help me make my dream a reality - Buying a house

nicole81

Tue, Jul 27 2010, 12:38 pm

redt85 wrote:

First of all you need to speak to a mortgage broker or lender and provide him with your financial information pay stubs and bank account statements and they will then tell you what price range you can afford a house. Also if you never bought a house you can qualify for FHA loan through HUD. Then you only have to give a small down payment.
Don't give up your dream, it is a just question of how to make it happen. I just bought a house through FHA which was a short sale without giving really giving a down payment, but that is a real rarity.
Also even before you buy a house, you need an engineer or home inspector which is 325-500 right there. You also need a survey and title search-about $550 and you need to pay for a home appraisal which also another 500-550 . that is before anything lawyer feeds and closing and title fees which can really add up also.
There are a lot of foreclosures and short sales right now so just keep looking and hopefully you can find a house.

I'd say the downpayment isn't the biggest issue for the OP. even if she manages to come up with the $25K + in DP money plus fees and closing costs (this is assuming 3.5% down with FHA) her mortgage+tax+insurance+MIP will likely be around $3500 a month on a $500K house for 30 years.

she said she "basically makes ends meet" paying $1500/month, so it can't happen for now. not at least until she either drastically increases her income, or saves up enough for a substantial DP to make the monthly payment affordable.

bubby

Tue, Jul 27 2010, 12:41 pm

chocolate moose wrote:

If you only pay $1500 and have 7 people living there, you got a bargain. Rent isn't "throwing money out of the window"; you have a plae to live with water and amenities !

Also, in NYC, tenants have more rights than a homeowner does - if you can't meet your rent the court works something out for you; if you can't meet your mortgage, the bank takes your house.

The harsh reality is that not everyone can own.

Absolutely correct.