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Old 07-30-2007, 11:42 AM
 
10 posts, read 37,450 times
Reputation: 10

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hi guys,


i'm relocating from ann arbor, mi. i have 3 web design job interviews next week. my fiance will be studying in rosalind franklin medical college and we are getting married next year. we are both 27 and we don't know anything about buying a house. i'm not rich and i can't pay more than $1600 a month. so basically i'm looking to buy a cheap townhouse in gurnee, grayslake, any place near my fiance's school which is located in north chicago. lake bluff seems nice, but it's out of my price range. i know it's not a good idea to buy a house in wakegan and north chicago. what about gurnee?

anyway, i'm not even sure if my credit is qualified enough to buy a house. my fiance and I have about 640-650 credit score. and we can only down pay about 5-7k. also if the house is $220k, how much can i get a discount? do i deal house like cars? and what is the reasonable % for 30 year mortgage? will these townhouses hold their values?

i'm little excited but scared as well. please give me some tips!

joe
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Old 07-30-2007, 12:30 PM
 
10 posts, read 37,450 times
Reputation: 10
anyone? i really want the monthly payments to be around 1300-1400 or even under. do you think it's possible?
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Old 07-30-2007, 12:34 PM
 
Location: Phoenix metro
20,004 posts, read 77,392,370 times
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Quote:
Originally Posted by wolverinejoe80 View Post
anyone? i really want the monthly payments to be around 1300-1400 or even under. do you think it's possible?
Hmmm, might be stiff. Youd probably have to go further north to get mortgage payments like that. Ive yet to find anything around here that I can afford either, hence why I rent. There are wonderful apartments all over Chicagoland, have you thought about renting until she gets a job? Just an idea...
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Old 07-30-2007, 01:03 PM
 
Location: Evanston
153 posts, read 210,024 times
Reputation: 19
You should probably try renting. Bad credit scores usually have a higher downpayment but you probably won't get a mortgage with credit less than 650. Plus, Condominiums and Townhomes are bad investments in Lake County, except for maybe Fort Sheridan in Highland Park. If you must buy a condo or a townhouse buy in Evanston, Lincolnwood, Skokie, or Wilmette. They are close to the edens and are very good investments. Condos in Lincolnwood and Skokie are available for $200,000. Places in Wilmette and Evanston will be a little more pricey.
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Old 07-30-2007, 01:09 PM
 
10 posts, read 37,450 times
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i don't mind buying a house, but i just couldn't find one under my price range.
and gosh, i worked so hard to get 650 credit score. i used have under 550.

do you think i can buy a house for my price range?(i can pay up to $1600 a month). my fiance doesn't want to commute for more than 20 minutes, so the place has to be within 15 mile radius.

man, i'm really scared now!
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Old 07-30-2007, 01:12 PM
 
10 posts, read 37,450 times
Reputation: 10
Quote:
Originally Posted by Steve-o View Post
Hmmm, might be stiff. Youd probably have to go further north to get mortgage payments like that. Ive yet to find anything around here that I can afford either, hence why I rent. There are wonderful apartments all over Chicagoland, have you thought about renting until she gets a job? Just an idea...
she will be studying for 4 years(med school), so she won't find a job anytime soon. my salary will be $40k a year, and i do freelance work as well($1000 a month).

i've been renting for last 7 years, and frankly i'm kinda tired of renting. i wish i can have my own little place...
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Old 07-30-2007, 01:13 PM
 
Location: Evanston
153 posts, read 210,024 times
Reputation: 19
Chicago is very expensive. A twenty minute commute to North Chicago is sort of unrealistic. You can find really cheap stuff in Waukegan and Highwood but that is because they are not the best neighborhoods. They are being spruced up. Waukegan has some expensive lakefront property and Highwood part of it is in the exclusive Ft. Sheridan area.
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Old 07-30-2007, 01:15 PM
 
Location: Evanston
153 posts, read 210,024 times
Reputation: 19
Try looking over the Wisconsin Border it should not be that bad of a commute. You have a pretty bad situation!
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Old 07-30-2007, 01:29 PM
 
Location: Oak Park, IL
5,525 posts, read 13,953,705 times
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Since your fiance will be a doctor, you're probably better off renting for four years. You never know where the two of you will end up for her residency program after medical school.
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Old 07-30-2007, 01:43 PM
 
Location: Evanston
153 posts, read 210,024 times
Reputation: 19
I'm a doctor, we rented througout our residency. Then we purchased a small townhouse in Evanston. After my son was born we bought a larger home, in Evanston, for just $357,000. Now the home is worth over $1 Million. Were selling it and moving somewhere else. Don't no where yet. You should probably rent.
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