Need advice- down payment for mortgage!- UPDATE post 104!

barkley · Aug 18, 2015

DisneyMandC said:
Hello all! Asking for some good thoughts for us this week please! Inspection is happening as I write this, and appraisal should be sometime soon! I'm not as anxious about the inspection because we already know some of the issues that will need to be fixed based on my brother's inspection of it (roof needs to be fixed over the porch, nothing crazy). But I am super anxious about the appraisal! The house itself doesn't have a lot of value, which is fine for us because we're not really "house" people; the real value for us is in the land itself. So please keep us in your thoughts that we get a high value per acre for the appraisal!!

fingers crossed for you!

don't be surprised if it takes a bit longer on the appraisal than what most people consider the norm. in our experience w/rural properties it can be a bit more challenging for appraisers to come up w/the comps they need. it's one thing in a traditional subdivision to appraise a so many square foot home on a so many square foot lot because there's usually some recent sales to use as a basis for the comps. rurally (at least around here) homes are all different so one 2500 sq foot home can be vastly different as compared to another-add in how much more valuable one multi acre property can be (due to views, improvements, zoning...) vs. one the identical size but less desirable for the same reasons-and it can take awhile for the appraiser to crunch the numbers.

last appraiser we had was VERY experienced w/this so he had a good handle on what true values were (despite nothing he could consider as a comp to ours that had sold in years). hoping your appraiser is well skilled and comes back w/the value you are looking for (and then hopefully after you buy it the assessor will value it much lower for property tax purposes :goodvibes

kiramay · Aug 18, 2015

DisneyMandC said:
Hello all! Asking for some good thoughts for us this week please! Inspection is happening as I write this, and appraisal should be sometime soon! I'm not as anxious about the inspection because we already know some of the issues that will need to be fixed based on my brother's inspection of it (roof needs to be fixed over the porch, nothing crazy). But I am super anxious about the appraisal! The house itself doesn't have a lot of value, which is fine for us because we're not really "house" people; the real value for us is in the land itself. So please keep us in your thoughts that we get a high value per acre for the appraisal!!

Fingers crossed!! We just bought our dream house in March after looking for 5 years, and I was so stressed right up until we closed. I hope everything goes smoothly!

DisneyMandC · Aug 18, 2015

barkley said:
fingers crossed for you!

don't be surprised if it takes a bit longer on the appraisal than what most people consider the norm. in our experience w/rural properties it can be a bit more challenging for appraisers to come up w/the comps they need. it's one thing in a traditional subdivision to appraise a so many square foot home on a so many square foot lot because there's usually some recent sales to use as a basis for the comps. rurally (at least around here) homes are all different so one 2500 sq foot home can be vastly different as compared to another-add in how much more valuable one multi acre property can be (due to views, improvements, zoning...) vs. one the identical size but less desirable for the same reasons-and it can take awhile for the appraiser to crunch the numbers.

last appraiser we had was VERY experienced w/this so he had a good handle on what true values were (despite nothing he could consider as a comp to ours that had sold in years). hoping your appraiser is well skilled and comes back w/the value you are looking for (and then hopefully after you buy it the assessor will value it much lower for property tax purposes

Thank you! Yeah, I'm thinking comps on the actual land shouldn't be too hard based on the area we're in, but the house is definitely going to be tough. The actual square footage might not be too difficult, but it's a log cabin. Why don't more people appreciate log homes?! :confused3

DisneyMandC · Aug 26, 2015

Hello all! This will be my final update because WE JUST BOUGHT A HOUSE!!!! :cool1:

Everything came through! Appraisal was fine, underwriter didn't have any issues with comps, and seller agreed to fix all of the (very minor) issues in the home! We are so excited! Our closing date is September 28 as the seller went under contract on their purchase of a new home and will need time to get everything situated on that. They'll close on their new home the day after our closing and then rent back from us for a week to pack up and move out. We are planning on doing some remodeling, knocking out a wall, maybe a new bathroom vanity, etc. All cosmetic. So I expect we won't be in until November at the earliest.

We are so excited!! Thank you all so much to everyone on here who contributed and helped me to understand PMI, down payments, and the myriad of other issues that come along when buying a home! Now if you'll all just keep our bank account in your prayers as we hand over all our money (just kidding of course, but it feels that way)! :rotfl2:

Cadiewampus · Aug 27, 2015

Congratulations on the new home. Just curious did you go with a 30 or 15 year mortgage or something else? Years ago when we refinanced we went with a 15 year because I knew I would never be disciplined enough to just pay extra every month. Best decision I ever made. We make our last house payment 11/2016

DisneyMandC · Aug 27, 2015

Cadiewampus said:
Congratulations on the new home. Just curious did you go with a 30 or 15 year mortgage or something else? Years ago when we refinanced we went with a 15 year because I knew I would never be disciplined enough to just pay extra every month. Best decision I ever made. We make our last house payment 11/2016

Thank you! We did 30 year. We're young and not in a position financially right now to do 15. We are planning to round off our mortgage payment every month, so we'll be paying an extra $30 on it. Not much, but it does take a year and a half off if we continued with the 30 year until the end. We will likely refinance as we do have PMI, so we'll see then if we're able to do 15 year.

brazzledazzler · Aug 27, 2015

DisneyMandC said:
Hello all! This will be my final update because WE JUST BOUGHT A HOUSE!!!!

Everything came through! Appraisal was fine, underwriter didn't have any issues with comps, and seller agreed to fix all of the (very minor) issues in the home! We are so excited! Our closing date is September 28 as the seller went under contract on their purchase of a new home and will need time to get everything situated on that. They'll close on their new home the day after our closing and then rent back from us for a week to pack up and move out. We are planning on doing some remodeling, knocking out a wall, maybe a new bathroom vanity, etc. All cosmetic. So I expect we won't be in until November at the earliest.

We are so excited!! Thank you all so much to everyone on here who contributed and helped me to understand PMI, down payments, and the myriad of other issues that come along when buying a home! Now if you'll all just keep our bank account in your prayers as we hand over all our money (just kidding of course, but it feels that way)!

Congratulations to you both! DH & I are currently on our first house hunt, and know how difficult the process can be. So glad that this all worked out for you. Enjoy your new home!

DisneyMandC · Aug 27, 2015

brazzledazzler said:
Congratulations to you both! DH & I are currently on our first house hunt, and know how difficult the process can be. So glad that this all worked out for you. Enjoy your new home!

Good luck! Just the list of stuff the lender asks for alone is CRAZY! We got an email with 16 additional items they need last night. Keep in mind we've already signed all the paperwork for this lol. They want my transcripts from where I was in school for 2013-2014 and didn't have any income.

brazzledazzler · Aug 27, 2015

DisneyMandC said:
Good luck! Just the list of stuff the lender asks for alone is CRAZY! We got an email with 16 additional items they need last night. Keep in mind we've already signed all the paperwork for this lol. They want my transcripts from where I was in school for 2013-2014 and didn't have any income.

Yeah, DH has actually previously bought a townhouse, and we sold it last year...we are well aware of all the snags of buying/selling/homeownership. I think that's why we are trying to save up to put 20% down on a home, we had issues selling to someone who only had 5% (the appraisal came in lower than the offer, and was annoying!)--so I'm so glad that your offer worked out, and you have family helping you out & advising you!! Family is good for that!

I was rooting for this house to go through for you and you husband since you originally posted!! Finding your DREAM home and actually GETTING IT rarely occurs, and I'm so glad it did for you both! DH & I are patiently waiting for more homes to go on the market, this month has been slow where we are looking---so we're trying not to worry about it until after our long-three-week honeymoon next month.

Anyway, :tink:

DREAMS DO COME TRUE...so glad yours did :smickey:

DisneyMandC · Aug 27, 2015

brazzledazzler said:
Yeah, DH has actually previously bought a townhouse, and we sold it last year...we are well aware of all the snags of buying/selling/homeownership. I think that's why we are trying to save up to put 20% down on a home, we had issues selling to someone who only had 5% (the appraisal came in lower than the offer, and was annoying!)--so I'm so glad that your offer worked out, and you have family helping you out & advising you!! Family is good for that!

I was rooting for this house to go through for you and you husband since you originally posted!! Finding your DREAM home and actually GETTING IT rarely occurs, and I'm so glad it did for you both! DH & I are patiently waiting for more homes to go on the market, this month has been slow where we are looking---so we're trying not to worry about it until after our long-three-week honeymoon next month.

Anyway, DREAMS DO COME TRUE...so glad yours did

Thank you so much!!! :hug:

I really appreciate that! We were really nervous about the appraisal, so I'm really glad it worked out. We only had 5% as well, so we would've been in a bind if it didn't come through. Fortunately acreage values around here are high, because our value is definitely in the land and not in the house.

Have a great time on your honeymoon! I'mm guessing based on your countdown you're going to Disney? :earsboy:

brazzledazzler · Aug 27, 2015

DisneyMandC said:
Thank you so much!!! I really appreciate that! We were really nervous about the appraisal, so I'm really glad it worked out. We only had 5% as well, so we would've been in a bind if it didn't come through. Fortunately acreage values around here are high, because our value is definitely in the land and not in the house.

Have a great time on your honeymoon! I'mm guessing based on your countdown you're going to Disney?

DH & I are FL resident APs...so we make a vacation to Disney whenever there is a reason (or a 3 day weekend!). We got married in April, but due to DH's work & time off, we are doing a proper 3 week honeymoon Sept-Oct... which starts in Montreal, but ends at CBR in WDW! So...yes? pluto:

We are doing Disney for the honeymoon...but not the trip I have on my signature counter. I only put the most recent trip on my signature, because if I listed every resort stay we have booked...I feel like people on the DIS might get the wrong impression.. :eeyore:

I think that the fact you are looking at rural property probably did make a big difference. I am assuming the house isn't in an area that is in "high demand" etc? We are looking at suburban area and looking at the school system, resale value, if it's in a flood zone.. etc etc.

The fact that the house backs up to your family's land, is really awesome! It seems like this property was truly ideal, and glad you can call it "home" in a month!!

jedijill · Aug 27, 2015

Don't apply for any credit between now and then or run up your credit cards. Just sit tight until after closing to do anything. The mortgage companies are very sensitive to that!

Jill in CO

DisneyMandC · Aug 28, 2015

brazzledazzler said:
DH & I are FL resident APs...so we make a vacation to Disney whenever there is a reason (or a 3 day weekend!). We got married in April, but due to DH's work & time off, we are doing a proper 3 week honeymoon Sept-Oct... which starts in Montreal, but ends at CBR in WDW! So...yes? We are doing Disney for the honeymoon...but not the trip I have on my signature counter. I only put the most recent trip on my signature, because if I listed every resort stay we have booked...I feel like people on the DIS might get the wrong impression..

I think that the fact you are looking at rural property probably did make a big difference. I am assuming the house isn't in an area that is in "high demand" etc? We are looking at suburban area and looking at the school system, resale value, if it's in a flood zone.. etc etc.

The fact that the house backs up to your family's land, is really awesome! It seems like this property was truly ideal, and glad you can call it "home" in a month!!

So jealous of your trip! We went for our honeymoon in April. If you think they treat you well on a regular basis, wait until you see how nice they are when you're on your honeymoon!

An yes, rural property does make a big difference. The area definitely isn't high demand, but 17 acres for the price we got it at was a steal. I think a lot of people would've been drawn to the land, but would balk at the house. It's definitely not your traditional home, so a typical family of four probably wouldn't be interested in making it work.

jedijill said:
Don't apply for any credit between now and then or run up your credit cards. Just sit tight until after closing to do anything. The mortgage companies are very sensitive to that!

Jill in CO

Oh believe me, we've been warned! The lender, our realtor, and our settlement agent have all told us not to purchase anything major haha. We have nothing planned right now as I want to remodel the house and then measure to figure out what I want to buy and where I want to put it. We don't have the money for furniture right now anyways, so not a problem!

Ngwira · Sep 3, 2015

Congrats!!!

Need advice- down payment for mortgage!- UPDATE post 104!

barkley

DIS Veteran<br><font color=orange>If I ever have a

kiramay

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DisneyMandC

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DisneyMandC

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Cadiewampus

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DisneyMandC

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brazzledazzler

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DisneyMandC

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brazzledazzler

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DisneyMandC

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brazzledazzler

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jedijill

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DisneyMandC

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Ngwira

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