 Any other women in their early twenties feel this way? |
| Ive been shopping for a home for about a year now. I want to own a house. I live alone now, but I rent, and thats such a waste of money. I rented the house 5 years ago when prices were good so now ... |
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 First time home buyer. Estate Agents? |
I am a first time buyer.
Do i register with only one estate agent, or go and register an interest with a few?
What is allowed? or recommended?
(UK)... |
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 Is it acceptable to view a property, put in an offer even though I dont have a mortgage in place? |
| We are first time buyers, was going to wait untill the new year to put wheels in motion regards the mortgage but we have seen a very nice house. Obviously it depends on the other other offers the ... |
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| I'm purchasing a house and am no longer sure I should spend the $300 - $400 to get a home inspection. Why should I get one? I hear most of them do not offer warranties.... |
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 How much can I afford on a New House/Condo? (first time buyer)? |
Hello everyone,
I am really interested in buying a house soon (or a condo if I can't afford a house). I am not married, I have no dependents, I currently have a 690 FICO score, no ... |
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 UK ONLY PLEASE... will house prices rise again anytime soon? |
| I bought a flat last year for £212K and really need to sell now. I'm really worried that I am gonna be in loads of negative equity, but really need to sell. Any idea if the housing prices will ... |
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 I'm buying a condo, and the contract has some questionable areas, when do I hire a lawyer? |
| I'm about to put an offer in on a condo, but I've reviewed the contract and there are a few things that I'd like to take out or have revised. My realtor advised me to call a lawyer ... |
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 Is it natural for a tenant to hate thier landlord? |
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 A tenant/friend has left my house trashed... what can I do? |
| I opened my home up to a friend that needed a place to stay for 6 months. This raised my rent not to mention was a hassle for my family and I. Last Sunday she moved out unexpectedly and left us with ... |
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 If you quit your job whilst Pregnant are you untitled to all benefits? Housing Etc...? |
I recently found out im pregnant and now my bf is telling me to quit my job today to get full housing benefits tomorrow???
We've been through the housing office and viewed a place ... |
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 Is now a good time to buy a house and take on a mortgage? |
Georgia, USA
first time buyer
single family unit
Please explain and also if you have tips for getting a good mortgage.
Thanks you in advance!... |
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 If my husband and I divorce and the mortgage and house is in both our names how can I get the mortgage interes? |
| My husband and my divorce went through about a month ago and the mortgage and house is in both of our names. How can I get the mortgage interest off the house. And me and him are not on speaking ... |
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 What happens when you split up with spouse? |
| Ok here's the deal. My wife has informed me she no longer wishes to be married to me. I am planning on moving out in January. When i do she isn't going to be able to afford the mortgage ... |
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 Can i claim land that i have looked after but belongs to someone else? |
| i have heard that if there is a neglected piece of land that no one tends to and you have used it for a number of years then it is yours? How can I claim i?... |
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| been in my council house for few years now, through difficult times we got in arrears. now other day got eviction letter for the 14 august and bailiffs are moving us out what shall i do i have 3 ... |
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 How does one determine a fair purchase price offer for a home? |
| The asking price is $139,900. Closing costs have been estimated at $7000. Is it unreasonable to offer a purchase price of $124,900, while asking the seller to pay half of the closing costs? The ... |
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 New owner wants me to leave and pay him? |
| Situation: I have a new landlord (according to my old landlord) but I have gotten zero notices on this so I have no idea where to send my rent money. I just received an eviction notice. On the ... |
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 How do I avoid from someone placing a lien on my property? |
Is there a way to protect your property and avoid HOA or creditors from placing lien on your property?
Additional Details
What if you incorporate or place your property in a trust. Is ... |
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tycoon19 | Can I buy a house, with FICO 700, 22k yearly, and 21? |
I'm interested in buying a house but I'm not sure if I can. I would like to buy it, live in for less than 2 years and fix/resell. Can I do this being 21, 22k yearly, fico 700?. I'm about to graduate w/ accounting major in less than a year. Thanks
Additional Details
I should have added, I make only 22k in verifiable income. I live in AL, buying a house less than 150k. And yes I can get an apartment but I would rather not. |
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W. E
 |
With your credit score, you would have NO problem getting a 100 percent 1 loan.
ADDITIONAL HELPFUL INFORMATION TO KNOW
Decide on how much you want to spend, if you want to escrow the taxes and insurance. Say the taxes are 1200 a YR and insurance 800 a year (just an estimate, ok) That is 2,000 a year divided by 12 = 166.66 If you paid 1,000 a month now - (166.66) your P/I Principle and Interest would be 833.34. Now you decided on the price range you are looking into. If you have great credit, a 1 loan at 130,000 at a rate of 7 percent over a 30 year time would be 864.89 - This is just a estimate - ok -
It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thur a realitor, and the seller has to pay the realitor their fee which runs from 2-6 percent of the selling price, and you ask for 4-5 percent toward closing cost -assistance) Follow me so far??
Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down
Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). This will tell you the up-front closing cost (etc) associated with your loan. This is a estimate only - not the final - but it does help you figure things out.
home values Just add 10-15 percent to the values on this site.:
http://realestate.yahoo.com/Homevalues
These sites have a first time home buyer guide on them, that you can download and print off.
http://www.fanniemaefoundation.org/...
http://www.fha-home-loans.com/
http://www.freddiemac.com/ |
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Debbie P
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I am a professional mortgage broker and this is the accurate answer. With a credit score of 700 you can go "stated". This means that you are allowed to state your income without proving it. However, although we can get you qualified for whatever you want, you still have to make the payments. Just keep in mind that with an interest only payment, you are looking at about $530.00 per every hundred thousand dollars you finance. That should tell you what you need to know. If you sell prior to 2 yrs you will be responsible for capital gains taxes unless you reinvest your profit within a set amount of time. I am not a RE attorney so I'm not sure of the time you get to reinvest. I hope this helps. Contact me and I can get you prequalified. |
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Searchlight Crusade
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You have a decent credit score, but how long have you been in the line of work?
Assuming you've been in it for long enough, your monthly income is $1833. Even if you go subprime, your total allowable costs for all debt service and total cost of housing would be $916 per month. That's about $100,000, depending upon taxes and insurance costs where you live, even if you don't have association dues or any other debts. |
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SASAUN
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Piece of cake to get the loan done, but can you afford the payment on your income alone? Do you plan on having roomates? Ask your lender or broker about a N.I.V.A. (No Income Verified Asset) or a STATED program loan. You don't have to document your "true" income. These loans are considered a "liars loan" or loan for hard to document income (self-employed). The programs will get you in the house, but again it won't tell you your payment quite yet. Good Luck! |
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Paula M
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What's 18% of 21K? It's $3,150. That means the most you take home is $17,850 (making assumptions that you are not claiming zero and don't have any payroll deductions, etc.)
$17,850/12 mos = $1,487.50. Hmmmm....Your housing should not be more than 25% of your pay........
$1,487.50 X 25% = $371.88. - that's how much house you can afford.......
I don't know what kind of residence you could purchase w/ a $400 mortgage...... |
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littlebettycrocker
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In AL you can probably do this. I am 25, with score of around 690 to 705 depending on Co, and make around $21,000 /yr and i just bought a house for $90,000 with pymts. of $511.00 per month plus taxes and insurance. Just call around and talk to bankers and real estate agents. And dont rush into anything !! |
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Price is what you pay for value.
 |
Lender will give you money for sure. Probably charge you a higher interests rate and extra insurance on the loan for not having the down payment or good credit.
Would you consider delaying your plan? As housing market continues to slump, it might save you 10% simply by waiting for a few months. Another way to look at it, you can increase profit by 10% when you are ready to sell it.
http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514
As housing market continues to slump, if you don't plan to delay your plan, please interview several and pick a good realtor or agent.
Bad ones will talk you into buying the largest property at your credit limit. Good ones will find you a good deal (Sellers are offering discount and incentives now).
Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents.
Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate.
Finally, for tax benefits, talk to your CPA or tax accountant. Do not consult finance with realtors or agents. They get commissions when you sign the check!
Good luck!
Good article when you want to put in bid, negotiation.
http://biz.yahoo.com/brn/060909/19463.html
-------------------
Different perspective:
It is a myth that renting is always worst off than buying.
Rent vs. Buy as Housing Market Continues to Slump
As housing market slump, it is easier to calculate "Rent vs. Buy" scenario. Because "appreciation" is no longer a factor.
Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it.
If interests portion of the mortgage payment is roughly equal to rent of equivalent property, then it is a decent buy.
For example, let's buy a $500,000 condo with 0% down and apply interests only loan (just like renting a place). Mortgage payment would be $3250/month. It is a bad buy, because you can enjoy same property for $2000/month.
Please note that I assume the tax benefits from home cancel out fees from home association and property tax. For more accurate calculation, consult with your CPA or accountant. But NOT your realtor, whom will say anything to get the deal to go through.
And again, if you like a particular property, then paying more may be reasonable. You are the only person who can decide how much more premium you are willing to pay. |
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insane membranes
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i like this, all these youngsters boot strapping it.
well it certainly won't hurt you to try.
heres a site you can get a few differnet competing quotes for possible financing options. Helps if you know where you want to live at least.
http://www.savingslife.com/loans/step1.php |
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comic1965
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The answer to your question is "maybe", but probably not. Your credit scores are strong, but you lack two years of employment history. This is a MAJOR item with lenders. Also, with an income of $22K a year, your ability to aford a home may be limited depending on where you live. Most lenders will not allow your TOTAL monthly obligations (i.e., mortgage, property taxes, home insurance and total consumer debt) to be more than 50% of your gross income. If you have additional question. please contact me at phl_concord@yahoo.com |
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anirbas
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Talk to a mortgage broker. How much have you saved for a down payment?
You can get a loan but you will need to pay closing costs and earnest money.
How much rent are you paying now? |
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laughter_every_day
 |
Your fico is ok, and your age doesnt matter much as long as you have a couple years on the job. Your income, however, might hold you back. Most mortgage lenders would loan you only about 70-80K with an income of 22. i don't know where you live, but in my town you can't get a refrigerator box for that kind of money. |
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Fred
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probably not but you can go to a bank or mortgage broker and see all your options. |
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Dan
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you wont be able to even get an apartment with 22k a year... did you even bother looking??? |
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