Buying a house!

[Coronita]

Congrats!!!!!!

[GoUSC]

padre:

I mean our PITI payment is (for example) $3000. With the tax writeoff it is effectively $2500. For us to rent the equivalent house in the LJ school district similar to this house would cost $3000. This is all based on an FHA loan with a DP of 3.5%. Make sense?

The numbers I used are arbitrary but convey the point.

We did the FHA loan for a few reasons (we are all cash with no loan contingency but are still planning to go FHA):
1. We can afford the mortgage even with the low DP no problem.
2. The interest rate etc. is similar to a typical 30 year conventional.
3. Money is cheap right now so I might as well borrow as much as I can.
4. Maximize interest write-off.
…and lastly…
5. I am not stupid. The world is crazy right now. Who knows we might go into a depression and both of us might lose our jobs. With the FHA loan I keep a significant amount of cash and cash-equivalent on hand as needed. Both my fiancee and I have jobs with big bonuses so we can use those to pay down principal as we deem fit. The FHA insurance premium bleeds off after 5 years or you can pay the loan down to LTV of 80% and you can get rid of it.

[GoUSC]

padre:

I mean our PITI payment is (for example) $3000. With the tax writeoff it is effectively $2500. For us to rent the equivalent house in the LJ school district similar to this house would cost $3000. This is all based on an FHA loan with a DP of 3.5%. Make sense?

The numbers I used are arbitrary but convey the point.

We did the FHA loan for a few reasons (we are all cash with no loan contingency but are still planning to go FHA):
1. We can afford the mortgage even with the low DP no problem.
2. The interest rate etc. is similar to a typical 30 year conventional.
3. Money is cheap right now so I might as well borrow as much as I can.
4. Maximize interest write-off.
…and lastly…
5. I am not stupid. The world is crazy right now. Who knows we might go into a depression and both of us might lose our jobs. With the FHA loan I keep a significant amount of cash and cash-equivalent on hand as needed. Both my fiancee and I have jobs with big bonuses so we can use those to pay down principal as we deem fit. The FHA insurance premium bleeds off after 5 years or you can pay the loan down to LTV of 80% and you can get rid of it.

[GoUSC]

padre:

I mean our PITI payment is (for example) $3000. With the tax writeoff it is effectively $2500. For us to rent the equivalent house in the LJ school district similar to this house would cost $3000. This is all based on an FHA loan with a DP of 3.5%. Make sense?

The numbers I used are arbitrary but convey the point.

We did the FHA loan for a few reasons (we are all cash with no loan contingency but are still planning to go FHA):
1. We can afford the mortgage even with the low DP no problem.
2. The interest rate etc. is similar to a typical 30 year conventional.
3. Money is cheap right now so I might as well borrow as much as I can.
4. Maximize interest write-off.
…and lastly…
5. I am not stupid. The world is crazy right now. Who knows we might go into a depression and both of us might lose our jobs. With the FHA loan I keep a significant amount of cash and cash-equivalent on hand as needed. Both my fiancee and I have jobs with big bonuses so we can use those to pay down principal as we deem fit. The FHA insurance premium bleeds off after 5 years or you can pay the loan down to LTV of 80% and you can get rid of it.

[GoUSC]

padre:

I mean our PITI payment is (for example) $3000. With the tax writeoff it is effectively $2500. For us to rent the equivalent house in the LJ school district similar to this house would cost $3000. This is all based on an FHA loan with a DP of 3.5%. Make sense?

The numbers I used are arbitrary but convey the point.

We did the FHA loan for a few reasons (we are all cash with no loan contingency but are still planning to go FHA):
1. We can afford the mortgage even with the low DP no problem.
2. The interest rate etc. is similar to a typical 30 year conventional.
3. Money is cheap right now so I might as well borrow as much as I can.
4. Maximize interest write-off.
…and lastly…
5. I am not stupid. The world is crazy right now. Who knows we might go into a depression and both of us might lose our jobs. With the FHA loan I keep a significant amount of cash and cash-equivalent on hand as needed. Both my fiancee and I have jobs with big bonuses so we can use those to pay down principal as we deem fit. The FHA insurance premium bleeds off after 5 years or you can pay the loan down to LTV of 80% and you can get rid of it.

[GoUSC]

padre:

I mean our PITI payment is (for example) $3000. With the tax writeoff it is effectively $2500. For us to rent the equivalent house in the LJ school district similar to this house would cost $3000. This is all based on an FHA loan with a DP of 3.5%. Make sense?

The numbers I used are arbitrary but convey the point.

We did the FHA loan for a few reasons (we are all cash with no loan contingency but are still planning to go FHA):
1. We can afford the mortgage even with the low DP no problem.
2. The interest rate etc. is similar to a typical 30 year conventional.
3. Money is cheap right now so I might as well borrow as much as I can.
4. Maximize interest write-off.
…and lastly…
5. I am not stupid. The world is crazy right now. Who knows we might go into a depression and both of us might lose our jobs. With the FHA loan I keep a significant amount of cash and cash-equivalent on hand as needed. Both my fiancee and I have jobs with big bonuses so we can use those to pay down principal as we deem fit. The FHA insurance premium bleeds off after 5 years or you can pay the loan down to LTV of 80% and you can get rid of it.

[propertysearchaddiction]

First of all congrats! We just moved from the La Jolla school district. We LOVED the location and all that city has to offer!!!

I am clueless, would someone explain how you make an all cash offer and then go FHA. This is the second time I have seen this idea. How does that work? They verify you have the cash but don’t care if you end up financing?

[propertysearchaddiction]

First of all congrats! We just moved from the La Jolla school district. We LOVED the location and all that city has to offer!!!

I am clueless, would someone explain how you make an all cash offer and then go FHA. This is the second time I have seen this idea. How does that work? They verify you have the cash but don’t care if you end up financing?

[propertysearchaddiction]

First of all congrats! We just moved from the La Jolla school district. We LOVED the location and all that city has to offer!!!

I am clueless, would someone explain how you make an all cash offer and then go FHA. This is the second time I have seen this idea. How does that work? They verify you have the cash but don’t care if you end up financing?

[propertysearchaddiction]

First of all congrats! We just moved from the La Jolla school district. We LOVED the location and all that city has to offer!!!

I am clueless, would someone explain how you make an all cash offer and then go FHA. This is the second time I have seen this idea. How does that work? They verify you have the cash but don’t care if you end up financing?

[propertysearchaddiction]

First of all congrats! We just moved from the La Jolla school district. We LOVED the location and all that city has to offer!!!

I am clueless, would someone explain how you make an all cash offer and then go FHA. This is the second time I have seen this idea. How does that work? They verify you have the cash but don’t care if you end up financing?

[GoUSC]

Our offer is all cash with no loan contingency. In the meantime we are going through the hurdles to put the FHA loan in place. If at the end of 30 days we don’t have the loan we will close with all cash and then refinance. We won’t be able to do a 3.5% dp though..therefore our mortgage broker better earn his keep and get the deal done. But I am not worried, today is day one and our loan is going into underwriting first thing tomorrow morning (we had all our docs lined up and ready to go).

[GoUSC]

Our offer is all cash with no loan contingency. In the meantime we are going through the hurdles to put the FHA loan in place. If at the end of 30 days we don’t have the loan we will close with all cash and then refinance. We won’t be able to do a 3.5% dp though..therefore our mortgage broker better earn his keep and get the deal done. But I am not worried, today is day one and our loan is going into underwriting first thing tomorrow morning (we had all our docs lined up and ready to go).

[GoUSC]

Our offer is all cash with no loan contingency. In the meantime we are going through the hurdles to put the FHA loan in place. If at the end of 30 days we don’t have the loan we will close with all cash and then refinance. We won’t be able to do a 3.5% dp though..therefore our mortgage broker better earn his keep and get the deal done. But I am not worried, today is day one and our loan is going into underwriting first thing tomorrow morning (we had all our docs lined up and ready to go).

[GoUSC]

Our offer is all cash with no loan contingency. In the meantime we are going through the hurdles to put the FHA loan in place. If at the end of 30 days we don’t have the loan we will close with all cash and then refinance. We won’t be able to do a 3.5% dp though..therefore our mortgage broker better earn his keep and get the deal done. But I am not worried, today is day one and our loan is going into underwriting first thing tomorrow morning (we had all our docs lined up and ready to go).

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