Money Pit

[Mort]

Hey V....you could put another sub category under 'Other" > Money Pit

Looking for someone in the finance industry. I need to know the proper steps to take getting a loan for a home.

I've had enough of my piece of shit 40 yr old trailer house and need to start making head way on a new home for my property. After learning my drain line froze because I let my water line drip alittle bit because they will freeze when its sub zero for days like we had in Feb. This was Thursday night, I had to take refudge at my folks house for the night, I took Friday afternoon off from work to get it thawed out, took me 2 hours.

I just want to know how I can obtain the money I need without using up everything I have for a down payment then have nothing to live on.

Help a fellow out

I appreciate all suggestions, PM me.

PSS...All you guys with sparkly boats can laugh at me..go ahead I can handle it.

 

[v193]

Hey V....you could put another sub category under 'Other" > Money Pit

Looking for someone in the finance industry. I need to know the proper steps to take getting a loan for a home.

I've had enough of my piece of shit 40 yr old trailer house and need to start making head way on a new home for my property. After learning my drain line froze because I let my water line drip alittle bit because they will freeze when its sub zero for days like we had in Feb. This was Thursday night, I had to take refudge at my folks house for the night, I took Friday afternoon off from work to get it thawed out, took me 2 hours.

I just want to know how I can obtain the money I need without using up everything I have for a down payment then have nothing to live on.

Help a fellow out

I appreciate all suggestions, PM me.

PSS...All you guys with sparkly boats can laugh at me..go ahead I can handle it.

I would start by calling a bank that handles home loans. you might even get a free signed Carson Wentz jersey....

 

[Lycanthrope]

I would start by calling a bank that handles home loans. you might even get a free signed Carson Wentz jersey....

I heard they were trying to sell them at a yard sale for $5 each, evidently they lost all their value...

 

[KDM]

Buy a nice motor home/ camper and drive it SOUTH. Find some work down there and avoid the whole damn thing known as winter.

 

[campchef]

Are you a veteran? If so, check in with your Co VA office

 

[Mort]

Are you a veteran? If so, check in with your Co VA office

Nope I'm not....just a mid 50's single guy trying make a living to be able to have nice things.

 

[luvcatchingbass]

in 2009 I worked with my local Credit Union where I bank and they helped me tremendously, even though they don't handle those large purchases they do work with another bank that does then Wells Fargo instantly purchased my home loan at signing. I did a refinance with Wells Fargo and was happy with the people I worked with there regarding their ability to walk you through everything and how well they kept me informed. I'm sure there are other good place to work with out there, for me it is easier to walk in and talk to someone vs over the phone.
Good Luck

 

[Bfishn]

Yeah i would probably start with a more local bank like Gate City, Dakota Community, BNC etc if they are available. Don't be afraid to check multiple places because everybody situation is different. Also make sure you have an idea of what you want to spend, just because the bank approves you for a certain amount doesn't mean you should go buy that max amount. If you can swing it try to do a 15 year loan even if it means buying a smaller house.

 

[Mort]

Here's what happened to me a few years back when I tried a bank. I think the home was tagged at $125,000, Bank then tells me if I can foot 20% of that, they help with the rest, thats $25,000 AND which didn't have at the time, so what does a guy do when you can't foot the down payment,, you screwed.

Guess being married and having a second income in the home pays dividends I guess. I'll have to find a Rich farm girl I guess. :::

 

[PrairieGhost]

If you can swing it try to do a 15 year loan even if it means buying a smaller house.

Good advise. The less money you give away as interest the better. I don't know if they still offer the kinds of loans my wife and I had. We had a 30 year loan, but we made double payments, and there was no penalty where you still paid interest. Also there was no penalty for paying off the loan entirely early. The benefit we seen in that type of loan was ducking much of the interest like the 15 year loan does, but if a kid needed medical attention or a hot water heater went out we could make the standard payment and have money for the unexpected. It gave us some flexibility while protecting our credit rating.

 

[dblkluk]

if you own the land free and clear has a decent appraised value, you'll likely be able find a bank or credit union that will finance a construction loan with little to no money down. Then they will roll it into a mortgage after it is completed.

 

[Whisky]

Guess being married and having a second income in the home pays dividends I guess. I'll have to find a Rich farm girl I guess. :::

I disagree. I would have a lot more money without a wife and kid!

 

[JMF]

You should be able to do it without a down payment. You will just have to pay for mortgage insurance. Best bet is to go talk to a bank.

 

[Mort]

if you own the land free and clear has a decent appraised value, you'll likely be able find a bank or credit union that will finance a construction loan with little to no money down. Then they will roll it into a mortgage after it is completed.

Oh yeah, the land is mine, All one acre of it, I"m think it should be in the $50-80,000 range, use equity of the land for down payment?

 

[westwolfone]

If you can qualify as a first time home buyer, you can get away from the big down payment.

 

[Retired Educator]

Oh yeah, the land is mine, All one acre of it, I"m think it should be in the $50-80,000 range, use equity of the land for down payment?

Yes, that should count as equity towards the home as the land will be included in the loan papers I would assume. Can't imagine a lending institution loaning money for a house and then trying to repossess without the land.

I also like 30 year loans and then paying early as suggested above. Dependent on the interest rate, a long term loan isn't the worst thing. If you have a 30 year loan at 4% for example but can earn 6% on an investment it can make sense to leave that money invested and pay a lower rate. The biggest advantage to longer term notes for a house is the flexibility as mentioned above.

Also very important, build what you can afford. You don't need 4000 sq.ft. if you are living alone. Unless that 4000 sq. ft. is a large garage for a boat, ATV, pickup, and a Corvette. Another consideration would be if you would marry someday is it easily remodeled to suit your wife. Build what you need and can afford.

 

[JayKay]

In Bismarck, we use American Bank Center, and our mortgage officer is Josh Blikre. I don't think he'd mind me putting his name out there. A real stand-up guy, explains things over and over, until even I can understand them, and he's easy to work with via email.

My last home selling/buying escapade happened without using a realtor (which can be 6%). Don't need a realtor, if you have a really good banker.

 

[HUNTFISHND]

If I was a single dude, I'd have me a nice sized shop with living quarters in it.

 

[Mort]

If I was a single dude, I'd have me a nice sized shop with living quarters in it.

Hopefully I can get enough funds to get a garage built as well, a new home with a piece junk garage won't look nice.
I know a guy that has living quarters in a shop, he's kind weird guy so to speak.

 

[Velva_zv21]

Check out Texas barndominiums on you tube..... the sky is the limit with a shed house. I would love to build a shed house someday