scatterbrain
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- Joined
- Aug 23, 2012
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long story short- me and my wife decide to buy a house. back in may, we qualify for a usda loan which is 100% financing, because the house/property we bought was in a rural area and we qualified becuase our ajusted gross income was below a certain level our down payment, excluding closing costs would of only been $2,000 for a 2,000 sq ft brand new house on 1/2 acre with a community pool and boat ramp.. anyway, i worked lots overtime for the past couple of months to save some cash, and within 30 days of closing, i find out i exceeded the income level for the loan. so, technincally, I MADE TOO MUCH MONEY!!! u cant make this stuff up! sadly, im still poor and my choices were between a FHA loan and a conventional. yes, we could of walked away, but for the last couple of months we have watched this house being built to our specs. it would have been heartbraking to watch it go away.SO NOW OUR DOWN PAYMENT WENT TO AROUND $6,000.
also, i didnt realize that home loans were way different than normal car loans or credit cards. the amortization schedule/fees are crazy. yes, i feel like i am putting a huge chuck of change, so therefore, even though im not a "real estate investor" by any means, this has been my first dive into real estate and ive invested lots of time and money.
but i try to think that yes, its not liquid capital, but i just put less than 5% down on a piece of property that valued at about $225,000. the area is a booming town, that got hit hard during the first part of the recession, but is fastly coming back to life.
just wanted to share my first real estate experience and if anyone has any comments or thoughts, please share.
also, i didnt realize that home loans were way different than normal car loans or credit cards. the amortization schedule/fees are crazy. yes, i feel like i am putting a huge chuck of change, so therefore, even though im not a "real estate investor" by any means, this has been my first dive into real estate and ive invested lots of time and money.
but i try to think that yes, its not liquid capital, but i just put less than 5% down on a piece of property that valued at about $225,000. the area is a booming town, that got hit hard during the first part of the recession, but is fastly coming back to life.
just wanted to share my first real estate experience and if anyone has any comments or thoughts, please share.
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