Found the house of my dreams, however they are asking $119,000 which I am not willing to pay because of the location and value just isn't that high in that town, plus it needs a new roof, so I was thinking $80,000-$100,000 however I cannot afford a payment like that, I like around $500 including taxes and insurance, is there anywhere out there that can make this possible, so I can have my dream home
2007-08-07 10:03:39 · 7 answers · asked by susie q 1 in Business & Finance ➔ Renting & Real Estate
Well the $500 should cover your taxes and insurance but that is about it. Let me be more distinct Not going to happen
2007-08-07 10:16:25 · answer #1 · answered by Pengy 7 · 0⤊ 0⤋
Well, you are dreaming.
Lets suppose that your taxes would only be 1200/year and the insurance 600/year, that comes to 1800/year or 150/month so your payment to actually cover the loan payment would be $350/month
Now lets suppose you could lock in a 5% interest rate for 30 years, you could afford a $65,000 loan
at 5.5 % 60,000
at 6% 55,000
2007-08-07 10:31:31 · answer #2 · answered by Craig T 6 · 0⤊ 0⤋
Even if you have bright and shiny credit your payment is going to be 800-900 a month, and that is at only 6% interest.
There simply are no loans out there for less unless you borrow money from a relative you is willing to take a loss for you.
2007-08-07 10:16:38 · answer #3 · answered by Landlord 7 · 0⤊ 0⤋
Before you start dreaming too far, talk to a lender. You're not saying anything about your finances right now or host much you're making. That's going to be the deciding factor.
Also, trying to get $80K from a house that is $120K is going to be tough. You don't want to insult the owner. Talk to a lender and a realtor before you do anything.
2007-08-07 10:28:06 · answer #4 · answered by FaZizzle 7 · 0⤊ 0⤋
Have you even bothered to make an offer on the house? check the local comps, maybe even sit with a realtor to get the appraised value of the house, and IF it does need a new roof, factor that in your offer.
2007-08-07 10:07:07 · answer #5 · answered by bethanne 6 · 0⤊ 0⤋
oh that's rich! good luck with this one. first of all you haven't said how your credit looks, if you would even qualify for one of those programs, do you have any reserves, closing costs and down payment, have you talked with a realor or loan officer?
2007-08-07 10:37:03 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I just had to say wow, I work for a mortgage company in ca and i wish i could get a 500.00 payment.lol
2007-08-07 10:12:35 · answer #7 · answered by Ber S 1 · 0⤊ 0⤋