I am renting for $750 per month now. But I feel like I am just throwing my money away. Is it possible to get like a 60 year morgage or a cheap house at a auction or something? I have no money to put down, cause I spent it all on rent.
2007-09-15 11:28:17 · 6 answers · asked by M.K. 2 in Business & Finance ➔ Renting & Real Estate
I Live in Dutchess county NY
2007-09-15 11:33:20 · update #1
100% ffinancing is harder to come by than it once was but not impossible and there is always good old FHA that can accomplish the same thing. I suggest you speak to a mortgage broker first to identify how much buying power you have and then call a Realtor.
2007-09-15 11:33:11 · answer #1 · answered by linkus86 7 · 0⤊ 0⤋
The longest mortgage term in the US is 40 years. However those are a bad deal as although the mortgage term is 1/3 more than a 30 year mortgage, the payments are typically only 10% lower.
$750 a month on a 30 year fixed mortgage at 6.5% will get you about $118,500 to work with. Of course, you'll have to add taxes and insurance to that so you should allow about another $150 per month for those.
2007-09-15 18:34:29 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 1⤋
Actually there are non-conforming 50 year amortization loans - but because the rates are higher they wind up having higher payments.
Yahoo Answers is a great place for general information - but you need to talk with someone who can look at your specifics and help you figure out what can and can't be done. Just don't pay any application fees or credit report fees. Unless and until they close your home a good mortgage broker works for free. The only out-of-pocket costs should be for the appraisal and the first year's home owner's insurance.
2007-09-15 19:20:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You may be able to qualify for an FHA loan or a first time homebuyers deal. Many new home builders are offering great loan incentives, too. Find yourself a good realtor to help you find deals (buyers don't pay realtors....they get paid by the sellers). The best thing to do is consult with a lender to see what programs would work for you. Whatever you do, don't do an interest-only loan, since your principal will never go down.
2007-09-15 18:33:21 · answer #4 · answered by Mary B 2 · 0⤊ 0⤋
i think it depends on a few factors...where you are located, and how much you have, if any, as a down payment...shop around you may find some deals.
2007-09-15 18:32:23 · answer #5 · answered by Anonymous · 0⤊ 0⤋
And more importantly what is your credit score?
2007-09-15 18:33:05 · answer #6 · answered by Anonymous · 0⤊ 0⤋