I want to buy a house but everything is my price range is run down and needs lots of work or is too small. Are there people or places out there that can help me with buying a house? I dont know who or what that may be but I dont want to rent forever and I dont want to buy something that I cannot afford. Im young so I could maybe try a 40 or 50 year mortgage but only if I can have a fixed interest rate. Anyone have any advice for me?
2007-01-03 05:30:43 · 8 answers · asked by ♥♫♥ Crystal ♥♫♥ 4 in Business & Finance ➔ Renting & Real Estate
I dont have the time or money to fix up the house so please dont suggest it as an option.
2007-01-03 05:41:08 · update #1
My husband and I took a homebuyer's class offered by our state and then we contacted a real estate broker and looked at a lot of houses. We had the same problem you have. We didn't want to buy a house that would be a strain financially, but we didn't want to buy a fixer upper because if you aren't sure what you're looking at, you could end up with a real lemon that ends up being a money drain.
In the end, we decided to wait. My husband just got a much better paying job and we're saving for a big down payment. Renting until you are in a better position to get the house you want in a safe, good neighborhood is worth the wait.
2007-01-03 05:46:19 · answer #1 · answered by TP woman 2 · 2⤊ 1⤋
Maybe you should try a mortgage broker, what could it hurt to find out if they have a program for you that might be affordable.
With a 40 or 50 year mortgage, the payment would reflect the term, but after 30 years, the remaining balance on the loan would all become due.
How's your credit? There are options like a 50 year fixed rate loan with an interest only payment. Since you claim to be young, I would assume that you plan on moving once you can afford to, and if that's the case, then this would be a good option for you, as you would only pay interest on the loan for the first 10 years, and then the balance once that time is up. The payment would increase, but you would probably move before that happened. There is no negative amortization, and the rate would be fixed.
If you want some more options, email me or check out our website.
Baconshmals@yahoo.com
http://aapexfund.com
2007-01-03 05:53:24 · answer #2 · answered by baconshmals 2 · 0⤊ 0⤋
Either lower your standards or try checking to see if there are grants available to help you buy your first home. I know around here we have a Rural Housing Development. My brother got a $9000 grant to help in buying his. There are income qualifications of course. I would never go with a 40 year mortgage. You'd have a hard time finding one that is a fixed interest rate.
2007-01-03 05:46:37 · answer #3 · answered by Fool in the Rain 6 · 1⤊ 0⤋
Why not buy a condo (they are usually cheaper) live in it for a few years then sell it and buy something a little bigger until you accomplish your goal. Think of it as baby steps. Do your homework look for a good complex one thats in a good school district or low crime area. When you find one, find out how long the owners stay in the property. Does Management take care of the property or are they just interested in collecting association dues. How much parking is available things of this sort.
What is your price range and where are you? If you are interested I maybe able to help you find one.
2007-01-03 11:56:53 · answer #4 · answered by loladrewblue 4 · 0⤊ 0⤋
Keep saving until you can afford a place that you would actually enjoy living in. There is nothing wrong with renting as long as you have the goal of owning your own home in the future. Set goals for yourself and monitor your progress towards these goals. Keep with your plan and you'll get there eventually!
Good luck!
2007-01-03 06:24:14 · answer #5 · answered by Blicka 4 · 0⤊ 0⤋
Buying houses that are run down and need work are the only kind i buy. A little cleaning and painting and before you know it your house is worth alot more than you paid. Why pay market value. Look for a deal.
2007-01-03 05:40:15 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Let us recommend a loan officer for you ; there are tons of creative financing options available to you even if your credit is not perfect.
2007-01-03 15:10:13 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Check out handyman book see what repairs you can do to make it a better house
2007-01-03 05:34:37 · answer #8 · answered by shadouse 6 · 0⤊ 1⤋