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Western North Carolina The Mountain Region including Asheville
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Old 09-18-2009, 08:24 AM
 
Location: North Cackelacky....in the hills.
19,556 posts, read 18,415,004 times
Reputation: 2496

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The bank WILL loan you money based upon your current wages....

Well if they will loan money at all.

So....you could borrow the money for a place further away from your current location(making sure you can afford to pay for it when your income is lowered) and THEN move.

You might need to adjust some of your expectations(such as being close to Asheville and 'culture') but realistically speaking once you are truly homesteading,you won't have much time for any of that anyway....
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Old 09-18-2009, 08:32 AM
 
2,087 posts, read 1,307,214 times
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banks loan money based on what you can afford. Taking a huge salary cut leaves most people unable to afford the mortgage. I understand how the system works as far as it being based on current income but to stay safe the rule is your mortgage shouldn't be more than 1/3 of your monthly income so taking big pay cuts alters that.
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Old 09-18-2009, 08:49 AM
 
Location: North Cackelacky....in the hills.
19,556 posts, read 18,415,004 times
Reputation: 2496
Quote:
Originally Posted by organick View Post
banks loan money based on what you can afford. Taking a huge salary cut leaves most people unable to afford the mortgage. I understand how the system works as far as it being based on current income but to stay safe the rule is your mortgage shouldn't be more than 1/3 of your monthly income so taking big pay cuts alters that.
Get the loan FIRST....then take the salary cut.

Find an area that suits your needs,look at properties that would be doable as to the amount of money you would need to make doing 'whatever'(your job is a means,not the end) and that will also enable you to live your proposed life,and go for it.

Say you find a property for $120,000,you know the mortgage would be $719/month at 6% on the full amount.

So you then figure if that figure is possible in that area,which would mean a monthly income of $2157/month or just under $500/week.
If as a couple you work a combined 60 hours that comes to less than $8.50/hour.
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Old 09-18-2009, 09:00 AM
 
Location: North Cackelacky....in the hills.
19,556 posts, read 18,415,004 times
Reputation: 2496
How about just over 11 acres bordering Pisgah National Forest for less than $70,000?

Includes a small cabin....located in Caldwell County.

Obviously not allowed to post a link...but you can ask for it in a private message...
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Old 09-18-2009, 09:00 AM
 
16,301 posts, read 23,813,265 times
Reputation: 8252
Quote:
Originally Posted by NC_Paddler View Post
It's more expensive to live in Asheville than in Burgaw?
And Raleigh
and Charlotte
and Winston-Salem
and Durham
and Hickory
and Burlington
and Greenville
and etc., etc.,...........

I sure most will get the picture, but I fully understand you won't

Quote:
Originally Posted by NC_Paddler View Post
Apparently there is no shortage of people who are choosing to stay, despite claims to the contrary.
My that was a childish little rant...........

But what claims are you talking about?

Last edited by Asheville Native; 09-18-2009 at 09:20 AM..
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Old 09-18-2009, 09:04 AM
 
16,301 posts, read 23,813,265 times
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Quote:
Originally Posted by organick View Post
banks loan money based on what you can afford. Taking a huge salary cut leaves most people unable to afford the mortgage. I understand how the system works as far as it being based on current income but to stay safe the rule is your mortgage shouldn't be more than 1/3 of your monthly income so taking big pay cuts alters that.
Well they used to be, and hopefully they are finally realizing that borrowers and mortgage brokers might lie about how much a persons income is, especially knowing that the banks will never verify anything.

But gee what could possibly go wrong if hundreds of thousands of people borrowed more money than they could ever possibly afford to pay back?
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Old 09-18-2009, 09:49 AM
 
2,087 posts, read 1,307,214 times
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Quote:
Originally Posted by Asheville Native View Post
Well they used to be, and hopefully they are finally realizing that borrowers and mortgage brokers might lie about how much a persons income is, especially knowing that the banks will never verify anything.

But gee what could possibly go wrong if hundreds of thousands of people borrowed more money than they could ever possibly afford to pay back?


it's def. harder than ever to get a mortgage. Just ask the people who jumped into real estate 5 years ago and bought a beamer and now they deliver pizza in it ( true story). there are so many out of work real estate sales people, mortgage brokers etc its not funny.
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Old 09-18-2009, 10:17 AM
 
Location: Bernanke's Financial Laboratory
513 posts, read 1,037,723 times
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Quote:
Originally Posted by organick View Post
it's def. harder than ever to get a mortgage. Just ask the people who jumped into real estate 5 years ago and bought a beamer and now they deliver pizza in it ( true story). there are so many out of work real estate sales people, mortgage brokers etc its not funny.
It's only hard to get a mortgage if you can't actually pay the money back or don't have a job. Just as lending got loose to match the rise in home prices and enable buying at those levels, those same high home prices will eventually correct back to match the tighter lending environment. Good things will come to those who wait and exercise proper timing. Supply and Demand 101 still applies.

You should read the Washington Post article I posted this morning in the other thread about the FHA. Basically the FHA stepped up to replace all the lenders who could no longer loan money to people who couldn't pay them back to keep the housing machine running. Thanks to their efforts of continuing to finance overvalued homes, we'll have a new supply of foreclosures for years to come as they default, go into foreclosure, and continue to drive prices down. The FHA financing 97% loans and an $8k tax credit still equals 100% financing, which still equals loose lending.

Housing Agency's Cash Reserves Will Drop Below Requirement - washingtonpost.com

But if your dead set on right here right now, maybe you should be looking at a USDA rural area loan:

Single Family Housing Loan Guarantees (Section 502)

Quote:
Section 502 loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.

Eligibility: Applicants for loans may have an income of up to 115% of the median income for the area. Area income limits for this program are here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must have reasonable credit histories.
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Old 09-18-2009, 12:01 PM
 
16,301 posts, read 23,813,265 times
Reputation: 8252
Quote:
Originally Posted by organick View Post
it's def. harder than ever to get a mortgage. Just ask the people who jumped into real estate 5 years ago and bought a beamer and now they deliver pizza in it ( true story). there are so many out of work real estate sales people, mortgage brokers etc its not funny.
I have noticed that average pizza delivery vehicle has been a much higher end vehicle lately, and have seen beemers and lexus with a pizza sign stuck on top
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Old 09-24-2009, 09:47 AM
 
Location: out of the area.
25 posts, read 74,922 times
Reputation: 13
Default You took the words out of my mouth, and YES, Asheville HAS lost alot of its charm

The thing that was nice about asheville was all this unspoiled scenery about 10-15 years back.. Now, us local cringe driving around seeing how they hacked up our mountains or forests that were pristine only a few weeks back.

I almost cried when they took out that cattle farm on Hendersonville Rd to build those two humongous banks... what a crying shame... that was the last country in HNL Rd visible from the road.

Yeah.. Asheville keep on building non-stop and pretty soon the real reason that people COME to Asheville will totally disappear, b/c it will become just like every other city in the nation.

What i do NOT like is all the arrogant and hostile attitude of many of the outsiders. This was once a very polite, laid back, civil area. That was why many of my friends choose to come here.. scenery didn't have anything to do with it. The people were sweet, easy-going. traffic was lite.. No one was on your back bumper 9/10 of the time.

Not so anymore.. What is the percentage of newcomers to the locals or long-time residents in Asheville I wonder? I feel like the locals are becoming totally outnumbered.

They are so changing the culture and feeling of our town.. it makes me quite sad.. Why do people come here, cuz they like the place, only to want to change it totally to what it was like back where they used to live???

That I do NOT understand... Could someone explain that to me.
Quote:
Originally Posted by organick View Post
NC Paddler,

you really have a way of picking words apart don't you.


If you believe there is an impending doomsday than we might as well give up. I was merely pointing out that the world is changing an we need to stop relying on food from 8,000 miles away. I whole heartedly disagree wit your stance on that.


I did say some of the good things about asheville will be lost. Lost due to people with the attitude of I can do whatever I want to because I can afford it. Such as the destruction of our mountains and susequent pollution of our rivers in the name of McMansions.

Your point on supply and demand ignores my point that in a town with an avg household income of 37,000 and an avg house costing 235,000.... Well do the math. No one working here can afford to live here.


One final thing I dont believe the whole love it or leave it mentality works when you are speaking a town that/area that has drastically changed in a short time due mostly to " outsiders" who want all the luxuries they had "back home". I also never think the love it or leave it mentality gets anyone anywhere.
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