stevezissou
OT Supporter
PITI = Principle, Interest, Taxes, InsuranceExcuse me I'm not asking for your pity
what is a piti?
Housing market is too far gone.
- Thread starter randomous
- Start date
Principal, interest, taxes, insurance. And also any HOA fees (if applicable).Excuse me I'm not asking for your pity
what is a piti?
Does not factor in things like utilities, etc. Can get that percentage approved up to like 45%…but that’s about as high as you can go.
fuqxyu
Thank you for the alpha
- Feb 2, 2004
- 47,842
Anything less than 36% (includes debt)for best rates, no? At least that’s what I’m told from my mortgage guy.
Bill The Butcher
OT Supporter
Just keep in mind that everyone that has previously looked at that home(or their agents at least) likely received info that the home just took a price drop.
$40,900 under on an already $35,000 price reduction.
edit: Just realized that last reduction was at the beginning of February. That's still a huge undercut either way. What did she comp it at?
she texted us and said she thinks we should do 291 now so we're going with that.
hopefully they will negotiate.
hootpie
Well-Known Member
Personally I'd want everything included in that 30% gross to feel remotely comfortable...
New pricing adjustments included a slight hit for total DTI over 40%. But I was just reading today that this 40% rule was going to be "delayed" for a while, and hopefully wiped out completely and never implemented.
fuqxyu
Thank you for the alpha
- Feb 2, 2004
- 47,842
I start sweating when they tell me they can’t include consecutive years of bonuses in my income. I mean like yeah loan officer guy, it’s just 1/3 of my income, spelled out on my contracts.
But then I realize my wife is working too.
Why not? 2 yr average is fine to use (unless there was a sharp decline in the most current year).
fuqxyu
Thank you for the alpha
- Feb 2, 2004
- 47,842
I left my last firm in December, and bonuses are paid out in April.
Gave him last 3 years of bonuses at the last firm and also new contract showing breakdown of comp.
We’re fine w/o it but I guess it depends on lender
Bill The Butcher
OT Supporter
welp there you go
$327,096
$323,825 - $330,366
wrap it up and get that offer in
Bill The Butcher
OT Supporter
Curious to see how this plays out. Good luck buddy!
Boing
OT Supporter
- Jun 30, 2007
- 66,851
calisteph6
Well-Known Member
Clean the carpets and give a credit for carpets. We looked at a house like that once and that was a good option imo.
Bill The Butcher
OT Supporter
Bill The Butcher
OT Supporter
Seller has agreed to all aspects of the contract and closing but is countering at 319,900. So they took 10k off.
Wife is at an appt so talking to OT about this before her
Oh snap! Think you guys are going to do it?Seller has agreed to all aspects of the contract and closing but is countering at 319,900. So they took 10k off.
Wife is at an appt so talking to OT about this before her
Bill The Butcher
OT Supporter
Only you and your agent know your market. Around here these type of conversations wouldn't be happening
As @saabguy said earlier though, is it worth losing a house over $60ish dollars more a month on your end? If you have time on your side, let it ride and counter back..
Lol I'm over here dealing with agents mad I won't accept their tenant app on a $3,700 lease for a house near George Washington's mount Vernon estate.. like come on brah it's minutes to DC and 6 bedrooms on a half acre flat lot, it's almost $4,000 and we're not just gonna take 4 adult incomes to "qualify" plus kids and pets all with 600 credit scores. My guy will just let it sit empty, he owns it outright
Rant off
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Bill The Butcher
OT Supporter
The issue is its over what we agreed on when we started to look already. So yeah it's just an extra $60 or whatever but that's on top of being over our agreed # to begin with.
If it was just $60 over our # then yeah we'd agree at their counter.
Agent says they are valuing the 3 car garage and it is nice but I don't even park my POS car in a garage now so we don't value it as much as they are.
We are countering at 300.