lets talk HOME OWNERSHIP....

[madbomber31]

long story short.. i do great work with kids but as you can guess i get paid jack shit...

so, i'm in the market for a starter home... below 80K.. i prefer something that i can fix a bit and maybe turn a profit on or rent out in a few years... its just me and the dog... so all i need is a fenced yard and well, non dirty destructive neighbors (resell value)..

i've used www.hud.org and made a few bids, i came up 800 short on a house i LOVED!!! it would have sold immediately for 10k more than i bid on it...

anyway, i'm lookin to keep payments below 500 with insurance...

uh... let me know how long it took you to find your home, what you looked for, etc...

 

[AAP]

Just some thoughts.. you can check with various banks to see what is on their foreclosure list.

In some states, if you go through the first time homeowners association, you can qualify for an extremely low percentage rate at the bank, AND... they give you up to 10% of the required down payment.

If you are great with kids... then look into getting a house and using it as a child care center part time. (For mothers who work afternoons or something) this will help you get some government funding and benefits.

 

[MattTheSkywalker]

long story short.. i do great work with kids but as you can guess i get paid jack shit...

so, i'm in the market for a starter home... below 80K.. i prefer something that i can fix a bit and maybe turn a profit on or rent out in a few years... its just me and the dog... so all i need is a fenced yard and well, non dirty destructive neighbors (resell value)..

i've used www.hud.org and made a few bids, i came up 800 short on a house i LOVED!!! it would have sold immediately for 10k more than i bid on it...

anyway, i'm lookin to keep payments below 500 with insurance...

uh... let me know how long it took you to find your home, what you looked for, etc...

In your case, the payments are going to be your chief concern.

There are a lot of creative financing options available. When you get a mortgage, you have more options than a "30 year fixed". Almost all primary lenders re-sell your loan to another institution.

Go and talk to a mortgage broker. There are all kinds of mortgage options available to you that you do not know about. Things like rates based on international funds, etc. Usually they are variable, but if you can reasonable expect the property to appreiocate, itis really a non - issue.

Try that route.

 

[MP5]

Damn! You obviously don't live in Colorado. You cannot buy a fucking trailer for 80k here!! An average decent house starts in the mid to high 100's. If you finance more than 80% of the price you also have to have mortgage insurance which adds to your monthly payment quite a bit. You can buy a home with an 80% first mortgage and get a companion purchase second for the remaining 20% and avoid insurance that way.

 

[AAP]

Why not just steal a home? You know, just back that truck up and hitch it up and haul ass away. Most don't even take the wheels off them "manufactored homes" you know.

 

[big4life]

A lot of city's have special areas where you qualify for low interest loans in return for fixing up a property. They usually require you to stay in it for a certain number of years, most are around 5 years. But you can get some good deals, especially if you can do a lot of the work yourself.

 

[madbomber31]

god damn odie is goin nuts.

 

[big4life]

god damn odie is goin nuts.

He just saw a pretty female dog walk by.


It's been a while for the poor dog.

 

[FreeballinDC]

Here's how I bought my crack house.

I found a realtor that specializes in older homes that need renovations. He suggested I apply for an FHA 203(k) plan loan which rolls the renovations costs into your mortgage. You get a loan preapproval (mine was $200K), then you look for a house that needs renovation.

I found my house after about 3 weeks of looking, and it was the second one I actually put a bid on. I won the bid at $179K.

I then got a bid on renovations, which ran to $35K.

I know that $179K and $35K add up to $214K, but the loan official didn't have a problem with it and I don't have a problem with it, so the deal was approved and closed on August 1st.

As a benchmark, this house is in DC, where the market is tight, and an 1800 sq ft house can go for a helluva lot more than what I paid for. It depends one where you want to live, and what amount of work you want to put into it. Payments will run $1800 a month, but compared to paying $1000 a month in rent, it's worth it.

 

[alien amp pharm]

If you're pateint and smart about it, you can get a killer deal.

READ THIS:

I looked for 4 years for a house. Now average price for my area is $115,000 for a 2-3 bedroom, 'in good condition' house.

I found my house which was at FORECLOSURE. A company from another state had it for sell. The realtor here told the people out of state that it was a mess (because it needed small repairs and a lot of just cleaning-up).

End result: I paid $36,500 for a 4 bedroom, 2 full bath, hardwood floors, jacuzzi, 2 large decks, 1 acre wooded land secluded. (11 rooms total, 2 stories). plus a workshop and a detached garage.

Now I could easily sell the house for well over $100,000, but I love it so much I won't.

Moral of the story: Be patient, selective, and research. You can find some awesome deals out there!

 

[powerforward]

check with your local rural development or housing finance agency. I work closely with buyers who use these programs and the loans are based on income, for instance some loans may only have a 2% interest rate and no down payment. I have worked with some people who have a $250 month house payment on a $90,000 loan