 Anyone with advice.? |
| 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 ... |
|
 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 ... |
|
 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 ... |
|
 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 ... |
|
 Buying/Selling Home.....what do you think? |
| We currently have our 3 bed/1 bath full basement home for sale in Wonder Lake, IL. It has a fenced, large, wooded yard. It's been on the market for about 1 month and is very competitively priced.... |
|
 If the landlord put the rent up and i cant pay the extra what can i do? |
| the landlord has put rent up to 68 pound a month i cant pay on income ... |
|
 Where do I stand legally with a tennant who won't pay rent? |
| I bought a house for an investment in the UK in April. I had planned to rent this to cover the mortgage and as luck would have it, the occupier wanted to stay on and rent the house. It was her ... |
|
 Tenant Mentioned his Dishwasher is not Working Properly/Broken. who should fix it? |
| As a result there was a leakage and now he can not use his dishwasher any more (well until it is fixed). He will try to fix it and showed me the damage. My question is should I pay him to fix that?? T... |
|
 What would you do? |
| I bought some land with my settlement money but I had my sister put it in her name. Now I'm married and we want to build a house on it. Only one thing left to do to get a loan. Change it over to ... |
|
 Buying a house Question - England? |
I am buying a house for £135000 (114000 mortage+21000 deposit) our circumstances have changed and we don't have £21000 for deposit.
What can I do? Can't afford to up mortgage ... |
|
 Should we decrease our asking price for our condo? |
| Our condo has been on the market for 31/2 months. Our asking price is at least 10K less than anything comparable on the market in the same area. According to our agent, it has been showing like ... |
|
 I live in a shared house, am i doing something wrong? ? |
| I have been livin in a shared house for a week, there all guys aged 18 - ? 35? when i arrived i realsied there was no towel to try the dises the shower was black with dirt, and no body really cared! ... |
|
 My mortgage company said my HOA cant foreclose on me for past due fees is that true? |
| my mtg company said my HOA can not foreclose on me for any reason because they do not own the property..that only my mortgage company can foreclose on the property or the county can for past due ... |
|
 Could i get a home loan? |
if i earnt $500 after tax?
Additional Details
thats per week?... |
|
|  |
James G | 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 debts, first time buyer, and I make 36,000 a year. Also, I don't have any cash for a down payment.
What kind of loans are available to me? What is the max I can spend? Any suggestions/tips would be greatly appreciated!
Additional Details
Also, I live in Central California if that helps! |
 |
 
NONAME
|
You should keep your housing costs around 35-40% of your gross income. The banks might let you go as high as 50%, but that leaves you zero capacity for other debts, like if you ever need a car or something.
40% of your income is about $1200/month. Assuming 75% of that can be applied to a principal & interest payment, at 6.75% (100% financing with mortgage insurance would be about 6.75% in total. Mortgage insurance will be tax-deductible for any loan application originated in 2007, so it's likely to be cheaper than doing an 80/20).
$900/month for principal & interest would get you a home worth about $140-150,000, and leave you $300/month for taxes and insurance (or homeowner's assocation dues for a condo).
Every state has a housing finance agency. Look up the one for your state. You may be eligible for some grant programs for down payment or closing cost assistance, as well as potentially getting some subsidized interest rates. They can be great, but have some strings attached (it is the government, after all). The agency can direct you to lenders in your area who are approved to sell the grant products.
Good luck! |
|
CJ
|
Most lenders will give you a chance. You have a good FICO, and have decent income.
The question is, where are you buying and for how much?
Don't get trapped into "interest only" loans, as they do reset and cause much grief to the holders. Do your best to get a fixed loan (30 or 40 year) |
|
northernbornsoutherner
|
If you ask any mortgage lender, they will gush all over you and tell you you can afford X-amount of dollars worth of housing. Don't fall for it. Always shoot for well under what any bank tells you you can get.
This may be an excellent time for you, because there are many people trying to sell and get out from under over-mortgaged housing commitments. You can negotiate closing costs, or a seller may pay for all of them.
Good luck to you! It's a huge step, but if you can suffer the b.s. jumping-thru-hoops, you too will join that country club of home ownership, and it's well worth it. |
|
zyberianwarrior
 |
WOW!!!! Better than me (and I have a nice 3bdrm 2 bath home). Most impressive..for a lot of good tips look here.
http://articles.moneycentral.msn.com/Banking/HomeFinancing/HomeFinancing.aspx
Best advice get a pre approved loan that why you know what you are dealing with. |
|
Jo
 |
Contact a mortgage broker. They will ask you questions as to what you want and they will pull your credit report to see what you would qualify for. Make sure and get a good reference from family members, friends, coworker, or a real estate agent for the mortgage person. It makes a huge difference and can cost you thousands if you wind up with the wrong one. We did and we paid for it and didn't realize it till we refinanced the mortgage.
You should be able to qualify for a 100% loan. Make sure you have some cash for 'good faith' money (about $500) and for closing costs ($1000 - $5000, depending on the value of the load) or you can ask the seller to pay closing costs and it just gets sucked into the sale of the house.
Good Luck! |
|
Ron B
|
Giving what you have, I would be able to approve you for 150K pretty easily. This could stretch toaround 200k before it gets hard. In addition to the credit, income, and debt will be the equity in the home. A bank is much more willing to lend on a home that is priced below market value. This is where a good real estate agent comes in. If you are getting the property for around 70-80% of value, a bank will strecth your loan a little further. If you want a pre-approval give me a call. Ron (619)379-2063 |
|
Justin
|
You are absolutely qualified to purchase a home, however the amount you can qualify depends on what is reasonable to you. On paper, with $38K a year in income and zero debt, the max payment you can afford is $1583.33. Keep in mind that this payment would have to include your property taxes and insurance payments as well. Based on a $200,000 30 year fixed at 6.5%, your payment would be $1264.14, leaving $319.19 per month to go towards your taxes and insurance. The taxes will vary greatly depending on what area you are looking in. Hope this helps. |
|
patrickmcc55
|
The rule of thumb for lenders is they will give you a mortgage where the monthly payment, including insurance and taxes, does not exceed 28% of your gross income. In your case that is $840.00. Assuming that you have annual taxes of 2400, and insurance of 400, thats $233, leaving you $607 for interst and principal. That will get you around 120,000 on an adjustable rate mtg. |
|
GirlUdontKnow
 |
you are going to need at least $6,000 for closing costs or see if the seller can pay closing costs since you don't have it. But a lender would want to know that you do have some money.
You could do 100% financing by
100% loan plus pmi insurance OR
80% / 20% loans
You still need to figure out something for closing costs though, either get the seller to pay them (but I think they'd have to be pretty desperate to do that), or maybe you have family that will gift you the money.
As far as the amount you qualify for, you should stop in at your local bank and they can run the numbers for you. |
|
kate
|
If you truly have no debts you could probably qualify for about $140,000 on a loan But your FICO will probably mean a higher % rate and NO down means you'll pay an extra $200 or so for PMI (unless you have 20% down).
Get a prequalification letter from several lenders - they do not charge for the prequal and you can see what the $$ numbers are real time, not us guessing here.
And only get prequals for a 30 yr fixed - any of the ARMs will end up putting you in bankruptcy in a few years. |
|
diesel6999999
|
Conforming loans are 28% of your gross monthly income, or in your case, $3,000. x 28%= $840.00 a month. House pmt. + debt can't exceed 36% or$1080. combined. there are loans with 0 dn. if you qualify. GOOD LUCK! In todays mkt. a 100,000.00 could run you 589.00 a month, + taxes, + insurance. |
|
fatsausage
|
You need to save up for a 5% down payment. That is $10,000.00 on
a $200,000 Condo or House.
Set up a special Savings Account. |
|
pokerplayer528
|
Your best bet at this point is to get a free mortgage quote. Keep what you are asking for amount wise realistic and you will be told what you qualify for and if you'd like you can also get a free prequalification letter which will help you in shopping for your house or condo. This site has a great free mortgage quote center |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
13 | 17 minutes(s) ago
| | | |
13 | 26 minutes(s) ago
| | | |
13 | 32 minutes(s) ago
| | | |
13 | 58 minutes(s) ago
| | | |
13 | 1 hour(s) ago
| | | |
13 | 6 hour(s) ago
| | | |
13 | 7 hour(s) ago
| | | |
13 | 8 hour(s) ago
| | | |
13 | 11 hour(s) ago
| | | |
13 | 1 day(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
