Hello I foreclosed my house on october 2009…I’ve have a fico of 690-700…I make 65,000 year…never missed a payment on any of my bills…and willing to put down $ 15,000 on a house if i get qualify…will i be able to qualify for a home??? thank you for your time.
Prepare for many more home buying questions from me, cause I don’t know what the H I’m doing. lol
I am thinking about buying a home, perhaps a CHEAP one like 60,000 that I could fix up. However I don’t have Excellent credit, but it’s not poor either. I don’t have any money for a down payment, and feel it would take too long to actually save for one, (10,000 maybe a few years).
Basically I would like tips and information on buying a home without a down payment or a very low one. And where in the US to buy a cheap home <70,000 to renovate to flip in a few years. And lastly, do you recommend buying w/o downpayment, renovating (on a loan) then selling to buy another home and repeat.
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Just don’t live in tornado alley if your buying a manufactured home!
Con: Depreciation
Depreciation Method – This is the method that has been used for all manufactured homes. The sale price of the home is reduced to either 80% for a furnished home or 95% for an unfurnished home. A depreciation allowance of 5% per year is then applied to the reduced sales price until a maximum depreciation allowance of 35% for furnished homes or 50% for unfurnished homes is reached. This depreciated amount is then multiplied by 40% to create the assessed or “taxable” value. The assessed value is then multiplied by the full tax rate to determine the amount of annual taxes that are billed semi-annually.
Another Con: Averages a 50 yr life span.
The pros of manufactured housing are cost. They are substantially lower in cost per sq ft as opposed to a site built home. If you have a piece of land and have or can get utilities there and there are no restrictions against MH, you have instant house.
Among the cons are not being able to get traditional financing and no tax advantage of regular mortgage. MH doesn’t withstand the test of time typically as a regular house and is more susceptible to wind damage. Doesn’t go up in value unless it is the land itself.
check with a realator. Tell them exactly what you want.
gee, if you can find a house for $ 60-70k, buy it! immediately! no $ down will not be an issue. however, your ability to pay the note each month will matter to the lender (and to the seller–so be sure to get a pre approval letter even before you start to look at anything). you just either pick up a major metro sunday newspaper with a real estate section to look at current mortgage rates, then choose 3 lenders/brokers that have essentially the same interest rate and points–these days interest is pretty low and points (one percent of your mortgage amount for one point) are zero. but: figure that with no $ down and a medium credit rating, your interest will be a little higher than what’s stated. if you are not close to a major city (because you will not be able to afford ANYTHING in one), use a search engine hunting for keywords: “current mortgage interest rates state of [your state]“.
the only way to live in a house under construction without going completely crazy is to buy one with a dry, well constructed basement that has at least a little ambient heat coming from the furnace. you will move your appliances down there. be prepared to buy a lot of visquine (it comes in long rolls)–rather thicker plastic so that you can drape it in two long pieces, one about 8″ over the other, anywhere that you need to reduce dust. renovation is always a mess.
the point is, where will you get rehab money? you need to investigate a lot of things, especially what materials cost. a good kitchen will run at least $ 30,000. baths are very costly too, but give a great yield for the investment.
you need to learn about MARKETS. it’s a buyer’s market now. your Realtor (r) should have a lot of experience but not be the top seller. rather, it is much better to get (sorry guys) a FEMALE (because it is for a HOUSE) AGENT that can sit down with you to first explain, to your satisfaction, exactly what “agency” means, single and dual, as well as how the market generally is in the location you choose. about the only houses that i know of in your stated price range are in depressed cities like gary, IN, or detroit, MI, that have so many unemployed people that they cannot afford to even think of buying a house, renovated or not.
you will be best off taking this wisened advice: don’t think of your house as an investment, even if it does increase in value. your HOUSE is that place where you go to lay down your hat after a long day at work. (and, btw, if you spend more than 40 hours a week at your job, i doubt you will have time to renovate and manage a house all on your own).
the seller’s market probably will not come again, surprisingly, very surprisingly, until at least 2009. it is the PRICE of the houses that has driven the market to he**.
don’t do this without a LOT of thinking about yourself, your life style, what you would need in a house (helps with what others would need), what type of house, and most definitely, where, you can get for such small bucks that is in good STRUCTURAL condition first.
what has happened to about 90% of my buyers with your ideas for so many years is that once i counselled them, they, due to their work schedule, came to the conclusion that a condo was their best bet. then when they married, they sold that and the couple bought either a townhouse or best, a single family house.
i wish you good luck and happiness. if you have a specific question, you can write me at the address provided here.
Depending on which part of the country your in…..and which city…60 grand can get you a great deal. As in the previous posting, living in and rehabbing can drive a person crazy. Getting a mortgage w/o down payment shouldn’t be too much of a problem however care needs to be taken that you don’t spend more rehabbing then the property will be worth when you sell.
And just a note of caution. If you have children you should check out the EPA’s web site in regards to lead poisoning. Lead is not costly to address in a rehab and even minute amounts can cause permanent mild to severe learning disabilities in children under 6.