Free money from the government to buy house?
Well I never heard of that getting 250k sounds strange but don't take me word on it. I have seen some large grants lol What i do know about is called Ameridream program which is a program to get you a down payment its for people that fit the criteria. http://www.ameridream.org/ This is there link. they help low to mederate income and first time home buyers. You wont get 250k lol but you might get a down pmt in place of 5% or 10%. PS: do some grant hunting here is another site its a big site explore it. It might help its the government site for housing and urban development http://www.hud.gov/assist/siteindex.cfm Look for grants and down pmts and low income loans and ect! check out the "dollar homes" on the hud site cause that sounded promising to your situation. Good luck and happy hunting I wish you luck!
My friend got a 560k loan with 27k annual income?
Being real here, I think you should be careful. If it sounds to good to be true it probably is!! Just make sure you know every detail and I would have a lawyer look over the loan before you take it out to make sure it doesn't have you wrapped up in some crazy mess 5 years from now. Good luck
If I have $600k saved and I'm debating about buying a house for 1.2 million, would it be a smart decision if I make $200k/yr? I'm 30 years old and I want to pay-off my house in 15 years. I might get married and have 2 kids.
Andy Rachleff pretty much hammered down the numbers.. If you can live on $60k thats fine....If you are living in LA on $1200 a month for 2 .... FEAKIN CONGRATS. You must be living in the park in a pup tent and eating in soup kitchens... Your GF must be a gem to have a BF who makes $200k and doesn't spend it on her....Saving $600k on $200k gross is very commendable, Probably confirms that you live on nothing... For most without serious high level investing, it would have taken you at least 6 years to save that....Me... Keep as much of the cash as you have.... WHY A $1.2MILLION home? Why not a $1mil? or $850k? Better to find a home that suits your needs and conserve cash... $600k WELL invested should return 20% a year... Thats $120k for doing "nothing" and much better than putting it in a house that going to cost a lot. I always look at the EXPENSE of living there at 5% to 10% of purchase price for taxes, utilities, maintenance (YES they need work and its never cheap when it happens), etc. If you buy the house, its going to look strange with your "goodwill/college furniture" inside it too. Plan on $100k for furniture. Not really cheap. BTW a lot of the places I've seen in Santa Monica for $1mil (I looked a couple years back) were closer to what I consider "tear downs" than a $1million castle...My advice.... Buy a $400k house, pay cash; keep $200k cash, and that way when the boss walks in a month after you get it and says things are changing and here is your final check, you can be the only one walking out the door with a smile since you have money to live a year or more without problems. The people you work with will be looking for something high to jump off off....Save at the rate you are saving and be ready to get out at 40 and live somewhere cheaper and eliminate the stress of working......Last one... What price house would you be comfortable with? Thats one only you can answer.....Best of luckMark H
How much do I need to put down as a deposit for a £60,000 house on a buy-to-let mortgage?
In the UK, usually at least 20% — but 25% is the norm.It will also depend on the expected rental yield. The rent generally needs to cover 125% of the annual mortgage interest payments, although lender criteria will vary.So say you put 25% down on a 60k purchase price — borrowing 45k. At 4% interest your annual interest payment is £1800. At 125% your annual rental would need to be at least £2250. If the rent is going to be less, you would probably need to put down a bigger deposit to make it stack up.
How can people afford such expensive homes?
I love to watch house hunters, but whenever I do, I find myself confused. Almost every person on the show has a HUGE budget. How can people afford 500k? Not everyone has white collar jobs such as lawyers, doctors, ect. So the main question I have is: what kinds of jobs allow people to afford such expensive homes? Thanks (:
What's the average down payment for a $500K house in California?
I'm 26 years old and I recently bought a $950,000 house in one of the prestigious parts of Glendale. At 20%, that's a down payment of 190k. My income alone from work is a clean $5,800 a month. My passive income from online business is $1,500 a month. Give or take, I alone make almost $7,500 clean a month. How did I afford such a house? By saving for 4-5 years. I lived with my parents. I never paid rent or any utilities except my own stuff like gas. I didn't have to pay car payments either. Now most of you are probably thinking, "huh privileged kid". Well unfortunately the mentality in America is for young adults to move out and learn to be "independent". In my opinion, moving out after 18 is total bull. You will never save money when you are renting. Most American families, from experience, do not help their kids in this fashion. They will not support a child for years on end for them to save money. Not saying all won't, but the general mentality is America is to boot your kid out at 18. My family's support system is different. We help each out out as much as we can until we get on our feet. Jew's do this also, that is why they are so far ahead and dominating most of the critical sectors of America. I'm not Jewish, but our mentalities are the same to an extent. In order for a young adult to go forward in life in an expensive city like Los Angeles, the parents must support them. There is no exceptions to this rule. You will need some kind of strong support backbone. My parents told me, listen Greg, you don't have to pay anything but you gotta do two things. 1) Go to school and get your degree 2) Save for a down payment. That is all they wanted from me. My parents aren't rich either. We are middle class. So essentially, i saved for 5 years for a down payment, my credit was strong, and I had a high income. This is how I bought the house. If i was to live alone, it would've been impossible.