Starter House, Single Parent 2y/o Twins (Lansing, South Holland: renting, crime)

[*OnMyOwn*]

I am 23, have 2 year old twins and looking to buy first starter home. Would like to live in one of the South Suburbs (I know most of you guys think South Burbs are rather ****ty and crime infested )

I work for the railroad in Homewood and have small children so would like for job and home to be conveinently located together. (Mom also lives in South Holland, so something not too far from her... I like Matteson so maybe in that area?

I have a VA loan (I am a veteran) that I plan to use.

Some other issues are I just got a bankruptcy discharged, so any imput about how that will effect things and how soon I should try to get the house will be appreciated. I will be debt free except for truck note (which has a co- signer on it)

Between my income and child support I gross a little under 45K a year.

How would you go about this...
Or at this time is renting a better route for me to go? Does it seem like I can even afford a house?
I am looking for a starter home, so I know it wont be the best...but any ideas?

I have champagne taste and wine head money! I really like modern and up to date looking property.

Really want 3 bedroom (I have one boy and 1 girl) 2 bath- 1.5 will do too...Also a garage....and finished basement, (if thats not pushing it)

Also, based on this info...If any of you think I am in a position to buy a house now what do you think my price range needs to be?

Thanks for your advice and input

*OnMyOwn*

[pmoracco]

You'll be best off talking with a good lender to find out the answer to your question about whether you can buy and how much you can comfortably afford. You can do the pre-qualify over the phone. If you do qualify to buy, that is the best way to go. Interest rates are low, home prices are more negotiable in the current market, and you'll be making monthly payments on an investment for YOU rather than a landlord. There are many nice neighborhoods in the south/southwest suburbs. I can put you in touch with a couple of reputable lenders and help you find a home if you decide to pursue that. Hope it works out for you!

[*OnMyOwn*]

Thanks for responding Pmoracco,

I am very interested in obtaining a house if I can afford it. I am shooting for March/April time frame. I am just researching sites like this to see what people have to say about how I should proceed giving my circumstances, or just get advice in general.

Please message me the info that you have that may be helpful. I would really appreciate it.

Also, do you know what the current going price is for "decent" 3 bedroom houses? (decent meaning that it is ready to live in at the time of sale...not looking for fixer uppers, as I know I wont be able to afford rehabbing a house)

I did try to look at some of the reale state sites but felt overwhelmed and X'ed them off.

(Ps. I see that people are viewing, please leave a response as the feedback is helpful and gives me an idea of what I should expect)

Again thanks Pmoracco!

[OakBrookMom]

There are lenders who will do loans to those with recent bankruptcies but you will probably pay a much higher interest rate than what you see advertised. I had a client in a similar situation: 2 kids, lower income, bad credit. While we did get a lender to work with us, the high interest rate meant that she couldn't afford as much of a home, she didn't want a shack, so we turned to townhomes and luckily you want to be in the south suburbs where you can get a bigger townhome with the features you mentioned or an older home for under 175K. She chose new construction and got a much better deal because the builder gave her money which helped her buy-down her interest rate (you pay a point or two and the lender lowers the rate). So she was able to do the upgrades she wanted. Your ability to get a VA loan will help too. I agree, instead of asking questions to our forum members, you should really be talking to a mortgage professional. They are the only ones that can give you a definite answer which you need if you want a home in the next few months. It looks like you have another forum member helping you with lenders or I would offer some suggestions. Good Luck.

[Scarletjazz]

Hello Own My Own,

I'm a single mom also planning to buy this year and also in the south burbs..
I like Lansing and Richton Park... Have you had any luck yet? Keep in touch.

Scarletjazz

[Eve1414]

The key is to find a broker that knows how to "work the numbers". The first home me and my ex bought seemed like had to do everything short of providing them a hair sample. It was not until we bought our 2nd home and used a family friend as the broker we realized the other broker did not know what she was doing. When we pulled our credit report she had ran it so many times that literally we had a page and a half JUST FOR inquiries. The other key is do not waste your time putting down a large down payment unless it is substantial. I was going to put an extra $15K on the 2nd property we bought but my friend told me it would only save about $20/month on the actual mortgage payment. So if you have extra cash... keep it for investment or updating/decorating the home. Check all your options....not sure how the VA loan works but an ARM or other loan option might save you money. Remember you can ALWAYS refinance.... a home improved my credit dramatically so just keep the payments and the taxes paid and your credit will repair itself in no time. Also because of the interest rates this is a buyers market...take advantage and bargain the price.

[SingleDad]

All your questions can be answered by a company called Single Parent Properties. The Tribune just ran a great article about them.