[kimba01]

Went out there to check out a couple homes. A couple were small ranches 2/2 or 3/2 for around $100K-$119K. Actually nice neighborhoods, not many homes for sale, close to parks and some shopping. I am really impressed. Spring Mtn Ranch I think is the name of the sub. Walked through a GREAT home there on the mkt 2 days-$180K-neighbor came over and said she bought hers for $380K!! Owners bought for $285K. Bank took it. Needs a few things but I loved it.

Lease here is up in Dec. I do not wish to re-up it as the rent will go up and they just raised the water/sewer. I cannot see renting for over $1300. when you can buy and have a pmt for much less than that. Not sure what I am going to do as far as staying, I may go back and commute until my daughter graduates (I really don't wanna)-husband needs to be here 5/10 years. So...buying seems like our best bet. Not the best scenario, but I have other obligations back home-like two pregnant daughters and flying back and forth for showers and births is just too much $$.

We don't need a big place and decided a pool is a novelty that will wear off and we will be left with the expense of the upkeep. Plus, it raises the price of the home. We are thinking we would just put a spa in and use it cold in the summer and warm otherwise. That would be enough-plus with the Y there if we need to swim, we could go there.

I love CH area. Stopped at The Lodge for lunch-was very good.

Anyhow, I guess my next step is to find out how much we qualify for, right? I don't know how owning another home affects that. Does anyone who owns more than one home know?

[Daddys///M3]

Originally Posted by kimba01

Went out there to check out a couple homes. A couple were small ranches 2/2 or 3/2 for around $100K-$119K. Actually nice neighborhoods, not many homes for sale, close to parks and some shopping. I am really impressed. Spring Mtn Ranch I think is the name of the sub. Walked through a GREAT home there on the mkt 2 days-$180K-neighbor came over and said she bought hers for $380K!! Owners bought for $285K. Bank took it. Needs a few things but I loved it.

Lease here is up in Dec. I do not wish to re-up it as the rent will go up and they just raised the water/sewer. I cannot see renting for over $1300. when you can buy and have a pmt for much less than that. Not sure what I am going to do as far as staying, I may go back and commute until my daughter graduates (I really don't wanna)-husband needs to be here 5/10 years. So...buying seems like our best bet. Not the best scenario, but I have other obligations back home-like two pregnant daughters and flying back and forth for showers and births is just too much $$.

We don't need a big place and decided a pool is a novelty that will wear off and we will be left with the expense of the upkeep. Plus, it raises the price of the home. We are thinking we would just put a spa in and use it cold in the summer and warm otherwise. That would be enough-plus with the Y there if we need to swim, we could go there.

I love CH area. Stopped at The Lodge for lunch-was very good.

Anyhow, I guess my next step is to find out how much we qualify for, right? I don't know how owning another home affects that. Does anyone who owns more than one home know?

A good rule of thumb regarding payment is $800 or so for every $100,000 financed which of course can vary depending on rate but between 6% and 7% this is a good estimate or gauge, so if you are looking to buy in the $150K-$175K price range you will be around the same as your rent payment. If you spend $100K-$125K then the payment should be a bit less, about $300 a month. Spring Mt Ranch is a nice neighborhood, we looked in that area before we decided on Grand Teton/Cimmaron (right down the street from the Lodge). My son went to school at Scherkenbach (sp?) from K-2nd grade and we were very happy with it.

As far as your question about owning another home, are you currently renting it out? If so, do you need the rental income allowance to qualify? The new conventional guidelines call for 30% equity in the rental property unless you have been renting it our for 2 years to use the rental income to offset your current mortgage payment. FHA guidelines call for 25% equity to use the rental income. If you have 2 years of landlord experience that can be documented by your tax returns via Schedule E then the equity requirements do not apply.

[olecapt]

Originally Posted by kimba01

Went out there to check out a couple homes. A couple were small ranches 2/2 or 3/2 for around $100K-$119K. Actually nice neighborhoods, not many homes for sale, close to parks and some shopping. I am really impressed. Spring Mtn Ranch I think is the name of the sub. Walked through a GREAT home there on the mkt 2 days-$180K-neighbor came over and said she bought hers for $380K!! Owners bought for $285K. Bank took it. Needs a few things but I loved it.

Lease here is up in Dec. I do not wish to re-up it as the rent will go up and they just raised the water/sewer. I cannot see renting for over $1300. when you can buy and have a pmt for much less than that. Not sure what I am going to do as far as staying, I may go back and commute until my daughter graduates (I really don't wanna)-husband needs to be here 5/10 years. So...buying seems like our best bet. Not the best scenario, but I have other obligations back home-like two pregnant daughters and flying back and forth for showers and births is just too much $$.

We don't need a big place and decided a pool is a novelty that will wear off and we will be left with the expense of the upkeep. Plus, it raises the price of the home. We are thinking we would just put a spa in and use it cold in the summer and warm otherwise. That would be enough-plus with the Y there if we need to swim, we could go there.

I love CH area. Stopped at The Lodge for lunch-was very good.

Anyhow, I guess my next step is to find out how much we qualify for, right? I don't know how owning another home affects that. Does anyone who owns more than one home know?

You should be OK. DaddyM3 would know. Look at a couple of places. There are a few back along Grand Canyon that are quite nice. I sold one on Cabot Falls that was really quite nice. Small lots but surrounding a nice neighborhood park. And check behind Lone Mountain...off Cliff Shadows which starts at the end of Cheyenne.

Spring Mountain Ranch is a good bet. Little impact from the foreclosure thing. Best buys in Silverstone but be careful...you need to check the neighborhoods for too high a rental population.

There are a few at 120K but it is sparse. Above 150K there is quite a nice selection.

[kimba01]

I really liked Silverstone, but it was two worlds apart compared to SMR. No life in Silverstone and TONS of homes for sale whereas in SMR very few homes for sale and tons of people out and about. You are right, quite small lots, but I don't think that is really a big issue anymore for me. Nice spa and a BBQ-covered patio would be nice, and I will be good. Parks are a bigger plus.

Not sure if we should jump in now, or hold off for 6 months.

[olecapt]

Originally Posted by kimba01

I really liked Silverstone, but it was two worlds apart compared to SMR. No life in Silverstone and TONS of homes for sale whereas in SMR very few homes for sale and tons of people out and about. You are right, quite small lots, but I don't think that is really a big issue anymore for me. Nice spa and a BBQ-covered patio would be nice, and I will be good. Parks are a bigger plus.

Not sure if we should jump in now, or hold off for 6 months.

I would think 6 months has more upside than down...even if you are paying more rent than you would for a mortgage. I would think twelve months may blow up in your face. May not but it is getting very risky. If you go 6 months you can look and go another 6 if is still not stabilied.

My view is we are not at the bottom but close. Then comes the day when the REPOs start to drop off. I suspect within less than 12 months. So a few percent more down and then a relatively sharp runup over 6 months or a year. Than a normal 3 to 5% per annum.

[kimba01]

What is the usual approximate time-frame when purchasing a home? Let's say from the time you put the bid in and supposing it gets accepted to actually getting the keys?

[olecapt]

Originally Posted by kimba01

What is the usual approximate time-frame when purchasing a home? Let's say from the time you put the bid in and supposing it gets accepted to actually getting the keys?

With a conventional mortgage about three weeks to six weeks. Thirty days is the informal standard particularly on REPOs.

Don't buy a short if you have a fixed time frame to move. Even approved shorts jump around.

Avoid close and quick move on REPOs. They can also bounce around a few days at the end.