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-   -   Any homeowners in here? (http://dreamact.info/forum/showthread.php?t=83023)

TexMex91 12-16-2018 12:43 PM

Any homeowners in here?
 
Im wondering if its a good idea to purchase a home for a daca recipient. I dont want to live at home or pay rent forever and i have enough for a down payment saved up. For those who took the risk, how was the process? What are your plans if daca gets canceled? I just fear that if it does, i will not be able to afford the home without the job i currently have.

jwxie518 12-16-2018 03:16 PM

Re: Any homeowners in here?
 
I am a software engineer so I can get a loan pretty quickly. Standard procesure. They only checks for credit score. Do it. But watch a recession is kicking in. But don’t worry, in a couple years your home would worth as much. Lock in a good rate right now like from citibank.

BestBefore1984 12-17-2018 02:30 AM

Re: Any homeowners in here?
 
Quote:

Originally Posted by jwxie518 (Post 723604)
I am a software engineer so I can get a loan pretty quickly. Standard procesure. They only checks for credit score. Do it. But watch a recession is kicking in. But don’t worry, in a couple years your home would worth as much. Lock in a good rate right now like from citibank.

How much do you make?

LMM 12-17-2018 03:12 PM

Re: Any homeowners in here?
 
Home owner of 2 years now. I started in an apartment for 2 years as well and decided to get a home as rent and mortgage was essentially the same (+ $100 - $200 more/mo.)

Caliber Home Loans is pretty good, didn't have a single issue locking a rate with them.

Owning a home is a big responsibility but keep in mind that at this time, we should be able to keep a home at least 2 years (for those that are up-to-date on renewals). After two years, and if you pay your mortgage on-time, you should have enough credit to cover you with any future home purchases once DACA is fully out/expired.

Meaning that if you are forced to, you sell your home and when we get a permanent fix you can buy another without issues.

My biggest advice is we should all be saving as much as possible, if some of us are living with parents (help them and SAVE), if some of us are renting or have a home to keep up-to-date on payments and save at all costs.

If we have a home and we find ourselves out of a job, selling a home could be beneficial as most homes sell for higher amounts after some time. If recession kicks in then money saved will help to pay it off.

I don't have any regrets buying my home, I made improvements to it and I know it'll sell for higher when I'm ready to put it on the market.

Of course the goal for all of us should be to upgrade and aim higher as my idea is that my next home will be bigger than my current townhouse. But if all goes to crap then I can at least sell it and hopefully come out with some extra cash for any unforeseen circumstances.

jwxie518 12-17-2018 10:15 PM

Re: Any homeowners in here?
 
Quote:

Originally Posted by BestBefore1984 (Post 723640)
How much do you make?

enough to buy a house lol somewhere between 100k and 300k.

Pianoswithoutfaith 12-18-2018 02:56 AM

Re: Any homeowners in here?
 
A few

leo86 12-18-2018 01:27 PM

Re: Any homeowners in here?
 
My personal experience as a homeowner has been very positive.
There are many benefits that go beyond the financial.
Having a home gives you stability. You don't have to deal with scummy landlords.
No more bouncing around from one place to another.
Buy a house that you can afford. Don't worry about DACA , it won't get cancelled.

JayR9 12-18-2018 04:01 PM

Re: Any homeowners in here?
 
Quote:

Originally Posted by jwxie518 (Post 723677)
enough to buy a house lol somewhere between 100k and 300k.

That's like 50k income range to carry a loan for 300k.

JayR9 12-18-2018 04:02 PM

Re: Any homeowners in here?
 
Answer is yes, buy real estate property even if you're undocumented. Worst comes to worst you can always sell it if you're deported.

juvi 12-19-2018 03:24 PM

Re: Any homeowners in here?
 
We bought a home early 2018.. no regrets.


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