 How long to foreclosure? |
| I went through a divorce and recently lost my job. I called the mortgage company to let hem know. Is this something they will work with me on? I can't make the full payment, but can pay about 25 ... |
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 How should I prepare? |
| My boyfriend just bought a house and is asking me to move in with him and pay $500 rent. What should i do to prepare myself in terms of legal issues if we were to run into trouble? Should I ask him ... |
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 Can you please explain simply why an interest only loan is a bad idea? |
| We plan on getting a conventional loan, but have come to a road block. The PMI, with our poor credit score, makes our monthly payments $200 more than we can afford. We paid off a debt, at the ... |
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 I'm thinking of selling my house for sale by owner. Who is responsible for the legal fees? |
| Who is responsible for the legal fees and appraisal and all that comes with selling a house on your own?... |
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 What is the law for people who rent? |
| In NJ- What is the law on if you rent an apartment - does the landlord HAVE TO have a key to your apartment if you change the locks?... |
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 Is it a good deal to buy a new home from a developer who offers incentives only through their lender? |
| We are in the market for a house, and have talked to a number of developers in our community. They seem to offer great incentives, but only through their preferred lender. Is this a good idea, or ... |
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 What is the best way to get out of a year lease? |
| If we just left, what will happen? Does it mess up our credit in any way? we do realize that it would be a reference lost, but at this point, we can't afford it anymore. We've thought about ... |
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 Can anyone tell me the meaning of " buy to flip " in real estate business? |
Additional Details
i will surely give away the 10 points to the best answer, promise. but i should get the correct answer. and a 5 star !... |
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 Help!! Rent just went up $35 dollars with no notice? |
| Can a new landlord just raise your rent with no notice? Furthermore, can a landlord give you a 5-day eviction notice with no previous warning?... |
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 We are new homeowners,is there a grace period till you are late? |
| are house payment is due on the 1st but we cant pay till the 3rd, will this harm our credit and count us late.... |
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 Live in Landlord? |
| I have been living in an apartment for over a year now.Sharing with a gay male. I have no problem with him being gay, i myself am straight. For the first couple of months things were perfect, but ... |
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 Who should pay the bill, the landlord or us the renters? |
| My gas bill came out outrageously higher than in the past. Our gas bill would usually be of 15 dollars, no more than that, but this time it came out of 200 dollars. The gas company came down and ... |
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 Whether verbal agreement is valid in property law? |
| Purchased a residential property with son in law and it was agreed verbally that on sale or one of us moving out that any increase in value would be split between us on basis of what each of us put ... |
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seth_delina | How do we go about buying a house on a lower income? |
My fiance and I are trying to find and buy our first home. We are getting married in March and would like to have a home of our own. We are both fairly young and do not have a large income. He has taken on the responsibility of raising my two daughters with me and is our main source of income. We know there are ways out there for low income families to buy homes but have not been successful in finding those sources on our own. Rent in our area is very high so we are currently living with his parents. We would greatly appreciate all suggestions or help anyone can give us!!!! |
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newmexicorealestateforms
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Each state has programs available to folks like you, in addition the federal government has programs that can help you out. You will need to search your state's web site for the programs available in your state, you can do that by going to this link and finding your area
All US States Constitutions and Web sites: http://www.constitution.org/cons/usstcons.htm
Search for cities & Counties in the US: http://www.naco.org/Template.cfm?Section=Data_and_Demographics&Template=/cffiles/counties/city_srch.cfm
In addition here are links that you can research for low income programs
FHA Federal Housing Administration loan programs: http://www.fha.com/
FHA Rural Housing loan programs: http://www.rurdev.usda.gov/rhs/common/indiv_intro.htm
US Government Housing assistance grants all areas:
http://12.46.245.173/pls/portal30/catalo...
US Federal Domestic Assistance catalog for all Federal Programs available to State & Local Governments & the Public
http://12.46.245.173/cfda/cfda.html
All government Benefit Programs http://www.govbenefits.gov/govbenefits_en.portal
Low Income Home Purchase Assistance (Private): http://www.nehemiahcorp.org/
AFFORDABLE HOUSING CONTACT LIST FROM REALTOR.COM US GOVERNMENT AND ALL STATES: http://www.homefair.com/homefair/servlet/ActionServlet?pid=187&art=contlist&cid=homefair
Low income housing assistance (private) Habitat for Humanity: http://www.habitat.org/
USDA Rural Housing programs & eligibility requirements: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
Finding out what benefits you are eligible for, with the US Government
http://www.govbenefits.gov/govbenefits_en.portal?_nfpb=true&_pageLabel=gbcc_page_questionnaire&_nfls=false
That should give you some direction as to what is available to you and your fiance. I wish you the best of luck |
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RickRN
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If rent is high, mortgages are high. I would not worry about a home right now. The current market conditions won't be kind to you. I would consider relocating to a more affordable area or state, rent and save your money. |
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sarah W
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save up so you have 20% down |
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moose
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FHA loans |
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mazziatplay
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Bank of America has a program for first time home buyers called ACORN. I don't know a lot about it but I believe the rate is lower for the first few years to give you a chance for your iincome to grow too.
Call your local branch and beware of the sharks on here spouting "I can get you the best rate". |
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linkus86
 |
Each state has a special program for low income buyers (funded by the federal government), and it amazes me how difficult they make it to find them. I am not a mortgage broker so I don't want to sell you a loan but you can email me and tell me which state you are in and I will point you in the right direction, or you can "TRY" to find it on your own by going to your state government housing department looking for "down payment assistance" which can be tricky because they might redirect you to somewhere like Nehemiah, which isn't what you are looking for. The programs generally offer a lower than normal interest rate and can offer a certain amount of money to cover down payment and closing costs that isn't exactly a grant, but a small second mortgage that you never have to pay back and is forgiven in the first 5-7 years of ownership. There are credit and income requirements for these programs and sometimes can be used in association with other government programs (like FHA) to offer further savings. Good luck! |
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newmommy
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Make an appointment with a mortgage broker. They will sit down with you (usually for free, but ask to make sure) and see what your options are based on your income. Also, visit your city's website and see if they have any assistance programs for first-time buyers. Good luck! |
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loancareer
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Be Careful! While there are loans out there for you I'm thinking you probably can't afford it. Foreclosure is no fun.
States have several programs designed to help low income families realize the dream of home ownership. In NJ we have the Mount Laurel Act. Builders and Townships must set aside a % of homes for low to moderate income families. Contact your local housing authority or HUD office to see what is available in your area.
Pros: Down the street from me there are townehomes listed for $485,000. The Mount Laurel homes in the development are selling for $165,000.
Cons: Once Mount Laurel - Always Mount Laurel. If in 5 years the townehomes I spoke of are worth $600,000 the Mount Laurel homes will be worth about $180,000. If you choose to sell you can only sell to another low-income family. You never realize the true advantages of homeownership - EQUITY.
In closing, consider your options carefully. Be sure you can afford what you take on, today and 10-years from now. Do you homework. Your deam is out there! |
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?
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There are some banks that have savings programs for first time home buyers that are very beneficial.
The one I remember had a program that matched your savings for 3 years dollar for dollar up to 5,000.
Which means if you saved 5 ,000 in 3 years they would up the amount to 10,000 toward the purchase of a home. So the bank you pick is very important. Good luck. |
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I_Love_McRedneck
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I would caution you to understand that if rent is too expensive, then buying a home isn't going to be any cheaper unless you have a considerable down payment.
Living with your parents should afford you the ability to be saving up at least 1/3 of your pay, becuase that's what mortgages tend to be for most people and you currently don't have one. I'd save up at least 20% as a down payment. Higher down payments will get you a better shot at a loan, and will give you probably some better itnerest rates too.
If you've been living with your parents and don't have any money saved up, shame on you - if you have to live rent free in order to survive, you're not going to make it as a home owner. That's the first thing the loan officer is going to ask - how much do your currently pay in rent? Nothing? Well, how much money do you have in the bank.
Good luck to you - owning a home can be a great thing unless you don't have any money, then it's the worst decision you could ever make. |
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