Question by Anier: Where do I turn for the RIGHT answers?
I just moved back to florida and all the money I had saved up went on a new car and the other expenses you have when relocating. I dont have money saved for a down payment but I dont want to rent again until know if i could actually own a house. I am a type of person who likes to put money into my place and I hate the fact that when i move I leaving gaining NOTHING on what I spent! I am a single mother of one and I want a better future for my son. My dream is to buy a house before im 30 but i cant find the right information on grants and wether its a good step for me to buy a home. Plus I want to my mortage to be the same amount I would pay for an apt here in Florida. (which is from 660-800 dollars).
Best answer:
Answer by Business Mom
go visit your local loan officer at the local bank…and see where you stand….that should give you some idea as to where to start.
also get a licensed real estate agent to assist you.
good luck 🙂
What do you think? Answer below!
It usually correct to turn inward for the right answers. Look at your actions and see if you made correct decisions at each point you had a choice. Was it a good move to Florida? You bought? a new car? You and your son did gain shelter on rent and that is worthwhile.
Depending on market conditions you can lease to own real estate with a credit for a portion of the lease payment. Perhaps you can look in your local newspaper or on the internet for such.
As a 1st time home buyer you should qualify for FHA, RD or other low income, not so great credit loan. Check with a mortgage broker…they work with many different kinds of banks, so they have a lot more access to different mortgage products than just one bank you may walk into.
Many of these types of loans also require no down payment, so that would be a positive for you right now too. When you are looking keep in mind that that $ 660 to $ 800 would need to include property tax, so you may be shooting a little low for your part of the country.
Once you get prequalified for the home, try looking for HUD homes or forclosure homes. With the default rate on mortgages being so high right now you can get a really nice house for not a lot of money. HUD homes are required to qualify for FHA loans (FHA requires a thourough inspection, one of the toughest inspections to pass).
Good Luck 🙂
Your mortgage payment range should net you a house with a final sale value of about $ 140,000. This includes a down payment of 5%. While I am not intimately familiar with the value of real estate in Florida, I know thats a tough find around the major cities.
I would not recommend a Condo as you do not get land.
First time homeowners have many options for help and additional funding. I would recommend the following people:
*Banker
*Real Estate Agent
*HUD Representative
First time owner information can be found at:
http://www.hud.gov/buying/
Many banks and other lending institutions have programs as well. Most people understand that building a long term relationship with people is still the goal. Make sure you are getting the home you want, but most importantly, lock in a payment you know will not change in the future. The 30 year fixed is always a good idea.
Feel free to contact me with any questions you may have.
-Aaron
I admire your goals to buy a house rather than throw your money away every month. Florida, and pretty much every other state offers a “grant” program for first time buyers with medium to lower income. Also HUD offers a couple of programs to certain people with certain types of jobs (teacher, cop, fireman, etc). Your goal to own a house by the time you are 30 is feasible, but you might discover the house you want will cost you more than $ 800 a month. Seeing that you will likely get a fixed rate for 30 years, thus paying close to the same thing every year, you might want to also consider the likelihood that you will be making more than you do now in the future. Good luck.
new car…thats the 1st thing needed, when moving….and wanting to put a down payment, on a house……smart……try again………