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Old 03-16-2009, 02:54 PM
 
Location: Tyler, TX
15,194 posts, read 17,686,126 times
Reputation: 7980

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Quote:
Originally Posted by aqualung8705 View Post
How much (cash) would I need to put down on house worth up to $80k?
Are you looking at the house next door to me?! That's exactly what it's listed at...
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Old 03-16-2009, 02:55 PM
 
Location: Sitting on a park bench...
2,753 posts, read 5,757,028 times
Reputation: 738
Looks like I'll have to buy outright a mobile home, after all. They're finishing up my workmans comp case, and I'm only going to get $25k. I've promised my sister $2k, and I might have to come up with $1.2k as part of the case. I would like to have a little money left over for moving/furniture costs. Sigh...

Swagger: I haven't formally looked at a home for a few months. Besides, I don't know where you live. Optimally, I'd like to be between Ranch/W Mesquite and W Charleston/Torey Pines. I don't think that there are any mobile home parks in that area. Besides, I'd like to be able to keep my dogs (small) with me, and quite probably my mom's dogs (also small) as well.
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Old 03-17-2009, 12:20 AM
 
Location: Tucson
430 posts, read 1,152,926 times
Reputation: 343
Default Talked to our bank today

Looking to purchase in Vegas soon and already own a home in Tucson, Arizona. Got the following info from our bank, USAA.

For owner occupied primary residence, only a VA loan will get you 100% financing now. If buying as investor or second home, dependent on FICO score, in general want 20% down of what the mortgage amount is, not value of home. I thought, WOW, that's interesting. So, if I found a home valued at $200k in todays market, but it was bank owned and for sale at say $100k, I would still need $20,000 down on my $100k mortgage. Guess they really don't want to encourage investors or flipping anymore.

Also debt to income ratio needs to be lower than 31%.
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Old 03-17-2009, 07:12 AM
 
2 posts, read 3,203 times
Reputation: 10
Default credit 'not the best'

Aqualung8705 - you said your credit is not 'the best', for first time homeowners it doesn't always have to be the best, starting this Month FHA requires a minimum credit score of 620 and based on what you do have to put down on a 80K house (4k is 5% down on that sales price, that would still leave you money for the rainy day buffer and some furniture) - however if what you meant is that your credit score is 'really bad' that is different issue. I would suggest that if your credit score is 620 or higher you look into the first time buyer programs. There is still money to be lent for the qualified first time buyer.
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Old 03-17-2009, 03:56 PM
 
Location: Sitting on a park bench...
2,753 posts, read 5,757,028 times
Reputation: 738
I have no idea what my credit score is. You see those "free" offers, but you always have to sign up for something. I don't have any money in the bank, and operate these days on a strictly cash basis. I plan to open a new account in June, so I can get a fresh start. We were with BofA for three years, but I'm thinking about switching to a different bank. I hate those banks that charge you for cashing a check on them when you don't have an account there. Any recommendations, anyone? The furthest I ever travel, and that's rarely, is Hooterville. I'd love to go there this Thursday evening, since one of there lodges there is having a special event, but they're on the other end of BFE.
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Old 03-17-2009, 10:01 PM
 
Location: South Strip, NV --> Philly (Fall 2009)
2,404 posts, read 9,524,988 times
Reputation: 625
Why not WaMu/Chase? I don't believe they charge...
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Old 03-18-2009, 12:56 AM
 
Location: Henderson
110 posts, read 278,525 times
Reputation: 52
My son is in the Phoenix area, makes 38,000 annually, been at his job less than a year, college graduate, 25 years old, first time home buyer. He was pre approved for 100,000 and found a really nice place for 87. Closing this month. The program was from the USDA . His loan was NO money down, 5% fixed 30 years. I seem to remember him telling me that this program moved around and that currently it is in Phoenix, but soon to move on. I really liked the no money down part.
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Old 03-18-2009, 12:10 PM
 
Location: Sitting on a park bench...
2,753 posts, read 5,757,028 times
Reputation: 738
How much of a house can I buy with $15k down? I do know of a house for $9k, but it's address is 171 F St.
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Old 03-18-2009, 12:55 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,097,275 times
Reputation: 952
Quote:
Originally Posted by yourbasicmom View Post
My son is in the Phoenix area, makes 38,000 annually, been at his job less than a year, college graduate, 25 years old, first time home buyer. He was pre approved for 100,000 and found a really nice place for 87. Closing this month. The program was from the USDA . His loan was NO money down, 5% fixed 30 years. I seem to remember him telling me that this program moved around and that currently it is in Phoenix, but soon to move on. I really liked the no money down part.

USDA is a rural program. Pretty much the entire Vegas valley is ineligible. The program does not move around. Areas of eligiblity may change, but this loan program is designed for rural development nationwide.

The requested resource (/eligibility/includes/layout/Select State) is not available


ETA: Although the link says the resource is not available I assure you it is.
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