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First time home buyers and going crazy!

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  • #16
    I just came across issues like many banks saying no to physician loans due to not being a US Citizen or greencard holder. In addition, my middle score is below 720 so I cannot get the best rates and for conventional loans, since it is a "jumbo loan" of 675K, they require 15%-20% downpayment. I have called CAdance bank, Suntrust, Iberia bank and the deal I got that I mentioned in my post is from Iberia. The others basically no options. I really would hate to loose this house. They sell fast, specially at that price, since houses in that prime location are bigger, thus more expensive and unaffordable for us... I fear I might be forece t go to 7/1 ARM at 3.875 and no downpayment, or 30 yr fixed no downpayment at 4.125%. Those rates are not great, but after a few "rejections", I am thinking I am running out of options. This is exhausting and overwhelming, but really would love that house.

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    • #17
      The very first house buying lesson to take to heart: NEVER fall in love with a house! NEVER, NEVER, NEVER! It's only a house, and believe me, your future happiness does not rest on your possessing one particular house. There are always other houses out there to buy.

      Honestly, I do wonder if you're stretching too much trying to get into that "prime" location. Have you taken a good, hard look at less expensive properties in less prime areas? Don't make the mistake of making yourself house poor!

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      • #18
        Originally posted by KK79 View Post

        thank you! yes, the price of 675K is lower because many new construction {homes} there are much larger around 4K sqf, and this home is on the smaller side and built in the nineties. Most homes in the area flooded and they were renovated. I do not qualify for conventional 30 yr fixed loan because if you go over 510K, they require (2-3 banks I called) either being a US citizen or green card holder and 20% down, which we do not have. I feel trapped in my only option of 7/1 3.875% or 30 yr fixed physician loan with 4.125%, with no down payment.
        Repeat that to your self again slowly. Most homes in the area flooded. Do you expect more flooding or less in the next 30+ years? Do you expect the flood levels to be lower, stay the same, or possibly rise?

        I'm by no means convinced that this is a prime location to buy. If anything, it might be a good location to sell.

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        • #19
          Originally posted by KK79 View Post
          I was told by some banks here like Cadence or Suntrust (BBT) that physician loans are only available to US citizens or greencard holders. I am on an O1 visa and applied for GC but I do not have it yet. ALso, for conventional non phycian loans, for a loan of 675K (they called it jumbo loan) I need to put down either 15% or 20% and we do not have that. It seems like we almost have to options.
          Ahhh... the plot thickens. I, personally, would wait until the 20% threshold is reached for a proper down payment in this situation.

          Buying a house is a very emotional process, and it literally ‘hurts’ to have one get away. This one isn’t the perfect house. This isn’t the best time. Another one will come up, and guess what, you’ll see at that time that it is even better.



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          • #20
            if you like houston wait till you the property in miami....

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            • #21
              Originally posted by artemis View Post
              NEVER fall in love with a house! NEVER, NEVER, NEVER!
              Originally posted by Jaqen Haghar MD View Post
              Buying a house is a very emotional process, and it literally ‘hurts’ to have one get away.
              100%. After I was out bid on my first house-love... And the second... And the third... And the fourth... And the twelveth I swore I'd never love again. Then I went on a blind date with a house I'd never have dated. She's older, about 98 years old. "Fun sized", 1 main level & "small". But we fell madly in love with each other. She came with 2 garages... but I accept them like they are my own. And... she has a huge backyard. I could spend days there...
              ____________________

              OP: This isn't the house. This isn't the time. There will be more. And I have to comment, are you certain you'll get a permanent resident card? Personally, I'd not buy if I wasn't concrete absolute certain.

              Is there a reason why you can't wait "months" more for another house?

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              • #22
                Originally posted by KK79 View Post
                I just came across issues like many banks saying no to physician loans due to not being a US Citizen or greencard holder. In addition, my middle score is below 720 so I cannot get the best rates and for conventional loans, since it is a "jumbo loan" of 675K, they require 15%-20% downpayment. I have called CAdance bank, Suntrust, Iberia bank and the deal I got that I mentioned in my post is from Iberia. The others basically no options. I really would hate to loose this house. They sell fast, specially at that price, since houses in that prime location are bigger, thus more expensive and unaffordable for us... I fear I might be forece t go to 7/1 ARM at 3.875 and no downpayment, or 30 yr fixed no downpayment at 4.125%. Those rates are not great, but after a few "rejections", I am thinking I am running out of options. This is exhausting and overwhelming, but really would love that house.
                You have absolutely NO business buying this house in Houston. "The others basically no options. I really would hate to loose this house. They sell fast, specially at that price," and you think you are the only one shopping for deals? There is a reason for the lower pricing, there really is. And it's not just because the prime location and they are bigger.
                That and the residency status are great big flags and flashing lights and then you have the flood issue that I pointed out before you mentioned anything.

                You have many rental options, use them. Gonna toss a hand grenade on your plan. Incoming take cover. BOOM, BOOM, BOOM goes the dynamite. Your plan should be up in smoke. Did you know you might get denied flood insurance? There goes all you money and you still owe the bank. The only way out is if you have $50k-$100k available to save the remains of the house in one week. Wrong neighborhood, wrong house, wrong financing and wrong down payment and you don't have permanent residency status. Other than the look and thinking you are getting a bargain, nothing is in your favor. Type the address, and I think you will find the house has been flipped and you are buying into trouble. This is no bargain, you are probably buying some sheet rock and finishing work. Run from your plan.

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                • #23
                  Originally posted by KK79 View Post
                  I just came across issues like many banks saying no to physician loans due to not being a US Citizen or greencard holder. In addition, my middle score is below 720 so I cannot get the best rates and for conventional loans, since it is a "jumbo loan" of 675K, they require 15%-20% downpayment. I have called CAdance bank, Suntrust, Iberia bank and the deal I got that I mentioned in my post is from Iberia. The others basically no options. I really would hate to loose this house. They sell fast, specially at that price, since houses in that prime location are bigger, thus more expensive and unaffordable for us... I fear I might be forece t go to 7/1 ARM at 3.875 and no downpayment, or 30 yr fixed no downpayment at 4.125%. Those rates are not great, but after a few "rejections", I am thinking I am running out of options. This is exhausting and overwhelming, but really would love that house.
                  You feel you might be forced into an ARM? You aren’t forced into anything. The roof isn’t on fire. Slow down. Slow way, way down.

                  Everything you’re saying sounds like you should be renting.

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                  • #24
                    I did a lot of loan shopping recently and found several 0% down under 3.75% (best was 3.5%). Catch was the threshold was often (but not always) $650K max and I don't know if being a US Citizen mattered. Regions was the best deal FWIW.

                    Houston is hard. Harvey was the "absolutely no way" turning point for us in not looking there even though we have family there. So many places flooded and it is so spotty. If this property flooded before, I'd say no. If it didn't and others did, you might be okay. It really was that street-by-street. You will hate your life if you live too far away from your job.

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                    • #25
                      Originally posted by EM-CCM MD View Post

                      Everything you’re saying sounds like you should be renting.
                      You are getting good advice

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                      • #26
                        You do have another option- renting. I visited houston twice- once during a rainstorm in 2016 (not hurricane level) all the roads around the hotel flooded and they basically made us stay an extra day. Based on that experience I'd never live in a flood zone or area that floods easily. The mortgage broker is similar to a car salesman telling you you have to buy today or else the deal is off the table. Relax, if you lose this house youll get a better one in a year when you are more stable, know the area better, and can put more money down. Renting is NOT losing money when the other option is being rushed into buying a house with a bad mortgage and flooding risks.

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