Home loan question ...
#193698 - 07/09/05 06:08 PM
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SLiCKsGiRL
Reged: 06/20/04
Posts: 428
Loc: Western Washington
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Hey all~ I'm thinking of looking for a home in the next couple of months, and I'm doing my research ...
I'm worried about being able to qualify for a high enough loan, because from what I've read, lenders will only let you spend about 28% of your monthly income on a mortgage. So I'll only qualify for like 30K for a home, and that isn't enough around here ... is there any way around this? Has anyone else ever come across this situation? I'm good at saving my money and could make a house payment easily, but I'm afraid no one will lend money to me ...
Any suggestions? Thanks everyone for taking the time to read this!
Love!
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~*Amber*~
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We bought a house 3 1/2 years ago. We found out that kinda the rule of thumb was that we could get a loan for 2.5-3x gross income, but could only truly afford a loan for 2x gross income.
I hope you don't take this the wrong way, but are you sure you are doing the math right? The 28% is of your gross income, not net. Keep in mind that you have to pay taxes and insurance and other fees on top of that, so what seems like a reasonable house payment can balloon quickly. Our actual house payment is around $450, but the payment we dole out to the bank each month is over $700.
There's a good reason why banks have these kinds of limits, though, so if you truly can't qualify for the price of a house, I'd say keep saving your money for a down payment. I know it's hard to wait when the interest rates are so low, though.  Good luck!
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jen
"It's one of the most serious things that can possibly happen to one in a battle -- to get one's head cut off." -- LC
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Without your monthly income I'm not sure. I do know that around 25% of your income is the recommended amount for home stuff. You can always talk to a mortgage person and get prequalified- this way you'll know ahead of time what you can and can't buy. Your income would have to be really low to only qualify for $30 for a 30 year mortgage though. How much of a down payment do you have?
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Yeah, we qualified for a lot more than we could actually pay for. Not to mention that our taxes have gone up several times (and thus our mortgage payment). Not to mention that if you don't have a sufficient down payment you have to pay private mortgage insurance, which is an extra 100 bucks a month or something stupid. Until you've got 20% equity. Then there's all the crazy house things that pop up... we had to replace our garage doors pretty soon after we bought our house, and we just had a disaster with the air conditioner that cost us a fortune. Houses are so expensive! They eat money!! 
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We're still paying evil PMI!  For us it's $60/mo. We're stuck with it for at least another year or so.
Our house is a fixer-upper. It is horrible to live in right now because everything's ugly and torn apart. We have spent so much money on this house and you can't even tell yet. We don't have to worry about expensive repairs to our garage or air conditioner because we don't have any. 
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jen
"It's one of the most serious things that can possibly happen to one in a battle -- to get one's head cut off." -- LC
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Heh, yeah, we'll be paying PMI for quite a while yet- when we bought we did a grant program for the downpayment, we didn't have it. So it would take us QUITE some time to get to 20% equity. Even though we're doing an equity enhancement program where we pay a little more than half twice a month. They say it will reduce our interest by $35,000.
And, the sad thing is our house is NOT a fixer upper and there's about a billion things we need to fix right now. Air conditioner ruined the new floor in the bedroom, some of the exterior trim is rotting, landscaping needs to be finished in the backyard... it's never done! Ah well. At least we're never bored. Or have too much money. 
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We're going to go to some home-buying seminars and such, and talk to a broker who's a friend of the family. The $30k doesn't really make sense to me ... that means they're giving me a house payment that's a quarter of what I would pay for a decent apartment. I'm using this calculator
I hope that there's something I'm missing!
I'm going to try to put down $8000, more if I can. I'm still trying to figure out all the numbers - this is so confusing! 
Thank you for your help!
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~*Amber*~
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Don't worry, no offence taken - I thought the math looked funny too. I was using a fannie mae calculator. I guess I don't get why a lender is determining what I can afford for me?? I mean, I'm not looking to spend very much, and probably even with taxes and such, the monthly payments would be less than paying for an apartment here. That's why I want to buy.
I'm going to start talking to some people and get some help determining what my options are. Thanks for your response!
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~*Amber*~
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This site: has a couple of calculators on it, one calculates what the monthly payment is likely to be, and one calculates how much purchasing power you have. Do they come up with the same numbers?
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They'll run you through a series of questions and eventually tell you how much you qualify for. This usually includes a credit check, so depending on your credit you may not qualify for the theoretical maximum. They can do this over the phone and it doesn't take long, maybe 10-15 minutes.
The lender sets the amount because banks don't like repossessions. It's not really what YOU can afford, it's what they've found the general populace can afford. And I do have to say their numbers are pretty much right on. Living in a house is a lot more expensive than apartment living. In my area, it is NOT cheaper to buy than to rent unless you're buying a house in Ye Olde Crack Projects, and cost of living is pretty low here, so you might need to do some more investigating on what your true payments would end up to be.
Good luck!! I'll keep my fingers crossed for you. It is so wonderful having a place of your own.
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jen
"It's one of the most serious things that can possibly happen to one in a battle -- to get one's head cut off." -- LC
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Hi Amber
#193787 - 07/10/05 08:51 AM
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Augie
Reged: 10/27/04
Posts: 5807
Loc: Illinois
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It's been a while!  I was also starting to look into this as I have been paying a landlord my hard earned money for years and years...and have nothing to show for it!
I have the problem of not having the suggested income for anything! When I plug in my numbers into the calculater, it says I can afford like 425 dollars a month! That won't even buy me a cardboard box here! Yet, I pay over 200 dollars more in rent each month than that number.
I'm new to all this too...and I don't know if it's a pipe dream for me, or if I could possibly make this work. The prices of real estate is sky rocketing here! Prices are 20,000 dollars more than they were just 6-12 months ago! 
Are you looking to buy a home, a condo, or a townhome? Can I ask what the prices of homes and rentals are where you live? Where do you live anyhow?
Feel free to email me if you want ....maybe we can help each other out here. Like the other women said...I found that the mortgage company is willing to give me as much money as I need, almost, based on a no income loan. That means they don't consider my low income and are basing on my high credit score. So, they are willing to give me lots of money, but don't really care if I am able to make the payments once I have the property...that is no longer their problem.
It's hard to have the loan amount and see nice places and want them....not thinking about how the heck you will pay for it later on! It just seems like if I like it, I should be able to have it, like everyone else. And I'm not talking mansions here...just a small 2 bedroom house or a small townhome...a place of my own that is quiet and I don't have to share walls and doors with noisy neighbors. I'm currntly in a bad, noisy apartment! I don't want this again!
Heck, I'd live in a small one bedroom home as long as it was all mine...but even those would probably be too expensive...even if they make one bedroom homes.
I really don't want a condo, as they are usually rehabbed apartments around here...still sharing walls and doors and noise and can't control who your neighbors are.
I'm even considering a mobile home. I know they depreciate and are not a good investment...plus you need to purchase the home and continue to pay for rent of the land...but it is private, it's your own little place with a small yard, and the rent of land is basically the same as paying the taxes, assessment fees, etc, of a home or condo. Problem is that the value goes down...but it's still better and cheaper and more private than renting. I think renting is probably the worst financial loss of money.
Keep me updated on anything you learn! If you email me, maybe we could share info! My email is in my profile...deerbeth@yahoo.com.
Take care!
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~ Beth
Constipation, pain prodominent,cramps, spasms and bloat!
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Jen
#193788 - 07/10/05 08:54 AM
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Augie
Reged: 10/27/04
Posts: 5807
Loc: Illinois
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What part of Iowa do you live? I went to college near Bettendorf/Davenport...but your post profile says "the wilds of Iowa" so I take it you live in a rural area.
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~ Beth
Constipation, pain prodominent,cramps, spasms and bloat!
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Oooh I am definitely bookmarking this thread! I've told myself that I am not allowed to move again unless I've bought a condo/townhouse/house. Seeing how I've had 5 zipcodes in 4 years, this is going to be quite a feat. Luckily I like my current rented condo so I don't think I have many worries.
Anyways, I decided last month that I was going to start saving money towards a down payment, but have no clue how much I should save. Thanks everyone for all this great information - I'm going to read this all later.
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- Jennifer
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PS
#193790 - 07/10/05 09:09 AM
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Augie
Reged: 10/27/04
Posts: 5807
Loc: Illinois
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I wasn't going to mention this because I didn't want you to think I was being nosey...but, I just want to mention that if you are going into this based on just your income, your numbers for the payment allowance might be low...but if your boyfriend will be helping out with the payments and the lending facility doesn't factor that in, obviously you can look at places that are higher than they tell you you can afford just based on your income alone.
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~ Beth
Constipation, pain prodominent,cramps, spasms and bloat!
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Beth
#193848 - 07/10/05 11:50 AM
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jen1013
Reged: 05/06/05
Posts: 1322
Loc: the wabe
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We live in a very rural area. The closest town is Tipton, about 12 miles away. We're about an hour away from Davenport but don't spend a lot of time there. Where did you go to college?
We've been here for 3 1/2 years. Before that, I have been strictly a city-dweller, so it was a huge culture shock to me. I love it now but am still getting used to a lot of things. Like fences getting in disrepair so that someone's cows are wandering around the roads. And this year we got invited to a neighbor's BBQ -- the yearly one they always hold on the day they castrate the calves. UGH!
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jen
"It's one of the most serious things that can possibly happen to one in a battle -- to get one's head cut off." -- LC
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but talk to a banker with an idea of what you CAN afford each month towards house, insurance and taxes.. PLEASE! typically you qualify for more then you could ever comfortably afford
Amie
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Dietetics Student (anticipating RD exam in Aug 2010)
IBS - A
Dairy Allergic
Fructose and MSG intollerant
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My parents live in a trailer (sorry, I am not classy, I don't say "mobile home"). You can get a really nice used one for under $15,000 here.
At the time, my parents' trailer was six years old. It has a master bedroom with a walk-in closet and private bath. The kitchen is eat-in. It has a nice-sized living room, two smaller bedrooms, and another full-sized bath. It cost them $20,000, which also included brand-new carpeting in every room that they got to pick out. It looks very nice inside -- actually, much nicer than mine. But, your theoretical cardboard box would look nicer than mine. I have the Ugliest Kitchen in the World.
Lot rent in a trailer park is usually $200-$300 per month and often (but not always) includes water and garbage pickup.
There are some very nice trailer parks here, but the nicer they are the more rules they have -- mainly this is just keeping up the lawn and exterior. You know, so it doesn't look like a trailer park.
Oh, and yes, I've seen one-bedroom houses. Generally they're pretty tiny and fairly old since it's been ages since anyone has built an 800 sq ft house. Here they are also usually in bad/iffy neighborhoods within convenient walking distance of seedy bars and junky used car lots.
I would never buy a condo. A condo is just like owning your apartment. Ugh.
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jen
"It's one of the most serious things that can possibly happen to one in a battle -- to get one's head cut off." -- LC
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around here lot rent in a nice park can run up to 600/month or more.. and in the not so nice parks even nice trailers won't sell because people don't want to be in the neighborhood, I've known several people wind up screwed and either turning them back over to the bank at the end or becoming landlords and renting them out....
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Dietetics Student (anticipating RD exam in Aug 2010)
IBS - A
Dairy Allergic
Fructose and MSG intollerant
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Warning htis may be more than you want to know.
First I hate the term trailer. It has a negative tone that only poor people live there. Which is false, especially when you can end up paying more than a house on a nice piece of property. Even mobile gives that negative feel. It's a manufacture home. Just one of my biggest pet peeves.
Secondly, loans available are not like typical loans. You can't get those wonderfully low rates. It's more like a car loan and some places take advantage of manufacture home owners. We are paying 10% on ours and it sucks. By the time we are done we will have paid way more (like 3 or 4 times) than we should be. We bought the house 8 years ago thinking it would be great to have a home instead of an apartment with a baby coming and now we are stuck. For the first 2 years of our morgage we paid nothing on the principle. We ended up refinacing because of that and because when we changed home owners insurance from the bank to another place this bank threaten to forclose. Why? Because we didn't pay the stinking $33 for insurance one month. They kept calling and saying we needed to do one thing and then we would find out it was something else. It was a nightmare. Now we have 15 years left and refinacing is difficult because regular banks will not finance them. We also aren't sure if what we want to do. We would take a lose just to get out of here.
We are calling the building inspector this week and our plans are to move the house onto land and build an addition. The homes in this park are not selling because most are abandonded. They offered lot rent for $98 for 2 years a few years back and so all these people moved in and when they had to pay $300 they couldn't afford it. A lot of forclosers. People that are willing to buy homes in here are older people who are retired.
Of course other than the finaces we can't complain. We have a 3 bedroom, 2 bath home that came with all the appliances and central air. We have wonderful memories here and the house is still in good, almost new shape considering we have three children. We really want to move it onto land so we can make it the way we want to.
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Are you sorry you bought the home? The lot rents here are about 480 a month.  Plus the cost of the home. And like you said, the loans give about 8-10% finance.
But, it is still your own place, if you can't afford a house or a town home. There are neighbors to share walls, doors and noise, which is my big stressor! Not good for IBS.
How are you able to move the home and where would you move it to? Don't you need to be in a park and hooked up to electricity, water, etc?
I think there is a difference between manufactured homes or modular homes and mobile homes. In the newspapers, they always separate the listings into manufuactured homes or mobile homes. My grandma lives in a mobile home and I never associate that term in a negative connotation. We all call it grandmas trailor, and it is beautiful and cozy inside! I love it! But you're right, the term Trailer Trash is such a misconception!
My grandma lives in a mobile home, and her rent is up to 485 a month and some parks go as high as 610 or more, which is where hers is headed I fear.
They are nice for older folks where this will be their last home...but I know a big part of realty is the investment, and mobile homes are not investments.
I am still young and not sure what if buying a used mobile home is such a good idea. But I really do not want to buy a condo, which is still like living in an apartment, and I can't afford a house.
Any advice would be appreciated.
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~ Beth
Constipation, pain prodominent,cramps, spasms and bloat!
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Re: Beth
#194047 - 07/11/05 07:22 AM
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Augie
Reged: 10/27/04
Posts: 5807
Loc: Illinois
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I went to Augustana College in Rock Island, near Davenport Iowa. Loved it! Loved the area too and often think about moving back now that the economy is better. When I first graduated, I tried to stay, but there were no jobs.
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~ Beth
Constipation, pain prodominent,cramps, spasms and bloat!
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Make an appt with a loan officer. If you belong to a credit union or a bank, they may be able to make suggestions. They actually have some programs for lower-income people to buy houses. They will be able to pre-approve you so you will know what kind of price range you can look in for sure.
Luckily, Will was in the military right after school, before I met him, so he automatically qualified for a speical loan saved for military people. It was the only way we could afford our house, we didn't have to put any money down at all.
We live in royal oak Michigan and the housing in SO expensive here! Our house was almsot $140,000 and its built in 1922 and only 1,100 square feet! But, it is OURS, well technically I guess still the banks as it will take us 30 years to pay it off! We have all the taxes and insurance rolled right into our payment and we pay just over $1,200 a month. We would love a bigger house but just can't afford it!
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Taking it one day at a time.....
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Jen!!
#194086 - 07/11/05 08:32 AM
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Snowy
Reged: 03/23/05
Posts: 406
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I grew up in Tipton!! What a small world. I now live in the Amana area but spent years 4-20 in Tipton. My family is still there so I make it to visit every now and then. How funny!
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***********************
IBS-A, with bloating and gas as my predominant symptoms
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I'm sorry for shooting off my mouth. I just hate feeling like we made a bad decision, kwim? I have friends that have nice land and a nice house and they are paying less than us. I want to play outside with girls and have things to do and yet there isn't anything to do. If we had just waited another year or two we could have had a nice house and land.
I think you are right there is a difference between trailer and manufactured home but most of the time they are lumped together. I hate it when people refer to my house as a trailer. There are no hook-ups to move the house hanging off the end of the house. Our house looks like a very nice ranch without a basement. It sits on a cement slab and has concret blocks around the bottom instead of those skirtings.
We still have to talk to the local inspector about moving the house. The last time we did we didn't meet the requirements but a few weeks ago my husband ended up on a road trip for work with a man that moves homes. He told my husband that if we added on that we could meet those requirement. We have always planned on adding on if we moved so it was an answer to our prays to find this out. The biggest problem is working out the finacing. We think it would be like a building loan but that still needs to be worked out. We would have to have the water and sewar hooked up just like you would for a normal home. We are pretty sure it will be easier to sell if we can put it on land. I have a friend that owned one and when they were transfered they were able to have someone assume the loan.
I was shocked by Shell's thread about buying a new place. The price homes go for in some places is so unreal to me. Homes are not that much around here but at the same time I have to wonder if it averages out based on cost of living and how much a person makes. For us, my husband has not had a raise in over 5 years and actually had a slight decrease in pay last year. They keep saying they will give him a raise but we haven't seen it. The cost of everything has gone up too. I guess all I'm saying is it's interesting how different everyones area is.
Oh and I don't regret our two bathrooms. It was a life saver when my IBS was bad and the girls were potty training. And I sure don't regret our central air. It feels so good on a hot and humid day like today.
I just found this web page
Well, Zoe's up and the girls are begging for me to play a game with them so I better stop here.
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I am so fed up with mine that I would give you my house right now!!!(Apartment living is sounding really nice to me.)
We have a nice house, but all we have done lately is SPEND MONEY on repairs. It is something all the time. We go from one problem to another---and I am sick of it. This house is one big money pit!
Right now, my stomach is in knots. We have a a leak somewhere---and we can't figure out where it's coming from. Water has ruined the ceiling in our laundry room (it's now mildewed!) and it's been running down the wall (so the wall will now have to be repaired too.) Hopefully, the floors won't buckle too.
Rain is predicted for EVERY day this week so we are panicking!
We have gone up in the attic and can't find anything wrong. A roofing contractor checked the roof, thought it was a leaky vent pipe, but when we put a towel around the pipe in the attic (like he suggested), the towel was dry the next day!!!
We had the house painted about a month ago, and we're thinking this problem may be related to the work these guys did on the house. They replaced some rotten wood right above the area that's wet. But the painting contractor and roofer cannot connect it to anything the painters did.
This is so frustrating!!!
Just make sure if you do buy a place that you figure in the cost of repairs and upkeep---something most first-time homeowners don't even think of.
You have the ac/heating, hot water heater, plumbing, windows, yard, etc. to take care of once you own a home. You can't call the landlord to come take care of it for you.
Ahh, apartment living! Those were the days! We'd just come home from work, relax and watch tv. These days all we seem to do is make repairs---- or wait on a repairman to show up---and write him a check.
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Sorry about the leak!! We've been going through the same thing here. We ultimately ended up having to get the air/mold guys come out- they identified all areas of mold and cleaned and sanitized them. Apparently if you leave any mold in the house it can grow into killer toxic mold that gets your house condemned!! Just wanted to give you a heads up, though I'm sure you thought of it! Hope things get better soon...
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Yes, house upkeep is very expensive! I know a yard sounds lovely but remember, you have to mow it every week, and if you put in a graden, thats a lot of work too! You also have snow removal in the winter and if something breaks, like BL said, you have to fix it yourself, no calling a landlord to come and fix it!
We have fixed our home up mostly ourselves but its a LOT of work and still takes money for paint and supplies. We just had to replace 18 large windows for $5,000! They were the original from 1922 and my hair would freeze to the window above our bed in the bedroom they were so bad!
If you buy a house/condo/trailer/mobile home whatever, PAY to have it inspected first! Even then, there are no gaurentees you won't have to put some signifigant money into it!
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Taking it one day at a time.....
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Yep
#194107 - 07/11/05 09:01 AM
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BL
Reged: 06/01/03
Posts: 3522
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that's why my tummy is in knots! All I can do is worry about this. How do you solve a problem when you (and everyone else you call) can't figure out what's causing it?
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Re: Yep
#194128 - 07/11/05 09:40 AM
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michele
Reged: 06/02/03
Posts: 6886
Loc: southeastern michigan
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Maybe call a home inspector, kinda expensive but at least they should be able to tell you exactly whats wrong and maybe spot any potential problems so you can avoid them in the future.
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Taking it one day at a time.....
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Re: Yep
#194134 - 07/11/05 09:43 AM
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I assume you had your air conditioner looked at? That's what caused our problems (and we did lose the brand new, just put down, laminate floor in the bedroom. We're stuck with the concrete subfloor for some time to come). I don't mean to repeat things you've already looked at... just brainstorming for you.
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Shell emailed me your question at work I'm a Mortgage Underwriter. I'm a little busy at the moment, but it is....more like 50% a lot of the time. Email me at home and I will help tonight. Shane66@earthlink.net
Shane 
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are my favorites from the Amanas! The beef jerky is like $20/lb but it is soooo good. Obviously, I haven't had that in awhile! I've never seen it outside of the Amanas, which is good. (I know some chains around here sell Amana stuff but I've only seen the canned things, like preserves and whatnot.)
The day before my colonoscopy, I figured I was going to be in hell the next day so may as well enjoy what I ate. I had a whole bunch of string cheese from the Amanas and three cans of Cherry Coke. 
Anyway, funny you have relatives so close. Small world indeed!
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jen
"It's one of the most serious things that can possibly happen to one in a battle -- to get one's head cut off." -- LC
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Here in Iowa, if you want to move a mobile home, you have to have a minimum of five acres of land! So be careful about this. I don't know what it's like elsewhere.
By the way, I certainly didn't mean to offend anyone by saying "trailer"! I spent most of my teenage years (you know, the horribly over-sensitive painfully neurotic ones) in one and I never minded what anyone called it. Trailer, mobile home, manufactured housing, whatever -- it's still home.
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jen
"It's one of the most serious things that can possibly happen to one in a battle -- to get one's head cut off." -- LC
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The calculator still comes up with about the same number Boo! ... But thank you for the link! I love websites that have a whole bunch of info on them. I'm trying to soak up all the knowledge I can get
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~*Amber*~
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Hi Beth!
That's so great that you want to buy too! I'm definately up for sharing info and tips 
Right now, I'm just trying to get all of the financial stuff straight in my head and on paper, and to see what I can get. My mom and I lived in apartments the whole time I was growing up, so all of this is new.
I'd like to buy a house, but I think that is out of the question. I've been looking at condos/townhouses. Rent in a good area here is at least 800/month and you're still living with drug dealers and such. The very cheapest houses run at $135K and that's for like 600 square feet! Condos in decent areas start at 80K and run up to 120K. I live in the suburbs of Seattle, almost rural area, but I'm willing to move around a bit if I find something good.
In a perfect world, lenders would look at how dedicated and good a person was before deciding on whether they could afford a house ... but since it isn't, I plan on doing everything in my power to find a way to buy!
My email is slicksgirl@mail2world.com if you want to contact me. I'll try to send you some links that I have found tomorrow. Good luck to you too!
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~*Amber*~
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Re: PS
#194423 - 07/11/05 10:43 PM
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SLiCKsGiRL
Reged: 06/20/04
Posts: 428
Loc: Western Washington
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Don't worry about it - you can feel free to ask me anything. I don't think you could come up with anything I would think of as nosey if you tried I can't help how much money I bring in so there isn't any point worrying if anyone knows, you know? LoL
Anyway, b/f is in school right now and only working something on the order of 40hrs/month. So he's just about breaking even. Using his income wouldn't really do anything for me. He does graduate next year, but I don't want to wait that long to buy And I really want to be able to get a home on my own. It's an independence thing for me; I want to be able to say that I could stand on my own two feet for a point in my life ...
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~*Amber*~
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Thanks Amie! I will talk to a banker or someone. And b/f and I are going to a seminar next week to learn all about buying. I'm working really hard to come up with an accurate budget for myself, to see what I can afford, 'cause I don't trust what someone who doesn't live my life might tell me. Don't worry, I'll be careful!
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~*Amber*~
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I've seen a few banks actually that have programs for low-income - I'll definately be checking in to that! I'm planning on investigating every avenue just to see what's feasible. And if ultimately I find that I just can't afford it now, well I'll wait for a bit. I might cry a little, but I can wait
Thanks so much for your suggestions!
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~*Amber*~
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Oh! I'm so sorry you're having trouble BL!! That's awful! You know b/f's parents had a leak in their house coming out of one of the light fixtures on the first floor - it turned out that the washer had over-flowed on the second floor and the water leaked into a vent which in turn leaked into the fixture. Could it be something freaky like that??
I hope that you get it solved quickly! I know what you mean about home repairs - it seems like they always pop up when you can least afford them. I plan on maintaining a good coushin though, for those things that spring out of nowhere. Thank you for the advice~
Good luck getting that leak fixed!
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~*Amber*~
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Thanks Shane! I make so little that I just don't know if I'd qualify for enough to get anything ... But I am saving my money now and just don't want to start tossing it in to an apartment, you know?
Thanks for your response, and thank Shell for me for passing the ? along. You two are awesome!
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~*Amber*~
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Hey Amber,
I don't make a lot of money, but I qualified for a high loan, much to my surprise. The mortgage broker did a "no income" loan...meaning you don't list your income and it is "approved" based on your good credit.
They figure if you have paid your bills in the past, you will pay the mortgage payments as well. This is for people like you and I who know we don't make a lot, but we know we will cut out everything in order to make our payments!
The interest rate was no higher than usual, and the loan is as real as any other type! Meaning it's a Conventional regular loan.
Yet, even though they trust us to give us the money, it's still up to us to repay it...and we may get ourselves into trouble because we want something so badly and go on the faith that we have always mangaged to make it in the past when our means have been so limited. That can get you into trouble... I fear the money can only stretch so far, like a rubberband! Eventually, it may be stretched so far, it breaks!
Keep in touch and let me know what you learn at your seminar.
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~ Beth
Constipation, pain prodominent,cramps, spasms and bloat!
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The longer you wait, the more money the realty will be. I looked at a place 9 months ago and the asking price was 120,000. Just in 9 months time, the same exact place was on the market again and the asking and selling price was 135,000!
Realty prices are sky rocketing.
My income has not increased by 15,000 dollars in the past 9 months, so I just keep getting further and further behind and I fear (as does my realtor) that soon I will be outpriced out of getting anything at all.
Real Estate raises higher than the price of gas, percentage wise. So, if your not expecting a big increase in income, things won't look any better in a year. I just keep getting further and further out of the market and the places that are now in the same price range I was looking at before are dumps that you couldn't pay me to live in. All slummy apartments turned condo...in bad neighborhoods with lots of domestic violence, alcoholism, and police making daily visits.
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~ Beth
Constipation, pain prodominent,cramps, spasms and bloat!
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Quote:
The longer you wait, the more money the realty will be. I looked at a place 9 months ago and the asking price was 120,000. Just in 9 months time, the same exact place was on the market again and the asking and selling price was 135,000! Yes, one that we looked at in Renton 4 WEEKS ago (condo conversion) WAS $179,000 and now it is $209,000!!
Realty prices are sky rocketing.
My income has not increased by 15,000 dollars in the past 9 months, so I just keep getting further and further behind and I fear (as does my realtor) that soon I will be outpriced out of getting anything at all. Us too.... it is scary!
Real Estate raises higher than the price of gas, percentage wise. So, if your not expecting a big increase in income, things won't look any better in a year. I just keep getting further and further out of the market and the places that are now in the same price range I was looking at before are dumps that you couldn't pay me to live in. All slummy apartments turned condo...in bad neighborhoods with lots of domestic violence, alcoholism, and police making daily visits. Yup
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www.facebook.com/shell.marr
www.myspace.com/shellmarr
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