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Old 02-17-2009, 10:51 AM
 
Location: Southwest Nebraska
1,297 posts, read 4,026,619 times
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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.
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Old 02-19-2009, 04:04 PM
 
69,372 posts, read 53,627,725 times
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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.
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