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I have $65k in cash.. I wanted to build a new house but lots and taps fees/construction money is little low.. (I was thinking if I held off the tap fees) I might be able to get the house done and pay $20k+ for tap fees later.. (I'm guessing it's more than impossible to get a construction loan)
Most lots in my city are $50k.. then you add $20k tap fees and most sellers probably aren't gonna accept a lowball of $20k..
So that leaves me switching to houses.. which I can either treat as a lot w/ tap fees or not.. houses in my city start at around $30k and many are available say 100+ at $60k or so.. (assuming interest rates rise and the bottom isn't hit this number should triple) but of course most of the houses are not that nice (livable some and don't require any work.. or minimal work) but I see that I can get good condition houses in better neighborhoods for 120k or so..
I don't have a credit history I guess.. and I went into the bank that I have the $$ with in a savings account and applied for a mortgage just to see if I could get one..
My bank reported the following
- I don't have a payment history period.. (I do but maybe not in my name)
- I have a $400 judgment against me at that very bank for a unpaid account with Check systems (I have no intention of clearing this up either.. I guess it will clear itself up in 2011 I believe)
Other factors
- I work for myself and I was asked to estimate the money I make a year..
- For 60k loan I'd be looking at I think $400 a month in a payment; based on a 30 year loan looks like it would cost $150k
The question really is.. if you had outright cash to buy house(s) would you do so.. or would consider a loan good with a $60-65k cash down payment?
Given my banker never called me back.. I can possibly assume no one is interested in my business.. or perhaps no one I would want to deal with..
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