Me and my husband are wanting to get a house and make payments. Remax is selling one for 127,000. I don't know how the whole thing works you know like what all the costs are. I never bought a home before and were on a low budget and need more room for our growing family. I live in Lawrence KS where living costs are one of the highest in the state.
2007-11-02 03:36:24 · 5 answers · asked by Tara Elaine 4 in Business & Finance ➔ Renting & Real Estate
This home is a forcloser. do I have to wait for it to be up for bid or can I get it now.
2007-11-02 03:39:33 · update #1
First off, Never buy from the listing agent. Find yourself a buyer's agent. In this current market in most of the country, there's no reason to pay asking price. Furthermore, the fact that it's a foreclosure means it's less valuable than comparable properties because the lender is exempt from disclosure requirements. There will also likely be damage.
The standard acronym used for housing costs is PITI. This stands for
Principal and interest on the loan (PI)
Property Taxes (T)
Homeowner's Insurance (I)
However, there are other expenses to consider as well
Homeowner's Association Dues - most newer developments have them even if they're detached single family. Pretty much all condos do.
Maintenance -obvious
Temporary Assessments, such as Mello Roos in California
as of yesterday, in California (rates vary a little from state to state, depending upon how difficult the law makes a lender's life), I had a 6% thirty year fixed rate loan for less than 1 point. But that was California, and it doesn't answer the question of whether you qualify for that loan. But even if you do, it's not a straight math problem if you don't have 20% of the price for a down payment. Splitting the loans is usually better, but second mortgages don't want to go above 90% of the value of the property right now, so if you don't have at least 10% to put down, your choices are PMI or no loan.
I don't know your market, but I'm going to assume you can get the property for $115,000. Assuming you have 20% to put down, your payment on $92,000 would be $551.59 at 6%. If you don't have anything to put down, you'd be looking at $689.48 on $115,000, plus whatever PMI ends up being (roughly $100, were you here in CA, but then, the property wouldn't be that cheap here, either.) I have no idea of KS property taxes, insurance, or anything else.
2007-11-02 05:25:29 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
The definition of a down fee is money you pay up the front out of pocket. What you're asking is to have a nil% down personal loan. As different's have said, there are a pair certain courses which let this, yet you want to qualify for them. before the housing bubble burst, 0% down loans were more advantageous person-pleasant. maximum of those who were given those loans have because lost their houses to foreclosure. Banks do not attempt this anymore.
2016-10-23 06:34:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Your payment will depend on the amount financed vs. your credit and income verification ability.
As to the foreclosure part- you can make an offer the the current owner be it an individual or a bank. If it is an individual your offer must pay off their loan or they would have to pay the difference or perhaps get a short sale approved by their lender.
2007-11-02 04:30:31 · answer #3 · answered by flamingojohn 4 · 0⤊ 0⤋
It depends on a few factors but here is a rough estimate
A 30 year loan at 8% interest would cost $932 a month. Damn thats cheap! Good luck!
2007-11-02 03:47:12 · answer #4 · answered by Alissa 6 · 0⤊ 0⤋
Don't bid on anything until you sit down with a Loan Officer and get a pre approval letter. You will need to complete a full application, pull your credit, and provide all of your income and asset documentation. Then you will know what you qualify for and what your payments will look like. http://www.choicefinance.net/
2007-11-02 04:58:55 · answer #5 · answered by Anonymous · 0⤊ 1⤋