All Forum Posts by: Bishoy Takla

Another point you should consider with Cozy is that if the tenant paid with a credit card, they have 60 days to call the CC and claim "Unauthorized payment" in this case Cozy will refund the money and you have to take a costly legal action. Zelle triumph in that where payments are irreversible. 

Does anyone have a bad experience with this lender? 

@Chris Mason very good points, but I am not sure if I can finance the 1.75% points on a conventional the same way with the upfront PMI.

I did a quick comparison for a 360k house excluding the same downpayment of 5%, after 30 years the 5% FHA will cost 642k while the 5% conventional will cost 625k .

assuming not refinanceing which I am not betting on anyway. Conventional is cheaper by 17k.

I am sure the conventional will even save more if I buy a lower rate @1.75% points. 

@Ramon Flores I know 20% will get rid of the PMI, but I am trying to optimize the first-time home buyer situation, and I can use the cash for another rental.

@Gaetano Ciambriello Thank you, the location has no income limit which is also good.

Hello Biggepocketers, 

This is my first post and I am finally getting my feet wet. 

I am considering an owner-occupied Duplex and I got these two mortgage quotes:

FHA:                  5% down - 3.375% - fee: $400 - Monthly PMI is .85% - upfront PMI 1.75% -

Conventional: 5% down - 4.375% - fee: $1200 - Monthly PMI is .27%

(this is Homepossible program)

First I thought the FHA lower rate is more favorable but after considering the PMI and the upfront PMI, I think the higher rate for the conventional will work out better for the long term especially when considering the PMI for the life of the loan and cost of refinancing.

My assumptions are that current Rates are at their lowest and not expecting lower rates in 5 years for refinancing and my goal is to keep the duplex for the long term.

let me know if there is anything I am missing or should consider

I have to say that in the 250-300k range is not cooling off here in Dallas, I am trying to buy a primary residence and deals in that range has multiple offers and bid wars. we put few offers with above-asking prices to find out that the winning offer was about 10k more than ours. 

I have been watching the market for a few months now and anything above 300k is staying longer.

I think we will hold off for 6 months to a year until the dust settles down. I also read an article by Zillow expecting the crash in 2020. 

https://www.zillow.com/research/experts-2020-next-recession-19994/ 

Hello BP :)

Long time reader and listener and first time posting. 

Is it a good time to buy an SFR in Frisco now? I am looking into buying and holding owner-occupied, live in it for one year or so then use it as a rental and repeat.

The house I am considering is 300k 3/2 1850SF in 75035 Frisco. in move in condition, so no forced appreciation there. 

How does this plan sound in lights of the current market?