Need help with new home advise (insurance, loan, property tax, credit score)
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I am about to come into a large amount of cash due to an accident. I want to use part of it to buy a home. I have bad credit, which I plan on taking care of before I buy the house, but I know it will show. I also won't have an income since I won't be able to work. I keep hearing that I should still apply for a loan, since I can get great deals. I feel I should pay for the house up front. I'm not sure I would qualify for a loan with my situation. Can anyone give me advise on what I should be looking into doing? Thank you.
For a time I will be out of work, but will go back, to a part time education position. I will be able to buy the house with cash, which I think is my best option. I want to make sure if I buy cash it's the best option out there for me. At this point I think it is. I just want to make sure I'm not missing anything, or if when buying cash if there is something I need to make sure is taken care of so I don't have any surprises down the road.
I think cash is your best option and probably your only one. I've never heard of any lender that will give a mortgage to someone with poor credit and is currently not working. Regardless, you do what you need to in order to get the house if you want it. On the positive side, you won't have that nagging monthly mortgage payment, just insurance and taxes. Good luck.
Definitely pay cash. I have great credit and I still usually buy with cash. In a buyer's market its great leverage for negotiating a better price. In a seller's market its a great advantage if competing in a muti-offer situation.
You could pay cash and refinance the house later on when your credit is better and you're working...but why have a mortgage over your head unless you have definitive investment plans which will yield more than the interest you'd be paying on the mortgage?
Just because you'll be coming into some cash, don't go overboard on the house you buy. Higher property taxes and higher maintenance costs can quickly eat into any windfall you might receive.
I am about to come into a large amount of cash due to an accident. I want to use part of it to buy a home. I have bad credit, which I plan on taking care of before I buy the house, but I know it will show. I also won't have an income since I won't be able to work. I keep hearing that I should still apply for a loan, since I can get great deals. I feel I should pay for the house up front. I'm not sure I would qualify for a loan with my situation. Can anyone give me advise on what I should be looking into doing? Thank you.
As long as it's only part of the money go for it. It's cheaper to buy it in cash, less closing costs, you should still get an inspection and an appraisal if you are not sure the home is worth what they are asking.
There are factors here no one has seemed to discuss. Buying a house is just one part. The upkeep and additional costs can be substantial if you are unable to do basic fixes yourself. So whatever you plan on buying in cash I hope you are leaving yourself a lot of money left over to pay for all the other things that come along with owning a home since you mentioned possibly not having an additional income. If that is the case you should have at minimum 5 years worth of expenses cash. If you got $500k don't buy a $500k house. I wouldn't even buy a $400k house to be honest with you. $350k max, just as an example.
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