Young first-time buyers questions?

Deal Score0

I have a lot of questions about the buying a first in the housing market, but I’ll have starten.Ich with some basic information from Oklahoma moved to Ohio in December on my friend longtime (19 years), which has already been moved back and with beizutreten.Wir families live and work full time and make a decent income. We (audit reports and reviews for both of us in early October 2010) credit is very good-looking in the top 600, and the bass is her’m 700.Ich expected an inheritance from the sale of my grandmother mother recently passed away at home, from approximately $ 10 000 erhalten.Ich working in health care and can be easily and quickly a job upon arrival in Ohio.Ich originally planned on renting, but decided to research further the effective kaufen.Wir cheaper to buy a condo in the Lakewood area outside of Cleveland, OH particular apartment is located on top of our list on the market for a flight of about $ 34.900, located in a building high-rise condos near the shore of Lake Erie with a fantastic view over the lake, balcony, 1 bedroom 1 bathroom, 720 meters square and a garage with a comfortable and all appliances enthalten.Ich not living there for over 5 years maximum, so I’m a 5 / 1 ARM think finance the plan by 5% down. And consider the HOA fees, insurance and taxes taken. I also consider my budget from a mortgage interest rate of 5.5% zugrunde.Die apartment could be a few alterations (fresh paint, new floors, updated appliances), but really started bereit . HAHA, sorry, it’s an experience. Now, for the Fragen.1. Will I have difficulty getting a mortgage? If yes, why? 2 How long must I wait for the closing take? 3 What should I negotiate with the offer (upgrades, closing costs and taxes the first year in HOA fees the first year?) 4 Do two of us able to sign on loan even though we’re not married? What kind of fifth interest rate can be expected, I got a young first time buyers? All answers, suggestions and questions are welcome and will geschätzt.Danke.Ich rates and choose the best answer for you fans score answers. 😉
I own a house in Michigan and have two mortgages on it. I’m trying to sell my house in Michigan, and he is on the market for 5 months. I got 95,000 for them and my agent wants me to try to sell it for 50,000. I bought it at 120,000. I recently, after Ohio (signed for at least 3 years) has been transferred and I was wondering if I should rent an apartment instead of buying another house. I’m being evicted from the house in Michigan and if I want my credit card is not good enough to buy a second home thinking. I am for a second loan of 100,000 over what I owe my first house approved. Should I buy another house in Ohio and locking on the second (in Michigan) and make effects. I think hiring a real estate lawyer to help me with options. What do you think? Any ideas?

  1. Reply
    February 9, 2011 at 12:23 am

    The current ARM rate is higher than the fixed rate, so I ponder why you want to go with that. Fixed rates are around 4%, at the moment. You might have trouble getting a loan, but if you have a letter of employment that shows you have a job lined up there, and there is no actual lapse in employment, you might be okay. Or you could try to get the mortgage in your girlfriend’s name, since she has a place there. Talk to a lender and see. A lot of foreclosures want a preapproval letter along with the offer, why not start there? Generally you choose a closing date when you submit your offer although it can be negotiated. I would say 30-60 days to give you enough time to get things done, a bank will likely require an appraisal and you may want an inspection. Go for what you can get in the offer but not to the point of jeopardizing the deal, if you really want it- that’s my advice. Best of luck.

  2. Reply
    February 9, 2011 at 1:10 am

    Sorry, but you will not be able to obtain a mortgage.

    You need to show 2 years of steady employment on income tax returns and be at a new job more then 6 months.

  3. Reply
    richard t
    February 9, 2011 at 1:28 am

    The potential problem I see with you getting a mortgage is your lack of job history. Your credit score also is not considered that great. A conventional loan can close in 30 days (sometimes less) but until you have a job first, I would doubt you can get anywhere. It looks like you have enough for the down payment though and given the low amount the bank or broker will like the 2,000 in closing costs (or more). Your interest rate likely will be higher than normal. Ask the realtor what you can negotiate for discounts on the property, at that low price you might not get much more. You both can sign the loan but you might want to just get it under your name if you can. Otherwise, if you break up it can make things alot uglier.

  4. Reply
    February 9, 2011 at 2:09 am

    As others have said, your work history is not sufficient and your credit is suboptimal. What makes you think you’ll be able to resell in five years? Also, 5% down = foreclosure and the potential consequences of getting a mortgage with a girlfriend or boyfriend can be compared to a space shuttle crashing on a train wreck.

  5. Reply
    February 9, 2011 at 2:51 am

    Could you rent the home in Michigan to cover the payments? I’s look at renting the first if possible and witing for the market to rebound. There are some great tax advantages as well to renting out residential property.

    I’d look at that option.

  6. Reply
    February 9, 2011 at 2:57 am

    There are several options that might be available to you that your real estate agent might not offer you because it would not get him/her a commission immediately

    #1 Lease Option

    #2 Renting the current home

    #3 Land contract

    #4 Renting to a tenant

    #5 Get a loan modification while you still use it as your residence

    #6 Short Sale

    #7 Selling the house and carrying the mortgage yourself.

    There are many individuals that can assist you in handling either one of the options listed above.

    If you are one that like to do things yourself then there are many books on the options that you might use.

    The are consequences and risk involved in anything you do. You have to weigh them and make the best choice for yourself.

    You could purchase the house in Ohio with the approval you have, and then allow your current house to go into foreclosure.

    Foreclosure is the last thing you want to do in this situation when you have so many other viable options.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

  7. Reply
    Doctor Deth
    February 9, 2011 at 3:08 am

    how could you possibly be approved for another home if you are potentially 45k in the red with your current home – that negative equity is not going to go away the bank may not agree to losing that much money and not approve a sale for 50k, so you might still be paying on that 95k mortgage for awhile – foreclosing will kill your credit and probably knock you out of the housing market for awhile, plus you may still owe on the negative equity – your mortgage company is the first one you have to talk to – don’t even think about a new house yet – get an apartment

  8. Reply
    Suresh P
    February 9, 2011 at 3:56 am

    Here are similar answers what others gave.
    1. If you can afford to pay both the homes you can keep it.
    2. If you can rent out the old one and show the proof to the bank, you can ask for more loan (bigger home)
    3. If you succeed in selleing old one, you can buy bigger home in Ohio

    Given the situation, you dont need to spend on lawyer, your new mortgage lender will help you out with options

    In the current situation, best option is to rent it out. (Not much hastles, advertise in craigslist or in a month, it is done!!.)

    You can buy a new home elsewhere and foreclose.
    1. But… Old Bank may come after the new home and its equity and will not write off your old home loan. Banks coming after the new home are extremely rare but in the current financial crisis, you never know.

    2. you will never get a new loan for ~7 years (not even credit card or leased car). When you dont have a proper credi card, you cant even afford a rental car!!. Many landlords/apartment managers will refuse to provide a rental home.

    If your loan on old home is NOT ARM, and if you are already approved for a new loan, you can rent out the old one (and make out as much as you can) and sell it down the lane (may be for profit).

    I hope this helps

    Leave a reply

    Register New Account
    Reset Password