one thousand a month looking to aquirre property need help?
2006-10-26 09:57:33 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You could possibly buy small undeveloped plots very far from the city for around 5-15k.
What they are worried about is ability to repay, and you'll have a hard time convincing anyone to give you a loan that would require payments greater than 25% of your gross income.
2006-10-26 10:02:53 · answer #1 · answered by Manny 6 · 0⤊ 0⤋
You actually have a few options.
1. Assuming you have at least two years credit history, you can get a no doc mortgage (usually need a credit score of 680 or higher) where that's all look at. You will need a down payment.
2. You could do a land contract where you enter an agreement with the owner to pay a certain amount for so many years. At the end of the period the property is yours.
3. You could try to find an assumable mortgage and someone who doesn't want their property. But you'd need to be able to afford the payments.
2006-10-26 20:18:08 · answer #2 · answered by D. Young 2 · 0⤊ 0⤋
Try to get into a lease with option to buy or an option (best case scenario)! This should give you an opportunity to pay payments over a long period of time, interest free. Any situation that you get into; The best thing to do is to try to get into a Seller Carry of some sort, because typically you can negotiate the interest percentage down to say prime or lower, the key is to have to longest amortization period possible, with maybe a five or ten year balloon payment (maybe you will be able to re-finance at that time or you will be coming into some money at that time which will help you pay it off in full). Always try to buy the property "right', Shop around and the right deal may pop-up before you know it, then work easy to get the property at the best price possible. For sale by Owner listings can be the best way to negotiate the price down. Expecially when they are eagar to Sell.
2006-10-26 17:10:44 · answer #3 · answered by JustCurous 2 · 0⤊ 0⤋
Put a lot of money down or buy a property where the mortgage payments fit into your monthly budget. I wouldn't pay more than $350 per month for debt payments.
2006-10-26 17:01:20 · answer #4 · answered by waggy_33 6 · 0⤊ 0⤋
1. get 2nd and 3rd jobs.
2. learn so you can increase your earnings.
3. learn how not to get shafted by bankers on mortgages see: House buying for dummies.
4. save lots of money , there more expensive than you will be lead to believe.
5. visit daveramsey.com to learn more about money before you lose it.
6. don't buy anything until you're earning more than 2000$ mth and saved lots of money
2006-10-26 17:16:57 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Buy cheap property.
2006-10-26 17:49:27 · answer #6 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋