 Hi all are there any legal people out there who can answer a question??? |
| for personal reasons i have sold my house so i am looking to rent a bungalow but my question is. ... If i put down a deposit to hold a property could my buyer pull out and leave us losing our ... |
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 Can the bank come after me if I buy a house and then walk away from current house. I'm $70 K upside down.? |
| I make great money and can pay my mortgage but I would be able to upgrade my house and location for about the same I paid for my current house. I know that I would be hit for 7 years but that is ok ... |
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 Checking credit 4 an apartment? |
what do they look for when they check your credit?
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but i mean like where can I find it on my credit, just to save me some embarrasement??... |
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 If you are married and husband wats to sell house and wife does not? |
My husband wants to sell house, I am on the deed too, if I don't want it to be sold, can it? even if he says he going to put it up for sale, and we are married now??
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 Bank of america home loans? |
| bank of american has a special offer on home loans which includes, $0 application fee, $0 closing fees, and no private mortgage insurance ...has anybody used this deal from bank of american to buy a ... |
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 Is $12.78 enough to live somewhere that is $1,055 a month? |
So I work a steady job, 40 hours a week. I make about 900 every two weeks. Would I have enough to afford an apartment that cost $1,055 a month?
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I dont have any credit, ... |
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 Single mom tired of renting - NEED HELP? |
I am a single mother of 1, with low income. i have a roommate with good income. But both of us have questionable credit. we pay 1050 for rent now plus all utilitys.
Is it posible for us to buy ... |
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 I paid for an appraisal to refi. Dont I own the appraisal? |
| The first lender who ordered the appraisal came back with ungodly fees and interest rates. I would like to shop around for a better loan. Now other lenders want an appraisal as well. The appraiser ... |
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 Landlord controls sprinkler system, I pay water, is this right? |
| My landlord installed a sprinkler system and waters the grass constantly. Water costs more than gas and electric. How do I handle this!?... |
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 Why hasn't the government jumped in to help people in foreclosure because of predatory lenders? |
| I am in foreclosure in Maine because a lender set me up for a payment I could not legitimately afford, and am losing my family home that I have owned for 20 years, and my grandfather owned for 20 ... |
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 I bought a mobile home located in a park where i pay lot rent. Is it legal to make me pay for past due rent? |
| The past due rent is from the previous owner. When you anwser, please refer me to the law that supports your anwser. The residence is located in Gautier, Ms/... |
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 What is it like living in florida? |
Cost of Living
Colleges
Entertainment
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Well thnaks everyone jsut about the weather & the cost of living seems 2 be the cons here, but i rather live where ... |
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| Can I survive on $30,000 a year? |
| I am moving out and getting a roommate in Dallas/ Fort Wort, and i wanted some feedback on this question...... |
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 Evicting tenants ,changing locks?? |
i have a friend who was in need ,she had no deposit,no bond for a house.i was due to move ,so i rented her mine .i left it fully furnished ,very expensive audio equipment ,tv etc.
i have heard ... |
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| Why do people in the UK now buy property in Bulgaria? |
| The are a lot countries closer to the UK then Bulgaria. I don't think property is particularly cheap there..only compared to th UK..not compared to the Netherlands, Belgium, Germany, Austria, S... |
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success_2_be | Am I ready to buy my first home? |
I went on a "how much home can I afford" site and the calculation is I can afford between $175k - $200k. I have no down payment saved. The least expensive new home built in the area start at $225k.
The weekly newspaper do list a few homes being sold at $150k - $200k, but most houses being sold start at $300k.
What should I do? My FICO last checked was 720. Everyone says its a buyers' market, but is it my buying market? |
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Molly M
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With no down payment, you will have to be borrowing the full amount of the house and will have to factor in closing costs and points as well.
What are the interest rates in your area? You should sit down and create a budget of your known expenses (car insurance, car payments, pharmacy bills, average monthly food costs and gas costs, average utility bills...as well as any student loans and monthly credit card payments. Add at least 20% to all that to pad the budget in case of rising costs for utilities and gas etc. Factor in homeowners insurance too. Then look at the income you have coming in. Does your monthly income exceed the expenses (including the estimated mortgage payments?).
You'll want a fixed rate as well on the mortgage. Adjustable rate mortgages are killer. An increase of 1% for the mortgage rate can actually increase your monthly payment by about 4% which is equal, in most cases, to an additional monthly payment a year! A lot of folks are finding themselves in foreclosure because of ARM mortgages.
The other thing to remember is that as an owner, you'll have taxes, water and sewer charges and all the joys of home maintenance too which adds on extra costs.
I'd say start with your bank and see if you can talk to a loan specialist who can crunch numbers with you and see if you are a favorable candidate for a pre-approval. They will work with you to make sure you get a loan that is appropriate for your estimated debt-to-income ratio and with a pre-approval in hand, you'll have a better idea of what kind of house you can afford. |
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GreyGoul
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Talk to a mortgage broker. He will work with you and your situation and give you a few options.
Also, depending on where you are, there is an option for those without $ for a down payment. Its called a Combo Mortgage. Basically, its a mortgage for 80% of the price, and a second mortgage for 20%. You have 2 payments to make, but is an option for those who need to buy and can not wait while they save. |
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. :♥Mercedez♥: .
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dont ask me |
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Tones
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I'd wait a couple of more years. Save up some. The market will be in a recession until the rates drop.
Wait for the interest rate drops first. You'll be able to afford more home that way.
If you cannot wait, underbid by 10% whatever you're looking at. Require pest/house inspections to be done before going into escrow AT THE SELLER'S expense.
You are in control. Not the seller. Take advantage of that if you decide to buy now, but understand that the banks are gonna make money off of you with interest rates that are too high at the moment.
Be prepared to refinance when the rates drop again or just wait for that time to come. |
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Scott
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1st off you have no downpayment. That's asking for trouble up front.
Do you wish to Own a Home and keep it?
Save up for 20% down and buy Well under what you can afford. Pay ahead and get a little sweat equity in it. Your up front costs will be much lower if you have more down than with no or low down.
The reason for having down payment is that you will sooner fight to keep the property and make it work for you. If you go into the property with no down you have nothing to loose if times get hard and you walk away.
Forget about appreciation. In areas that have great appreciation today tomorrow it could go the other way and you could loose. however buy in a stable area that is established... |
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caliloanlady4u
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It depends on several things. Your location. Your income. Your family size. Specfications on what type of property you are trying to purchase. As well as so many other things. However, you do have an awesome score for now day:>!
How much you can afford will depend on your rate and other factors. You should really talk to someone in depth to help you figure out some of your options.
Go luck!! |
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Chloe
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If you have a secure job, you really can't go too wrong buying a house. Just make sure that you can afford the mortage. It is a buyers' market and if you look hard enough there will be homes you can afford. Try a condo. Depends on your level of fixing up if needed. Good luck. (it is scary but it is a good investment) |
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withinhisgrace
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Go and Play, Learn the game.
Look at houses, talk to agents, brokers etc.
It takes time if you start now in six months you will be educated and know if your ready. In the meantime you will meet and see and learn ALOT! |
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Funchy
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Talk to a mortgage broker! He can prequalify you and tell you for sure what price range you can look at.
You'd be better off if you could save up about 10-15% of the house's value for downpayment & closing. You might get buyers settlement help but it's not "free" money. |
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summerglow
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how the hell should i know??? |
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C O
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720 is a good score! Now all you have to do is find property that you can afford. Try the HUD site on the Internet for repo'd homes. Don't be sucked into these places that charge you money to find repo'd homes. The list is free! You can very well find a home that is below market. Also, you can go to the lender, and ask for a pre-approval for a mortgage loan. That mean, the bank will determine how much they will lend you to purchase a home before you find a home. Then you have to find a home that meets the lender's specifications, which can be different depending on the type of loan. There is Conventional (higher interest rate, but less for the home to qualify), FHA (has specific minimum condition that the home has to meet and a lower rate), First time home buyer programs are available also, check into those...they are usually at a good rate, and the easiest to qualify for. Good Luck! |
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