U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Old 02-17-2009, 10:51 AM
Location: Southwest Nebraska
1,297 posts, read 4,026,619 times
Reputation: 893


My wife and I are planning on moving back home to Southwest Nebraska in the next 6-18 months. I will be getting disability and wife will be working with a combined income of approximately 2700/mo net. We filed bankruptcy 2 yrs ago and her credit score now is 550 mine sucks since not working due to disability.

We had a foreclosure in Bankruptcy but my name was only on it not hers. So we will try to go the FHA route with 20 to 40% down on a home no more than 75,000.00. We have no debt and no credit cards.

Found a place in a small town, Cambridge, NE., that is giving free golf course lots if you build at least a 1300 sq. ft. home on it. House must ascess (sp) at 100,000.00 and lot is worth 16,000.00.

Does this mean I have to build a home valued at no less than 84,000.00 or as you are building a home do they increase in value somewhat. If we build it will be a Wardcraft home, which comes built from factory in sections to your lot and interior, roof, garage, porch etc. is built on site.

We don't want a payment more than 500.00/mo with taxes and ins.
Reply With Quote Quick reply to this message

Old 02-19-2009, 04:04 PM
69,372 posts, read 53,627,725 times
Reputation: 9357
You would need to build a $100K home. Land and houses are assessed differently, this means that you would be paying taxes on
Home $100,000
Lot $16,000
Total assessed value $116,000

For the most part, you want to budget about 1% of your mortgage to be = to the payment, so at a $500 a month payment, you should be looking at $50,000 homes. Sure that varies by location, but its a rough estimate.
Reply With Quote Quick reply to this message
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top