 Breaking rental lease? |
| Can you break a rental lease (no penalty costs) in an apartment if you show mortgage papers if you have purchased a new house? I live in the state of Oregon and planning on buying a home in Florida.... |
|
 Do I need to buy Title Insurance for my condo? What is the risk? |
| I am buying a condo in a new development and paying cash for it. I understand that mortgage lenders require title insurance, but that isn't an issue here. I understand that the insurance is ... |
|
 In CA, if you pay for a fullmonths rent but move out on the 15th does a landlord owe you money? |
| In California, I've given a 30 day notice to move out of my apartment on the 15th. My landlord is requiring me to pay for the full month's rent (1st to the 31th). There is nothing in the ... |
|
 Ok whats the catch and anyone hear of this? |
| In my mail box is a check for 2150 dollars from my mortgage company. Its like the lottery but too good to be true thought and i hear of all of this dishonesty banks are commiting. I called my ... |
|
 If I put a loan in rescission Thursday, when does it come out? |
| My coworker is signing papers on a home equity loan and she is telling me she can get the money Monday, but I don't think she can get to it until Tuesday, who is right?... |
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 New home being built. Where do I find the best loan? I have FICO score over 750 and I am 1st time home buyer |
| I do not need help with down payment but I would like closing cost paid. I understand if you are an employee at the bank, your closing costs are paid for you. I am not an employee of the bank, but ... |
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 If I Paid Rent for 12 Months Up Front...Could I Get an Apartment w/o a Co-signer? |
if i was signing a 12 month lease
and i did not have anyone to co-sign to me
do you think if i paid for the full 12 months up-front that i would get the apartment
i'm going away ... |
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 My husband and I would like to buy a $200,000 house. Can we get a mortgage in our situation? |
| My husband makes $30,000 per year and he will soon be changing jobs to become a corrections officer making $49,000. His credit score in the mid 500s. He only owes $2,000 in debt. We will be paying ... |
|
 How likely is a residential real estate crash? |
| My home is in Littleton, CO -- a standard 3 br 2 bath jobbie in the burbs. I keep hearing about a pending real estate (and then maybe economy) crash. How likely is this? If there is such a crash, ... |
|
 Do you have to pay a landlord rent after they've sold the building? |
| My landlord sold the building I live in and I still owed her money. Instead of asking for the whole amount she only asked for a peice of what I owe her and then told me she sold the building. I just ... |
|
 My Landlords (house is in both names) are getting a divorse!? |
| I currently rent a house from a couple and they are now getting divorsed. Both individuals have contacted me and told me to give only Him/Her the rent money from now on. How do I make sure that i don&... |
|
 How can I prove my rental history...? |
| How can I prove my rental history to other landlords if my only rental history is that I've rented a room from a friend who owns their own home and lives in it as well? I've been here for ... |
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kel | Is it possible to buy a home or condo with absolutely NO money beforehand? |
no downpayment, no closing costs, etc |
 |
 
luca_stone
|
It's possible, but the interest rates on those kind of loans are killer.
Investing money you don't have in a home is a really good way to lose the home - and all the payments you've made on it. |
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GoddessofCoughSyrup
|
Not 100% free.
You can put zero money down.. typically called an 80/20 loan. Generally, if you put less than 20% down, you are required to pay a monthly insurance 'fee' called PMI - private mortgage insurance. With an 80/20 loan, you get a loan for 80% of the value of a house and a loan for the 20% of the house.
The downside is that the 80% is at a higher interest rate.. my boyfriend, even with excellent credit, got one at 7.1% instead of the market rate of 6.5% in my town.. and the 20% loan is even higher and in some cases a floating loan. It's also a 15 year loan instead of a 30 year loan. His 2nd loan was 8.5%. Combined, you're paying more than a traditional loan but it's better than paying PMI and not getting the tax benefits or building equity in your home.
The loan I got for my first house was a Flex 97 loan. I put 3% down and pay no PMI - I also received 6.5% interest on it too.
Now if you go with an 80/20 loan.. you will have to pay prepaid expenses and escrow. On top of your basic home loan, you pay your property tax and your home insurance. For my area, it added another 100 dollars a month to my basic home loan. However, with prepaid expenses, you prepay a year and two months of property insurance and an extra two months of property tax. That is due at closing. If you do not close on the last day of the month, you will also pay prepaid interest. On a 121000 loan, that is approximately 21 dollars a day. You must prepay that as well.
Most sellers will agree to pay closing costs, FYI. |
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Irish
|
Yes it is. |
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Jeanne
 |
You also need to have like perfect credit and a good income to qualify. |
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seancanputt
|
You can - but you are taking on a HUGE risk. You are going to get hit with a very high mortgage payment. Chances are - that if if you had no money to put down, you will not be able to cover the high mortgage payment. |
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KYRealEstateGuy
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Look for someone that is willing to sell a home to you with a lease option. It essentially means that you rent for a while with a small amount of your montly rent going toward a predetermined sale price. When your credit level and income are good enough to purchase you go get the house that you are already living in. |
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master_akhkharu
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Yes, with an FHA loan, request 6% sellers assit, and help from a program like Ameridream |
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sweetdawn710
|
Are you working for Carlton Sheets? |
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candlelight360
 |
Wow...it intresting can you please tell me more cos i have alot of people whom would love to have a home a with out paying for it...or are u guyz joking out here..Plsssssssssssssssssssss let me know. |
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Untamed Rose
 |
YES if your credit and everything is up to stuff
get a 100% loan or two loans 80/20
then when your agent writes the offer to purchase
ask the seller for say 4,000 in closing varys depending upon home your buying agent can help you estamate closing costs.
wrap the requested closing cost back into purchase price so its financed.
I do this all the time for my clints most walk away from the closing table with a couple hundered in there pocket along with the keys to there new home! |
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