 Buying 1st home, 30 yr. fixed,10 yr interest only loan? ADVICE? |
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| I am currently renting a home, my landlords decided to put the house on the market and do a short sale. After an open house and 3 other showings, the real estate agent said that she received ... |
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| I'm 22 with pretty good credit and a good paying job. My parents have never owned their own home but now that they're more successful business wise, they're up for it. They both have ... |
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| i herrd that leonardo de caprio bought an island for 1.2 millon and i was wondring is it tru becaue i have about 2 million saved and i would love to buy an island where can i get the info?... |
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| I live in Washington state. I am on a 6 month lease and was wondering if I have to pay in full for my last months rent. I want to give them 30 days notice by the 6th of September. Are they required ... |
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| I recently rented the lower level of a home. The place turned out to have more problems and issues than I cared to deal with. I never agreed to a specific amount of time that I would stay or what ... |
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| I rent a house. There is a pine tree that has been dying since before I moved in on the property. Two weeks ago we had a winter storm - freezing rain, below zero temps, wind gusts 30-40 mph. Well, ... |
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 Can I make it with a room mate? |
| Ok so I want to move out when I turn 19 and when I go on to this school I'm transferring to. The apartments around there are probably around $300 - $400 and I want to know if I can make it with ... |
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 Know any mortgage companies that will do 100% financing with fico scores of 561 and 624 respectively? |
| my hubby and i make around 95,000 a year and we only have a car payment and a payment on land that we bought last year. we are working hard to pay off all our debts, we sold our last house a year ago ... |
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 Can a builder require you to apply for a mortgage with a specific lender? |
My wife and I are buying our first home. We are already pre-qualified for a loan through a broker. We found a house in a new development that we decided we wanted to buy.
I know in C... |
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 When does a house become a home? |
| I moved a month ago to a one bedroom apartment. Ive always lived with either my parents or my husband or my children. I just cant seem to feel at home in this new place. What are some things i could ... |
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| I have heard that some associations can forclose on your home over fees not paid. But I don't believe that is in NY.... |
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 My Landlord refuses to allow me to have a cat. He was extremely aggressive towards me and claims they're dirty |
What can I do?
I called him and his reasons for his instant refusal were that cats are "dirty, flea-ridden animals" and he hung up on me.
When I called him again, I stated that I ... |
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 How do I get a mobile/manufactured home put only in my name.? |
My auntie is "helping" me take possession of a mobile home I inherited from my uncle (her brother).
She said it had to be put in her name as well as my name to avoid an ... |
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Dexter G | About to buy a home! But a few ODD questions.? |
First off let me show you the home.
http://www.realtor.ca/propertyDetails.aspx?propertyId=7878068
It is a small 2 bedroom home, On a nice quiet street- I have been communicating with Edward O'Langford for a few days now about finanancing options. We have been talking (no money figures yet) and he understand that I have a job that can potentially take care of a home, Here is the tricky part-
I am 17 years old THUS not legal age to sign a document, Correct? We have been talking, And I just want to get my facts in line- Please do not post saying YOUR TO YOUNG TO BUY A HOUSE! RENT OR GO BACK HOME! Please, You dont know me- Do not post such ignorence.
We[Mr. Langford and I] Have been communicating, And i put the idea about, Financing, OF course with a downpayment, But the thing is I could only give about $2000, If i save VERY hard in the next 2 months.
Any Advice? Anything to be wary about? What would you do? (i really like this house!!)
What would my financing be? APROX. ive seen homes (a little lower in ccost then this one) financing for $550 a month- Im expecting a $600 fifinancing, BUT with my small downpayment maybe even $700- Plus utilites, Im expecting roughly $1000 a month. just for the home, Correct?
Also while im writing, Notice in the basement, Around the window[5th picture] It looks open to the wall? Insulation and such, Am i seeing correctly? I know the carpet would have to go but as it is just me and no recroom furniture it will stay for a few years.
Has any one beein in a Financing situation that they cn guide me along? I am making $10/hour FULL time at NCO. Aprox pay $1300.
Please give me any advice. NO IGNORANCE PLEASE! :)
Additional Details
The home is worth $78,900- I posted a link at the begining so you can understand what im talking about :)
I am not emancipated.
And I understand how its not wise to use 80% of your pay for your home, But I also have some people lined up for "roomates" to rent out the basment or extra bedroom. BUT I do not want to HAVE to have boarders or roomates- But it is becoming increasingly popular to buy a home and rent out rooms or the whole basement, If i rented out the whole basement I would try and get around $400-500 a month, this includes Laundry, useof bathroom(obvously) use of fridge if you do not have your own, use of stove- everything in the home minus my personal quaters. Now I know there are ALOT of responsibiltys when it comes to making legal renting papers but I would be willing to do so.
I also believe it is a split level side entry, So the side door goes up to the main floor and down to the basement(do you understand? if not ill draw a diagram.) if this is true.. |
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Landlord
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Dexter. I read this long thing, every word, looked at the ad too.
This guy is taking you for a ride. It is not possible for you to buy this house and he knows it. Even if you were 20 you could not, you do not earn enough money.
He is trying to con you into renting this place for more then it is worth.
Get a knowledgeable adult involved in these conversations and you will see this guy back peddle. His tone will change. |
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Maxy
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Dont be afraid to look around or even change locations. There are plenty of really nice homes out there and since your only making $10 an hout where you are.... why not! |
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stone
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Get a Realtor - a buyer's agent - to sit on your side of the table and walk you through this. Check with legal counsel to see what you need to do to address being a minor. Your Realtor should recommend you hire a professional, reputable home inspector to check out the home top to bottom. If you are going to take in roommates, get a solid lease so everyone knows what their responsibilities are. Especially recommend this since you are also going to be living in the house Check Zoning. Does zoning allow you to rent part of your home? If it is a single famly home, then you might be in the category of renting to "boarders". In my neighborhood, this is separate from tenants. |
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Tedi
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Ask at the local HUD office if they have any down payment assistance.
In my state it's called SNAP
Get an inspector to ck elec, and plumbing. Also go into the neighborhood and talk to them, if they're nice great, if they're mean don't move there. |
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☼AstrologerJuliAnne☼
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It doesn't sound as if you are buying this place. You are basically renting it for a term and that will give you the chance to save up enough to get your own financing.
What I find curious, is if this guy who is supposedly selling this house knows you are 17, why hasn't he told you to wait until you are 18. He cannot hold you liable for a thing if he lets you sign something at 17. (oops ignorance! )LOL Also, does he approve of you renting out the rooms? Technically, this would be a rental and he the landlord..he would have final say in whether he wants a bunch of people living in his house.
This guy you are dealing with needs to have his atty draw up the lease. You don't draw up the lease, you aren't the owner. If this guy actually gives you a legal document to sign that is when you go to a real estate attorney and have him look over the lease and advise you. But, be sure he will tell you that you aren't old enough to sign it!
This whole thing just sounds really shady as I can't imagine someone would be that hard up to turn over their property to a 17 year old! That's just inconceivable.
Hopefully, this property exists and you aren't going to be out $2000 or whatever you agree to give this guy. |
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alisha p
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are you emancipated? If so or if you could be then you can sign on your own. |
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baycitybettas
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If you honestly think that you can do this, then you are a very foolish child. Nobody in their right mind would loan you a dime. There is a reason why you cant make a contract with a minor- Because you are too young to know better and incapable of making well informed decisions. It is not your fault, you just lack the life experience. Couples with well paying jobs have a hard time making ends meet, if you really think you can, you are dreaming. If you have to rely on renters to pay your mortgage, you are in for some real trouble. Save your money, go to school and enjoy your youth. It wont last forever, but by the sounds of things, that mortgage will.
P.S. Took a quick look at the house. You can't even afford the electrice heat. I can't afford the electric heat and I am not relegated to jobs at Burger King... Seriously, you dont have a prayer. |
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John S
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According to your math, you'll require 80% of your take home pay for house payments and utilites. That's far too high. Have you figured in taxes? Rent until you can devote no more than 45% of your salary. |
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Laura
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it is becoming typical now to spend the night in a home before you buy it. incase of late trains or noisy neighbors.
as far as i read you didn't give a total asking price, just a monthly payment, $550 a month for me would be less than my rent so i would think it's a great deal.
the only advice i can give about pricing is going to zillow.com and seeing what the house is worth. |
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thunderball
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According to your math, you'll require 80% of your take home pay for house payments and utilites. That's far too high. Have you figured in taxes? Rent until you can devote no more than 45% of your salary. |
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ramehdickens
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Hello!
I am going to try and give you as much information as I can but I am from Alabama and our financing and real estate laws might be a little different. Ok, for beginners, I applaud the fact that you want to buy a home at an early age. It teaches responsibility and can be a great way to have equity at an early age. For younger people (like myself, I just turned 25) I recommend a lot of properties that need minor work to create sweat equity. This can be anything as simple as light drywall work, flooring, cleaning, etc. Thing of it like a house flip you do slow and steady and live in. Now, in Alabama you wouldn't be able to buy a home because your not 19. It's 19 to to sign a contract here but I am guessing that its lower where you live. This is something you will need to take up with a mortgage broker.
Now, is Mr.Langford the selling agent? For example, is his name the one on the for sale sign? Keep in mind, that in a case like that, he will be representing the seller first and foremost and then in a best case scenario be assisting both parties. Since he has known them first do you think he will really be neutral? You might need to get an agent yourself there to represent you. This is free and is called a buyers agent and won't cost you anything. This can be negative to you if for example he meets you and you make an offer he might go to the seller and say " I wouldn't take this offer because I feel that this guys young and we can get him for full price and closing costs, etc."
Ok, the next issue about a down payment is banks usually require 3% down. I'm thinking that would be somewhere around $2400.
Alright, one of the last things you should do is get your agent to give you a NET SHEET. This net sheet will show all your expenses at closing and they should be able to almost exactly tell you what the property will cost you monthly. This should be double checked by your mortgage broker by doing a good faith estimate. If the most cash you will have is your downpayment then you will need to have your seller pay your closing costs.
I can't stress enough how badly you need a realtor on your side. Without one you could make a lot of mistakes. Lose your earnest money. Take a hit on your credit. Or worse, be pushed through buying something just to lose it because they didnt tell you about pmi, mpi, insurance escrows and more! (all things that can be taken care of, or understood by someone on your side) If you need some help send me an email at rameh1983@gmail.com. I will see what I can do to help you out.
Thanks! |
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