Skip to main content

First time home buy and feeling defeated

We got pre approved for a $550,000 home loan and we saved up $40,000 for a down payment. My husband and I thought we were doing well. Until they told us interest rates went up to 6% from it being 3% so that brought down our home loan to $450,000😔 we want to stay in a small town in Oregon but it is insanely expensive here. With that amount we can get a house that looks like a townhouse with no yard and one parking . That really is not an option for us besides we run a small roofing business and we have dump trailer and a commercial vehicle and our family car. We go told we need to claim more in taxes but we would have to pay $40,000+ which is fine, so we can qualify for a home loan of $550,000+. Which buys us a single family home with a small yard. Which I would totally be thankful for! I can’t believe this switch so fast and our realtor didn’t warn us so for a whole month we were still looking at houses that were in the $550,000 range. Are we able to get pre approved with a different bank? Or because of our taxes, this all we can get approved at any bank? I’m sorry if I sound uneducated! I’m doing my best trying to educate myself. My husband understands more but sometimes I don’t understand it all.

submitted by /u/Pure-flowers
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1gbn404/first_time_home_buy_and_feeling_defeated/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...
Post a Comment
Read more