I absolutely cannot have a dollar of payments anymore lol. Anything I replace with would be cash or one-pay, no payments. The way norcal economies work, is that if you switch careers, buying a home in 24months of that window is very difficult.
If you pay cash it doesnât matter, but I know thatâs not what you meant. 
You may have some trouble getting a mortgage right away if you are switching from dentist to pole dancer.
But among the more common reasons people buy houses (with mortgages) is to move for a job or career change.
The vast majority of first mortgages are purchased by the GSEs, who set the qualification requirements, and there isnât a special section in the underwriting guidelines for Northern California. Max conforming loan amount may be different, butâŚ
I know we are getting way off topic here (see you in the mortgage thread?), but I want to be sure that someone you trust isnât bullshitting you about this.
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Half the compensation in tech sector is equity. It only counts as income if you have a 24 month history of equity vesting. So if you change careers, most lenders donât care how much you will make in the future if you donât have 24 m history of equity vesting. Problem is relatively unique to tech sector employment but yes itâs not the thread to discuss
Virtually nothing that isnât income is counted as income.
Anyway.
Back to the issue at hand.
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Maybe I missed it but why the urgency to buy a home. Very few people can afford homes at these prices and rates. So as soon as supply increases what direction do you think prices are headed.
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Yup. It is harsh on these. Look at that estimated retail, though. Maybe private party yours at 45. Considering what you got in rebates, thatâs damned near break even for you.
The kid prob all grown up by now
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Before that he was on a Nirvana album cover
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Let me know if you have mortgage questions as it relates to your DTI. Iâm a mortgage lender in Nor Cal. I also, ironically, used to sell Fords 15 years ago lol.
At 39k, I would have spent ~$25k to drive the car for 365 daysâŚ
MSRP: 65+ Tax +reg etc= 71k
Fed Rebate: 7k
Cost: 71-7 = 64k
Sell at 39k (hypothetically): 64k-39kâŚ
Lets stick to the problem at hand.
Anyways, will try another 2 Ford dealers in the area today and see where I go
You are where you are. You have to get rid of the payment, yes?
$71k - $45k private sale price - $9500 (am I remembering that wrong? didnât you get CVRP?) = $16.5k. $1375/mo, so pretty close to your agreed monthly. Like I said, close to break even right now (as opposed to ânegative equityâ in other words).
And be strategic about the dealers you target. If itâs a Ford dealer with a bunch collecting dust on their lot itâs probably not worth it.
Assuming youâve done carfax and others that pair you with local dealers. The Toyota Honda Subaru and Kia dealers with half empty lots seem to have the checkbooks out still
Thank you, this is a useful insight. I will check them today
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This x 100.
Some years back we sold my wifeâs e93 M3 to a Big Three/Big Two (JPN) dealer where the used car manager couldnât get enough of the convertible top and the full stormtrooper look, and knew he had to have it on the lot. This was after shopping it around to 10 or so dealers in a weekend.
Long story short, sold it to them for way more than they should have paid ($5k or so more than the next closest dealer with a not so bad offer) and they sat on it for 3 months. Went to auction to a BMW dealer, then back to auction to another BMW dealer and finally sold almost 9 months later for less than the next closest dealer was offering initially.
If you try hard enough, there will always be an ass for every seat.
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No I could not due to income limits.
I am debating private party sale, but it poses 2 problems:
- Buying out at current value means paying 54k out of pocket.
- Taking the risk someone is willing to pay 45k cash, which at this price point, is relatively rare
Neither is necessarily true. Once upon a time, I privately sold a car with a note. The buyer and I went to his bank together, and they had me sign all of the paperwork that you would do at a dealership, such as payoff and limited power of attorney. So he borrowed the money from them, they paid off my note, and they gave me a check for the difference. In your case, of course, you would be giving them a check for the difference.
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