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Owensboro is a city of about 55,000 people, and is a very nice place to live, whether you're a young family or retired. If you have a fixed income, the low cost of living here makes your income go further and makes you feel richer. There's a good hospital here, plenty of good doctors, etc., a mall, Best Buy, Home Depot, two Walmart Supercenters, three Krogers, and lots of other shopping, plenty of restaurants, etc. This house needs some updates and repairs, but is very solid and mostly in excellent condition. The price is low to take the updates and repairs into account.
The following details, and all the other details in this ad, are tentative, off the top of my head while writing this. In other words, subject to change if I rethink some of the details.
The $8800 starts the down payment. It will be held in escrow by a reliable company such as a law firm or bank. $100 of the $795 monthly will be added to it, which will increase it to $10,000 during the first year, $11,200 the 2nd, etc. You will keep trying to qualify for a mortgage. When you get one, the down payment will be applied to the mortgage down payment. If the mortgage requires a higher down payment, the rest will come from your savings, which hopefully will be enough by then. The total price of the house will be $69,900. A 20% down payment would be $13,980. A 10% down payment would be $6990, which would give you some cash back. The lower your mortgage down payment, the more cash you would get back.
While waiting to qualify for the mortgage, you should be doing some updates and repairs, to make the house worth more. The more it's worth, the easier it will be to qualify for the mortgage. If the mortgage gets denied, you can keep trying to qualify for a mortgage, for as many years as needed. If, during that time, runaway inflation causes the house to become worth millions of inflated dollars, you will still have the $69,900 price locked in, which will be easy to pay with inflated dollars. If you never qualify for a mortgage, you can always pay the balance in cash, which would become easy if runaway inflation really happened. I own the house free and clear, so there is no risk of any mortgage problems on my end.
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