Yesterday I spoke about CPI, and it behaved itself. Today is PPI, the producer price index. It's what businesses pay each other before the cost ever reaches you, the consumer.

And it came in flat today, at zero, when the market expected a rise.

Year-over-year it decelerated hard, from 5.5% to 4.7%. The core, which strips out food and energy, rose two tenths against expectations of three, and its annual rate improved from 4.7 to 4.2.

There's one wrinkle worth understanding: the portfolio management line jumped six and a half percent.

That line tracks money-management fees, and it balloons whenever the stock market rallies, when you see stocks go up, you'll see those fees go up. Counting a stock rally as inflation is... debatable.

Even carrying that, the report came in cool. And the same quirky line feeds into the inflation measure the Fed actually watches, which lands later this month, keep that in mind.

What could still move rates

Meanwhile, the job market stayed in its holding pattern: layoffs are low, and hiring is slow. Remember, a hot labor market usually means higher interest rates.

This afternoon we have the 30-year bond auction. If there's weak demand there, it could undo the progress we've made. And tomorrow we have retail sales.

30 UMBS 5.5: 99.61 (higher is better)

10 Year Treasury: 4.644 (Lower is better)

Average rates: 6.69% (Lower is better)

I'm a mortgage loan officer and give first time homebuyer tips and tools at r/NewbHomebuyer

Here's a chart that gives an idea what $2,500 might get you for a purchase price in each state. I've included tax and insurance estimates, a 6.75% interest rate, 30 year conventional mortgage with .25 mortgage insurance factor and $50k down payment.

Here's the chart (and a cool calculator below the chart)

State	Purchase Price
AK	$358,437
AL	$359,700
AR	$348,967
AZ	$375,689
CA	$353,745
CO	$361,018
CT	$333,893
DC	$375,072
DE	$382,569
FL	$299,928
GA	$349,188
HI	$401,671
IA	$327,246
ID	$378,770
IL	$312,611
IN	$352,217
KS	$316,991
KY	$348,478
LA	$319,283
MA	$361,334
MD	$356,771
ME	$362,471
MI	$343,941
MN	$345,309
MO	$341,397
MS	$351,386
MT	$360,907
NC	$356,229
ND	$345,442
NE	$292,548
NH	$345,229
NJ	$331,590
NM	$358,195
NV	$381,537
NY	$351,399
OH	$340,643
OK	$320,743
OR	$367,671
PA	$348,913
RI	$346,608
SC	$362,509
SD	$337,007
TN	$357,978
TX	$317,988
UT	$380,990
VA	$363,370
VT	$345,856
WA	$371,028
WI	$342,178
WV	$368,326
WY	$376,044

I made a Reddit calculator for you to check out.

You put in your saved down payment amount, your monthly budget, the interest rate, and the state, and it gives you an approximate purchase price. Here's the link to it if you could test it out and give feedback. and here's a snapshot of it:

https://preview.redd.it/zywk751116jh1.png?width=719&format=png&auto=webp&s=a59f69478333971ee07e25d49da9fcd9c29c6d5f

Hope this helps!

Sam

I give first time homebuyer tips and tools at r/NewbHomebuyer

"I wish it were possible to obtain a single amendment to our Constitution. I mean an additional article, taking from the federal government the power of borrowing." -Thomas Jefferson

This is just one moving part of what affects rates.

When the federal government needs to borrow money, it issues treasury bonds and notes.

These bonds/notes are issued at auctions, and they'll issue them in short and long terms, 2 year, 3 year, 5 year, 7year, 10 year, 20 year, 30 year. They even issue shorter term bills like 4 week and 13 week terms.

Investment banks and other traders are supposed to buy them. There are about 24 banks that are literally obligated to show up and bid. There's a long list of bidders and the auction isn't over until every single bond, note, or bill is sold.

The reason treasury bonds/notes matter is because mortgages are packaged up into bonds and sold to investors too. So they're seen as similar investment vehicles, and the yield or rate for mortgages fluctuate almost in tandem with treasury rates.

The 10 year treasury is the one most tied to mortgage rates. There's a bit of a spread though. You'll see the 10 year around 4.6% today, and mortgage rates around 6.8%. That 2.2% difference is called the 'spread' and exists because mortgages have risk of early payoff or refinancing. Just keep that in mind as I talk about treasury notes.

So when the government spends a bunch, they need to borrow a bunch. They do that by putting up treasury notes for auction.

Investors say "I'll buy some of these 3 year bonds, but I'll only buy them if they come with a (insert number) % interest rate"

That's the investor's bid: "I'll take it, but at this rate"

They sell these bonds to the person who will take it at the lowest yield first, then they work down the list until it's sold.

Here's where it hurts rates:

If more and more bonds get issued, investors will get full of bonds, and 'lose their appetite.'

When you hear "there wasn't much appetite for the 10 year at the auction." it means investors didn't want it.

It's like the Trunchbull forcing a kid to eat chocolate cake, and then asking him if he'd like more. "No thanks, I've had enough cake."

When they don't have much of an appetite for it, they'll say something like "Fine, I'll take it, but at this much higher rate."

These 24 obligated investors are forced to show up and eat it, like Bruce Bogtrotter, but they can demand a higher yield.

That very last bid, the reluctant bidder who offered it higher, that's the bid that establishes the yield for everybody.

Treasury rates go up. Mortgage rates go up.

So every time I read a headline that reminds me that "the government sends $_ billion to (country)" or "US spends $_ billion on the war" my eye twitches a bit and I have do that breathing technique where you hold your breath for 4 seconds, and then exhale for 4 seconds.

This is just a piece of what drives rates.

Let me give a quick update on latest inflation news. (big rate-driver)

Oil prices dropped this morning with the recent headlines on strikes being paused in Iran.

35 bps improvement on mortgages this morning and the 10 year has dropped to 4.628

Year over year national average rents are declining (large chunk of inflation as well)

Coming Friday we'll see the big jobs report.

Take care!

-Sam

I write first time homebuyer tips at r/NewbHomebuyer

I'm a mortgage broker, and I think first time buyers are the best clients not because first time buyers are 'clueless' and 'ignorant' but because they're likely the most simple transaction.

If you fit in this box: first time buyer, W2 income, DTI under 49%, higher credit (740+), assets with 2 moths of statements, then you represent the easiest category.

• First time buyers don't own any other properties. You don't have to dig for mortgage statements. You don't have to coordinate the sale of a property. You don't have to prove that you don't have an HOA on your other property. You don't need to show rental income for an investment property.
• W2 income, especially salary, is very easy to verify and calculate.
• DTI under 49% usually passes automated underwriting
• Higher credit would mean a couple of things: fewer hangups and explanations needed, and conventional loans (usually better for higher credit profiles) have a smoother process than FHA.
• Assets (investment accounts, savings, checking) with 2 months of statements is simple to source.
• The only way to make your profile even easier would be with the possibility of a waived appraisal (usually happens with 20%+ down payment, but sometimes happens with 10%+)

This profile is the one where the process is the most simple, and lenders and loan officers will see it, and would be willing to operate on smaller margins, which turns into a lower interest rate for the buyer.

Right now loan volume is lower and lenders are operating on smaller margins already, but if you throw in the promise of an easy loan, they'll likely tighten the margin a bit more for you.

Separately, first time buyers get lower rates if their income is below a certain threshold (varies by county) and inexperienced loan officers might not know how to take advantage of that, so you should shop just to make sure you're on the right program.

I wrote a pretty long post on getting a lower interest rate, and there's a section at the bottom about how to shop between different lenders. Here it is, hope it's useful to you.

(even if your profile doesn't fit the 'easy' box, you should still shop)

-Sam

I write first time homebuyer tips at r/NewbHomebuyer

"I'm shopping"

In your first conversation with your loan officer, tell them you're shopping for a mortgage with the best rate and costs.

This changes how the loan officer will approach it.

I'll explain how a mortgage broker might approach it when you open with that phrase.

A mortgage broker typically doesn't charge an origination fee. Instead the lender they select will pay the origination fee.

But that doesn't mean you're not paying for that somewhere.

If the loan officer charges the lender a high origination percentage, then it will reflect in either your interest rate, or your buydown costs.

I'll give you a hypothetical example.

Let's pretend the loan officer is charging a 2.5% origination fee on a $400k loan. (paid by the lender)

Let's say the loan officer comes back with these interest rates:

6% = 2.5% points ($10,000 buydown charge)

6.125% = 2% points ($8,000 buydown charge)

6.25% = 1.625% points

6.375% = 1.25% points

6.5% = 1% points

6.625% 0.75% points

6.75% = .5% points

6.875% = .25% points

7% = 0 points

In this example, the loan officer is charging the lender a 2.5% origination fee.

If the loan officer/mortgage brokerage did the mortgage for free (charged 0% in origination) this is what the rates would look like:

6% = 0% points (par interest rate)

6.125% = .5% lender credit

6.25% = .875% lender credit

6.375% = 1.25% lender credit

6.5% = 1.5% lender credit

6.625% = 1.75% lender credit

6.75% = 2% lender credit

6.875% = 2.25% lender credit

7% = 2.5% lender credit

A lender credit is where the lender gives you an up front credit help offset your closing costs. The higher interest rate you select, then typically you'll get a larger lender credit.

The loan officer doesn't want to work for free. But if you tell him that you're shopping, then maybe instead of charging the lender the typical 2.5% he'll do something else to have more competitive rates.

Rather than have the lender pay the 2.5% he can charge the buyer (you) directly. Say that amount is 1.25% as the origination fee

Let's look at the 6.375% interest rate.

If he charges you, the buyer, directly then you get a 1.25% lender credit but you also get charged the 1.25% origination fee. A lot of people would call that the "par" rate because the credit offsets the origination fee.

So rather than have 7% be the par rate, it drops to 6.375%

A mortgage broker can do that to try to be more competitive.

Hopefully that little chart above also demonstrates why it doesn't matter if someone says "I can match that interest rate"

Because almost anyone can match an interest rate. But they probably can't match the closing costs AND the interest rate.

One way to check how much the mortgage broker is charging the lender: Closing Disclosure Page 2 section A "Paid by others" look at the origination fee being paid by the lender.

If he doesn't do that

A tactic I hear lenders take is: "If you find a better offer, I'll match it"

This lets the loan officer charge his typical high rate and can pivot if he absolutely has to, and it forces you to do a little bit of work.

In my mind, it's like the loan officer is calling your bluff.

So here's what I would do:

Get an official loan estimate from your local credit union.

Send that Loan Estimate to the mortgage broker. Ask the broker: Can you match this interest rate and closing costs?

Make him match the interest rate so it makes your job easier. If you have identical interest rates and products (conventional vs FHA) then it's easy to compare closing costs.

On an official Loan Estimate you'll want to compare page 2's sections A B and J

Section A is full of origination fees, points, and underwriting fees.

Section B is full of admin/paperwork fees

Section J may or may not include a lender credit to offset

Look at the closing cost totals between the two, and you'll be able to see who is giving you the better deal.

If you want to go with the lender who said "I'll match it" then make sure he gives you an official loan estimate that actually matches it. Compare the costs.

when I'd actually shop

I wouldn't shop around for the best mortgage until you've actually gotten a home under contract.

The reason is because lenders aren't required to get you a Loan Estimate until you've found a house.

You usually cannot lock in an interest rate until you've gone under contract on a house.

Give yourself a couple of days (if your contract gives you the time) and make a decision on your lender.

What I would do personally

I like to simplify processes. I would shop two lenders. I wouldn't make them battle each other. I'd lean toward a mortgage broker, but if the mortgage broker cannot match the Credit Union's rates and costs, I'd work with the Credit Union.

If my buyer-profile is complicated (low FICO, complicated self employment income etc) then I wouldn't bother shopping for the best rate, I'd focus on who can actually get the job done.

I'd make the decision as quick as possible so I could move on with the rest of the process. Loan shopping is not worth jeopardizing the ability to meet your contract deadlines.

Anyway, use that phrase "I'm shopping" up front so that way you don't feel awkward bringing it up later. If you set the expectation up front for the loan officer, then you won't feel like a jerk when you show him that you're getting a better loan offer later on.

Hope this was useful!

-Sam

I write first time homebuying tips at r/NewbHomebuyer

Sorry I took a break from this, but it's back.

Here is a list that shows one of the most expensive homes in each state. I also ran the monthly payment for fun in case the people that buy these homes use a typical mortgage like the rest of us.

OK, OR, PA, RI, SC. Rate assumed is 6.75% on a 30 year fixed with 20% down.

Here's NJ to OH

MT-NH

here's MA-MO

Here's KS-MD

Here's HI-IA

CO-GA here

AL-CA here

Oklahoma

https://preview.redd.it/5fq70j19j3dh1.png?width=1280&format=png&auto=webp&s=3ccf9cb81c43bdd7f632b316494c05a4323d5f4f

https://preview.redd.it/3d365rqhj3dh1.png?width=1280&format=png&auto=webp&s=46bba8ecc11c9e4ccc81f0b24f568ab34e0fc7d6

https://preview.redd.it/7nglh5cnj3dh1.png?width=1280&format=png&auto=webp&s=0ee5d70851651785fca9fdbdaf09c7de1c0ba029

https://www.realtor.com/realestateandhomes-detail/1550-E-29th-St_Tulsa_OK_74114_M87690-99925

• Purchase price: $10,000,000
• Beds: 5
• Bathrooms: 6.5
• Living: 14,998 sqft
• Lot size: 175,111 sqft (4.02 acres)
• Monthly payment (20% down, 30-yr at 6.75%): $51,888/mo

Pennsylvania

https://preview.redd.it/ac4xbtrsj3dh1.png?width=1280&format=png&auto=webp&s=3ce23c08f5a32f6487e935c973bad06ffccd1c63

https://preview.redd.it/gjkxre2uj3dh1.png?width=1119&format=png&auto=webp&s=eb36ed51de5f951a2e204ca735ae7420e142edb4

https://preview.redd.it/oa6eu1mxj3dh1.png?width=1280&format=png&auto=webp&s=3db80afe0e8f327bbe5c322de4cd669b79e9d7a7

https://www.realtor.com/realestateandhomes-detail/16-Street-Rd_New-Hope_PA_18938_M45931-04496

• Purchase price: $16,500,000
• Beds: 6
• Bathrooms: 6.5
• Living: 15,460 sqft
• Lot size: 322,344 sqft (7.40 acres)
• Monthly payment (20% down, 30-yr at 6.75%): $85,615/mo

Rhode Island

https://preview.redd.it/yf5v8auzj3dh1.png?width=1024&format=png&auto=webp&s=1534bf789b32a2c9281e88f69a1aeb3dae11babe

https://preview.redd.it/bnyg4ed8k3dh1.png?width=1024&format=png&auto=webp&s=50567b6cf427886f0766d79a5d3a9490e5bbfeeb

https://preview.redd.it/vhvev1h3k3dh1.png?width=1024&format=png&auto=webp&s=d5cd784dad449d19263badd72946a99335f0cac9

https://www.realtor.com/realestateandhomes-detail/14-Pawcatuck-Ave_Westerly_RI_02891_M91759-47488

• Purchase price: $23,500,000
• Beds: 8
• Bathrooms: 9.5
• Living: 10,599 sqft
• Lot size: 119,354 sqft (2.74 acres)
• Monthly payment (20% down, 30-yr at 6.75%): $121,936/mo

South Carolina

https://preview.redd.it/xn3eux3lk3dh1.png?width=1280&format=png&auto=webp&s=055814b3b696957f2a1718f230f18bee232149b1

https://preview.redd.it/yzjrwdcnk3dh1.png?width=1280&format=png&auto=webp&s=8bc38d064507bc3386ff65bb8aee9f9e430169a4

https://preview.redd.it/1r2m0g8qk3dh1.png?width=1280&format=png&auto=webp&s=b30eafe57ddc5abb6bbfa39825313a86a6527e84

https://www.realtor.com/realestateandhomes-detail/25-E-Battery-St_Charleston_SC_29401_M50155-84873

• Purchase price: $28,000,000
• Beds: 6
• Bathrooms: 6.5
• Living: 11,367 sqft
• Lot size: 13,504 sqft
• Monthly payment (20% down, 30-yr at 6.75%): $145,286/mo

Here's NJ to OH

MT-NH

here's MA-MO

Here's KS-MD

Here's HI-IA

CO-GA here

AL-CA here

I write educational posts on buying your home for the first time. r/NewbHomebuyer

>Never owned, only rented. I’m currently drowning in CC debt but I’m (very) slowly but surely digging my way out. I’m a teacher and I live in Florida, and I know there are programs for first-time home buyers in this state. I also know that there are some programs for educators. I also know there are some mortgage programs that offer $0.00 down. What I DON’T know is whether all three of these can be applied together for a mortgage. I hate where I live and hate paying so much per month for something that will do me no benefit in the long term. There’s no appreciation of value on a rental. To top it off, I have no roommate to split rent with, so I’m paying nearly $1400 by myself for a tiny one-bedroom apartment. Do I have any options for ownership, or do I really need to wait for some savings?

>EDIT: It’s pretty clear that I’m not ready to buy a home. That’s also not quite what I was asking, although I can see how I could have worded it better. I’m more trying to ask what the first time home buyer options look like for me in a few years. What does it look like if I were to clear some debt and go for a loan $0 down (if that’s even an option). The other option realistically is to wait 10+ years to save the $15-20K it would take to have the down payment, because I don’t see myself getting that any faster.

I took this from the personal finance sub r/personalfinance and I thought I'd share my advice here.

Inevitable "AI slop" comments will follow this, but I don't care, hopefully it helps someone.

At the very bottom, I'll mention local programs that can help with down payment assistance. These are grants, forgivable loans, and repayable loans.

The question this person is asking is can he stack programs on top of each other. like down payment assistance, a $0 down program, AND stack a teacher program.

so I'll answer that first and then explain how to use each program.

You can't stack most programs.

Here's what stacks easiest:

• A grant

Grants don't require repayment, so they don't need to be in a lien position (who gets repaid first)

Let me explain this a little more

Let's give an example where you're trying to buy a home for $100k (i know i know, not a lot of homes at that price, but it's easy for math)

If you need 3% down, then you need $3,000.00 for the down payment and the first mortgage will be $97,000.00

Then for down payment assistance programs, they'll give you the $3,000. They'll give it toyou as either:

• A grant
• or a loan

Loans have 3 routes:

1. repayable
2. repayable, payment deferred (I just call it deferred)
3. and forgivable

Repayable means you just pay it back monthly while paying interest.

Deferred means you don't make monthly payments, but pay it back when you sell, refinance, or move out.

Forgivable means the loan will be forgiven if conditions are met. most common is keeping the home your primary residence for a certain number of years.

When you use these programs, they'll want to be in a specific lien position. If you sell the property, lien position determines who gets paid back first.

1. First mortgage is in the first lien position. $97,000.00
2. Second mortgage (a deferred loan) is in the second lien position, for $3,000
3. If another program is okay being in the third lien position, they'll be here

If you look at this, you'll see a house worth $100k and it's completely maxed out on value. They owe as much as it's worth. So the more programs you stack, the more 'upside down' you are on the home. The more you owe over the value.

So the program has to consider if you had to sell the home quickly, would they get cut out of a short sale? Would they lose the money they let you borrow?

USDA is an exception

Let's examine the Florida Assist program here https://www.floridahousing.org/programs/homebuyer-overview-page

It says:

>Offers up to $10,000 on FHA, VA, USDA and Conventional Loans.

>0%, non-amortizing, deferred second mortgage.

>The FL Assist is not forgivable. Repayment is deferred, except in the event of the sale, transfer, satisfaction of the first mortgage, refinancing of the property or until such a time the mortgagor ceases to occupy the property at which time, the Florida Assist will become due and payable, in full.

So here is something you can stack:

USDA $0 down PLUS the Florida Assist

With a USDA loan, if you buy in a rural eligible area, and meet the strict income limits, you can do so with $0 down.

Florida Assist will give you $10,000 to cover closing costs because it doesn't need to help with the down payment.

So here's how this would look:

1. $101k owed on the USDA loan (1% added on top for USDA's guarantee fee)
2. $10k from FL Assist

This person would owe $111k on a home that is worth $100k.

Let's pretend like the seller wants to pay your closing costs, here's what you can do

1. ~$91k owed on the USDA
2. $10k from FL Assist

Most would think "if the seller covers your closing costs, then you don't need FL Assist" and they'd be right, but wouldn't you rather move some of your owed balance to a 0% loan?

That could be a smart financial move to make.

(just be sure to compare a couple of lenders' rates on these USDA programs. If a different lender can offer you a much better rate, but without the FL Assist, then it might be worth it to forego the FL Assist)

I have a couple of points to make on this. If you're looking at a $0 down portfolio loan offered to first time buyers (credit unions offer this) then you can't stack it with FL Assist.

Why?

Because this Credit Union Portfolio loan is NOT Conventional USDA FHA, or VA.

and last point I want to make is about grants. You can stack three programs if you use a grant.

1. USDA ($0 down program)
2. FL Assist ($10k on 0%)
3. Grant

I'm not finding any true grants specific to Florida, but if a true grant is available without needing a specific lender, then you could likely stack this on top.

$0 down doesn't mean $0 out of pocket

if you get your down payment covered there are still closing costs.

Lucky for Florida homebuyers, it is a heavy buyer market in most of the state. Meaning: there are a lot more sellers than buyers.

I actually just read that 14% of the nation's homes for sale are all in Florida

When you have the scale tipped in the buyer's favor, it's more likely for the seller to offer to cover the closing costs.

So if you have your down payment covered with a program, the seller might cover your closing costs, and you might be able to walk in with minimal out of pocket. (inspection fee, appraisal fee are some upfront costs)

All of the $0 down programs I can think of

I'll list all of the $0 down programs and down payment assistance programs I can think of here, and I'll do a brief explanation for each:

1. VA
2. USDA
3. Credit Union Portfolio loans for first time buyers
4. Physician loans
5. Local down payment assistance programs
6. national down payment assistance programs

VA

For eligible military veterans

USDA

For buyers earning within the strict income limits, and in eligible rural areas

Credit Union Portfolio Loans

There are credit unions that offer a $0 down loan, sometimes without PMI, for first time homebuyers. Portfolio loans mean that the credit union sets the rules, not fannie mae or freddie mac.

Physician Loans

similar to portfolio loans, banks take big bets on high income professionals to deepen the relationship and cross-sell investment accounts.

Local DPA programs

If you look at the community ( r/newbhomebuyer ) you'll see a pinned post that serves as a guide to the local programs (not all-inclusive, but a good start)

National DPA programs

A lot of lenders offer down payment assistance in the form of a repayable (with interest) loan on a 10-15 year term. This is accessible to most buyers within certain purchase price limits.

Other thoughts about OP's message

If you're drowning in credit card debt, then throwing a mortgage on top of it won't help, even if owning sounds financially superior to renting. It's like having babies hoping it will help a struggling relationship.

Work on getting basic cash in, cash out, under control and you'll be able to save quicker than you realize.

I could write more, but I'll save it.

-Sam

I write first time homebuyer tips and advice on r/NewbHomebuyer

>570 credit score, $0 down, first-time homebuyer. Is homeownership realistically possible for me?My wife and I are trying to figure out if becoming first-time homebuyers is even realistic for us, and I’m looking for honest advice from people who have been through it.

>Current situation:

>Credit score: around 570

>Down payment saved: $0

>First-time homebuyer

>Located in North Carolina

>No previous homeownership experience

>I keep hearing about FHA loans, USDA loans, down payment assistance programs, grants, etc., but it’s hard to tell what’s actually realistic versus marketing.

>My questions are:

>Is it possible to buy a home with a 570 credit score?

>Are there legitimate programs that help with little or no money down?

>What should my first steps be if I want to buy a home in the next 1–3 years?

>Should I focus entirely on improving my credit first?

>If you started in a similar position, what did your timeline look like?

>I’m not looking for someone to tell me what I want to hear. I’d rather hear the hard truth and build a realistic plan.

>Any advice, experiences, or things you wish you knew before buying your first home would be greatly appreciated.

>Thanks everyone.

I took this from a more active sub and thought I'd give my advice on it.

I'll cover two aspects:

1. improve credit
2. $0 down

First piece of advice would be to improve your credit.

I'd fix your credit in this order (highest impact first. This is from the first time buyer guide I wrote)

• Review and correct any mistakes.
• If there’s an account that shouldn’t be there, and is negatively impacting your score, then ask the credit bureaus to remove it.
• Pull your report at annualcreditreport.com
• Catch up on late payments (payment history is the highest weighted factor)
• Ask for pay-for-delete on collections.
  • If you have a collection, then ask them to delete it. “If I pay this, will you delete it as if it never existed and provide me with a letter of deletion?”
  • This will get rid of the collection account as if it never existed. Remember, ask if they'll delete the account if you pay it off. Not just mark it as 'paid.'
• Pay down credit cards below 30% of the limit
  • This helps the utilization aspect of your credit report
  • If you can’t pay it down, consider a consolidation loan. A consolidation loan pays off your high credit card debt and places it in an installment loan instead. This lowers your utilization and will likely have a positive impact on your credit score. If you do this, review the terms carefully. “Thar be loan sharks in the water.”
    • One thing you should consider is your own discipline. If you get a loan to pay off your credit cards, are you going to use that credit card again and bring the balance back up? Don’t do it if you’ll go back to old habits.
• Add a secured credit card (if needed)
  • Secured credit cards are credit cards that are backed by money in a savings account. Credit Unions offer them generously because there isn’t risk when it’s secured with money.
• Use the secured credit card wisely. If you pay late, then this won’t have helped at all. If you use more than 30% of the available limit, then it won’t help much either.
• Stay current and give it time.
• It may take up to 6 months to finally see the positive effects. Keep your credit card balances low or paid off. Keep paying your bills on time.

Then there's the $0 down aspect I want to cover here too

There are $0 down programs, and there are down payment assistance programs.

You'll need at least 620 credit score for most programs, and some have a much higher minimum score.

(this is also from my first time buyer guide)

Down payment assistance

These local down payment assistance programs come in two forms:

• Grants
• Loans

A grant is basically free money. If you qualify under specific restrictions, you get it.

If it isn’t a grant, then it’s a loan. There are three types of loans that the program might offer:

• Repayable, with interest
• Deferred, no interest
• Deferred and forgivable

Repayable With Interest

A repayable loan works how most loans work. They give you an amount to cover your down payment, and sometimes your closing costs, and you repay the amount in monthly increments while being charged an annual interest rate.

I’ve seen programs where the interest rate is lower than normal market rates, but I’ve seen other programs where the interest rate is higher than typical market rates.

I’ve seen programs where the repayment term is 10 years and others where the repayment term is 30 years.

Each program’s offer will vary.

Deferred Without Interest

If you were to compare this type of loan to cancer, then you’d call this one benign.

It doesn’t grow with interest.

These types of loans only come due when you refinance or sell the home.

If your home has appreciated enough, you may be able to include the loan amount in your new refinanced loan without paying it out of pocket.

When you sell, the loan is paid off with the proceeds of the sale.

Deferred and Forgivable

Not only are these loans at 0%, but they may forgive the amount they’ve loaned you. It usually comes with a qualification.

A common qualification is living in the home for a certain amount of time. Three years is common, but I’ve seen programs push it as high as 10 years.

If you move out just shy of meeting the forgivable period, you may be in luck. Some programs will forgive it in pieces.

For example, if you were loaned $10,000 with a three-year forgivable period but moved out in year two, the program may forgive 33.3% of the loan for each year.

So instead of owing the full $10,000 back, you may only owe $3,333.33.

The guide I’ve built out for all 50 states isn’t all-inclusive. I may have missed some. It also doesn’t take into consideration some national programs that exist.

If you’d like help determining which route might fit you best, visit newbhomebuyer.com/dpa, and someone will help you compare these programs side by side.

$0 Down Programs

Rather than assist you with the down payment, some lenders will forego the need for a down payment completely.

Here’s the list:

• VA mortgages
• USDA mortgages
• Portfolio loans from local banks

VA Mortgages

VA mortgages are strictly for eligible military veterans.

USDA Mortgages

USDA mortgages are strictly for rural areas. Here’s a map to show you which areas are eligible:

eligibility.sc.egov.usda.gov/eligibility

 

USDA loans also have income restrictions. The income restrictions are specific to the county and to household size. The more kids there are, the higher the income limit. On the same link as the map, there’s also a section to check if you make too much money.

 

Remember: this takes into account household income. So if there’s an adult who isn’t on the loan but is earning an income, that income must be considered as part of the overall household income.

Portfolio Loans From Local Banks

$0 down payment portfolio loans from local banks are determined by the local bank or credit union. It’s their loan, so they make the rules. Here are some common rules they put around these loans:

• Higher minimum credit score
• For first-time buyers only
• Lower debt-to-income ratios
• Purchase price/loan amount caps

One common benefit of these types of loans is that most of them will not charge a mortgage insurance payment. Double-check this as you explore those programs.

Hopefully this helps.

Sam

I write first time homebuyer tips at r/NewbHomebuyer

I'm going to run two scenarios on a couple of spreadsheets.

Invest vs pay extra toward the mortgage.

average mortgage rates today are at 6.52%

I'll peg the annual investment returns at 7%.

I know, SP500 has outperformed that historically. That's fine. 7% is a standard baseline used by investment firms. It seems conservative though. But what's also interesting is that the projection for the SP500 over the next 10 years will be around 6.5%

That said, I'll stick with 7%

I could make this short and say "Whatever % is greater, put your money toward that and you'll win."

7% > 6.5% so invest in 7%

But let me show you the math and you might come away with a different answer.

$400k loan amount, no PMI, 6.52% rate and we're only dealining with P/I

First, let me give you a strategy that we'll implement:

Bi-weekly vs monthly

If you pay toward your mortgage every two weeks to match your income deposit schedule, then you'd pay 13 payments per year instead of 12. (52 weeks in a year divided by 2 = 26, divided by 2 again = 13 payments)

Here's how soon you'll pay off the mortgage:

Year	Ending Balance
1	$392,935
2	$385,396
3	$377,350
4	$368,764
5	$359,601
6	$349,822
7	$339,386
8	$328,250
9	$316,365
10	$303,681
11	$290,145
12	$275,700
13	$260,285
14	$243,833
15	$226,277
16	$207,541
17	$187,546
18	$166,208
19	$143,436
20	$119,134
21	$93,200
22	$65,524
23	$35,987
24	$4,467
25	$0

You'd save 5.8 years and about $117k in interest

Let's say you kept your discipline and invested your mortgage payments toward a 7% investment account, here's how that would look over 30 years:

Year	Investment Balance
1	$0
2	$0
3	$0
4	$0
5	$0
6	$0
7	$0
8	$0
9	$0
10	$0
11	$0
12	$0
13	$0
14	$0
15	$0
16	$0
17	$0
18	$0
19	$0
20	$0
21	$0
22	$0
23	$0
24	$0
25	$28,156
26	$64,106
27	$102,573
28	$143,733
29	$187,774
30	$234,898

After 30 years of bi-weekly discipline, you'll end up with about $235k in retirement.

Let's compare that to strategy B:

pay the minimum toward the mortgage, invest the 13th yearly payment at 7%

Year	Mortgage Balance	Investment Balance
1	$395,546	$2,614
2	$390,793	$5,411
3	$385,720	$8,403
4	$380,307	$11,605
5	$374,530	$15,031
6	$368,365	$18,697
7	$361,785	$22,620
8	$354,764	$26,817
9	$347,271	$31,308
10	$339,274	$36,114
11	$330,741	$41,256
12	$321,634	$46,757
13	$311,915	$52,644
14	$301,543	$58,943
15	$290,474	$65,683
16	$278,662	$72,895
17	$266,056	$80,611
18	$252,603	$88,868
19	$238,246	$97,702
20	$222,925	$107,155
21	$206,574	$117,270
22	$189,125	$128,093
23	$170,504	$139,673
24	$150,631	$152,064
25	$129,424	$165,322
26	$106,791	$179,508
27	$82,638	$194,688
28	$56,863	$210,930
29	$29,355	$228,309
30	$0	$246,904

So there you have it.

investing wins by $11k.

The amount isn't a ton because the difference in rates is 0.5%

But if investment returns were closer to 10% (which many argue is the case for the SP500) then the gap would be about $180k

human behavior

Pulling your money out early.

withdrawing money from a retirement is easier than accessing your home's equity.

One is a few clicks and signatures. The other is a loan process.

Hardship withdrawls are easy to justify. A home's equity is more sticky.

simplification

paying off your mortgage is a guaranteed rate. I can see myself wanting to simplify things as I get older. Spreadsheet math isn't as important if your goal is to simplify everything.

stress

Does a larger retirement balance give you more peace of mind?

Or it could go the other way around:

The relief you feel when paying off that mortgage might make you feel invincible. Like you could get hit with anything and know that your monthly necessities are low because you don't have to make the mortgage payment.

I could see that freeing you up for a possibly better lifestyle. You aren't chained to a specific job because you don't have to pay the mortgage anyore.

You can take a less demanding job now.

go be a ballroom dancer, or write that novel you've been putting off. ;)

curious what your thoughts are on this topic

-Sam

I write first time buying tips and posts at r/NewbHomebuyer

30-year fixed: 6.53% 15-year fixed: 6.12% 10-year Treasury: 4.5% Average rates from mortgage news daily

Rates jumped last week after the Fed meeting and wiped out a week's worth of progress.

The big reason was the dot plot. That's where each Fed member shares where they think the Fed Funds Rate is headed. The average member now sees rates at least 0.25% higher by the end of 2026 than they did back in March.

The new Fed Chair's press conference didn't help either. Traders were hoping for a softer tone, and they didn't get one.

Since then there has been quite a bit of bond-buying which has helped rates get back down to the lowest levels we've seen since ...May 14 :)

I write educational posts on buying your home for the first time at r/NewbHomebuyer

>I see a lot of people posting about closing but I don't see much good advice posts and threads.

>We're hoping to finally get out of this damn apartment this year but we have a lot of uphill battles. Looking at rural upstate NY so I was considering USDA guaranteed or a normal FHA. We have down payment problems and currently debt/credit line problems. Trying to solve the latter while looking for programs and options like above to help us with the former.

>I can give more details but I was really hoping to find a general guide. If someone has some good expertise and insight I can DM details of our situation.

I made something for this community and I hope it helps. I'm also open to feedback.

https://tools.newbhomebuyer.com/

It's meant to give you tools step at a time for the homebuying process, rather than dumping everything on you all at once.

So if you're in the planning stage, there are a couple of tools to help you plan. If you're already shopping for a home, there are tools to help you there too.

Check it out, let me know if it's helpful.

Sam

I just made a spreadsheet for this based on 3 rules. Ramsey's rules, 30% gross, and 49.99% gross (that 49.99% is the amount a lender will approve. Approval doesn't mean affordable)

Part 1: Minimum for a lender

This is the bare minimum a lender would let you scrape by on, using the 49.99% back-end DTI ceiling that Fannie and Freddie allow. With no other debt (like credit cards, student loans, car loans etc). It doesn't mean you can afford it, and it doesn't always mean you'd get approved either. It's just the max DTI threshold I've seen get approved.

State	Minimum Income
NJ	$123,066
IL	$121,426
TX	$119,945
CT	$119,465
NE	$118,145
NH	$116,145
VT	$115,785
KS	$114,704
NY	$114,544
IA	$113,424
WI	$113,304
RI	$112,144
OH	$112,104
MI	$111,864
SD	$111,064
PA	$110,864
FL	$110,103
OK	$109,983
ME	$109,103
MA	$108,223
MN	$108,143
AK	$107,143
MD	$106,463
MO	$106,343
ND	$105,943
GA	$105,622
KY	$104,902
MS	$104,862
IN	$104,382
AR	$104,262
MT	$104,262
NM	$104,182
OR	$104,142
NC	$103,862
WA	$103,662
VA	$103,222
LA	$103,182
CA	$102,782
TN	$102,222
CO	$102,182
AZ	$101,862
ID	$101,222
SC	$101,022
WY	$100,742
WV	$100,341
DE	$100,301
NV	$100,181
UT	$99,941
AL	$99,381
HI	$96,861

Part 2: The minimum income needed for the Ramsey 25% net take-home rule

This one factors in property taxes, homeowners insurance, state income tax, federal tax, FICA, and a 6% 401k contribution. That's why no-income-tax states like TX and FL come out lower than states like NJ or CA, even at similar home prices.

State	Minimum Income
NJ	$450,269
CT	$405,971
VT	$404,697
IL	$398,827
NE	$398,399
WI	$386,961
NY	$386,139
MN	$382,278
KS	$378,920
IA	$375,448
RI	$371,226
ME	$367,320
OR	$366,461
TX	$362,201
MI	$359,115
CA	$356,889
OH	$355,415
OK	$355,297
MA	$350,330
NH	$349,265
PA	$348,404
MD	$348,361
HI	$344,212
GA	$343,036
MO	$342,183
MT	$341,014
NM	$340,713
MS	$337,897
VA	$336,214
AR	$335,094
KY	$332,266
SD	$331,971
SC	$331,765
DE	$330,212
NC	$329,893
ID	$329,005
FL	$328,703
ND	$327,647
LA	$327,410
IN	$325,096
CO	$324,593
WV	$321,843
AK	$318,627
UT	$317,757
AL	$317,619
AZ	$313,179
WA	$306,780
TN	$301,878
WY	$296,839
NV	$294,933

Part 3: The 30%-of-your-gross rule

The middle ground rule of thumb. Doesn't account for taxes or anything else. Just 30% of your gross income goes to housing.

State	Minimum Income
NJ	$205,069
IL	$202,336
TX	$199,869
CT	$199,069
NE	$196,869
NH	$193,536
VT	$192,936
KS	$191,136
NY	$190,869
IA	$189,002
WI	$188,802
RI	$186,869
OH	$186,802
MI	$186,402
SD	$185,069
PA	$184,736
FL	$183,469
OK	$183,269
ME	$181,802
MA	$180,336
MN	$180,202
AK	$178,536
MD	$177,402
MO	$177,202
ND	$176,536
GA	$176,002
KY	$174,802
MS	$174,736
IN	$173,936
AR	$173,736
MT	$173,736
NM	$173,602
OR	$173,536
NC	$173,069
WA	$172,736
VA	$172,002
LA	$171,936
CA	$171,269
TN	$170,336
CO	$170,269
AZ	$169,736
ID	$168,669
SC	$168,336
WY	$167,869
WV	$167,202
DE	$167,136
NV	$166,936
UT	$166,536
AL	$165,602
HI	$161,402

Part 4: Combined so you can see it all side by side

State	Lender	30% Gross	25% Net
NJ	$123,066	$205,069	$450,269
IL	$121,426	$202,336	$398,827
TX	$119,945	$199,869	$362,201
CT	$119,465	$199,069	$405,971
NE	$118,145	$196,869	$398,399
NH	$116,145	$193,536	$349,265
VT	$115,785	$192,936	$404,697
KS	$114,704	$191,136	$378,920
NY	$114,544	$190,869	$386,139
IA	$113,424	$189,002	$375,448
WI	$113,304	$188,802	$386,961
RI	$112,144	$186,869	$371,226
OH	$112,104	$186,802	$355,415
MI	$111,864	$186,402	$359,115
SD	$111,064	$185,069	$331,971
PA	$110,864	$184,736	$348,404
FL	$110,103	$183,469	$328,703
OK	$109,983	$183,269	$355,297
ME	$109,103	$181,802	$367,320
MA	$108,223	$180,336	$350,330
MN	$108,143	$180,202	$382,278
AK	$107,143	$178,536	$318,627
MD	$106,463	$177,402	$348,361
MO	$106,343	$177,202	$342,183
ND	$105,943	$176,536	$327,647
GA	$105,622	$176,002	$343,036
KY	$104,902	$174,802	$332,266
MS	$104,862	$174,736	$337,897
IN	$104,382	$173,936	$325,096
AR	$104,262	$173,736	$335,094
MT	$104,262	$173,736	$341,014
NM	$104,182	$173,602	$340,713
OR	$104,142	$173,536	$366,461
NC	$103,862	$173,069	$329,893
WA	$103,662	$172,736	$306,780
VA	$103,222	$172,002	$336,214
LA	$103,182	$171,936	$327,410
CA	$102,782	$171,269	$356,889
TN	$102,222	$170,336	$301,878
CO	$102,182	$170,269	$324,593
AZ	$101,862	$169,736	$313,179
ID	$101,222	$168,669	$329,005
SC	$101,022	$168,336	$331,765
WY	$100,742	$167,869	$296,839
WV	$100,341	$167,202	$321,843
DE	$100,301	$167,136	$330,212
NV	$100,181	$166,936	$294,933
UT	$99,941	$166,536	$317,757
AL	$99,381	$165,602	$317,619
HI	$96,861	$161,402	$344,212

I write educational posts on buying your home for the first time. r/NewbHomebuyer

30-year fixed: 6.54%

15-year fixed: 6.11%

10-year Treasury: 4.47%

Average rates from mortgage news daily

Rates hit a one-month low today. Peace deal is helping.

Today's index matches the low we saw on May 29th. We're in a better spot than we've been in the last month, but still sitting in an elevated range overall.

I post first time homebuyer tips at r/NewbHomebuyer

Here is a list that shows one of the most expensive homes in each state. I also ran the monthly payment for fun in case the people that buy these homes use a typical mortgage like the rest of us.

I missed NJ in the last one. So we have NJ, NM, NY, NC, ND, and OH. Payments are calculated at 20% down on a 30-year fixed at 6.56%.

New Jersey

https://www.realtor.com/realestateandhomes-detail/31-Rio-Vista-Dr_Alpine_NJ_07620_M54225-22055?from=srp_next

https://preview.redd.it/mj3w1kdleo7h1.png?width=800&format=png&auto=webp&s=a7e78c6d34f3e39bb8ee561c7ba9bfbe9e111317

https://preview.redd.it/45cxuyjjeo7h1.png?width=800&format=png&auto=webp&s=9005f673d7210e6ffca7fb541a4a14fb4c265c97

https://preview.redd.it/vj14kthgeo7h1.png?width=800&format=png&auto=webp&s=36a47ba20166cefa577926a7d4d0c091cb36cb27

• Purchase price: $22,750,000
• Beds: 8
• Bathrooms: 9.5
• Lot size: 2 acres
• Monthly payment (20% down, 30-yr at 6.56%): $116,235/mo

New Mexico

https://preview.redd.it/0taf3980fo7h1.png?width=1280&format=png&auto=webp&s=5557fff78d730414a8d9cc97951891ab5d3909b6

https://preview.redd.it/zpb2cs42fo7h1.png?width=1280&format=png&auto=webp&s=672482215dc6dcb4440b42e2dfb99d098ab8129a

https://preview.redd.it/46rmp268fo7h1.png?width=1280&format=png&auto=webp&s=c28b23c189b8662bb283c8916186556806ef8893

https://www.realtor.com/realestateandhomes-detail/7011-Rio-Grande-Blvd-NW_Los-Ranchos_NM_87107_M21279-64025

• Purchase price: $13,500,000
• Beds: 8
• Bathrooms: 8.5
• Living: 11,269 sqft
• Lot size: 348,916 sqft (8.01 acres)
• Monthly payment (20% down, 30-yr at 6.56%): $68,690/mo

New York

https://preview.redd.it/lbokzv4afo7h1.png?width=1280&format=png&auto=webp&s=6ba222295510b9e9a8b0c42ddb67be01aeb5a06f

https://preview.redd.it/bni0qx5bfo7h1.png?width=1280&format=png&auto=webp&s=86587882c18d75a59b46b561bb11fc803484bdb4

https://preview.redd.it/ctq6qt0dfo7h1.png?width=1280&format=png&auto=webp&s=b713bfd5aaa63c909da99c67d8375c1848c93531

https://www.realtor.com/realestateandhomes-detail/21-and-407-Fairfield-Pond-Ln_Sagaponack_NY_11962_M92007-15706

• Purchase price: $89,000,000
• Beds: 8
• Bathrooms: 7.5
• Living: 9,000 sqft
• Lot size: 152,460 sqft (3.50 acres)
• Monthly payment (20% down, 30-yr at 6.56%): $452,846/mo

North Carolina

https://preview.redd.it/hmgw7yrefo7h1.png?width=1280&format=png&auto=webp&s=ea5703b641568c5bbdf30fb5f37fd92367ebeeb7

https://preview.redd.it/8o5t625gfo7h1.png?width=1280&format=png&auto=webp&s=7c71b9938dba4dfbc1f3bfa5440f35295bb69489

https://preview.redd.it/o635uadifo7h1.png?width=1280&format=png&auto=webp&s=91b05441fe4d77defff9e31c318ee3e49ba31a19

https://www.realtor.com/realestateandhomes-detail/8515-Norman-Estates-Dr_Denver_NC_28037_M68175-33757

• Purchase price: $17,900,000
• Beds: 7
• Bathrooms: 7.5
• Living: 11,346 sqft
• Lot size: 51,836 sqft (1.19 acres)
• Monthly payment (20% down, 30-yr at 6.56%): $91,078/mo

North Dakota

https://preview.redd.it/0kzk54sjfo7h1.png?width=1024&format=png&auto=webp&s=d706f1f064398ea75e31cdb28a21c11a3421ba12

https://preview.redd.it/vh7j1i8qfo7h1.png?width=1024&format=png&auto=webp&s=3ef277d68a0f50582ceef2246230176ff6b17df4

https://preview.redd.it/r1513s2tfo7h1.png?width=1024&format=png&auto=webp&s=9fa0d3f1ca3ba32e3187c5cdf6bb50619656820c

https://www.realtor.com/realestateandhomes-detail/2626-Rivers-Bend-Dr-E_West-Fargo_ND_58078_M95840-29902

• Purchase price: $4,995,000
• Beds: 6
• Bathrooms: 6.5
• Living: 10,160 sqft
• Lot size: 20,473 sqft
• Monthly payment (20% down, 30-yr at 6.56%): $25,415/mo

Ohio

https://preview.redd.it/tw7jjjgufo7h1.png?width=1086&format=png&auto=webp&s=c849a6e3226a2fb6f88ffb7f3aeb14d9b9a4530c

https://preview.redd.it/t93a8t8vfo7h1.png?width=1086&format=png&auto=webp&s=1b59149469022a4ad6f571dd4d2c95ba86909148

https://preview.redd.it/2ic5zznyfo7h1.png?width=1086&format=png&auto=webp&s=e9f69e83eaa81cd18822cda7ea10e6c640fe094e

https://www.realtor.com/realestateandhomes-detail/8234-Voltaire-Ct_Waynesville_OH_45068_M40191-33378

• Purchase price: $11,500,000
• Beds: 4
• Bathrooms: 4.5
• Living: 15,246 sqft
• Lot size: 151,589 sqft (3.48 acres)
• Monthly payment (20% down, 30-yr at 6.56%): $58,514/mo

MT-NH

here's MA-MO

Here's KS-MD

Here's HI-IA

CO-GA here

AL-CA here

First time buyer posts tips and advice on r/NewbHomebuyer

Here is a list that shows one of the most expensive homes in each state. I also ran the monthly payment for fun in case the people that buy these homes use a typical mortgage like the rest of us.

Today's slice covers MT, NE, NV, NH, and NJ. Payments below assume 20% down at today's 30-year rate of 6.58%.

Montana

https://preview.redd.it/587et1iivg7h1.png?width=1024&format=png&auto=webp&s=e833ee47c64c861d75d96c97ee2af95692cc2ecf

https://preview.redd.it/3efxem7mvg7h1.png?width=1024&format=png&auto=webp&s=90014b4ac6553e19ff592400a880b2228d691684

https://preview.redd.it/z3woeawnvg7h1.png?width=1146&format=png&auto=webp&s=d50bdb5112cb881e1ab69097e3805d44c6f2746f

https://www.realtor.com/realestateandhomes-detail/240-Horsetail-Rd_Bozeman_MT_59715_M91033-70961

• Purchase price: $24,500,000
• Beds: 7
• Bathrooms: 5.5
• Living: 7,645 sqft
• Lot size: 871,200 sqft (20.0 acres)
• Monthly payment (20% down, 30-yr at 6.58%): $124,918/mo

Nebraska

https://preview.redd.it/zga05thqvg7h1.png?width=1280&format=png&auto=webp&s=bcbbbb7718610b0dec6d86ee0ecad7dd86d7e5c8

https://preview.redd.it/sr8ffhgrvg7h1.png?width=1280&format=png&auto=webp&s=5f2fc350ebdc3d59d9e11eff47fd720b93a2c02d

https://preview.redd.it/iffx2wssvg7h1.png?width=1280&format=png&auto=webp&s=a513979b85938994ada6ad4dae0e5b938f7fe537

https://www.realtor.com/realestateandhomes-detail/10617-N-156th-St_Bennington_NE_68007_M90540-80528

• Purchase price: $5,750,000
• Beds: 5
• Bathrooms: 6.5
• Living: 14,016 sqft
• Lot size: 771,883 sqft (17.7 acres)
• Monthly payment (20% down, 30-yr at 6.58%): $29,318/mo

Nevada

https://preview.redd.it/33n8tfz4wg7h1.png?width=1280&format=png&auto=webp&s=ac96272c40dd7fa4abf6b5dde2a3fdcfdafc2b1e

https://preview.redd.it/bovau18gwg7h1.png?width=1280&format=png&auto=webp&s=7557318fe812637fac00232fcf191c78ca32d820

https://preview.redd.it/6v2hsthhwg7h1.png?width=1280&format=png&auto=webp&s=69c9d4603e2dbf3cef9b75e7154e520993085e3b

https://www.realtor.com/realestateandhomes-detail/1124-Alpine-Ledge-Dr_Henderson_NV_89012_M96289-25617

• Purchase price: $47,500,000
• Beds: 6
• Bathrooms: 5.5
• Living: 4,530 sqft
• Lot size: 1.85 acres
• Monthly payment (20% down, 30-yr at 6.58%): $242,690/mo

New Hampshire

https://preview.redd.it/qtdhbzr5xg7h1.png?width=1280&format=png&auto=webp&s=b60d8bdb6e286efc0ce9f37e306723b0fa8d46e8

https://preview.redd.it/dp2i5hzexg7h1.png?width=1280&format=png&auto=webp&s=376e3b39343464899f67868dd12cab33f5a0ae44

https://preview.redd.it/46ff7nsgxg7h1.png?width=1280&format=png&auto=webp&s=2b3a60d5fd39ebc39fae992b5c4347e8668d32fd

https://www.realtor.com/realestateandhomes-detail/58-Ocean-Blvd_North-Hampton_NH_03862_M45395-05614

• Purchase price: $20,000,000
• Beds: 6
• Bathrooms: 6.5
• Living: 12,629 sqft
• Lot size: 135,472 sqft (3.11 acres)
• Monthly payment (20% down, 30-yr at 6.58%): $101,974/mo

here's MA-MO

Here's KS-MD

Here's HI-IA

CO-GA here

AL-CA here

I write educational posts on buying your home for the first time. r/NewbHomebuyer

next year I think they'll default to the nationally recognized day. But when it was first created the state wrote in a rule saying "if June 19th falls on a Friday, the state must observe it on the preceding Monday"

If you're closing on a house and need the county open to record, this will matter because some counties will be open, and some won't, on either Friday or Monday

1. Beaver County              = closed 15^(th). (open 19^(th))
2. Box Elder County         = closed 15^(th). (open 19^(th))
3. Cache County               = closed 15^(th). (open 19^(th))
4. Carbon County             =(no answer or info for hours on site)
5. Daggett County            = closed 15^(th). (open 19^(th))
6. Davis County                 = closed 15^(th). (open 19^(th))
7. Duchesne County       = closed 15^(th). (open 19^(th))
8. Emery County                = closed 15^(th). (open 19^(th))
9. Garfield County            = closed 15^(th). (open 19^(th))
10. Grand County                = Fri, 19 Jun 2026 MST – JUNETEENTH closed
11. Iron County                     = closed 15^(th). (open 19^(th))
12. Juab County                    = closed 15^(th). (open 19^(th))
13. Kane County                   = closed 15^(th). (open 19^(th))
14. Millard County              = closed 15^(th). (open 19^(th))
15. Morgan County             = Fri, 19 Jun 2026 MST – JUNETEENTH closed
16. Piute County                   = NONE (open)
17. Rich County                    = Fri, 19 Jun 2026 MST – JUNETEENTH closed
18. Salt Lake County         = Fri, 19 Jun 2026 MST – JUNETEENTH closed
19. San Juan County          = (no answer or info for hours on site)
20. Sanpete County           = NONE (open)
21. Sevier County                = closed 15^(th). (open 19^(th))
22. Summit County            = Fri, 19 Jun 2026 MST – JUNETEENTH closed         
23. Tooele County               = closed 15^(th). (open 19^(th))
24. Uintah County               = closed 15^(th). (open 19^(th))
25. Utah County                   = Fri, 19 Jun 2026 MST – JUNETEENTH closed
26. Wasatch County          = closed 15^(th). (open 19^(th))
27. Washington County   = closed 15^(th). (open 19^(th))
28. Wayne County               = NONE (open)
29. Weber County               = Fri, 19 Jun 2026 MST – JUNETEENTH closed

>Make sure you can afford mortgage

>Don't do what I did. First time naive homebuyer, got carried away by how much the bank pre-approved me for, made an offer, paid my earnest deposit money, scheduled inspection and yesterday took a few moments to crunch the numbers and use online mortgage calculators and realized I can't afford the mortgage. Or I guess I can technically afford it, but I won't have a life outside of living in the house. I'm heartbroken and I feel very stupid. Don't do what I did.

This was posted on a more active sub and I'm adding my thoughts to it.

I'll probably just echo what this user posted, because the numbers need to make sense before you start seeing homes.

People suggest talking to a realtor first if you're interested in buying a home.

I'd disagree with that. I think a helpful loan officer might be a better first stop, because they'll be able to cover monthly payments, show you how to calculate if a certain house might meet your budget, or tell you what price range of homes would meet that budget.

Unhelpful loan officers only tell you what you're approved for.

Starting with an agent is very similar. They'll tell you to get approved, and then they'll show you houses that meet your criteria.

But ignoring the budget just wastes time and money.

This user might have paid for an inspection (~$500+)

If the monthly payment to own a house is too much, see if you can realistically cut some stuff out of your budget (if owning the house is worth the cuts)

This is an early-stage (test) calculator that helps you do a reverse-search. Put in your desired monthly payment, the amount saved for a down payment, and it will push out a purchase price range for you. tools.newbhomebuyer.com/affordability

hope it helps

Sam

Open a separate, boring savings account.

When you pay your earnest money deposit, pay it with your savings.

When you show statements with proof of down payment, only show the boring account that you're actually using.

This account does one thing: receive money.

Bonus points if it's a high yield account.

It doesn't pay bills. It doesn't pay rent. You don't link it to Venmo.

The reason this matters more than you'd think is because of underwriting.

Underwriting wants to see two months history of this money.

When underwriters see your down payment money sitting in a checking account, they go through your transactions. They might see overdrafts. They'll see a payment to _ and ask for proof that it isn't a recurring charge.

This isn't telling you to lie about your monthly debts, I'm telling you that simple history = smoother loan process.

If your down payment is sitting in a savings account that only receives deposits, underwriting has way less to dig into. Fewer letters of explanation and less paperwork.

So if you have a few months before you're going to buy your home, open that savings account and park that down payment money in there.

Sam

I write educational posts on buying your home for the first time at r/NewbHomebuyer