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.

I’ve been quoted for 30Yr fixed: 1st 729k @4.5% and 2nd @4.25 with 20% down

or 10/1 ARM 1st @4.0% and 2nd@4.25% with 25% down

Are these good rates? given the expected rate increase (but when?) is it still better to get ARM? 

thanks

by hannah8ball

by surprise truck

Took a year to close out estate, finally sold home. Have already divided money, CD’s Ira . I was told up to five percent, that it depended on money coming in and going out. I live in Alabama.
Total estate comes to 278,947.92.
178,947.72 has been divided Can I leagally take 2.5% of total estate from top of the $ 100,000.00 sell of house?

Hi, I was wondering if I sell my home after I pay all the interest will I get a profit if the home selling price is more than what it was worth when i purchased the home or will the bank get the profit? Please advise, thank you.

by TaylorMiles

I understand the value of having an attorney review everything during a home sale… But, I am not entirely seeing the purpose at this point. I am buying a condo, and at this point in time I already have an executed contract, and the seller is using their own Title company and paying for the title insurance.

So if the title insurance is paid for and in place, and the contract is already executed, what could a lawyer do for me besides provide reassurance?

I am not sure that reassurance is worth the money.

Home Buying For Dummies

I am looking at buying a home. I was wondering what the process was and if anyone could give any tips on buying, what to look for, how much to have stuck back, etc? Any info would be greatly appreicated!

The nation has slashed total mortgage debt from nearly $ 11 trillion at the mid-2008 peak to $ 10.3 trillion in the first three months of 2011, the BEA reports.

Low interest rates, defaults and refinancings have shaved more than $ 100 billion off the nation’s annual mortgage bill — an amount comparable to all unemployment benefits for one year or this year’s Social Security payroll tax cut.

Homeowners have trimmed interest payments alone by 11% — or $ 67 billion a year — from the peak in 2008, according to the Bureau of Economic Analysis (BEA). The savings come equally from grabbing lower interest rates and reducing what’s owed by paying down principal or defaulting on loans.

"Households are managing their debt down by bringing cash to the table to qualify for super-low rates," Mortgage Bankers Association economist Michael Fratantoni says. That’s a change from the housing bubble when "cash-out" loans let borrowers leave mortgage signings with spending money, he says.

Economic effects of lower mortgage debt:

•Savings. For the first time since 1998, households are saving more than they’re spending on mortgage interest.

•Interest. Mortgage interest consumes 5.27% of the nation’s after-tax income, the lowest since 2004 and comparable to the 1980s and ’90s.

•Rates. The average interest rate on all mortgages — not just new ones — has fallen for 16 consecutive quarters to 5.96%, the lowest since the government started keeping track in 1977. The tumbling rate reflects borrowers restructuring loans to become better credit risks and shortening 30-year mortgages to 15-year loans.

http://www.usatoday.com/money/economy/housing/2011-05-15-mortgage-debt-money_n.htm

by alexabboud

What is a spa loan? How do i go about getting a spa loan for school? How do i know that a spa loan will be the best choice for me? What will i half to pay back,and how long do i half to pay it back?When can i apply for a spa loan? Is a spa loan like a goverment grant?

The Student Loan Scam: The Most Oppressive Debt in U.S. History - and How We Can Fight Back

Loan – El Grito (Fuenlabrada, Madrid) el 04/04/2009


Image by feiticeira_org
Fotos tomadas durante la actuación de Loan del 04/04/2009 en la sala El Grito (Fuenlabrada, Madrid).
La crónica del evento en feiticeirA

We are in the process of Moving to California from Wisconsin

We weren’t able to sell our house there but were able to lease it for 2 years for a rate that

covers Mtg, Taxes and Prop Mgmt fees so I think we did very well.

We’re looking to buy here but my worry is that the lease will only be looked at as income and

the existing mortgage will be taken into consideration dramatically lowering our borrowing power

Can anyone shed some light on this?

thanks in Advance!

by thomasbrandt

We are residents of Texas and the property in foreclosure is in Delaware. Second mortgage holder is threatening to file a 1099.

by TheTruthAbout

With the three credit scores being different, which do they use to determine you qualification for a mortgage? Or do they simply average all three scores. My husband has two scores at around 540 and his transunion is at 605. What are his chances?

by Lori Bonnett

Lets say I am selling my home and my apartment is is good condition except needs paint job and few scatches on floor and wall.

My question is if the buyer wants to get out of contract can he get an inspector to say more problems with my place than it is? Just to get out of contract? Can he claim there is leaks when there isnt? If his inspector comes back with lies what can i do to enforce the contract?

Sorry I am so nervous I never sold a home before…

Thanks…

What are the implications of selling a home below the price you paid for it. How can you write that off on your taxes and does it make sense to do so.
It is an investment property with current renters in there.

Its not a principal family residence.
It was a family residence at some stage though

Fiber sells homes!


Image by CFBSr
Sign placed by the developer to sell homes. And, yes, we’ll soon have fiber to the fridge!