Looking to buy our first home directly from our landlord. My wife and I have lived in the home for 3-4 years. Landlord is a husband/wife who are older and just looking to sell. We have submitted our credit check and incomes to Rocket Mortgage. They provided a pre-approval for $400k through FHA loan (3.5% down). Will add more details in the comments but just looking for any general advice. Our lease ends in July so trying to get paperwork set now

like
Posting as :
works at
You are currently posting as works at

We are looking at FHA because we have existing credit card debt that we are still paying down (snowballing, paying extra, etc). We were hoping they’d sell next Summer so we had more time to pay down and save but we are doing the best with what we can.

Family has offered to cover the full down payment (3.5%) which is obviously amazing.

If we lock in to FHA, can we down the road refinance to a better rate or situation?

like

Related Posts

Hi fishes, 26 of nov i give the interview after that 28 of nov i got a mail to upload document on ibegin and same day my doc is verified .

But in 29 of nov show two status in ibegin current and previous status in current it show resume is shotlisted and previous it show evaluation in progress.what it mean?

like

Eh, I'd prefer the update over being buttered-up. I care more about whether I've gotten the job or not than an apology gift

Post Photo
like

How hard is it to lateral from one fund to another? Just started at a fund beginning of this year and really do not like the culture so hoping to jump soon but not sure of pros / cons of having <1 year of experience at a shop before leaving

like
like

Don't mean to be rude. Plz tell me if this is rude. But whats your religion? Assuming it's ok to ask since we're all anon. I'm a non-practicing but was born in a Muslim country. Agnostic maybe?🤷🏻‍♂️

likefunny

Found a good looking Herman Miller Aeron, used on CL. Worth the 400 bucks? Do not have a proper office chair at the moment

like

And Coronavirus also......geez. 🤦‍♀️

Post Photo
likefunny

She fell in love with a consultant and...

Post Photo
funnylike

Has anyone successfully “ported” their mortgage? Just learned about this and doing some research since rates are so high now. Current rate is 3% and new home will be more expensive, for context.

likesmart

After you start at Google, how much paper mail do they send you? Thanks!

like
like

Just started b4 m&a — first job out of law school for reference — I don’t know what I’m doing at all and imposter syndrome is kicking in very badly. Any helpful resources ppl recommend for starting out?

like

I received an offer from a boutique litigation firm and a large law firm on the same day! I want to take a little time to consider both. What’s the typical time frame to respond?

like

hello all,
I have joined CTS on dec-2021 ,I have been assigned to a support project i had 2 years of java development experience before joining CTS ,i have asked my reporting manager to provide release from the project but he is denying it now whom should I approach plz provide me your valuable suggestion

Hey everyone please share ur quarterly ratings
Mine is Highly Valuable

Who has a therapist they like? Female recommendations only. Thanks in advance!

like

Any tips on how to deal with this…my entire team was let go today (was 5, now just me). We functioned as the Marketing team for 4 brands and primarily focused on product launches and sustaining social media content. My plan moving forward is to only focus on the top revenue driving product launches for now and say “no” to basically everything else. Would love to hear from anyone who has been in a similar situation and can offer some advice.

like

We should really get a virtual consultants bible study together, atleast through the midst of this.

like

I want to move to Europe or New Zealand. I am educated/barred in the US and only speak English. Is this hopeless, or are there opportunities out there for someone like me?

Fwiw, T14, V50 big law, F50 in-house. Antitrust/competition/sales/marketing/business strategy and ops.

Cross-posting.

like

I’m looking for EP’s in Vancouver I can bring 50k to 100k projects to as a director. Reach out if this interest you. I would love to chat.

like

Additional Posts in First Time Home Buyer

If I see one more article on how millennials are ruining the economy or housing market by not buying enough homes or selling enough homes I'm going to scream. We were saving for 3 years before Covid and had to use a solid chunk to take care of ourselves and our families during quarantine. Now that we're ready to save again inflation and COL are at an all-time high and we're headed into a recession. And somehow this is my fault for what...not being a boomer? Bffr.

likehelpful

I am brand new to the process and keep hearing conflicting reports. Should I be waiting out the market? Or is this the perfect time to buy if you can? I don't trust all these realty sites telling me I should buy now.

like

How do you find lenders? Should I pick a realtor first?

like

Has anyone dealt with financing a non-warrantable condo? About to drop out of the deal because I can’t find a lender. My finances are fully in order, issue is the building.

like

Buying our first home and from a friend, we are both not using realtor. How do you got about doing this, does some have a playbook I can use?

like

Seeking some advice for home buying. Went under contract on a new construction back in March, was originally supposed to be ready in August but has been delayed until November. I’ve began getting quotes for mortgage rates through lenders and the best I’ve seen so far is 5.75% (excellent credit, dp at 10%) at a 60 day lock. Debating if I should test my luck with the market to see if rates will drop or if I should go ahead and lock my rate in before Rates increase even more

like

Has anyone taken a loan from their 401K for a down payment? Yay or nay on this strategy?

like

I’m really discouraged. My after tax / after 401k contributions etc. take home pay is $6,500 monthly. I have $60,000 in savings / stocks for a down payment but even looking at a $550,000 home, my monthly payment would be about $3,400 from the calculators I’ve been using. Is that too high?

So discouraged that houses where I live are about 50% higher than what they were 2 years ago, and now interest rates are around 5.25% for my credit score. This is like a 1750 sq foot home

like

Is buying fancy condos with high HOA(>$1k) worth it?

like

What's the one thing for you that turns a house into a home? Or one thing that can always make a house feel homey?

like

Looking to purchase my first home…yes at 47 years old…single family for me and my 4 daughters. Need a good mortgage with a low interest and a good program for teachers. In Northern California

like

When do you know you've toured enough houses and should pick one from the list you've got? I've seen probably 15-20 homes, and put in one offer. How many homes should you tour minimum, and how many offers did you put in before you closed? I don't want to be too hasty and choose something just because, but I also think continuing to see homes isn't really making my decision any easier. Thanks!

like

Hi all! First post here: my husband and I are thinking of getting solar panels and battery storage but have some sticker shock (would require a sizable loan). Anyone in a similar boat and how has the experience been?

like

www.pivotcitizenship.com A brighter future is aviating😃 Having a second passport is the best way to ensure a safe and flexible future for yourself and your family as well as securing a high paid job with low tax rate. Why be at the mercy of a single Government to control your destiny? As countries continue to close their borders to specific passport holders, dual citizenship is now necessary, and having two passports means always having more options. Visit our website today to get started.

Post Photo
like

What is the most difficult part of buying a home for the first time?

likehelpful

Any recommendations on a good water softener system (4 people)?

like

Please suggest popular areas for 2BHK affordable rent in Toronto. Both my husband and I work from home and have recently moved here. Have stayed in basement accommodation for over 6months. Would like to have a slightly bigger place.
Any recommendations please. Thank you!

Anyone with experience in the short term rental space willing to connect?

I was in the market for a first time home in New York but the market and rates got too out of hand. Recently pivoted to a few out of state options for an STR and would love to learn from someone who's set one up.

Thanks!

like

I'd like to buy, but the market is absolutely atrocious currently

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal