noor k
 |
i think you should postpone the house thing coz apparently you cant afford it ... coz spending all your cash money plus taken the mortgage (if you take it ),then there is no money left for the emergencies ,so if i were you i would look for a job or start a business with your money then planning for buying the house... think twice and good luck |
|
fluke
|
some banks do not check your record if you put more than 50% cash down. you can also offer the seller to take back the mortgage, since it is so small. |
|
carpediemmaster
|
No, not unless you have retirment or some FUTURE guaranteed income
Else how would you suggest that you could make your monthly payment? |
|
undercut
|
You could get any job that pays anything owing only 47000 on a house. At today's rates, dude, that's like $500 a month on a fixed 30 year. Push grocery carts for crying out loud. That's awesome. |
|
takemymulligan
|
Have you thought about offering the 263000 for the house??? If the sellers are eager to unlioad it, they may accept a low ball offer.
Otherwise, the mortgage depends on your circumstances. The lender will want some kind of assurance that you will be able to make the payments. Keep in mind that the bank could foreclose if you go into default on the $47000 loan... |
|
saberhilt
 |
Ok, so some of the other guys are telling you that even taking a job as a walmart greet-er would work, and that may well be true, BUT
Have you made the offer telling them that you have cash?
Most sellers will take a little less if they get cash on the spot.
Let's say they agree to drop it to 290k (6%).
You're only off by 17k, right?
Well how about those Credit cards of yours? Do they have a 17k credit limit on them?
Buy the house using the CC to make up the difference.
Then get a Home Equity Line Of Credit (HELOC) to pay off the CC (this should be easy to do with the amount of equity you have in the home).
Basically you'll use the CC to cary the debt load until you can have the house pay for itself. |
|
Invest Pro
 |
The real answer:
Option 1: Get a non recourse loan which is a loan that you do not personally guarantee. The lien holder may only look to the property itself to collect the debt. Of course, if you do not pay them, you stand to lose your invested $, so the question is, how do you plan on paying the mortgage, taxes, insurance, and utilities?
Option 2: Have the seller carry back a mortgage for an agreed upon interest rate. With the amount of equity in the house, you are only looking at a 15% LTV (loan to value ratio)
Option 3: Do not buy that house. Put your $ to work for you if you have that much cash. Invest in income producing real estate. Email me and I can assist you. |
|
estielmo
 |
How much do you have in reserve? What is your income. How do you KNOW it's worth 310,000? Why put so much down? |
|
maggie
|
or you could give me the money:) :);)lol i would buy a house of lesser value after i found a job suitable for my lifestyle..why would you need a house costing 300,000?? just wondering |
|
Salinger
|
With that much equity, if you have reasonable credit scores, getting financing should be a piece of cake. |
|
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
