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Anybody in real estate?
Ms Sans Serif
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[quote:Anonymous Coward 7736082:MV8yMDY3OTQ5XzM0Nzk2NDM5XzczNkE1Qjk2] [quote:Anonymous Coward 23794435:MV8yMDY3OTQ5XzM0Nzk2MzkwX0Y1MTYxRDNE] [quote:Anonymous Coward 4555299:MV8yMDY3OTQ5XzM0Nzk2MDc4XzY3MDgwNkQ4] Not a Real Estate Agent here but have been through the process several times. First of all, I cannot imagine anyone wanting to be a home owner at this particular time because of economical and other reasons (Fiscal cliff, Tax increases or loss of home owner deduction), etc. Much better to hold tight and rent untill things get better. If really firm on wanting to own then you might consider buying a house that is headed for foreclosure. Motivated sellers there. Another option would be to buy a foreclosed house for 10-15 thousand and spend the rest of your savings putting it back in livable condition. Most have been vandalized (copper plumbing, wiring, air conditioner unit, etc.). Things to think about. [/quote] [b]"....much better to hold tight and rent until [i]things get better[/i]" [/b]??????? How long have you been on GLP? Kudos to you, OP, for saving a big down payment. I'm just a nobody (not THE nobody)...but I would say you have the right idea to get a cheap house, pay a lot of it down and have hope of paying it off soon, or at the very least, have a payment that is manageable (lower than rent)...especially if you find a place where taxes are extremely low. Yearly taxes (spread out monthly) can be as much as the house payment, effectively doubling your monthly payment. Don't forget to factor the taxes in when you are calculating. Many people don't understand how that works. [/quote] Yeah I've looked into that a bit too, the houses I'm targeting seem to ust be arpund $500 yearly tax so that shouldn't be a problem at all. [/quote]
I officially now have $30,000 saved up to buy a new home howeber I have very little credit. I only have one Visa card that I've had about 2 years. I get many offers in the mail just havn't followed up on getting a second one yet.
But If I'm looking for homes priced around $60,000 to $80,000 and put up around $20 to $25,000 for a downpayment (including closing costs) does my credit score really matter? My goal would be to have my morgage around $350 a month or cheaper. I take home after taxes about $1,400 a month.
First time home buyer so any help GLP can offer I would greatly appreciate it.
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