Re: how can we help each other? The Warpath Community Center
 

okay kind of spartan but I can get you any gear from champs/footlocker/eastbay, etc 30-50pct off depending what's going on

so if you don't want to pay retail for a jersey, etc works out as long as we have the product available

will do this for any decent members of TWP.. no brand new people, etc

Re: how can we help each other? The Warpath Community Center
 

[quote=JoeRedskin;665718]I am a government attorney. As such, I have no skills.

That will be $5,720.00.[/quote]

What dept do you work in?

Currently i rep plaintiffs in suits against DC (atty gen), DC WASA (water n sewer), Dept of Health (OAH), and of course our quasi govt friends WMATA.

Re: how can we help each other? The Warpath Community Center
 

[quote=GMScud;665599]I like the idea of this thread. I'll play.

My education background is business administration. I worked as a mortgage broker for a while, so I know a lot about the finance side of real estate. I no longer work in the industry, but I know lots of people who do. Anyone looking for an honest, knowledgeable mortgage consultant, I know plenty of people. Also, I have a few realtors in the DC area that I'm close with. Basically, if you're looking to purchase or refinance, I can help out for sure.

:)[/quote]

I am going to buy my first home in the next few months. The house we are currently renting in Locust Point, Balt is going up for sale when our lease ends in mid-October. I get the right of first refusal with the offer being 199k.

The prev owner bought the house for 173k in 2005. A few years before that the house was sold for less than 100k (im assuming alot of rehab was done, teh rehab isnt the top quality inner city living style we were hoping for with exposed interior brick, gourmet kitchen etc but the rehabs done is moderna and quality enough). The house base was built in 1875, its about 1100 - 1300 sq ft, 2 levels, good size backyard with about 70% of the back yard grass for my dogs. The neighborhood is amazing for Balt city. It is on the penisula that Fort McHenry is on. There are no bridges leading anywhere else so the only traffic on the roads are people who live in the community. There are joggers, a great huge dog park very close by, there's yuppies moving in and rehabing these houses from 200k range to 450k and up. On friday nights, the old people in the neighborhood sit out on their stoops and listen to the Os games.

Anyways, I really like the neighborhood. Im going to be 32 in august, my lady is going to 31 in aug., we are planning on getting married and having our fisrt child in the next 5 years. With that said, we still party hard and dont think we can move out to the burbs just yet. (living in locust feels like the burbs to us compared to fells point, I dont have to worry about my honey going to the store to get some beer type safe).

Anyways, for real i can talk on here,

I am an attorney. I make 40k with my 9-5 firm and make another 15-20k per year with another law firm i work for. I have about 50k i can put down up front. My parents said they could probably help me with 5-10k as well.

I am getting pre-approved loan offers now.

So far I got an offer of 5 and 1/8 percent on a 200k 30 yr trad fixed mortgage with a bunch of additional fees, etc totaling about (without looking at the offer again) 8k.

I just read the fed rate is 4.67%.

my credit score is 684.

QUEStions finally, so sorry man:

1) what is a good offer/percent i should expect? should i expect the 4.67 percent?

2) should i, as a buyer in this climate, be paying closing costs or should i tell the seller and agent to cover it?

3) can you PM me anyone who might give me 5 percent or lower on a 30 yr fixed mortgage of about 160 to 200k?

4) any first time home buyer incentives left?

Re: how can we help each other? The Warpath Community Center
 

Nice thread.

I am an Enterprise Java programmer, and I specialize in IBM products. I write highly-specialized custom business applications by client request -- not stuff you'll find in the store. I've written applications for Johnson and Johnson, Shell Oil, BP, and Coca-Cola, among others. Most of my experience is related to process management, but I've done some cool stuff with radio, GPS, sensitive receptors, AI, etc. I have lots of experience in the petroleum and environmental health and safety industries. However, for the past three years I've been writing a real-estate application for Sotheby's International Realty.

I also have/had a network certification from Cisco (CCNA), but that was about 10 years ago, so I'm not up to date on the latest stuff.

So, if you need help writing a java app, or with general object-oriented programming concepts/best practices/design patterns, I can help. Or, I could help you program your Cisco router and setup your T1 connection.

Aside from my professional life, I have a long list of hobbies, and I am generally proficient in all of them: Rock Climbing, Fishing, Hiking, Camping, Rafting, Shooting, Guitar, Harmonica, Woodworking, Gardening, Cooking and Break Dancing.

Re: how can we help each other? The Warpath Community Center
 

[quote=over the mountain;709546]I am going to buy my first home in the next few months. The house we are currently renting in Locust Point, Balt is going up for sale when our lease ends in mid-October. I get the right of first refusal with the offer being 199k.

The prev owner bought the house for 173k in 2005. A few years before that the house was sold for less than 100k (im assuming alot of rehab was done, teh rehab isnt the top quality inner city living style we were hoping for with exposed interior brick, gourmet kitchen etc but the rehabs done is moderna and quality enough). The house base was built in 1875, its about 1100 - 1300 sq ft, 2 levels, good size backyard with about 70% of the back yard grass for my dogs. The neighborhood is amazing for Balt city. It is on the penisula that Fort McHenry is on. There are no bridges leading anywhere else so the only traffic on the roads are people who live in the community. There are joggers, a great huge dog park very close by, there's yuppies moving in and rehabing these houses from 200k range to 450k and up. On friday nights, the old people in the neighborhood sit out on their stoops and listen to the Os games.

Anyways, I really like the neighborhood. Im going to be 32 in august, my lady is going to 31 in aug., we are planning on getting married and having our fisrt child in the next 5 years. With that said, we still party hard and dont think we can move out to the burbs just yet. (living in locust feels like the burbs to us compared to fells point, I dont have to worry about my honey going to the store to get some beer type safe).

Anyways, for real i can talk on here,

I am an attorney. I make 40k with my 9-5 firm and make another 15-20k per year with another law firm i work for. I have about 50k i can put down up front. My parents said they could probably help me with 5-10k as well.

I am getting pre-approved loan offers now.

So far I got an offer of 5 and 1/8 percent on a 200k 30 yr trad fixed mortgage with a bunch of additional fees, etc totaling about (without looking at the offer again) 8k.

I just read the fed rate is 4.67%.

my credit score is 684.

QUEStions finally, so sorry man:

1) what is a good offer/percent i should expect? should i expect the 4.67 percent?

2) should i, as a buyer in this climate, be paying closing costs or should i tell the seller and agent to cover it?

3) can you PM me anyone who might give me 5 percent or lower on a 30 yr fixed mortgage of about 160 to 200k?

4) any first time home buyer incentives left?[/quote]

I bought my first home (Colorado) in April for $212K and I got 4.875% FHA loan with 0.3 points. My credit rating is a little higher than yours, but not by much. I only put down the required 3.5% for FHA loans (~$7.5K). Hope that helps a bit.

Re: how can we help each other? The Warpath Community Center
 

I am a personal injury (mainly auto negligence) and criminal defense attorney.

Recently I have started working with another firm who does alot of civil work in DC as well. (ranging from slip and falls to wrongful death to admin hearings)

I can assist you if you have any questions re. maryland law. I also have friends who are police officers and asst states attorneys.

I can assist you in where to go in Baltimore City as well. We know alot of bar and restaurant owners in the city and we know good food and times as well.

So, if you were rear-ended or got a traffic ticket, PM me and I can email or PM back to you information. I can also do peope searches to see what criminal and civil suits a person has been a party to.

Re: how can we help each other? The Warpath Community Center
 

[quote=GhettoDogAllStars;709549]I bought my first home (Colorado) in April for $212K and I got 4.875% FHA loan with 0.3 points. My credit rating is a little higher than yours, but not by much. I only put down the required 3.5% for FHA loans (~$7.5K). Hope that helps a bit.[/quote]

Thanks. what is a FHA loan? i assume fed home application loan?

So FHA allowed you to only put down a 3.5% down payment?

How do you apply or qualify for a FHA loan? i can google this but id like to know what steps you took if you get the chance.

What was your offered mortgage rate with buying points?

Re: how can we help each other? The Warpath Community Center
 

[quote=over the mountain;709552]Thanks. what is a FHA loan? i assume fed home application loan?

So FHA allowed you to only put down a 3.5% down payment?

How do you apply or qualify for a FHA loan? i can google this but id like to know what steps you took if you get the chance.

What was your offered mortgage rate with buying points?[/quote]


you can still get no money down loans, I was just cursing Navy Fed and saw they offer them.
[url=http://www.navyfederal.org/rates/mortgage-frameset.html]Navy Federal: Mortgage Rates[/url]

But you said you got $50k saved up so you should be good.

Re: how can we help each other? The Warpath Community Center
 

The FHA is the Federal Housing Administration. It's government lending. They will lend up to 97.75% of the appraised value of a property, and the loan you're looking for is well within their limits, and your credit score will be fine as well. They typically lend at lower rates than private lenders, however with FHA loans you are required to escrow taxes and insurance, and there is always MI (mortgage insurance) attached to the loan.

Re: how can we help each other? The Warpath Community Center
 

OTM- I was in the mortgage industry for a while. One of my best friends (was a groomsman in my wedding) has weathered the ups and downs and is still a successful and trustworthy mortgage professional. If you want his info let me know. He's the man.

Re: how can we help each other? The Warpath Community Center
 

[quote=over the mountain;709552]Thanks. what is a FHA loan? i assume fed home application loan?

So FHA allowed you to only put down a 3.5% down payment?

How do you apply or qualify for a FHA loan? i can google this but id like to know what steps you took if you get the chance.

What was your offered mortgage rate with buying points?[/quote]

FHA = Federal Housing Administration

The FHA loan is offered/backed by the government (in some way) and they usually have lower rates than conventional loans. The government doesn't own the loan, but they support the transaction somehow to make rates lower.

FHA loans also only require a minimum of 3.5% of the sales price as a down payment. You can pay more, but it's not required. Another caveat is that the home *must* appraise for what you are offering or higher. FHA will not loan you more money than the house is worth. This can actually help you in negotiations with the seller regarding sales price, because once an FHA appraisal is done, it's good for 6 months and the seller cannot sell to any FHA buyers for more than what it appraised for. When I bought my house, this was explained to the seller and helped me get the sales price down a bit.

There are certain restrictions, like income, but I don't know what they are really. Your best bet is to see a mortgage broker who can process FHA loans and tell them you're interested in an FHA loan. That's what I did, and I filled out an application and the guy ran my credit and said I met the qualifications. This should be the next/first thing you do, IMO.

I'm sure there are others here that know more about it and can explain it better.

I might be off-base here, but I think who you hire as your mortgage broker is pretty important. My mother has worked in the industry for over 30 years, so she referred me to somebody she knew. My mortgage broker was really professional and helped me get the best rate and make the best use of the closing costs paid by the seller. I haven't seen the bad side, but I have seen the good side and I can imagine that having a bad mortgage broker would make things more difficult and possibly put you into a financial bind.

The rate you get will depend on the day you close, as it changes every day (I think), so take it with a grain of salt. My initial rate was 5.125% with no points. The seller paid $4.5K in closing costs, so I applied some to buy down my rate (0.3 points to make it 4.875%). In concept I don't really like the idea of buying points, since it takes cash up-front to do -- which could be invested at a higher return, or used to pay down your principal. However, I was in the position where the seller was willing to pay more than the actual closing costs, which were about $3.3K I think. So, the remaining $1200 was used to buy 0.3 points -- otherwise that money would have been "left on the table" and the seller would have been able to keep it.

I'm not an expert on finance or real-estate. I have only purchased one home. Take this information for what you will. I'm sure somebody here knows more and can help with more details.

Re: how can we help each other? The Warpath Community Center
 

[quote=GhettoDogAllStars;709577]FHA = Federal Housing Administration

The FHA loan is offered/backed by the government (in some way) and they usually have lower rates than conventional loans. The government doesn't own the loan, but they support the transaction somehow to make rates lower.

FHA loans also only require a minimum of 3.5% of the sales price as a down payment. You can pay more, but it's not required. Another caveat is that the home *must* appraise for what you are offering or higher. FHA will not loan you more money than the house is worth. This can actually help you in negotiations with the seller regarding sales price, because once an FHA appraisal is done, it's good for 6 months and the seller cannot sell to any FHA buyers for more than what it appraised for. When I bought my house, this was explained to the seller and helped me get the sales price down a bit.

There are certain restrictions, like income, but I don't know what they are really. Your best bet is to see a mortgage broker who can process FHA loans and tell them you're interested in an FHA loan. That's what I did, and I filled out an application and the guy ran my credit and said I met the qualifications. This should be the next/first thing you do, IMO.

I'm sure there are others here that know more about it and can explain it better.

[B]I might be off-base here, but I think who you hire as your mortgage broker is pretty important.[/B] My mother has worked in the industry for over 30 years, so she referred me to somebody she knew. My mortgage broker was really professional and helped me get the best rate and make the best use of the closing costs paid by the seller. I haven't seen the bad side, but I have seen the good side and I can imagine that having a bad mortgage broker would make things more difficult and possibly put you into a financial bind.

The rate you get will depend on the day you close, as it changes every day (I think), so take it with a grain of salt. My initial rate was 5.125% with no points. The seller paid $4.5K in closing costs, so I applied some to buy down my rate (0.3 points to make it 4.875%). In concept I don't really like the idea of buying points, since it takes cash up-front to do -- which could be invested at a higher return, or used to pay down your principal. However, I was in the position where the seller was willing to pay more than the actual closing costs, which were about $3.3K I think. So, the remaining $1200 was used to buy 0.3 points -- otherwise that money would have been "left on the table" and the seller would have been able to keep it.

I'm not an expert on finance or real-estate. I have only purchased one home. Take this information for what you will. I'm sure somebody here knows more and can help with more details.[/quote]

Agreed! I have used these guys twice and they are great! My friends have used them as well. They have even come to my closings to ensure it runs smooth.
[url=http://www.tenacitymortgage.com/index.rad]Home - Tenacity Mortgage[/url]

Though next year when I move I may go down the Navy Federal road but we will see.

Re: how can we help each other? The Warpath Community Center
 

[quote=mredskins;709563]you can still get no money down loans, I was just cursing Navy Fed and saw they offer them.
[URL="http://www.navyfederal.org/rates/mortgage-frameset.html"]Navy Federal: Mortgage Rates[/URL]

But you said you got $50k saved up so you should be good.[/quote]

Yeah i heard this from a few people. thanks for the link. im going to read up on them tonight.

GM - yes please PM me his contact info. right now my goal for the next month is to secure the best possible loan i can get. so please when you get a chance PM me his contact info and I will call him.

ghetto dog - thanks for all that info. it helps me know what i am getting into. with my mortgage rates offers so far, no one has been willing to count the 15-20k i make on the side as an hourly contract employee. so ive been getting loans based off 40k a year. so maybe that will actually help with qualifying for a FHA loan.

thanks everyone. i am going to follow the leads you all gave me and probably come back with more questions. i feel like i should sit down with a real estate agent. so far ive just met with mortgage lenders and am not getting any questions, just providing them with info then getting emailed a crappy offer a week later.

Re: how can we help each other? The Warpath Community Center
 

If anyone needs a house sold or wants to buy a house in the Tidewater/Hampton Roads area, let me know. This is my seventh year in the business.

Re: how can we help each other? The Warpath Community Center
 

OTM- sent you his info. He's got a lot of time in the industry. When my wife and I buy a home (hopefully early 2011), he will definitely be originating our loan. He can do FHA or convetional. I just exchanged texts with him and let him know you may be contacting him. Good luck! Feel free to PM me anytime.

Re: how can we help each other? The Warpath Community Center
 

[quote=[B]over the mountain;709585]Yeah i heard this from a few people. thanks for the link. im going to read up on them tonight. [/B]

GM - yes please PM me his contact info. right now my goal for the next month is to secure the best possible loan i can get. so please when you get a chance PM me his contact info and I will call him.

ghetto dog - thanks for all that info. it helps me know what i am getting into. with my mortgage rates offers so far, no one has been willing to count the 15-20k i make on the side as an hourly contract employee. so ive been getting loans based off 40k a year. so maybe that will actually help with qualifying for a FHA loan.

thanks everyone. i am going to follow the leads you all gave me and probably come back with more questions. i feel like i should sit down with a real estate agent. so far ive just met with mortgage lenders and am not getting any questions, just providing them with info then getting emailed a crappy offer a week later.[/quote]


Here is my guys email.

[email]patgannon@tenacitygroup.com[/email]

Pat Gannon is his name really understands the B-more market. Great guy.

Re: how can we help each other? The Warpath Community Center
 

nvm.