How can I buy a house I cannot afford?

Question

I want to Live in San Diego.

Answer 1

Why would you want to?

Answer 2

Hold off on buying a house in San Diego that is one of the biggest bubble areas in the country. Home prices are going to drop and drop a lot. Hold off buying and continue to save your money for a down payment. Prices will drop at least 20% and some people are predicting up to 50%. If you buy a $500,000 home and the market drops 20% the house is now worth $400,000. Check out this website to see if you really want to buy right now. http://sandiegomarketmonitor.blogspot.com/

Answer 3

FIRST SAVE, PENNY PINCH: Get a partner (wife) and if you both work night and day and maybe overtime, too, save up money for the biggest down payment you can afford. Don't have children yet, babysitting is expensive and it will mean your wife won't be able to work for a few months. If you or wife have parents who will loan a chunk of money ($10 or $20 K) that would speed the process up.

Look for a house with a little unit attached you can rent-out. When you buy the home make sure it is big enough. If it is not rent-controlled, rent a room in your home to a quiet responsible employed non-smoker.

Answer 4

Find an unethical, unscrupulous loan broker that will fill out the loan application for you, while assuring you not to worry. But the problem is, that although it's entirely possible to complete a home-buying transaction without being able to afford the payments, etc, it will all fall to foreclosure before too long in the near future, your credit rating (if you have one) will be destroyed, and you will essentially get nothing redeamable out of the whole experience. But the loan broker will get a commission, so at least he/she wins something.

Answer 5

Lender do crazy things these day. If you don't care about the end result. You can do anything you like. They pretty much will hand the money to you as long as you sign.

They will get higher rate for your loan to "compensate" the risk. Again, end result may not be pretty.

In most area of the U.S., housing price stopped going up as inventory continues to build up. It is normal to see a correction as a boom that lasted for several years.

If you are investing new money in to real estate, this may not be a good time as the potential return on investment is small compare to the high risk of lower home price.

If you are doing a side way move, meaning you are selling one to buy another one, then it is acceptable.

http://money.cnn.com/2006/08/24/news/economy/newhomes/index.htm
http://money.cnn.com/2006/08/23/news/economy/homesales/index.htm

Answer 6

If you can't afford to keep it then don't get it in the first place. Even if you could get a loan to buy it you would have the meet the payments. What would be the advantage if you have to move out in a year? And, on top of that, ruin your credit?

Answer 7

Fixer-upper? Foreclosure? Lots of roommates?

If you're talking a house with thousands a month to pay all by your lonesome, I wonder what are your plans for the future besides the house?

If you want children, buying a house you cannot afford means you will not be able to raise them yourself and you will become a slave to material things as your life passes you by.

If you want to go back to school, you may not be able to. If you want to travel, you may not be able to. I'd suggest getting the nicest, cheapest house you can and revel in your (relative) freedom.

Answer 8

you can do somthing that not many people know of you can go and look at a manifest of homes that where repo-ed then you can buy the home just by paying for the taxes owed that could only be less then a penny on the $ so like you could bye a home for $570 and have it worth 365,000 or more! just go on the internet and check it out.

Answer 9

I saw an interesting spotlight on this guy that started with a red paperclip and ended up trading up and up till he finally got the house he wanted. Took a while, but with a lot of determination and drive you can do it.

Answer 10

If you find out let me know, because I want a house that is actually livable with some comforts. I'm not even asking for luxury or anything, but even houses in the $100000.00 range anymore are not livable.

Answer 11

You can't. Beware of any of the home sales that involve "special" financing. That usually means they'll sell you a home you can't afford and let you get foreclosed on later.