How's everyone doing? I have invested $20,000 in a annuity account five years ago. So far it has earned over $5,000 til this date. I want to buy a house for me, my parents and my sibilings. My only problem is that I make only about $31,000 a year. My parents makes a little less than me. If we take out a mortagage, and I know is not going to work out because we all have debts. Don't know what to do? Also, I am planning a career change, I majored in Computers and now want to do acting. I need help.
2006-10-20 04:00:56 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
what?
2006-10-20 04:09:11 · answer #1 · answered by oldslowchevy 3 · 0⤊ 1⤋
It sounds like you need to get more income before you can buy a home. Most annuities lose a lot of their value if you try to access the funds before you've reached retirement age--- read the rules of your particular fund--- so realistically you aren't really able to count that as money you can draw on. Stick to renting till you are on firmer financial ground. Technically you can find someone willing to lend to you if you look hard enough but the loan is going to be heavily weighted in the lender's favor--- your interest may be sky-high, or instead of a conventional 30-year note you might get talked into an interest-only note, or a 50-year note. Both the interest-only and 50-year notes "cover up" for a low income and you'll either be faced with skyrocketing payments at the end of the interest-only period, or you won't build any equity for decades. Neither one is good for a homeowner, especially one on a limited budget.
2006-10-20 04:27:10 · answer #2 · answered by dcgirl 7 · 0⤊ 0⤋
Well, it sounds like even you don't even think that your family can afford a house payment...
With a known job change coming up, especially to a career where you're almost guaranteed to make $0.00, I wouldn't even consider buying.
Now, if you're bound and determined to purchase a home, though, there are no-doc loans available where the lender doesn't verify job, income or assets.
2006-10-20 04:16:19 · answer #3 · answered by KL 5 · 0⤊ 0⤋
Get free rates
2015-02-10 18:23:15 · answer #4 · answered by Madelin 1 · 0⤊ 0⤋
here are 2 sites I whoud advice to look at http://www.cvtips.com/career_change.html and http://www.cvtips.com/career_help.html
Choose a nice career which interest you and work hard
All the best to you
2006-10-24 02:04:34 · answer #5 · answered by vijay m 2 · 0⤊ 0⤋