Why it's so hard to find affordable housing in the ATL (Atlanta: rentals, buying a home)

[Need4Camaro]

Originally Posted by brown_dog_us

Thanks for the info about the mortgage numbers. The 10% down payment did include PMI, but I bet the rate is low.

As a general rule most mortgage companies want to see 20% down....which unless you've been saving every nickle since elementary school...I find to be very unrealistic for the masses in todays standards.

[Citykid3785]

Originally Posted by Need4Camaro

As a general rule most mortgage companies want to see 20% down....which unless you've been saving every nickle since elementary school...I find to be very unrealistic for the masses in todays standards.

Every mortgage company I've ever done business with wanted a minimum of 5% down. I've never heard of a necessary 20% minimum? To avoid PMI, yes, but not to buy a house?

[Gulch]

Originally Posted by Citykid3785

Every mortgage company I've ever done business with wanted a minimum of 5% down. I've never heard of a necessary 20% minimum? To avoid PMI, yes, but not to buy a house?

Also, FHA loans require a minimum of 3.5%.

[Need4Camaro]

Originally Posted by Citykid3785

Every mortgage company I've ever done business with wanted a minimum of 5% down. I've never heard of a necessary 20% minimum? To avoid PMI, yes, but not to buy a house?

You can definitely go in with less than 20% but there is no free lunch, you will most likely eat higher interest rates.

I said they 'want to see' not necessarily 'required' it.

[bu2]

Originally Posted by Citykid3785

Every mortgage company I've ever done business with wanted a minimum of 5% down. I've never heard of a necessary 20% minimum? To avoid PMI, yes, but not to buy a house?

You are correct.

[TimtheGuy]

Originally Posted by TallDee

The Mortgage payment on this home is closer to 1900-2000$.
I don’t know how they fit all those bedrooms and bathrooms in small square footage.

1,055 principal & interest (228k loan @ 3.75% 30 yr fixed)
67 real estate taxes (803/yr. which is DIRT CHEAP)
125 estimated homeowner's insurance (no idea how close this is in GA)
1,247/mo. total monthly payment PITI


how do you come up with $2k/mo.??

[TimtheGuy]

Originally Posted by Citykid3785

Every mortgage company I've ever done business with wanted a minimum of 5% down. I've never heard of a necessary 20% minimum? To avoid PMI, yes, but not to buy a house?

ok, 5% down...

1,254 P&I
67 taxes
150 HOI
1,471/mo. total payment

I would suggest single premium mortgage insurance for good credit. You pay a one and done premium at closing, so there is no monthly premium. If you were doing monthly PMI add $102/mo. for a total payment of $1,573.

[TimtheGuy]

Originally Posted by Gulch

Also, FHA loans require a minimum of 3.5%.

FHA is JUNK

[Gulch]

Originally Posted by TimtheGuy

FHA is JUNK

I considered using them when I bought my condo a few years back but decided to go with a private mortgage servicer.

[toll_booth]

Originally Posted by BamaDave

I wonder how much of the "disappearance of the middle class" is driven by marketing, keeping up with the Joneses, etc. I think people with modest incomes can still live happily in places like Metro Atlanta. Buy/rent a modest home without all the latest and greatest amenities. Buy affordable, gently used automobiles. Quit eating out all the time (pack your lunch, shop at affordable grocery stores, stop buying $5 coffee drinks). Be modest with your purchases of cell phones and plans, TV services, various gadgets, vacations, etc.

What's wrong with these houses just east of the Marietta city limits near where my 80-y/o Mom lives? They're not brand spankin' new with every bell and whistle, but affordable for many families.

A fixation on these home-improvement shows where people are depicted as needing to upgrade to beautiful, well-lit, well-furnished homes may be normalizing this behavior. Whatever happened to just buying a home that is functional?