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I would not buy a new house right now, period. If you have to buy something, then go for a neighborhood that is already established and built out, negotiate very aggressively and do your research on what is happening to the market. Best if you stick with neighborhoods that are 10 years and older. There are a ton of houses for sell in this category and where you will get a reasonable deal if such things can be had right now. If your agent says anything about insulting the seller with an offer, then get a new agent.
If you do this, you stand a good chance of avoiding or assuming the mistake that so many others have made. BTW, I would not take any advice from someone else that is currently building or just did so. Misery loves company and this is the nature of the advice you will get.
thank you. I think i'll start looking at resell homes again. We looked in thebeginning but the prices that were being asked was very comparable to brand new ones. I'd be all over short sales or foreclosures, but my time frame is short...we're first time home buyers and I definitely want to take care of that tax credit.
One of my relatives has recently been approved by the USDA for a home. She has a modest income Disability and Child Support no other income. She was approved for $162K in addition to that, Section 8 will help pay the Monthly expense. She plans to purchase land and build a 4 bedroom Modular in Iredell County.
Maybe I'm doing something wrong... lol In the Northeast, we're told we have to make a minimum salary of $40K to get any financing for an "affordable" home. Here the picking is not a 4 bedroom, try a 3 bedroom or less...
hmmm never heard of that. that's not my situation at all...I need to make under 75k to be approved which I make the standards just by a hair. If USDA approves those that get disability, section 8, and child support...that changes everything, i won't buy in a neighborhood that allows that. anyone else know anything about this?
Oh and btw, im from the northeast too...just moved to charlotte 10 months ago!
Buying a house with the very short-sighted mindset of 'being out in five years max' makes little sense, since it will take you twenty-one-plus years of mortgage payments before you'll own exactly half of your house, as a peek at any mortgage amortization chart will clearly prove to you.
Example--- A $100,000 mortgage at 6.5% over 30 years would equal a monthly payment of $632.07.
After one year of payments, you'll still owe $98,882.27 on your mortgage despite having made almost $7, 585.00 in payments, of which $6,467.09 is strictly interest!!!!!
Buy a house you really love from a builder with a top-notch reputation, and plan to stay there; so-called 'serial refinancers' are one key reason why banks have gotten soooo big!!!
yea i know that...its like cars, you pay so much in interest at first that it hardly touches the loan that you owe back on. but...if you buy in an area where the price of the homes increase then you sell your home for more and make money on it...as long as you break even you are okay..but making money on a home shouldn't be looked at as a sin from an investors stand point...
in ny the market was like a rollercoaster so excuse me if its foreign to you or it makes me look ignorant. i have some family that is in the flipping business so i'm trying to learn something before i purchase my first home...a first home is hardly ever the home you stay in for the whole term of the loan so i'm trying to find out the best scenario for my circumstances...
hmmm never heard of that. that's not my situation at all...I need to make under 75k to be approved which I make the standards just by a hair. If USDA approves those that get disability, section 8, and child support...that changes everything, i won't buy in a neighborhood that allows that. anyone else know anything about this?
Oh and btw, im from the northeast too...just moved to charlotte 10 months ago!
I didn't want to cause a riot by disclosing her financial status. I was comparing the different criteria between the northeast and NC.
FYI: How can someone tell if someone is receiving disability or gov't programs if they conduct themselves with decency? Just curious....
I didn't want to cause a riot by disclosing her financial status. I was comparing the different criteria between the northeast and NC.
FYI: How can someone tell if someone is receiving disability or gov't programs if they conduct themselves with decency? Just curious....
Cause a riot by disclosing her financial status? Are you serious...are you familiar with what a riot is? This is not a riot...and not only is this not a riot but I don't care about her financial state. I do care however about living in a neighborhood that allows this to take place. I will leave it at that and I am not going to comment on it any further. This was about USDA mortgages not about the "decency" of the people who live off government funds....
Cause a riot by disclosing her financial status? Are you serious...are you familiar with what a riot is? This is not a riot...and not only is this not a riot but I don't care about her financial state. I do care however about living in a neighborhood that allows this to take place. I will leave it at that and I am not going to comment on it any further. This was about USDA mortgages not about the "decency" of the people who live off government funds....
But you have NO control of everyon'e income data in a neighborhood. So therefore, you wouldn't know if someone is living there with a modest income unless it's in a subdivision which it's starting prices are high. When I stated a riot, If you looked at how many responses "Affordable Housing in Ballantyne" received you'll understand what I meant. This is my final comment on this. Good Luck
This is the link to see if a property is eligible for the USDA 100% financing. I have gotten clients these loans. They are subject to income limitations and it's by county FHA amounts. One loan went to 102%.
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In the Northeast, we're told we have to make a minimum salary of $40K to get any financing for an "affordable" home. Here the picking is not a 4 bedroom, try a 3 bedroom or less...
Just curious....
