And payments that would be no more than $800.00/ month including taxes and insurance in the Florida Panhandle. I know it sounds crazy, but this house, if not for all the property flipping that artificially raised the price of housing to a rediculous level, this house would be worth no more than $100,000.00. Is there any possibility the price will ever drop that low again? Or does anyone think there are any Investors willing to take the risk on someone like me?
2007-11-30 17:45:20 · 9 answers · asked by CSmom 5 in Business & Finance ➔ Renting & Real Estate
I didn't say I want to pay $100,000.00 for the $375,000.00 house. Property flipping is definately what drove the price so high. And yes I know I'm dreaming thinking I can afford this house, because there is not way on my income. But I just wanted to see wanted to see how impossible it would be. How do people afford these huge payments $1700.00 per month? Don't you pretty much have to have a 6 figure income these days?
2007-11-30 19:52:39 · update #1
Thanks VA Girl, you've always got my back.
2007-11-30 19:54:38 · update #2
Seriously, how do people afford these kinds of payments? Are people working 2 or 3 jobs? Or are people robbing Peter to pay Paul, so to speak? Or are people obtaining more and more credit card debt, just trying to survive?
2007-12-01 20:40:28 · update #3
There is no way you will ever get a house that cost 375,000 for 800 a month unless you put down about 275.000 as your down payment. Right now lone requests are being rejected left and right because of the amount of people defaulting on payments and foreclosing on homes. The Finance companies are going under and many have shut down in the last 2 years because they were greedy and gave out loans to buyers with adjustable rates who bit off way more then they can chew. Once the rates were increased the payments in some cases almost doubled and they walked. My advise is save a nice down payment buy a town house or condo build equity and then move on, that is the only way to do it in todays market witch is faling at the moment.
good luck
by the way 800 a month for 30 years is $288,000.00
you would need to place down $87,000.00 + this also will not include your Interest rate, taxes and homeowners ins. My Mortgage 1714.00 a month total, my home cost $315,000 my finance rate is 5.375 witch is outstanding for the last year and my taxes are about 4k a year. I placed down 55k on the house In June.
2007-11-30 17:58:18 · answer #1 · answered by El Jefe 5 · 2⤊ 0⤋
I have no idea all of your specifics however nearly any individual can get a loan. I've gotten individuals with 461 credit score rankings get accepted. Its all an issue of ways your capability to make repayments on time appear on paper. That may be the motive why you must repay any judgments to your credit score. Would you lend any person a significant amount of cash for those who noticed that they do not even pay the federal government again? If I had been writing the mortgage for you I might additionally appear in to either one of your credit score historical past. If one has bigger credit score than the opposite, now not simply rating however historical past, then it probably on your exceptional curiosity to get a recounted mortgage. If you might have any questions suppose unfastened to invite me. I have no idea what state you are in so I will not be capable to give you the results you want, however I can nonetheless aid you with questions.
2016-09-05 17:27:18 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Well...Flippers are to blame... But so are you. Did you realize that even looking into a house that's that expensive justifies the price?
The saying goes "It's worth whatever someone will pay for it". You my friend just said you'd pay $375,000 for it. So there's someone out there with a little more money than you, and a little better credit thinking the same thing.
Better to just move on and go for something you can afford. Don't try to live beyond your means. If you think it's only $100K, then offer $100K. If you don't get it, too bad. Move on. There's more houses out there.
2007-11-30 17:55:54 · answer #3 · answered by Sithlord78 5 · 2⤊ 0⤋
With a payment of $800 a month including taxes and insurance there is no way you can afford that much house. $100 K would be a stretch dependent upon your other debts.
2007-12-01 06:33:04 · answer #4 · answered by Pengy 7 · 0⤊ 0⤋
i don't understand. You want to pay $375,000 for a house that is worth $100,000?
How are you going to get a mortgage that is only $800 including taxes and insuarnce? You are either putting a HUGE down payment, or you are doing somehting unwise - like an interest only loan, a 50 year morgage, or an ARM.
2007-11-30 18:11:38 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You have to start looking at homes with a payment no more than 800.00
That's about a $100,000 home NOT $375,000.
I would STOP torturing yourself looking at homes you cannot afford.
Investors don't buy $375,000 homes in this market, and if they did they would flip it, not rent it out to you for 800.00 per month.
Sorry.
2007-12-02 04:35:44 · answer #6 · answered by Terry S 5 · 0⤊ 0⤋
Wow, ACERMILL. Is that the way you would talk to a client? It looks to me like Commonsense Mom was asking a sincere question due to lack of knowledge in that subject. There was no need for that degree of nastiness to a stranger. Kudos to the rest of you for thoughtful, informative answers, because I learned something myself!
2007-11-30 18:16:44 · answer #7 · answered by ? 6 · 1⤊ 0⤋
without a co-signer this is probably not likely. if you can even get the full financing your payments would be between $1200-$2200
2007-11-30 17:55:32 · answer #8 · answered by GG 7 · 0⤊ 0⤋
What planet are you on at the moment ? If they are asking $375K, there's no way that you're going to get this property for $100K.
I'm not sure what you are reading (or smoking) but you're simply dreaming. It's not going to happen.
2007-11-30 17:51:06 · answer #9 · answered by acermill 7 · 1⤊ 3⤋