 I have a tenant that won't pay? |
| I have a tenant that has hired a lawyer and stated that she will not be paying me my rent for October & November, plus she wants her full security deposit back. Reasons behind this behavior: We&... |
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 How can you get a bank loan for a house when you don't even have nearly as much for collateral? |
| I was looking at a book about real estate investing and it says you can take a small amount of money (Example:$10,000.00 and have the bank give you a $70,000.00 loan added to your $10,000.00 and you ... |
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 No credit - wanting to buy a home? |
My boyfriend and I want to buy a home that is not over $200,000 with maybe like $5000 at the most down, both of our credit is horrible right now, being repaired from stupid things in the past.
<... |
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 What should I be looking for when buying my first house? |
| I currently live in a 2 bdrm apartment with my bf, we don't have any pets or kids. I want to know from other homeowners what i should be looking for in my first house purchase.... |
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 How much house can I afford if...? |
How much house can I afford if...
Okay so let's say I live in a 600,000 dollar house that I am planning on selling. I also make 200,000 a year. How much house can I afford? Just a ... |
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 How much would these houses cost in the UK? |
http://homes.point2.com/
and my fav
http://homes.point2.com/... |
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 Renters inadvertantly set fire to my house. Are they entitled to the remainder of that month's rent? |
| The house is in Columbus OH. The house burnt on the 10th of the month. The renters are now asking for their security deposit and the pro-rated rent. Isn't this something that should be ... |
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 If you rent out your house are you responsible for what goes on in it? |
Additional Details
if you rent to drug dealers or gansters can the law seize your home?... |
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 My boyfriend and I want to get a townhouse. My credit is 567 but his is 785. HELP!? |
| We know that he won't qualify for the mortgage with his income along, but my credit score is TERRIBLE. Our income together would qualify for the mortgage, but how can we show proof of my income ... |
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 Can I sell my house with a mortgage still on it? |
| Hello, here is the deal, I owe money on my mortgage, but I want to move to another city. I have a guy who loves the house, but he wants to do the owner financing. I figured I could sell it to him ... |
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 Mom passed no will I live in the house 3 siblings. Who gets the house? ? |
will I have to move and how much notice do they have to give me if they want me out. I can currently paying all the utilities on the house and am in the process of changing them into my name.
A... |
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 Same people are coming to look at my house for the 3rd time? |
Sounds like good news to me? How many times do you look at a home before you decided that you want it? I think I only looked twice on both of my previous homes.
Additional Details
LOL-... |
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 Can you change the status of your current mortgage? |
| Can you change your current home to an investment property and move into another home that is the primary residence?... |
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 Landlord wants to charge rent past the end of the lease. Is this legal? (VA)? |
| My fiance and I currently live in Fairfax County, Virginia in a rented apartment. Our lease ends on May 17. We will be moving to Portland, Oregon in mid-April. Because we're moving before ... |
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 Are tax returns required when renting an apartment? |
| I live in Texas and in the process of locating an apartment (my first). My current employer pays me in cash and I was wondering if presenting tax returns are generally a requisite during the ... |
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 Trying to sell home neighbors kids scaring off all my buyers!? |
| I lived in a very nice quiet neighborhood culdesac for 15 years. So quiet you could hear a pin drop day or night. This past winter a family with 9 kids (yes 9!) across the street moved in. No I ... |
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Wesley D L | How much do banks usually lend for mortgages? |
Let's say I make 50K and want to buy a house. I'll put 50% down in cash, but how much do banks generally lend people, and is there a formula for calculating that amount? |
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contemplating
 |
Banks will lend you what ever you want (depending on the bank and intrest rates you are willing to accept -- even up to 120% of the property value). There are loans which don't require income verification that have a higher intrest rate if you want more money that is offered. The catch would be if you are buying as an investment property (especially if it has more than 4 units...even more than 2 units is significantly more difficult/costly).
For what you really should spend at most, figure out what your budget really is and how much money would do better in more productive investments (i.e. paying off debt, 401k contributions, or the stock market). Also figure out what housing would meet your needs (both minamally and confortably).
The conservative equation on the maximum you 'should' spend on housing is 1/3 of your income. So if you make 50k, 50k/3=16,667. For monthly expenses divide that by 12 = 1389.
Multiply that by 100, and that's a very conservative estimate of what you can 'afford' to take out. So if you are financing the whole thing, staying under $138,900 would be good. Then just add what ever you have to put down (remember to subtract closing costs) to that figure -- and that is a good maximum to have in mind. |
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Muledancer
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Your loan amount and rate depends on your down payment, value of the property, and your credit rating. |
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SmartA$$
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all depends on your credit, you should be able to get about 250-280k on your income if you have good credit, but make sure you can afford the payments before you commit.
50% down is a lot, it will take a long time to save that kind of money |
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momofoneson
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In my experience, it's usually about 85% of the purchase price. If you put 50% down, you should be all set regardless. |
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drdebate
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There are lots of formulas. Your Debt-to-income ratio is the most important. The bank wants to know that you bring home enough each month to pay all your bills. Your maximum loan amount if kind of calculated in reverse from that. They determine how much you can afford to pay each month, then apply that to the term options available to you. |
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Alterfemego
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I can't believe all these people on here, including you who ask these questions whom most of them don't have a clue! Go talk with a loan officer and your locate mortgage company. Get the real facts, not just some guess work. |
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lurchleft
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Absolutely there is a formula (I don't know what it is though) but, it must be based on your assets, value of the property etc... talk to your banker ;o) |
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Dr. Deth
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they're generally not going to lend more than the house is worth - usually require a down payment - could be from 10,000 to 10,000,000 - depends on the house and how much the buyer can afford in monthly pmts - |
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