I live in Colorado, just starting a new job where I will make a minimum of 68,500 (medical field so I will be able to increase my income to about 75,000 with extra hours). I’d REALLY like to buy a house, but with being a new graduate, I basically have very little for a down payment. I don’t know how much of a housing payment I can afford per month while still saving money, etc. No student loans need to be paid off, the government is doing that for me, and I have minor other monthly payments, no children, and I am single…
My question is, are there any downsides to an FHA loan?? Can someone give me a straight answer about how much of a mortgage I can afford, instead of these generic online calculators?? DON’T REPLY WITH GENERIC ADVICE THAT I HAVE ALREADY FOUND ONLINE. I would like to hear someone’s personal experience. Being a first time buyer, I don’t want to live beyond my means and become another casualty of the housing market…Thanks!
I really need help! I am purchasing a condo in MD and am quite confused. I will be paying the full mortgage, however want to add my father somewhere on the property in case something tragic happens to me (don’t want the state to take it!).
Is there a way I can add him to the property without tax implications? He is already a home owner. I want to be the primary homeowner. I don’t want it to show as he owns 2 homes and then worry about taxes. Any suggestions? I know I can create a will, but putting him on the property would be better.
I haven’t purchased the condo yet, but am in the process of doing this. So I wanted to know that if it would make sense to add him as a co-owner, because I would rather do it now then have to pay for an attorney later. I’m not worried about selling without his consent or anything.
I’m very new to this, so want to know what people usually do. When you buy a place, what do you do? I would obvisouly rather have my family have ownership over it then some bank. I know I’m thinking into it, but life is unpredictable! I want to know before settlement in case I need to get work done by the title company. It seems like most people are suggesting not to add him because I might lose any available tax breaks.
For the past 4 years I have been buying my home from my uncle through an escrow service. The private mortgage does not show on my credit report, but I do claim the interest as a deduction on my taxes. I have placed that home on the market and I am purchasing another home. Will I be able to claim the first time home buyer tax credit since my previous mortgage was held privately?
I need to get pre approved for a mortgage, but I am uncertain of where to start. I have my finances in order, and am ready to have someone try to financially approve me. Based on your experiences or knowledge who can give the best rates, and who is most likely to approve me?
The one who offers minimal interest and does not require a downpayment, if not minimal. Also, in case of an above minimal downpayment, where can I get a downpayment and closing cost loan? I have excellent credit and my wife and I both work as nurses. We bought a new car with cash thus we used up our savings supposedly for downpayment. Thanks in advance.
What is the best rate that 1st time buyers can get with 30 year mortgage? Since I am very new at this, I want to get an idea and I don’t want to get ripped off on the rates!
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I am 21 and I recently started looking into some real estate listings just for the heck of it. I came across a couple of houses that are at or below ,000, I went to take a look at them and they are in very nice condition as well as being in good neighborhoods, mostly because we are in a serious real estate slump here in Michigan. I feel like it is the right time to buy something especially so I can take advantage of the first time home buyer credit. What would be an ideal situation for me would be to purchase the home with a very low down payment and I do not know much about loans, but with a 10 year fixed APR mortgage, the loan would be extremely affordable. The plan would be that I could pay it off in ten years and either still live in it or sell/rent the property. My question is does this sound at all reasonable for me to be doing and are there even lending companies out there willing to work with low down payment mortgages that are that short of a term?
Basically, I found a home for ~k that my girlfriend and I really like. We are very serious about getting it instead of renting longer. It is a place I intend to live in for ~10 years, start a family in, etc. And this seems like a great time to buy. But will I be able to get approval for it??? I’ve checked so many sites online, and gotten so many different answers!
About me: I am 22. Finishing 3rd year, out of 4, for my B.S. in Systems/Operations Engineering. Following which, I am enrolled & accepted to start my Masters in Engineering. I gross about k a year right now, while I am in school. My credit score is fair, ~650 or such last I checked some several months ago. I know I can afford the raw mortgage, home insurance, etc etc monthly costs (and still have lots of extra cash). But I am concerned I may not get approval.
My wife and I are about to start our adventure into real estate. I am looking into a HUD home ( I am in Georgia ) since I am handyman by trade, but not sure about the process of FHA’s or any first time homebuyer perks. Alot of conflicting information on the web.
I am looking to get out of renting, and my lease is up in almost 3 months. (end of Dec). Question 1. When should I start looking for a mortgage, to be preapproved or prequalified? Question 2: what is the real difference between preapproved and prequalified? Question 3: I have been looking online and most free mortgage searches have a thirty day lock. Does that mean I have to find a house and close in thirty days? Good HELP PLEASE and THANK YOU! All online help say the same thing but I am not really understanding when I should actually grab a mortgage.
I have paid off all delinquent things on my credit report and all I have on there is my carnote and my student loan which are both in good standing. I still have a low credit score which is what is damaging me right now. Any suggestions of lenders or companies that can assist me with purchasing a home?
I’m planning on moving to Wilmington, MA, and am just looking for a good rate on a 30 year fixed mortgage. Does anyone have any suggestions as to who I should go with? Do I have a better chance of getting a good rate by going into a local branch somewhere? Both myself and my fiance have fantastic credit.
I want to buy a single family home in Louisiana for 165,000. I have never filed bankruptcy. But I have a poor credit score, student loans and am self-employed. That’s the bad stuff. The good stuff is that I have cash in the bank for a down payment. I could do 20% down but would prefer 10%. I also could get my parents to co-sign but would prefer not to.
Is there a way for me to get a mortgage? My plan is to fix the place up and try to sell it. And if it doesn’t sell I was going to move in. But it’s in a high demand area so I think it will sell. So I’m looking for a mortgage that has no early payment penalties.
If you were to have perfect credit, and a first time home buyer, which banks offers the best package plan, rate, apr’s, points, ect………. please name a few and give me some detail answers please.
