 Which is the smarter financial move?? |
| Right now I can buy a palce but...everyone is giving me diff advice. Seems as though most say RENT right now because prices will continue to go down thru 2008. I always though by renting it was a lot ... |
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 Section 8 housing? |
| I LIVE IN SOUTH FLORIDA I WANT TO RENT OUT MY HOME, I WANTED HOW WOULD I RENT OUT MY HOME TO A SECTION 8 FAMILY... |
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 Temperature in house to avoid pipes from freezing? |
| I live alone and travel often. I live outside Philly, so it's fairly cold right now. When I travel, I turn down the heat to lower the bills......but does anyone know the safe temperature I need ... |
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 My landlord is going to keep my deposit, is this legal in my circumstances? |
| My landlord is the most unreliable person. I asked numerous times for her to bring me a new lease to sign. I asked three times and still nothing. she was excited that I wanted to stay for another ... |
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 My neighbor is playing high bass music... why are people so rude?? (I live in an apt)? |
| I don't get it. This guy has a newborn infant and about 5 other people living his apartment, yet he plays his loud bass filled music all the time. I like loud music too, but I realize I live ... |
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 What do I need to buy a house? |
| My husband and I are wanting to save up for a year and put the money we save together with our taxes and buy a house. Our credit isnt that good right now but we're going to spend the next year ... |
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 Neighbors downstairs complaining about my walking - what can I do? |
| I live in a seven year old apartment. I am on the top floor. I can normally hear my neighbor below me pounding the bass when they play video games. Anyhow, suprisingly enough, they complained to ... |
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 Should I rent the condo or buy it from the seller since he has offered me owner financing? |
| I was recently looking for a place to rent with a friend of mine. We chose a new construction condo to rent, and they are not finished yet. As we are waiting for them to finish up so we can move ... |
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 Do you need to be in full time employment for a period of time PRIOR to applying for a mortgage? |
I want to apply for a mortgage when I graduate in June with my boyfriend.
He is on around £18,000 and I hope to be on the same.
I was wondering if I can apply as soon as i get my first ... |
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 How long do i have to keep my house before i sell? |
| My husband and i just bought our second home back in sept. 06. We were in a rush to get a home near a good school for our daugther. Well we didnt have much to choose from in our area at a price we ... |
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 Flipping HOUSES?? Good Investment? |
| For those who don't know, the term "Flipping Houses" is when you purchase a house, fix it up and sell it for more money to make a significant amount of profit. Does anyone know if this ... |
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 I had a shop for 9 mths without signing the lease, am i still liable for anything? |
the landlord says im liable for the lease even though i didnt sign anything
Additional Details
im not stiffing anyone he's trying to wangle money out of me, i didnt make any profit ... |
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 Real Estate licenses? |
| Do you need to take a real estate license course again to be license somewhere when you already license in your own state? OR can you just go and take the state exam in that state to be licensed. ... |
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 Are There Any Free Appraisal Sites ? |
| I am looking at a property and just wanted to get an estimate on what the home is worth but not pay 300-500 for an appraisal on a property I may not want.... |
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Miss Cissy | Advice for first time home buyer with no credit? |
my (long-time) fiance and i are hoping to buy a home within the next year.i do not work and have poor credit, so i will most certainly not be on the loan. he works and supports us all, but has really no credit. he is 30 y.o. had some minor negative items on his credit report which we recently paid off, so now there is nothing- good or bad. we make our monthly car payment to a relative and have no credit cards. any advice on what do over the year to improve our chances of being approved?
Additional Details
thanks. we do have current credit reports, as we have been working to clean up his collections accounts over the last few months and they are all paid and cleared off now. these collections were from several years ago, so no late pmnts are showing at this time. i think i got some good advice from a few of you. btw- i do have a job, i just dont get paid for it, lol SAHM full time. thanks again, seems possible now :) |
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cheeba0228
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WOW just about everything I read above is wrong. As a first time homebuyer you can do a NO credit score but it must be NO credit score. Listed below are some of the requirements for FHA's no credit score guidelines.
1. You must have 3% downpayment coming from your own verified funds. Meaning no help on this one you'll have to show 3 months statements to show that you have had the money.
2. NO rental or mortgage lates in the past 12 months. They will verify this with a landlord if you are renting and will want to see the cancelled checks to prove the rental.
3. you must have 4 sources of non traditional credit. Cell phones, internet bills, car insurance, car payments, utility bills. Anything but credit cards.
4. Max Debt ratio of 43% total and no more than 31% can come from what the house payment would be.
5. 2 years since removal from and Bankruptcy with NO LATE payments after the BK was dismissed.
6. 4 Years removal from any foreclosures.
7. No more than 2 lates on any accounts you have in the past 12 months.
And for the user that said if you have utility bills that you have a credit score its not true, Utilities dont report unless you are past due, or unless you enroll in a budgeting plan.
**And thats how you qualify for an FHA loan with no credit score. |
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dday2086
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When qualifying for a home loan under various first time home buyer programs you can establish alternative lines of credit. Utilities, cell phone bills, auto insurance gym memberships, ect...
Pre-qualify with a reputable mortgage lender in your area. Find out where you qualify now. Get rid of the guess work. If you qualify well enough now why wait? If your lender finds any issues with your credit profile, income or Feels you will need time to save money you will be working with a plan.
FHA lends up to 97% of the purchase price of a home. There are other programs, grants and gift programs which can provide monies for down payments and closing costs.
I am not reccomending you go buy a home just because you can. I am reccomending you do the math.. If the home you want to buy fits your budget, won't add large improvement cost or location issues (long drive to/from work and cause you to spend too much in gas and vehicle maintenance) then go for it.
Rates are not at all time lows, but they are good. Home prices are down. Can they go lower - maybe depends on where you live.
Pre-qualifying should cost you little to nothing, get a copy of the credit report and wtart working on a plan. Good luck |
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bob W
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call up fsbo sellers and offer them a L2P contract. You can get into the home with no money down and you can always resell the option to purchase it to someone else for some quick cash if you change your mind. |
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Madilyn
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Here are many first time home buyers programs available. You may start by calling the city Housing Office in your city or the county housing office<!--in the county in which you reside.If these offices don't have the programs you are seeking they will be able to tell you what agency in their jurisdiction has them.
http://best-loans.awardspace.com/homebuyerprogram.htm
Once you have located the first time home buyers program and who operate it, that agency normally have a list of lenders, banks-->mortgage brokers or institutions that are authorize to administer the program. These agencies are normally listed on a pamphlet. |
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godged
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If you have utilities (electricity, cell phone, etc) you have a credit score.
What the above poster is talking about is lease to purchase, which can be a real challenge, and I cannot recommend this.
The other above advice is sound, you need to really work on your credit scores. How about getting a job so you can start saving the extra money for a down payment? |
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rhsaunders
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You will have to establish some credit, and it will take longer than a year to do so. Take out a credit card or two, use them sparingly, pay them off in full each month, and that will get you started. |
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Chris T
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1. Save, unless you qualify for an FHA loan you will need 20% down...I believe FHA will allow as little as 5% but you should verify.
2. Try to finance everything you buy over the next year but pay it off the following month....use your credit cards as often as possible, just be sure to pay off the full amount each month.
3. Reduce the number of credit cards or other credit facilities you have.
good luck! |
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Doug S
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This is a terrible time to buy a house. In most parts of the country, housing prices are dropping significantly, and the unsold inventory is going nowhere but UP.
Wait at least a year, there will be so many foreclosures and walk-aways, it will be a real buyer's market, and banks will find a way to "work around" your credit history just to clear out their inventory.
If you want to know what steps will improve your credit rating, go into the bank now, sit down with the foreclosure guys, and ask them. They'll tell you. In a year or two, if you are ALIVE and can sign your name, they will find a way to sell you a house. |
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