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silasmoeckel t1_j5s6xr9 wrote

Reply to comment by Striking-Trainer8148 in The inventory of houses suck by KindaEgotistical

Problem is rents have factored that in, try renting a house even something small is 3k a month.

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Striking-Trainer8148 t1_j5s70lz wrote

Don’t rent a house.

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silasmoeckel t1_j5s98oh wrote

Don't compare apples to oranges. Would say most people looking to buy a house need a house. Cramming a typical family of 4 into an apartment is not always practical.

Your still looking at 2k or more for a tiny 3br apartment and thats going to be in a neighborhood you would not want to send your kids to school in.

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Striking-Trainer8148 t1_j5sa4lh wrote

Wow sounds like OP can’t afford to start a family i guess. 🤷🏻‍♂️

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silasmoeckel t1_j5seh7s wrote

Not like anywhere else is particularly better.

Suck it up and pay the PMI on a FHA if they can afford the monthly.

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phunky_1 t1_j5td7um wrote

Don't get a FHA.

They changed the rules so you can never get rid of PMI now.

You can get a conventional loan for only 5-6% down and PMI goes away once you get 20% equity.

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Morendhil t1_j5tw4yo wrote

Torrington Savings Bank will do a conventional for 10% down with no PMI if you have good enough credit.

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secretmuffinsauce t1_j5tin1v wrote

Bold of you to assume any seller will work with FHA financing

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silasmoeckel t1_j5ttzrk wrote

Thats never seemed to be a problem sellers dont want to give back deposits.

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secretmuffinsauce t1_j5vxeb5 wrote

What? Has nothing to do with deposit. Sellers take conventional and cash offers allllllllll day over FHA and VA. sellers don’t want to fix anything and FHA appraisals more often than not require repairs or adjustments.

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silasmoeckel t1_j5x04sh wrote

Cash only is cash only and even then some types of loans considered good as cash.

Nothing stopping you from getting conventional approval and switching to a FHA. They want to back out post deposit thats up to them but they have lost time/opportunity at that point. After all you can get approved for some very bad coventialy loans and horrid DTI, does not mean it makes sense to buy a home with them.

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1234nameuser t1_j5tdt6n wrote

Even if rents are up 1000/mo above normal (they're not) that's still just 12k/yr. Everyone expects New England to fall around 10% in 2 years time.

Even with a $300k home that means it's better to rent at excessive prices for 3yrs in order to buy once prices / interest rates have aligned.

Date the rate, marry the house. Inventory is what matters most though to ensure a good purchase and there's simply not enough around to bother.

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BubbaKushFFXIV t1_j5tfy56 wrote

Where are you getting an apartment for $1000/mo?

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1234nameuser t1_j5tgm36 wrote

rent + $1000

Reference to that even if rents are escalated right now, they're still no worse than buying a house at current inventory levels.

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silasmoeckel t1_j5tl0pv wrote

Sure, they want to start a family the realy means they need to figure out where they are living for the next 5 years at least to get a good preschool lined up.

Paying a premium on the house price is not a huge issue it's step one to starting a family and putting down roots. All that matters is that you can pay your monthly today stop thinking of it as an investment. Figure it's the 13 years of your kids schooling.

The uncertainty of apartments so you hopefully save a bit in a few years on the house price is not worth putting off starting a family.

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Warpedme t1_j5tgiuh wrote

Lol at a rent for only $1000 a month. I can't even find a tiny one bedroom for under $2000 that isn't a complete shithole.

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