 Buying a home with bad credit possible? |
| I've never owned a home, nor has my husband ...we would be first time buyers, yet have bad credit, is there any way possible, any programs available for us?... |
|
 If someone sells me? |
their cardboard box under a bridge, do I have tenancy security?
Additional Details
and if so for how long?... |
|
 My boyfriend wants me to work? |
I moved to a new apartment that is $30/mo. in NYC. Previously we paid, $1200 per month.
The rent is based on my income. So the more I make the more rent I pay.
I am an ... |
|
 Should the government bail out people who's variable rate mortgages are foreclosing? |
| I keep hearing about how the government needs to help people who signed variable rate morgages. They knew what they were getting into when they signed. Now their rates are rising and the mortgages ... |
|
 Closing on my home end of July - can I take my expensive luxury shower head or do I have to leave it? |
| This is the first time I am selling a home. I just happend to be telling my mom this morning that I'm planning on taking my $100 shower head with me when I move and replacing it with this $20 ... |
|
 What's there to stop me withholding my last months rent to make sure I get my deposit back? |
| Given that I am having to take my previous landlord to court in order to get back my illegally withheld deposit, I was wondering what is there to stop me in future withholding the last months rent (... |
|
 I moved out of my flat recently....? |
| .....and my former flatmate owes me £100 which he refuses to pay. What are my options, legal and .....erm....otherwise, to get my money?... |
|
 My landlord won't fix problems with my apartment? |
| My landlord won't fix my windows and when I signed my lease I had him amend it to state that all window would be fixed so that they open and close and lock. It's been six months and they ... |
|
 I want to know what I can do about a landlord entering my home when I am home and when I am not home.? |
| Is there a law that protects me from this? Is there something I can do to stop it. I was sleeping one afternoon and got up cause I heard something and when I came around the corner of my living room.... |
|
 My real estate agent and broker are liars.? |
| My real estate agent tells me he will sell my condo in 8 months or less and he has me signs a "listing agreement." Stupid me. I sign the damn thing without looking closer at it! After he ... |
|
| Can I advertise a house for sell without upseting my real estate agent? |
| I want to sell a house through a real estate agent but also want to advertise it on sites like craigslist. I would list the real estate agent's number as the contact person. Would I be violating ... |
|
 What to do? My landlord claims that I did not pay my April rent, but I did? |
| I got notice of non payment today and it claims that I did not pay the April rent. But they are mistaken, I did pay the rent and I have a copy of the check I wrote them. However, I don't have a ... |
|
 Dear Sirs,I am the franchising manager of a construction company and its real estate agent dept. in Altınkum i |
Dear Sirs,
I am the franchising manager of a construction company and its real estate agent dept. in Altınkum in Didim(a beautiful sea-side town on the west coast ) in Turkey and we would like ... |
|
 What is a good excuse for breaking a lease?? |
| we have a year lease, I know it's bad but we need to move 2,000 miles away in 2 months for family. I need something that is reasonable enough for our landlord to go easy on us. Please help!!!... |
|
 Scam or not? |
| This investor says he can help me sale my house by lease w/ option to buy to a person with bad credit. All I have to do is put the title or deed in his or her name until their credit is better, then ... |
|
 Have 800+ credit score, did a 30 yr, 20% down, no pts home loan, 0.802% loan orig. fee. Did I get a raw deal? |
| I didn't get a lower interest rate as I understand it for having the loan origination fee. Interest rate was 6.25% locked in on 5/23/07. I was later told by my realtor that with my income (over ... |
|
| Regarding down payments when purchasing a home.? |
| We are just out of a bankruptcy and are wanting to purchase a home again. We have no money for a down payment. Can a down payment on the home be financed along with the mortgage?... |
|
|  |
belle | Is it stupid to buy a home now? |
I am in college and have no money to put down. But I'm tired of throwing away money on rent. I'm thinking I can buy a small modest home, but I would need to rent a room to afford it. Is this as absurd as I think it is, or could this potentially be a good investment? |
 |
 
Private Client Group
|
One thing which may swing in your favor is that while nationally the housing market is in trouble, rental properties in college towns are doing very well.
Provided that you have the ability to either document your income or find a cosigner capable of doing the same, government (FHA) and Fannie Mae (MyCommunity) loan programs will help you qualify with no money down.
When buying in college towns, it is most important to determine whether or not you will be able to purchase a property as close to campus as possible. The rents which you can get on or immediately off campus are more consistent and grow in line with the annual increases in tuition an dormitory costs.
If you analyze the number of people who live off campus vs. the number of people who live on campus at your college, an determine the availability and average rent they are paying off campus, you can easily determine whether or not the investment will be workable for you.
Find a two unit property with two 1 bedroom apartments or a two family house and you can legally use the prospective rental income to help you qualify for the loan while you live there and when you graduate you can probably still turn a profit renting it out to students. Also remember that students tend to live in apartments like they live in dorms, two to a bedroom, and they compare the cost of living in a nice apartment with the price the would pay in th dorms, not necessarily the broader rental market, which can seriously juice up your rental income.
The further you get from campus, the less this dorm comparison will apply. If you can afford the mortgage payment and can line up the tenants, go for it. If you can't, make oyur folks or another interested and able party a business proposition (If you can make the numbers work of course). Silliest thing I did in college was not buy an apartment I was ready to pull the trigger on because I picked up a scholarship that covered room and board. That apartment recently sold for over 5X what I could have purchased it for 10 years ago. If there's demand for off campus housing very near your school, give it a shot.
Good Luck! |
|
ZinaRae
|
Could be. If you are a "handy-person" type, that would even help. This is a pretty good time. Wait until after the summer, and then start looking at the homes that didn't sell. They will be a little more concerned if they are ever going to sell. You MIGHT be able to snag one for a very good price. Make sure you have your credit in order, and look to get preapproved for a loan in late July to early August |
|
Kenneth C
|
I wish I had the forsight you have when I was your age. I don't know where you are, but buying a home is never a bad investment. I do suggest though that if you are a broke college student, try to get some friends involved. Maybe you and some friends can try to purchase a fixer upper together, live in it, fix it up (sweat equity) and when you all graduate, sell it and make that money. Good luck to you and just so you know, it's never really a bad time to buy a home. |
|
Liberty
|
It's not absurd at all! It's savy thinking. When you pay rent, you are buying a house for someone else. Do you want to buy a house for yourself or someone else? Getting a mortgage and everything (there's lots of everything) might be tricky if you have no money down, but it can be done. I own three houses outright, no mortgage, just the taxes, outright because of renters. Real Estate is a business that you can do no wrong in. Just think of it this way, every mortgage payment you make is money in the bank. But, you have to be able to make that payment no matter what the renters or room mates do. Are you prepared for that? |
|
nate
|
its absolutely not stupid, its actually a great time! alot of inventory, prices reducing: a buyer can have a great amoung of leverage in negotiations but you do have to have money these days. Lending standards are tighter than last year. |
|
asmul8ed
 |
It all depends on what you are trying to accomplish. I would say that if you can swing it financially, go for it. Being a home owner is way better than renting, because finally your monthly payment is going in to your own pocket instead of someone else's. Right now in most US real estate markets (not all of them, so find out more about your local market before going too far), it is a fantastic time to buy. If it is something which interests you to do, look in to it further. |
|
Ryan
|
Its not absurd at all. Right now the real estate market is in a slump, so prices are low. Its a much better idea than wasting money on rent, since renting out a room would help pay for it, and later on you could sell it for profit. |
|
Califrich
 |
Well, it depends on how much you need to borrow. If you have no money to put down, it's unlikely that you will be able to buy a home anywhere, especially if you are a college student with no income. If you do have an income, you should check with your local lenders to see if you qualify. Nobody can predict if the property will be a "good investment," any more than anyone can predict whether Microsoft or GM will be a good investment, or whether interest rates or corn prices will go up or down. If you can do that, you can become a billionaire with no work at all. |
|
Yanswersmonitorsarenazis
 |
Owning a home has lots of things to consider. Maintenance is expensive. If an appliance breaks, you pay for it, not your landlord. New roof? etc...
I wouldn't call it stupid, but it's probably not a great idea.
You're young, presumably. Do you really want to tie yourself into one home for the next few years? I wouldn't tell anyone to buy a home right now unless they planned on staying in it for at least 5 years.
Plus, what happens if your roommate doesn't pay? Or moves out?
Renting isn't always a bad thing. It's often cheaper, less risk, and easier to change if need be. You've got decades to invest in a home. Doesn't need to be today. Get out of school, get a stable job, build up some savings, then look at buying. |
|
SCH
|
It's a good time to buy a place if you have a steady income and your annual salary is at least 1/3 the purchase price of the home and you don't have debt (you are so young you should use the extra money to pay off your debt first).
One thing to consider is you are very young and you need to be sure you will be around for another 5 or 10 years if you are going to buy a house. You don't want to house skip because it is a lot of money out of pocket every time you do it. |
|
wanting baby3
|
There are programs that can get you into a house with no money down, even some grants that you don't have to payback as long as you don't sell the home for at least 5 years. It would be a good investment, because you can make a profit on the home when you are ready to sell instead of building your landlords retirement. However, being in college what type of income do you have. A bank will look at your income and debts and make sure since you will be getting the loan that you, yourself are capable of paying all of the mortgage payment. They don't care if you have a roommate because they can come and go, but that mortgage payment is always due. |
|
xxxyachiruxxx
|
You can buy a small apartment I suppose. |
|
Chef Frisbee
|
This is a good time to buy a home - for it is a Buyer's market. You can probably negotiate a very good deal on a home whereas you couldn't really do much negotiating even 5 years ago.
However - you are going to need at minimum 10% down payment.
It would be a good investment if you can arrange the purchase, for it will grow in value over the time you are in college, and once out and you move on in your career, you can sell it at a profit, and have a bigger down payment for another nicer home, or you can hire a property management company to rent it to other college students and have an income coming in off it.
Just be sure you are fully aware of all the responsibilities of owning your own home. Property taxes, maintenance, etc. No landlord to call to fix things - you are it. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
13 | 12 minutes(s) ago
| | | |
13 | 32 minutes(s) ago
| | | |
13 | 46 minutes(s) ago
| | | |
13 | 3 hour(s) ago
| | | |
13 | 4 hour(s) ago
| | | |
13 | 5 hour(s) ago
| | | |
13 | 6 hour(s) ago
| | | |
13 | 10 hour(s) ago
| | | |
13 | 2 day(s) ago
| | | |
13 | 4 day(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
