Hi, I'm about to close on a condo and just got the appraisal report. Somehow the measured sq ft came in 10% lower than what the listed size was. So... thinking that the appraiser did a sloppy job, I went and double-checked his measurements but still ended up 5% less than listing.
The 5%...
What a great analogy. To take it further, a poor decision on a house and the effect on your finances is on par with the financial impact of divorce... or maybe even having kids <!-- s:D -->:D<!-- s:D -->
Btw, I think BK likes plan 2 Coronado, not plan 1
Congrats to everyone who purchased a new home! I hope more members share their experiences and aren't pushed away by BK/grace's posts. I want to hear more from the people who will live there especially since I may be a future neighbor <!-- s:-) -->:-)<!-- s:-) -->
As a long time lurker on the...
IR2, thanks for all the effort you put into your website, it's been extremely useful.
Btw, the additional columns you added to your data for last month is great!
Wow this thread suddenly exploded! Finally some action <!-- s:-) -->:-)<!-- s:-) --> I just want to add a couple comments:
- I think the SFR designation applies to lots over 5K. Coronado is considered a detached condo according to the KB sales lady (who mentioned the 5K lot size definition)...
According to the loan officer working at the sales office I went to, 20% down isn't a requirement anymore. She told me 3.5% is sufficient (FHA) and even a DTI of 50% is okay! Kinda scary...
Like SGIP said, priority lists aren't affected by downpayment amounts, so with the interest of protecting...
I have the same question as IHO. Assume the following:
- I'm on the priority list for new construction so competing with high downpayment/all-cash folks is not an issue.
- I have more than enough for a 20% downpayment.
- I can easily afford payments on a 100% LTV home.
- Debt doesn't bother me...