I have decent credit. It's almost been 8 years since my bankruptcy, and I've managed credit well since then. I have an average income (between $40K and $55K) and currently rent. In my area, average homes go for $300K and up, but my daughter is in a good school district. Should I sacrifice my daughter's education and try to buy a home in a less than desirable area, or should I continue renting and be depressed because we rent an apartment? I really want to own a home!!! Can it be done?
2007-03-18 05:41:21 · 4 answers · asked by ? 3 in Business & Finance ➔ Renting & Real Estate
Yes it can be done and don't automatically assume you can't stay in that same school district. There are probably some under value homes that need work or perhaps are owner financed, which means you have a shot. Interview some real estate agents and talk to some lenders and find out exactly what kind of mortgage you will qualify for and start looking! Good luck
2007-03-18 05:48:56 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Can your daughter commute to school? You should be able to get a mortgage but I doubt you could afford one for 300k. Are there good schools in areas where housing costs are lower? Maybe, you could by a good house and rent it out until your daughter graduates. This would help pay the mortgage and get you a house to move into later. Talk to your banker. They don't usually bite the hand that feeds them.
2007-03-18 12:49:47 · answer #2 · answered by St N 7 · 1⤊ 0⤋
Check on a condo and I also recommend you contact Smart Choice Mortgage. They do business in most states and are your best opportunity for someone to say yes. Check out the free evaluation form at the source website and a Smart Choice loan officer will contact you within 24 hours. Good luck.
2007-03-19 09:59:17 · answer #3 · answered by CALIFORNIA GOLD 3 · 0⤊ 1⤋
yes you can get a home in your in area don,t give up on your hearts destire go for I wish you all the best good luck
2007-03-18 13:08:04 · answer #4 · answered by pattibcacl 6 · 1⤊ 1⤋