Ok, you caught me. I was fudging because I assumed he had a good chance to buy a house listed at 177K for 175K because 175K made a lot of the numbers simplier. Go ahead and add the extra $11 bucks or whatever. Further, instead of theory land, I was dealing with the reality of what he would actually have to pay to get the individual house he was talking about. Most people sell their house less than what it is listed--it may very well be not just 175K but 170K or lower is a bid that would be accepted for the house. He does need to figure out a number he is willing to pay given his lifestyle choices--he should talk 3 lenders like I said and probably take the most conservative one as a guide, maybe even set a limit below that b/c lenders and agents are fairly aggressive in general. I have bought a house and went through 3 refis and my closing costs average less than 3000. Actually I was incorrect, my house valuation is between 275-325K, and I pay $59.63 a month, about $716 a year. Using the low end estimate for my house that is .0025%. Try: https://www.gc.usaa.com/inet/ent_home/CpHome Sounds like he has been living with them quite a while doesn't it? Sound like they didn't ask for rent and a probably pretty supportive while he was saving his money right? All I was inquiring about is if in the first stages if something happened they could be a cushion while he rebuilds his savings to a more comfortable 5K mark. [/B][/QUOTE] The number is less than 1300, and that does not include tax deductions that brings it less than 1100. The rest depends in lifestyle. Yes if he wants moderate or more expensive vacations, to live alone (or have a roommate chip in 400-500?), HD Tv and related services, new furnature, and high speed interet, he is biting off way more than he can chew. But we don't know about any of these things now do we. [/B][/QUOTE] Good, because it is time for him to print out this thread for food for thought and approach some mortgage companies next week instead of hearing us jabbering back and forth. I would suggest WellsFargo as a national company (I like them much better than Countrywide, USAA's mortgage dept, and others I have dealt with) plus two ones with local reps recommended by friends/family so he can get prequalifed and identify the price range he will really wants to consider based on the lifestyle he wants. I don't think he needs to rush, I am pretty confident we are not going to see mortgages change drammaticlly for a few months, but I would try to get this done before 5-6 months have passed.
Instead of Theory land? Hahaha, you r funny ... consider that you are living in fantansy land. U bought a house that costs 275-325K, paid < 3K closing cost, and $716 a yr in property insurance?!!! If u can't see how ridiculous that is than u r worse off than I thought. BTW, I didn't know that tax payers have to subsidize military families like this but that is another story. Noize shouldn't be calling Well Fargo or such, he needs to join the Arm forces so he can qualify for these programs of yours!!
Not in the armed forces, though my father was. USAA does NOT get federal subsides. USAA's insurance estimate was within $50 of another estimate from a local company (my mortgage broker referred me to them) when I originally bought the house. I went with USAA b/c of their claims reputation and industry rating. You should have stuck to your guns. To put it politely, the rest of your babbling, arrogant and sloppy insinuations don't deserves a response.
