 Power Pole On My Property? |
| I bought a house 2 years ago. At the time I didn't even notice that there is a power pole in the backyard. Is this something I can collect rent for? I have a friend who negotiates with ... |
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 Where can I get a home loan with terrible credit? |
| I am in Georgia and I am looking to buy my first home. I have really bad credit, and no money to put down. Is there any place out there that can help me?... |
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 Is it illegal for people to destroy the home that is going to be foreclosed? |
I read about people ruining their homes before they are evicted because it is being foreclosed on. Isn't that illegal?
A co-worker told me that she was looking for a home to buy with ... |
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 Problems with our rented house? |
| My boyfriend and I moved into a rented house in January. From the start we had problems with it. They kept putting off the moving in date because things weren't finished etc and then when we did ... |
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 How long does it take to get lies straightened out? |
| So I bought property thinking it had 2 1/2 acres and the house built in 1964. Only to find out day after closing that there is 1/2 acrea missing and house was built in 57. I go to my agent for help ... |
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 I own a house ($2500 mortgage). My girlfriend is moving in. How much, if any, should she pay in rent? |
| She currently pays $800 a month for her apartment. My home is 3bed/2bath and we would be sharing a room. Do girlfriends pay anything? Fair market rent? Discount for love? This is a relationship ... |
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 Are we stupid!????!!!? |
Me and my boyf are buying a house, we have a mortgage set up and about a 50% deposit. I have been obssesively looking at flats in my area and there has always been one that I love.
Before ... |
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 Real estate question???please help? |
| is 7500.00 alot for closing fees for a condo woth about 145,000.00.the mortgage guy explained where each fee comes from but i kinda forgot,im getting the mortage from a federal credit union.should i ... |
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 I rent a house on a month to month basis, without a lease. Am I responsible for maintaining and repairing? |
| The 10-year-old washer stopped working on Monday. I called the landlady about the matter and she told me I am responsible for getting it fixed. I was a little stunned since the washer isn't mine,... |
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 Can i afford an apartment? |
| Can i afford apartment on 8.00 dollars an hour ? full time i live in mn 2... |
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 Would you buy it????????? |
I am Christian...prefer other Christian opinions...
Hi,
How are you?
I need a little advice...
I am considering purchasing a fixer upper home in very good shape, only an ... |
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 Can landlord raise rent? ? |
| hi my names Shawn me and my parents moved to this apartment (in Maine) about 6 months ago ( i'm 17 ) and the rent was 800.00 for a 2 bedroom well two months later my brother moved in with us ... |
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 Whats the deal here? |
| I got a phonecall this evening from a telemarketer who told me that I had been selected to "win" $1000 worth of resort checks that are valid in several different parts of the world, if I go ... |
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 I am looking for the very best real estate agent to sell my house. How do I find that person? |
| I live in the Austin, Tx area and our real estate market is not as bad as some of the other parts of the country. That being said...we will be needing to sell by May or June. I want to put it on ... |
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Jansen Y | What are the chances of me getting a mortgage for this house? |
The house is listed at 88K. I have been out of college for 1 1/2 years. My credit score is around 630 and have been employed with the same company for over a year. My gross income from my full time and part time job is 51k a year. The only blemishes on my credit report are some unpaid medical bills from college. I also have a 14k car loan and student loans. My credit card debt is under a 1K. Please help. Im tired of renting and would love to purchase this house and gain some equity and make a profit off of it in two years. Also, if i have a roommate that pays rent does that help me or am i getting into tax problems with that situation?
Additional Details
I did not mean I was going to sale the house in two years. I plan to live in it for awhile. Everyone has said to pay off my medical bills but that doesnt increase my credit score. It just says on the record as "paid". Once i pay these medical bills they will be activated again and stay on for another 7 years. I have about two more years left before they disappear. Am i right? |
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James W
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How do you plan to make a profit on the house in two years? The days of flipping houses are mostly over for now. If you are going to live in the house and rent out a room you could use the extra income to purchase additional properties to rent out. I would try to pay off the medical bills before applying for a loan. |
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sortaclarksville
 |
630 is very low, but with your income and the fact that the house is not outrageously priced, you should still be able to get a loan. Medical bills do affect your credit score, but the mortgage company will also actually look at more than just the score, and medical bills weigh less on you when they make their decision than does running up a bunch on credit cards and not paying it. The more you put down it it, the better your chances of getting one, too, because the mortgage company is taking less of a risk.
It will be hard to make a profit off of a house in two years, even if it does go up in value. You will have costs associated with selling it. If you use an agent to sell it, you would have to sell it for around $95,000 just to break even. That's a 4% increase in value each year just to break even, and in the US, that's about average. So, to turn a profit in two years, you would need to be in a market that is still very strong.
If you have a roommate paying rent and you are not reporting it, you can get into tax problems. Instead of having them pay rent, have them pay a pre-agreed upon amount of the utilities. Then, you are not in a landlord/tenant situation and will have no problems. You just can't report it anywhere as "income" for you. |
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RickRN
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Mortgage shouldn't be a problem. Roommates that pay rent do not help you qualify. |
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matzael
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You should be able to get the loan. The part time job income may not count if you haven't had that job for more than a year as well, but it sounds like you make plenty of money and have few debts.
You don't really need a 20% down payment unless you're trying to get away from mortgage insurance.
It will probably take at least 2 years to break even from the costs of getting the loan.
If you're ok with staying put for at least 5 years or so, i'd say go for it. |
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Med Emergency
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You should be approved for the mortgage with no problem. |
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Zijuzijazijana
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You have to much dept and you are not employed long enough to get a loan.However you may try to find a house which is less expensive and give exact numbers to loan officer to figure it out putting about 20 % down or more would help as well. |
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redwing_nutso
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Why is your credit score so low if your credit report has no blemishes? 630 is not a very good score. You must have some late car payments and your medical bills DO screw up your score also along with school loans. I would pay the loans off first depending on the amount.
As far as your credit card... the debt of the card is not what matters, it's the amount of available credit on it and how much of it you used, you should never exceed 1/2 of what you have available. For instance, if you have a card with 2000.00 available credit, never ever use more than 1000.00 of it.
You could possibly get the mortgage but going on the very brief details you gave it's hard to say, there is alot more to it. I'd say you have about a 40% change of getting it. You also have to take into consideration the closing cost's, you have to have cash for that or ask the sellers to raise the price of the house so they can pay for your closing cost's, title insurance, land survey...etc.
There is a reason your credit score is only 630... thats not very good. I would pull a copyof your credit report and make sure everything is accurate! |
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