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1% down mortgage anyone?
#8859838
05/29/23 05:24 PM
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Joined: Sep 2007
Posts: 3,821
TDK
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OP
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Rocket Mortgages has introduced a new program…what could go wrong. https://www.rocketmortgage.com/learn/one-plus
A.M. Little Bespoke Gunmakers LLC
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Re: 1% down mortgage anyone?
[Re: TDK]
#8859847
05/29/23 05:30 PM
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Joined: Apr 2009
Posts: 3,239
blkt2
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I've never borrowed money before but if they'll approve any mortgage that you ask for with a 1% down payment I'll go buy 10 houses tomorrow. The people that bailed on their underwater homes in the last housing bust were fools and the majority of my net worth came from buying those foreclosed and or distressed properties.
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Re: 1% down mortgage anyone?
[Re: TDK]
#8859848
05/29/23 05:31 PM
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Joined: Dec 2009
Posts: 9,887
The Dude Abides
THF Trophy Hunter
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Posts: 9,887 |
Hard pass! Mortgage free is much better!
I am still looking for the perfect apron, one with reinforced knee areas would be perfect.
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Re: 1% down mortgage anyone?
[Re: blkt2]
#8859877
05/29/23 06:37 PM
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Joined: Sep 2007
Posts: 3,821
TDK
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OP
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I've never borrowed money before but if they'll approve any mortgage that you ask for with a 1% down payment I'll go buy 10 houses tomorrow. The people that bailed on their underwater homes in the last housing bust were fools and the majority of my net worth came from buying those foreclosed and or distressed properties. Gotta read the terms/conditions.
A.M. Little Bespoke Gunmakers LLC
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Re: 1% down mortgage anyone?
[Re: TDK]
#8859879
05/29/23 06:45 PM
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Joined: Jul 2010
Posts: 6,872
HuntnFly67
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Wow. You qualify with a 620+ credit score and an income cap of 80% of median in the zip code where the property is located.
A rule of thumb is a mortgage payment of no more than 25-30% of your monthly take-home. Texas median household income is $93,386 in 2022. That puts take home right at $70,000, give or take after taxes; $5,850/month....30% of that is $1,755. Figure $150/mo for homeonwers insurance leaves $1,600 to cover debt and taxes. That MIGHT get someone on this program into a $200,000 home because interest rates are 7%. The median home price in Texas is $390,600. Median income CANNOT afford median homes. There are ALOT of people living outside their means and/or we are due for a correction.
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Re: 1% down mortgage anyone?
[Re: HuntnFly67]
#8859890
05/29/23 07:14 PM
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Joined: Sep 2007
Posts: 3,821
TDK
OP
Extreme Tracker
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OP
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Posts: 3,821 |
Wow. You qualify with a 620+ credit score and an income cap of 80% of median in the zip code where the property is located.
A rule of thumb is a mortgage payment of no more than 25-30% of your monthly take-home. Texas median household income is $93,386 in 2022. That puts take home right at $70,000, give or take after taxes; $5,850/month....30% of that is $1,755. Figure $150/mo for homeonwers insurance leaves $1,600 to cover debt and taxes. That MIGHT get someone on this program into a $200,000 home because interest rates are 7%. The median home price in Texas is $390,600. Median income CANNOT afford median homes. There are ALOT of people living outside their means and/or we are due for a correction.
Issue is I’ve heard of people being approved on mortgages for 40-45% of monthly income, which is insane. Beans and rice on a good day.
A.M. Little Bespoke Gunmakers LLC
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Re: 1% down mortgage anyone?
[Re: TDK]
#8859895
05/29/23 07:25 PM
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Joined: Aug 2021
Posts: 1,110
DukeCigars
Pro Tracker
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Pro Tracker
Joined: Aug 2021
Posts: 1,110 |
Wow. You qualify with a 620+ credit score and an income cap of 80% of median in the zip code where the property is located.
A rule of thumb is a mortgage payment of no more than 25-30% of your monthly take-home. Texas median household income is $93,386 in 2022. That puts take home right at $70,000, give or take after taxes; $5,850/month....30% of that is $1,755. Figure $150/mo for homeonwers insurance leaves $1,600 to cover debt and taxes. That MIGHT get someone on this program into a $200,000 home because interest rates are 7%. The median home price in Texas is $390,600. Median income CANNOT afford median homes. There are ALOT of people living outside their means and/or we are due for a correction.
Issue is I’ve heard of people being approved on mortgages for 40-45% of monthly income, which is insane. Beans and rice on a good day. Buddy of mine’s son who makes $75k got approved for a $500k mortgage. Cmon back over to us, 2009 housing crash
Car guy. Serial entrepreneur. Terrible golfer.
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Re: 1% down mortgage anyone?
[Re: TDK]
#8859913
05/29/23 07:56 PM
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Joined: Jul 2012
Posts: 15,802
603Country
THF Celebrity
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Joined: Jul 2012
Posts: 15,802 |
Got a granddaughter that wants a house. She’s in the mortgage company line of work, so I don’t think she’ll do anything stupid. As for the rest of you, buy what you want. I’m low profiling it out here in the country. Not buying anything big for the foreseeable future.
Not my monkeys, not my circus...
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Re: 1% down mortgage anyone?
[Re: TDK]
#8859915
05/29/23 07:57 PM
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Joined: Dec 2016
Posts: 1,849
Adchunts
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Posts: 1,849 |
We finance a lot of homes through USDA Rural Development loans. 0% down available. Also VA loans with zero down.
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Re: 1% down mortgage anyone?
[Re: TDK]
#8859919
05/29/23 08:02 PM
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Joined: Dec 2020
Posts: 1,431
Sewer rat
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500k on 75k income is insane. I follow Huntfly67’s logic. If I had a 75k income I wouldn’t be buying anything over 150k. We haven’t had a mortgage in over a decade but every time we have bought a home the price was never more than twice our annual income and personally I felt like even that was a stretch and 1.5 times was better.
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Re: 1% down mortgage anyone?
[Re: TDK]
#8859928
05/29/23 08:19 PM
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Joined: Jul 2019
Posts: 14,298
Hudbone
THF Celebrity
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Re: 1% down mortgage anyone?
[Re: TDK]
#8859979
05/29/23 09:50 PM
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Joined: Dec 2011
Posts: 14,303
Ramsey
Pepe' Le Pew
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Pepe' Le Pew
Joined: Dec 2011
Posts: 14,303 |
They will nail you in Rate of Interest!!!!!!!
Big Beckett!!
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Re: 1% down mortgage anyone?
[Re: blkt2]
#8859985
05/29/23 09:58 PM
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Joined: Nov 2010
Posts: 3,269
Marc K
Veteran Tracker
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Posts: 3,269 |
I've never borrowed money before but if they'll approve any mortgage that you ask for with a 1% down payment I'll go buy 10 houses tomorrow. The people that bailed on their underwater homes in the last housing bust were fools and the majority of my net worth came from buying those foreclosed and or distressed properties. At what interest rate?
A Democracy is when two wolves and a lamb vote on the dinner menu. That is why this country was specifically not designed as a Democracy. We are a Constitutional Republic.
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Re: 1% down mortgage anyone?
[Re: Marc K]
#8859990
05/29/23 10:07 PM
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Joined: Apr 2009
Posts: 3,239
blkt2
Veteran Tracker
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Posts: 3,239 |
I've never borrowed money before but if they'll approve any mortgage that you ask for with a 1% down payment I'll go buy 10 houses tomorrow. The people that bailed on their underwater homes in the last housing bust were fools and the majority of my net worth came from buying those foreclosed and or distressed properties. At what interest rate? Do you mean the properties that I bought in the housing crash in 08-09? I paid cash for those indirectly. Myself and a few other guys bought up the paper on bad loans at about 10 cents on the dollar. Later on we divided up the properties amongst each other. To get my foot in the door of owning 10 more rental properties I would pay 7% or 8% today because even if things got really bad I can afford to just pay all the houses off or just pay the mortgage out of pocket.
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Re: 1% down mortgage anyone?
[Re: TDK]
#8860227
05/30/23 01:30 PM
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Joined: Apr 2009
Posts: 3,239
blkt2
Veteran Tracker
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Posts: 3,239 |
Out of curiosity I applied using a stated income of 60k and said I wanted a 450k house for a primary residence. If they say yes I will be shocked but if they do it will mark the beginning of a cycle that's not going to end well for the country.
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Re: 1% down mortgage anyone?
[Re: TDK]
#8860242
05/30/23 02:15 PM
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Joined: Jul 2019
Posts: 14,298
Hudbone
THF Celebrity
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THF Celebrity
Joined: Jul 2019
Posts: 14,298 |
lending to people with no cash in the game is a sucker bet.
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Re: 1% down mortgage anyone?
[Re: TDK]
#8860296
05/30/23 03:43 PM
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Joined: Oct 2008
Posts: 16,870
68rustbucket
THF Celebrity
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THF Celebrity
Joined: Oct 2008
Posts: 16,870 |
This will be history repeating itself.
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Re: 1% down mortgage anyone?
[Re: TDK]
#8860329
05/30/23 04:39 PM
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Joined: Jan 2007
Posts: 15,556
reeltexan
THF Celebrity
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THF Celebrity
Joined: Jan 2007
Posts: 15,556 |
AND.........you can now get a 40 or 50 year mortgage.
that's very special
"If we ever forget that we are One Nation Under God, then we will be a nation gone under." Ronald Reagan
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Re: 1% down mortgage anyone?
[Re: reeltexan]
#8860365
05/30/23 05:48 PM
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Joined: Dec 2009
Posts: 9,887
The Dude Abides
THF Trophy Hunter
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THF Trophy Hunter
Joined: Dec 2009
Posts: 9,887 |
AND.........you can now get a 40 or 50 year mortgage.
that's very special
I am still looking for the perfect apron, one with reinforced knee areas would be perfect.
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Re: 1% down mortgage anyone?
[Re: Hudbone]
#8860422
05/30/23 07:30 PM
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Joined: Mar 2013
Posts: 5,043
jetdad
THF Trophy Hunter
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THF Trophy Hunter
Joined: Mar 2013
Posts: 5,043 |
lending to people with no cash in the game is a sucker bet. Agreed, no skin in the game makes it way too easy to walk.
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Re: 1% down mortgage anyone?
[Re: TDK]
#8860424
05/30/23 07:37 PM
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Joined: Dec 2005
Posts: 35,543
Guy
THF Celebrity
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THF Celebrity
Joined: Dec 2005
Posts: 35,543 |
Probably very high interest rates and additional mortgage insurance cost.
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Re: 1% down mortgage anyone?
[Re: TDK]
#8860429
05/30/23 07:44 PM
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Joined: Sep 2007
Posts: 3,821
TDK
OP
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OP
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A.M. Little Bespoke Gunmakers LLC
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