Buying a house for someone else in another state?
I think that your mortgage interest is based on the market value of interest rates and your credit score; however, because rental properties are riskier than homes occupied by the buyer, underwriters have a tendency to increase the interest rates but perhaps this may depend on the lender too. Also you have to remember that you must pay rental property tax. Also, homes in that price range are probably older and will most likely incur cost of repairs. If the tax, repairs, and interest are higher than what your grandma can pay out, then I would advise just letting her live there for free (expense vs revenue). In other words, if you dont have to pay additional cost of taxes and interest then it may be beneficial to deem this place as a nonrental property. I live in Georgia but am not exposed to many homes in the $60,000 range but the price of the homes versus what you get is pretty decent (better than NY or California). I would suggest flying down here and checking out the neighborhood and house itself before purchase. Afterall, you dont want your family to live in poor and/or unsafe condition. Have you looked into a brand new modular home preferrably? You can buy a really nice modular home for that price range. The problem is you also normally have to purchase the land as well (lenders consider the land the asset to secure the loan and not the home itself). Or you can buy a decent one that's on a rental property. Just a thought... Anyway, you're a great son and grandson for doing this for your family!!!!!!
Is buying a house always a good investment?
While property is often a good investment, it has its drawbacks as well, and is not for everyone. Typically, real property appreciates faster than other investments, and depending on the type of property, it can also pay some of its own upkeep and operating expenses. However, it is not a good investment for someone that needs liquidity (the ability to get at the money quickly), or who intends to make a quick profit, as the real estate market fluctuates, and there are times (now, for example) when properties may take much longer to sell, and may actually drop in value for a time. Buying your home is probably the best property investment, as you will need to spend money to get a place to live anyway, but even here, there are exceptions. If you do not have definite plans to stay in one area for a period of at least a few years, the costs involved in buying and selling real estate can easily offset any profit. Additionally, first time home buyers often find themselves unprepared for the problems of home ownership. In general, however, most people find that the benefits of home ownership far outweigh the problems. Choose carefully, have inspections done and don't buy more home than you can afford, and you'll find that owning your home is far better than renting.
Is it possible to buy a house with no closing costs.?
Is it possible to purchase a home with no closing costs. I mean, I have more than enough money for a down payment. A recent check has left me with enough money to pay off all of my debts, and after taxes and fees I will still have $66,000 left and I am willing to put around $45-50,000 down as a down payment but I can't stand the thought of paying fees and stuff. To me it's just rediculos. I mean I am borrowing around 50-60 thousand dollars and they want to stick me with fees to take out a loan. Thats crazy. I know you can get a re-finance with no closing costs, but I am talking about me seeing a house for sale in the paper or on the internet, and buying it. I want to avoid closing costs. Please no answers from people who all they do is search google for all their answers. I am looking for someone who actually knows what they are talking about. I am looking to purchase a home within the next 30 days in Lake County Indiana if that makes a difference.
Is it cheaper to buy an empty land & build house yourself or buy an existing one?
Its cheaper to purchase an existing house vs buying a lot and building. Lots of red tape, and building codes to follow, they sometimes stump a contractor, depending on the inspectors. If you wish to do some work on the side, buy an older run down home, and remodel it, in your spare time. The older run down one, will be from $75,000.00 to $200,000.00 cheaper. Don`t loose sight of the fact that real estate taxes are 1% of the purchase price per year. The amount you spend on the house after you buy it does not affect the amt. of taxes.
Is it cheaper to buy a house that isn't built yet?
its called a pre builders price and YES it is legit and yes it IS a good deal. That way no matter what the price of materials are at the time of building they are committed to selling you teh finished product at that price. But with the way the housing market is right now this is how they are getting built with pre purchased orders. Builders can no longer afford to build en masse and wait six months for buyers,
Does the navy help you to buy a house anywhere after completion of the service?
no it does not. the VA benefits incluide a home loan guarantee but you must strill have the credit score to qualify for a loan.