mortgage

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House Help/Advice Needed

So I was looking to get a house through a program called Home Partners. Basically the program is they buy a house that fits your monthly budget of which you can afford, and then you basically rent it from them for up to three years (in Texas, everywhere else it’s 5 years) and during that three years you can decide if you want to purchase the house or not. 

Well I’ve been saving up money since you have to put down two months rent on a house (this is the fourth house by the way I’ve gone after since the last three have all fallen through with either an inspection fail or someone came and bought it with cash for a quick sale). So two two months rent down is $2920 and THEN (they don’t tell this to you until you get to that second to last part before closing) that you have to pay an additional $600 for my two dogs. 

Basically the total cost is $3520. Which I thought was not bad. I planned on getting two roommates as well (since their rooms are literally at the beginning of the house + their bath is right there as well) and it’d help me keep the cost down for paying rent and would help me save enough money to actually go forth and put a down payment on the house.

WELL…

Home Partners doesn’t let you buy the house at the price they purchased it for you. The House price is $168k (not bad considering the area, the nice neighborhood, how big the house is, etc). Okay Home Partners is wanting  a $1460 rent payment for the first year, and if I can put it in the first year then the price would be $176,400. That’s $8.4k INCREASE. Year 2 rent would be $1520 with the buying price at $185,200 and then year 3 rent would be $1570 with a buying price of $194,500! That’s a $26,500 INCREASE. 

What. The. Flippidy. Flying. Fuck. 

So… 

I went to look at the house again, this time on Trulia. Same price, no new information, etc. Well Trulia had this mortgage calculator and so of course I played around with it. 

I got a really interesting gut feeling about just buying the house, and here’s why.

- If I put a downpayment of $5,500 (3% of the asking price) I’d own the house.
- The monthly mortgage rate is almost about the same as Home Partners wants from it if I rent it from them (it might be a little higher - but I’d own the house) 
- If I keep with the plan of getting two roommates we can save up that and start doing some renovations on the house (like upgrading the ugly ass kitchen), getting wood flooring, etc.
- I’d own the house

Now the mortgage rate I got was for a 30 year fix at  4.625% APR. The P&I was $835, the monthly taxes would be $343.25, and the home owner’s insurance is roughly like $111 - $130. I’m unsure about the mortgage insurance as of right now because it wasn’t needed in my quote. Basically though instead of paying $1460 a month with Home Partners, I could be paying around $1300 (or a little more) if I purchase the house. 

The Apartment lease is up on January 27 and we’ll need a place to live or I will be homeless (yet) again. 

So basically I made this post (and ranted a bit) so I could get some peoples opinions. If you have bought a house, know anything about mortgages or whatnot, what do you think? 

Movie Recommendation

If you haven’t seen The Big Short yet, do it do it do it. It’s a fascinating look at the 2008 housing market bubble and how the mortgage bond system was rigged to benefit the banks. The subject matter is slightly depressing, but the handling of the content is upbeat enough that you won’t need to drink yourself into oblivion.

Especially after our recent election, one line in particular stood out to me:

“I have a feeling in a few years people are going to be doing what they always do when the economy tanks. They will be blaming immigrants and poor people.” - Mark Baum, The Big Short

Hey guys… so I had this crazy idea. Why not just buy my own house? My family has been homeless for a month, and I’ve done the research and I qualify for a loan and can def afford the payments with my new job, but I don’t have enough for a down payment. And most of my family has basically abandoned us, doesn’t want to help us, or is outright trying to get the person we’re staying with to kick us out. We skipped thanksgiving, but I really want to spend Christmas in our own place, for the sake of my sister. So I made a go fund me, and if you could donate or re blog so maybe a nice rich person will see and wanna donate, id love you forever!! I’m gonna be super annoying about this because we have no place to go and even though this house needs so much work it’s really cheap and like perfect for us like if i had just a little bit better credit we could afford it but I don’t lol so we need 8500! If you’re looking for a worthy cause this is def it!! I’m okay but my little sister is 8 and so smart and funny and she loves ninja turtles and fifth harmony and my mom is awesome and so strong and she just got sick and always will be now but I’m trying to help us and give her peace of mind and everything she needs but I am small and broke and was very unprepared for this. So yeah. Please reblog!!!

Gofundme.com/housefundforhomelessfamily

GoFundMe.com/HouseFundForHomelessFamily

gofundme.com/housefundforhomelessfamily