 As a Landlord, Can I.....? |
| My husband and I just moved into our brand new home in Texas. We now have decided we should have bought something bigger and want to start a family. There is no way we can sell our home. We want to ... |
|
 How long does it take to get your money after closing on a house? |
| My house is on the market for sale. I'm wondering how long it takes to get your cash from the bank after you close on the sale. And also, how long does it typically take to close on a house?... |
|
 Buying a house, chance seller will pay closing cost? |
my agent says its something we can ask for, but doesnt sound likely.
has anyone had the seller pay most or all of the closing cost?... |
|
 I became disabled and had to move due to financial issues. Can the landlord sue us for breaking the lease? |
| I was in a semi truck accident in late 2005. In February 2007, my fiance and I moved into a house that had a year lease. In July of 2007, a diagnosis was finally made on my condition and I was the ... |
|
 How do I get a Quit Claim Deed? |
| My name is on the deed but my son lives there and pays ... |
|
 If a house is listed at $69,900... what is a reasonable offer? |
Muskegon, Michigan.
3br/2baths. 1600 sq. feet manufacured home.
Built in 1988 on 0.5 acre.
First-time homebuyer.... |
|
 How can we get a home with no money down, bad credit and debt? |
| My wife and I both have bad credit, I had bankrupt. in 2001 (discharged in 2002) And I have about $25k way over due in student loans. My credit score is about 580. My wife has a credit score of ... |
|
 Should I go, or should I stay? |
My appartment building was sold, new owners promised all kinds of improvments. After a few upgrades were done they, told some tenants their lease was not being renewed.
My lease expires in Dec. ... |
|
 Bad service form an realestate agent can i get out of the contract? |
| I signed a contract to sell my house. The agent never returned my calls always took 5 - 10 days. They would rumage through my belongings, leave the t.v on after an open house, and gave me 10 ... |
|
 I own a house and rent it out, but the rent doesn't cover the entire mortgage, and I have fallen (see details) |
| behind on the mortgage payment and am thinking about letting it go to foreclosure. Can I still collect the rent? And what should I do with the rent money? Do I have to keep it in an account, or ... |
|
 Why are there so many home foreclosures? |
| I've been reading about how there's a real big problem these days with people losing their homes? I'm sure that sudden unemployment or over-spending might account for some of it, ... |
|
 If you put your house for sale do you have to sell it if someone offers your asking price? |
| if asking 200k, and a buyer offers 200k, do you have to except his offer. is there a penilty if you change your mind and do not sell it to the offerer?... |
|
 When is my first mortgage payment due?? |
| I have just applied for a mortgage with my partner. I was just wondering about the first mortgage payment. If we are accepted for the mortgage, when will the first payment be taken out of our bank?... |
|
 What do you think of this move out deposit? |
| I rented for 2-3 years. We had cleaned the house and had the carpets proffesionaly cleaned. We did our walk out inspection on the 5th. The lady said that it was 'one of the cleanest houses' ... |
|
 I was willed a home that is upside down on the loan? |
what options do i have?
I cant afford to keep it...can i just tell countrywide to take it???... |
|
 Flatmare refusing to pay rent.? |
My flatmate is refusing to pay rent, however she has signed a joint lease but the rent comes off my account.
She quit her job and now has no money but she's refusing to contribute ot rent, ... |
|
 Can i sue my previous landlord for this? |
| My previous landlord is trying to sue me for damages to the house and not paying rent when they kicked us out 3 months before the lease is up. Also they kept the security deposit that I was promised ... |
|
|  |
chi412 | Can I buy a house? $42K salary? |
I make $42,000 a year and would like to purchase a home. I have a good credit background, am paying off my credit cards and student loans. I just finished up paying off my car. I'm trying really hard to budget even more. i'm living in my parents house, no rent. Can I buy a home? How much would a mortgage be including all the taxes and other fees? I live in Chicago and would like to live in the city. |
 |
 
Mark P.
 |
Ask a loan officer, they can tell you and how much, etc... |
|
tkquestion
 |
Let me suggest that you DO NOT buy a house until you pay off your credit card debt and student loan.
If your salary is 42K and your expense is moderate, yes, you CAN buy a house. (probably not in the city, and it won't be large or in expensive area) However, it won't leave any extra money for anything else. When you buy a house, you need a whole host of other "stuff" you will need to buy to make the empty house livable HOME. In addition, if you are buying a used house, you will be wise to budget for unexpected repairs and other necessities. Let me tell you my 10,000 dollar "buffer" for unexpected expenses went rather quickly!
My gueestion is this.... before you make the leap, have most, if not all of your debt clear. Have a buffer money of about 10,000 dollars or so, and have enough for down payment of 10%.
You will be saving yourself from a lot of headache. With less debt, you are also likely to qualify for much better rates, too. |
|
Johnny
|
At 42,000 a year you can afford about 150,000 dollar home as long as you are in an area that property taxes aren’t over 350.00 per month and a down payment of at least 30,000. I would suggest that you buy a fixer upper and put your own money in it over time so as to keep your payment down and property taxes down. I would also call your local Primerica office for financing they have a much better deal than any bank can offer. They will also free of charge show you how to best invest your money to make the max, all I can say is that if it wasn't for them I would have been through Bankruptcy. They are a great company.
Good luck. |
|
twv706
 |
There is a good free site at http://www.mortgageawareness.com that has advice for first time home buyer programs. It also explains the difference between go through mortgage brokers and banks. |
|
Esmeralda
|
The general rule of thumb is, you can afford 2.5 times your salary in a mortgage. However, if you have debt like credit-cards and student loans that figure may change. The way I understand it, Chicago is a VERY expensive area to live in so I doubt you can buy a home or even a condo for 100K which is what you would qualify for. I would save some money for a large down-payment, wait until you get married or increase your income, or consider moving into a less expensive real estate market. |
|
K. W.
|
I'm not a mortgage expert but from experiance I've learned even with bad credit you can get a loan. You need to go talk to a mortgage company and get preapproved for a loan and then start looking. It's easier to get into a house if your pre-approved for an amount first. Then you know your housing options. |
|
Mortgage Pro
 |
Yo can qualify for a house now, you might consider buying a Condo for starts. I would suggest pretending you have a $1300 a month mortgage now and placing that money in an E-trade 3 month CD each month. This will give u a real look at how your budget is impacted and at the same time your money will be gaining great interest. You can contact me at www.lendersgreen.com |
|
Wisdom Reanimated
 |
Research it, but don't make any moves for at least 6 months. The impact of the subprime lender implosion is not clear yet. They all have failed since the beginning of March.
It will start impacting the market immediately, but prices won't be affected for a few months. At least sellers will not begin to understand that 20% of the market place has simply evaporated because they can't get financing. In 6 months time, we will have a clearer picture and some data reflecting where the market is going to head.
Be happy you didn't buy recently. Sit back, save your money and monitor your credit. You should be in a very strong negotiating position at that point. |
|
Carlton C
 |
Yes, you can buy a house. However, based on your salary and credit, it may not be from a traditional standpoint. There are TONS of ways to purchase homes that do not require loan companies, credit checks, etc. Most people will provide you with "traditional" alternatives, but use your mind for your leverage. Sure, maybe you want to use the traditional ways to purchase a home, but if that doesn't work, use "investor" methods (those with integrity, of course). While there is no way for someone to give you the cost of mortgage without ALL of the necessary information, you can use various stragegies that will allow you to purchase NICE homes without the need of banks or mortgage companies.
Some of the options are lease/purchases, rent-to-owns, subject-to deals, etc. Do the research and find out what will work best for you.
To your success! |
|
RE-AGENT
|
To get a more realistic answer to your question, you need to consult a loan officer from where you do your banking or a credit union where you are a member. If possible avoid mortgage brokers where they will tack a lot of junk fees. But first your really need to talk to a loan or mortgage officer. |
|
Richard S.
|
1. Order copies of all three credit reports and figure out your "middle score".
2. Figure out how much you can afford to pay a month. Be sure to include current debt payments (credit cards, student loans, car, etc). This number shouldn' t exceed 50% of your gross monthly income.
3. Contact a local broker or bank and figure out what kind of interest rate you can obtain. Do NOT ask them what you qualify for otherwise they'll stretch you beyond a reasonable comfort level. Forget interest only or negative amortization loans.
4. Once you figure out an approximate interest rate, find a website like bankrate.com or similar with a mortgage calculator. Play with interest rates and loan amounts until you figure out how much you can borrow. Add the payment + all your other debts and divide by your monthly income. If it's close to 50% you'd better look for less home since you haven't included taxes and insurance. Also, contact a tax professional who can figure out what you'll save monthly in taxes based on your income. This will boost the affordability.
5. Go to realtor.com or similar and punch in price range for your desired neighborhood or zipcode.
6. Call a local realtor and shop within your price range no matter what they pitch or how emotional you become.
7. If you find you can't afford the homes in your desired neighborhood don't feel bad. Most likely those people can't afford it either and can't sleep at night due to financial stress. |
|
Rich Z
 |
The banks usually think of giving a mortgage for about three times your salary. With a down payment, that would get you about a $140,000 house. In big cities that would not be much of a house. You would do better to either look for a two family house where you can cover some of the costs as a business expense or look for a house in the suburbs that would let you commute by rail to the city. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
11 | 30 minutes(s) ago
| | | |
11 | 51 minutes(s) ago
| | | |
11 | 58 minutes(s) ago
| | | |
11 | 1 hour(s) ago
| | | |
11 | 2 hour(s) ago
| | | |
11 | 4 hour(s) ago
| | | |
11 | 6 hour(s) ago
| | | |
11 | 10 hour(s) ago
| | | |
11 | 2 day(s) ago
| | | |
11 | 5 day(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
