Can you buy a house for like 165,000 but get a loan for 250,000 to make all the upgrades and fixes to the?
there are FHA 203K loans that can be done for needed repairs but not just your wants and wishes. Just to make the home livable
My friend and I want to buy a house for about $290,000. Can we get a loan for no money down?
No money down mortgages are NOT a good idea - especially now that the real estate market is slipping. If you mortgage 100% of the house at $290,000 and the value of the house decreases (as most homes are doing now and will likely continue to do for the next few years) then you still owe the lender (bank) $290,000, but you may very well not be able to sell the house for as much as you are paying for it - which means that you will have lost money on it. A terrible situation for two students! Real Estate investing is risky and should only be done with 'extra money' that you have and that you could afford to lose. Don't let all of the flipping shows on tv make you think that this is a way to get rich quick - it is very risky. If you are still insistent that you want to go ahead and do this - talk to a mortgage broker - they can get almost any kind of loan for almost anyone. Also - be sure to have a lawyer involved to draw up an agreement between you and your friend for how costs, responsibilities and profits are to be shared.
Home Equity Loan on Paid Off House but Bad Credit?
I inherited a house when my father passed away, the house is worth about $530,000. I wanted to get a Home Equity Loan with the house as collateral for $100,000. Mainly want to use the money to pay off debt, fix up the house, and my daughter starts college in 4 months which I need to pay for as well. I was denied for having a 668 credit score from a local bank (TD). My income is about $5,000 a month from retirement social security. The loan was only about $600 a month for 30 years at a fixed rate. I am $18,000 in debt (maxed credit cards paying minimum payments). Regardless, I can easily afford this loan with my income and budgeting. This makes no sense. Why would I be denied when my home is out right paid off. I plan to sell the house after my daughter has graduated from college but I have no intention of moving until then. Whats the point in paying off the house if you can't get money out of it. I am need of this loan and I am not sure how to go about getting one. I need serious help. I have no one to co-sign with good credit. What are my options to secure a loan given my situation? Thanks so much
My house needs so much work and repairs...what should I do?
My garage roof is caving in, the basement has a septic tank and mold problem, the roof on my house is basically falling apart, there's electrical problems, water leaks, etc. Now I know the obvious solution to this answer is, "fix the problems". Only problem is...money. For someone who works all the time and having to pay the bills, I don't have enough money to afford fixing the house. I feel like I'm in a lose-lose situation. I have enough money to get by and pay for basic things. But I simply can't afford to improve my overall surroundings...my home. What would you do in my situation?
Do auto repair shops have payment plans?
Many auto repair shops have contracts with finance companies which allow them to offer customers the ability to pay for repairs on credit. The interest rates (in my experience) are often very high and unless the customer really needs to use them, they may be better served using their credit cards or taking out a loan at bank or credit union.A few shops might do their own financing for repairs. However, these are probably smaller programs and they may have even higher interest rates than what a financing companies would offer (although almost always underneath their states legal limit for usury)
Which is better, staying in a rented house or owning your own house through a loan?
Strictly from an investment point of view:1. Good: rent and save as much money as you can.2. Better: once you have saved up a deposit, buy a modest house to live in (security of ownership; future asset).3. Best: once you have saved up a deposit, buy an investment property, claim all the wonderful tax deductions, keep renting. Rinse & repeat ... until all your rentals provide enough for you to retire on AND buy that dream home you've always wanted, free and clear of any mortgages.I did a hybrid of 2. and 3. (buying a more modest home than my friends, and simply not upgrading until we could afford an amazing house), which worked out just fine.
What is the best way of buying my first house?
First research your financial situation. You have to know how much money you can afford to spend on a mortgage payment per month. Once you have established a maximum amount that you can afford to allocate on a mortgage payment, you can then start looking for a home. This is by far the most fun part of the process. As you look for a home, make the determination if this is a house you will want for 3 years, 10 years, or more. Is this for you or for you and a family? This will determine not only the size home you need, but the type of neighborhood and mortgage you will choose. If you decide on a start up home, you may choose to live in a more Hip, up and coming neighborhood, with the hopes that your home will appreciate enough to allow you to move up in home size and neighborhood prior to starting a family. And if you plan on moving relatively soon, an adjustable rate mortgage may make more sense than a traditional one. Once you find that perfect home, research the neighborhood a bit, How much to homes go for there? What is the average home appreciation in the past 5 years? Are there any government or commercial projects planned (new parks, new malls, prisons)? What is the crime rate? Do most people own or rent? Most of this data is available on local city or county websites. All of this information gives you an idea of if the neighborhood is moving in the right direction, and if it is a good fit for you. Once you have made a bid on a home, and been pre-approved... Now you need a mortgage broker...FHA loans are typically the easiest way to buy your first home, they require little down payment and many communities offer FHA classes which will lower your mortgage interest rate. Once your finances are in order, you will need to find an insurance company and begin the process of finalizing the purchase. The most important part of purchasing a home is getting a good inspection! Hire a home inspector who is familiar with the age of home you are buying, and those who have a background in structural engineering are usually the best. The last thing you want is a house which is about to slide off of its foundation. Once inspection items have been resolved, and your loan is ready to go, it comes down to signing documents until you can't hold a pen anymore.