time buyers.

My current house I got a conventional loan due to it being a second house, still have to pay pmi until 1/3rd of your appraisal is paid off, than you can get the pmi removed. In my instance my pmi is 100 a month which is a bit more than 5% of my mortgage payment.

 

[UpstateNYUPSer(Ret)]

FHA is to help people who can't afford a larger down payment. If you can afford a larger down payment a conventional loan may be a better option. That 20% down means he could avoid the private mortgage insurance (which benefits the seller, not the buyer).

FHA loans do not require PMI.

 

[oldngray]

FHA loans do not require PMI.

They take the place of PMI.

 

[UpstateNYUPSer(Ret)]

He could get in the house with an FHA loan and refinance later. People use that trick to get into a house that they really want because it's currently on the market and don't want to miss the opportunity by waiting to save up 20%. Personally... I'm going with a VA loan next.

I have used my VA loan eligibility several times. Great way to buy a home if you don't have the 20% down payment for a conventional mortgage.

 

[freelabor]

Lol congrats, but damn 130k wouldnt even get you a house in the hood in the bay area. Holy ... Youre lucky!!!!

 

[DriveInDriveOut]

I have used my VA loan eligibility several times. Great way to buy a home if you don't have the 20% down payment for a conventional mortgage.

You don't need 20% down for a conventional mortgage.

 

[Savvy412]

How many people from brown cafe are from the Bay Area damn !?

 

[brownmonster]

Green Bay?

 

[GatoBrown]

I live in san diego. I will probably end up renting for life

 

[california951]

sheesh i really need to get out of southern california...

 

[HardknocksUPSer]

Your cost of living is clearly lower than mine. That's no less than $500,000 dollars worth of home here, depending on the neighborhood it's $600k. You aren't buying that here working on that low of pay.

Anyway. Congrats, that'll be a nice little place to raise a young family. The sky is the limit bud, keep on climbing

$175,000-200,000 home brand damn new in my area, probably 120,00-150,000 not new it varies, in my area you're filthy rich if you work at UPS, it's considered a "good Union job" by most who make 15$ a hour or less.

 

[UPS_CDOT_DRIVER]

No..east coast..Pennsylvania

PA. Hell I live in PA and I can't find a house that looks anywhere near like that for cheap.

 

[Purplepackage]

PA. Hell I live in PA and I can't find a house that looks anywhere near like that for cheap.

I'm from PA, my son just bought a house on 5 acres for 150k. House needs work but he you can't beat that price for the land.

Depends on where you are in PA, once you go east of Philly working at express or ups is considered good money to most people

 

[UpstateNYUPSer(Ret)]

I'm from PA, my son just bought a house on 5 acres for 150k. House needs work but he you can't beat that price for the land.

Depends on where you are in PA, once you go east of Philly working at express or ups is considered good money to most people

Wouldn't anything east of Philly be in Jersey?

 

[CaliforniaPaul]

How many people from brown cafe are from the Bay Area damn !?

ME