need to buy a house on my own - cash problem?

Question

dont earn enough to get a mortgage on my own, dont know anyone looking to share with and as of may 07 i will be selling where i am. dont want to rent. what can i do?

Answer 1

I assume your employment requires that you move to a new location. I also assume that your have a good credit score and that the only problem is that you do not have much of a downpayment for a home in a new location. All is not lost.

You might want to contact an experienced real estate in the area in which you will be relocating. They will know of any local incentives and programs for people in your situation. There is a deal out there for everyone.

If you are forced to rent, look for rental deals offered by new home builders. Many single family home builders also build, keep, and manage apartment complexes as a company investment. Many of these builders offer programs whereby if you rent an apartment from them, at the same time you earn a cash credit toward the purchase of one of their new homes. It is not unusual for these deals to require a two year lease. It is also not unusual for the cash credits to be several thousand dollars. Something to think about, isn't it?

You do not mention whether or not you are a first time homebuyer. If you are, there are many programs at the federal, state, and local level that go to great lengths to help people get into their first home. Again, an experienced real estate agent will be able to advise.

Good luck with your move.

Answer 2

Be careful getting into real estate deals with someone don't know, and even if you know them, get every detail in writing with a lawyer representing your interests on your behalf. Better to take care of business details on the front end instead of having woes later over how every detail of caring for the home or sale of the home is handled.

Renting is your best bet, even though you don't want to do it.

Can't you stay where you are, maybe not moving is the solution. You did not say you were be forced to sell, or having to move to another area.

If are having to sell where you are currently, why would you not have the equity from the sale to put back into another home?

If you have bad control of your finances look in DaveRamsey.com. Dave is the guy that can tell you how to get out of debt and stay out. Wise man who has been rich, broke, rich, broke, and then filthy rich. He figured there had to be a way not to be stupid with $$$ 00000 on the end.