foreclosed homes
- Thread starter 650Ubeezy
- Start date
only thing saving us right now....but the fuckin deferred interest just keeps rising and rising and rising....We just wanted to do something b4 it got too late for us but...ehhhhh to hell with it then our months are numbered (maybe even weeks i dont wanna live here anymore especially with the 2 houses next to us that just burned down last weekend......now were having to get our insurance to fix the smoke damage we have in the attic and hvac unit in our townhouse........There probably goes our chances of a short sale with the fire.
How much do you need to put down? I really want to buy a house as soon as possible but I need to start saving for a down payment. My credit should be a lot better once I get my tax return and pay off my credit card debt. And it is already in the high 600 to low 700 range, the only thing hurting it is that I was 30 days overdue on a credit card payment but other than that it is just the two credit cards I have maxed out which will be taken care of soon. And I should be able to start saving a lot more money without the big credit card payments every month.
What are the requirements on the FHA loan? I would be a first time home buyer and I know that you can get special loans for that. As for my credit cards I am just going to pay them off totally I have carried a balance through college and made all my payments on time so I should be good it is just killing me because I have 2 cards maxed out so that drops my credit score. Washington Mutual also closed another credit card account on me but I was never late and I am still paying that off and my return won't be enough to cover that card. I might charge stuff to the cards after they are paid but I will always pay it off before interest because one is 17.9% and the other is 29.9%. Other than that I just have my student loans but they shouldn't really hurt my credit score.
whatever you do get a fixed loan...
and as house prices goes down, rent rates go up... so if you can a fixed price that is slightly cheaper then rent you made a excellent investment.
don't expect to flip a home, or even make much money on it in the next 8 years, the real money will be to landlord your shit
and as house prices goes down, rent rates go up... so if you can a fixed price that is slightly cheaper then rent you made a excellent investment.
don't expect to flip a home, or even make much money on it in the next 8 years, the real money will be to landlord your shit
It's not really that you want to carry a balance but it helps you credit if you have been making payments so that they can see that you are responsible and have been making all of your payments on time. That's why it can be a good thing to use your credit cards but pay the balance totally off every month. If you do it that way you won't end up not paying interest and you will still show that you are responsible enough to make monthly payments.
Can you explain it to me then? I guess I just don't understand it but I like to learn as much as I can about this type of stuff. I think the only reason I have heard it was better to pay it off every month was because you don't have to pay interest and your still making consistent payments. What I don't understand is why it looks better to carry a balance? And thanks for the information you have given me so far.
i bought one in out in AZ for around 100k, i love the fact that i own my place and spend less than alot of my friends do to rent. I'm thinking about copping another place but part of the deal with my current place is I have have it as my primary residence for a fixed amount of time before I move into another place. besides there are so many forclosures out here my spot might be hard to rent without me doing a couple of key renovations. I'm pretty cool where I'm at though, its a little out of the way for i dig that
This is what is gonna get the economy breathing again, Things got overblown due to real estate market spikes and people using their equity as their own personal piggy bank. This whole shitty market has drove the price of real estate down practically everywhere. I'm in collections and believe me even the guy on top of the hill is hurting too, losing their homes and shit. Too many people took big risks in their homes and lost it all when the bubble popped.
This is what is gonna get the economy breathing again, Things got overblown due to real estate market spikes and people using their equity as their own personal piggy bank. This whole shitty market has drove the price of real estate down practically everywhere. I'm in collections and believe me even the guy on top of the hill is hurting too, losing their homes and shit. Too many people took big risks in their homes and lost it all when the bubble popped.
FHA is actually 3.5% down now..
if you're in my boat looking around $150k your down payment would need to be
$150k= $5,250 + about $800 for inspections and other bullshit before closing.
the advice I would give, is to have a solid $10k in he bank before home shopping, that way you have a nice cushion, and room for a little renovation.
+ a rule of thumb is to always have at least 3 months mortgage in savings...
..but who the hell does that?
