Help for young couple buying a first-time condo with FHA?

[urbanrealtor]

[quote=sdrealtor]Kazooooo!!![/quote]
Como?

[thebazman]

[quote=sdnerd]Do you have 6-12 months emergency cash fund in addition to that $15k?
[/quote]

That is a good point … Do 401(k) savings count for emergency fund? I have $15K saved up in the bank, and also $25K in the 401(k) … of course that value has sagged all the way down from $30K last year and even hit a low of about $22K in November of 2008, LOL…

Lucky for me I live in a low-end apartment, as it keeps my expectations from getting out of line. Hahaha. The O.P. is lucky to be able to afford a house — I would not be able to in a nice, central SD area until they are at $150K, at which point investors will probably be snapping them up. 🙁

[thebazman]

[quote=sdnerd]Do you have 6-12 months emergency cash fund in addition to that $15k?
[/quote]

That is a good point … Do 401(k) savings count for emergency fund? I have $15K saved up in the bank, and also $25K in the 401(k) … of course that value has sagged all the way down from $30K last year and even hit a low of about $22K in November of 2008, LOL…

Lucky for me I live in a low-end apartment, as it keeps my expectations from getting out of line. Hahaha. The O.P. is lucky to be able to afford a house — I would not be able to in a nice, central SD area until they are at $150K, at which point investors will probably be snapping them up. 🙁

[thebazman]

[quote=sdnerd]Do you have 6-12 months emergency cash fund in addition to that $15k?
[/quote]

That is a good point … Do 401(k) savings count for emergency fund? I have $15K saved up in the bank, and also $25K in the 401(k) … of course that value has sagged all the way down from $30K last year and even hit a low of about $22K in November of 2008, LOL…

Lucky for me I live in a low-end apartment, as it keeps my expectations from getting out of line. Hahaha. The O.P. is lucky to be able to afford a house — I would not be able to in a nice, central SD area until they are at $150K, at which point investors will probably be snapping them up. 🙁

[thebazman]

[quote=sdnerd]Do you have 6-12 months emergency cash fund in addition to that $15k?
[/quote]

That is a good point … Do 401(k) savings count for emergency fund? I have $15K saved up in the bank, and also $25K in the 401(k) … of course that value has sagged all the way down from $30K last year and even hit a low of about $22K in November of 2008, LOL…

Lucky for me I live in a low-end apartment, as it keeps my expectations from getting out of line. Hahaha. The O.P. is lucky to be able to afford a house — I would not be able to in a nice, central SD area until they are at $150K, at which point investors will probably be snapping them up. 🙁

[thebazman]

[quote=sdnerd]Do you have 6-12 months emergency cash fund in addition to that $15k?
[/quote]

That is a good point … Do 401(k) savings count for emergency fund? I have $15K saved up in the bank, and also $25K in the 401(k) … of course that value has sagged all the way down from $30K last year and even hit a low of about $22K in November of 2008, LOL…

Lucky for me I live in a low-end apartment, as it keeps my expectations from getting out of line. Hahaha. The O.P. is lucky to be able to afford a house — I would not be able to in a nice, central SD area until they are at $150K, at which point investors will probably be snapping them up. 🙁

[LuckyInOC]

Balboa Bride,

Please read this previous thread on HOA’s.

http://piggington.com/checking_hoas_finances

Before you make an offer, make sure you review the Reserve Study from the HOA to reduce you risk of any potential special assessments. Make sure to read and understand fully the HOA’s CCR’s. Also read and study the state law about PUD’s. You will need to know your rights when you live in a PUD.

In very general terms, very old complexes (30+) may have costly reserve problems coming due very soon (roofs, pools, etc.). Newer complexes (2001-2006) may have monthly cash-flow shortfalls due to foreclosures. You need to verify the monthly receipts cover monthly expenses for at least three years.

You are not buying just one unit. You are buying 1/nth of the complex. You could be responsible for the actions of others (board members).

I don’t have a big problem with HOA’s, just know what you are getting into. HOAs are government and politics in a small scale.

Good luck…

Lucky In OC

[LuckyInOC]

Balboa Bride,

Please read this previous thread on HOA’s.

http://piggington.com/checking_hoas_finances

Before you make an offer, make sure you review the Reserve Study from the HOA to reduce you risk of any potential special assessments. Make sure to read and understand fully the HOA’s CCR’s. Also read and study the state law about PUD’s. You will need to know your rights when you live in a PUD.

In very general terms, very old complexes (30+) may have costly reserve problems coming due very soon (roofs, pools, etc.). Newer complexes (2001-2006) may have monthly cash-flow shortfalls due to foreclosures. You need to verify the monthly receipts cover monthly expenses for at least three years.

You are not buying just one unit. You are buying 1/nth of the complex. You could be responsible for the actions of others (board members).

I don’t have a big problem with HOA’s, just know what you are getting into. HOAs are government and politics in a small scale.

Good luck…

Lucky In OC

[LuckyInOC]

Balboa Bride,

Please read this previous thread on HOA’s.

http://piggington.com/checking_hoas_finances

Before you make an offer, make sure you review the Reserve Study from the HOA to reduce you risk of any potential special assessments. Make sure to read and understand fully the HOA’s CCR’s. Also read and study the state law about PUD’s. You will need to know your rights when you live in a PUD.

In very general terms, very old complexes (30+) may have costly reserve problems coming due very soon (roofs, pools, etc.). Newer complexes (2001-2006) may have monthly cash-flow shortfalls due to foreclosures. You need to verify the monthly receipts cover monthly expenses for at least three years.

You are not buying just one unit. You are buying 1/nth of the complex. You could be responsible for the actions of others (board members).

I don’t have a big problem with HOA’s, just know what you are getting into. HOAs are government and politics in a small scale.

Good luck…

Lucky In OC

[LuckyInOC]

Balboa Bride,

Please read this previous thread on HOA’s.

http://piggington.com/checking_hoas_finances

Before you make an offer, make sure you review the Reserve Study from the HOA to reduce you risk of any potential special assessments. Make sure to read and understand fully the HOA’s CCR’s. Also read and study the state law about PUD’s. You will need to know your rights when you live in a PUD.

In very general terms, very old complexes (30+) may have costly reserve problems coming due very soon (roofs, pools, etc.). Newer complexes (2001-2006) may have monthly cash-flow shortfalls due to foreclosures. You need to verify the monthly receipts cover monthly expenses for at least three years.

You are not buying just one unit. You are buying 1/nth of the complex. You could be responsible for the actions of others (board members).

I don’t have a big problem with HOA’s, just know what you are getting into. HOAs are government and politics in a small scale.

Good luck…

Lucky In OC

[LuckyInOC]

Balboa Bride,

Please read this previous thread on HOA’s.

http://piggington.com/checking_hoas_finances

Before you make an offer, make sure you review the Reserve Study from the HOA to reduce you risk of any potential special assessments. Make sure to read and understand fully the HOA’s CCR’s. Also read and study the state law about PUD’s. You will need to know your rights when you live in a PUD.

In very general terms, very old complexes (30+) may have costly reserve problems coming due very soon (roofs, pools, etc.). Newer complexes (2001-2006) may have monthly cash-flow shortfalls due to foreclosures. You need to verify the monthly receipts cover monthly expenses for at least three years.

You are not buying just one unit. You are buying 1/nth of the complex. You could be responsible for the actions of others (board members).

I don’t have a big problem with HOA’s, just know what you are getting into. HOAs are government and politics in a small scale.

Good luck…

Lucky In OC

[Balboabride]

Thank you for the valuable information, Lucky in OC!! We will definately do our due diligence…I will post back here with the results!

To the guy that wants to buy in central SD…we have a friend who just had an offer in the 150’s accepted for a condo in 92116 that was listed much higher. I think it depends on the unit, the seller and the bank. Good luck.

[Balboabride]

Thank you for the valuable information, Lucky in OC!! We will definately do our due diligence…I will post back here with the results!

To the guy that wants to buy in central SD…we have a friend who just had an offer in the 150’s accepted for a condo in 92116 that was listed much higher. I think it depends on the unit, the seller and the bank. Good luck.

[Balboabride]

Thank you for the valuable information, Lucky in OC!! We will definately do our due diligence…I will post back here with the results!

To the guy that wants to buy in central SD…we have a friend who just had an offer in the 150’s accepted for a condo in 92116 that was listed much higher. I think it depends on the unit, the seller and the bank. Good luck.

[Balboabride]

Thank you for the valuable information, Lucky in OC!! We will definately do our due diligence…I will post back here with the results!

To the guy that wants to buy in central SD…we have a friend who just had an offer in the 150’s accepted for a condo in 92116 that was listed much higher. I think it depends on the unit, the seller and the bank. Good luck.

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