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which school will you be attending, and how much do you think you will be able to spend either as a down payment or for monthly rent. that might help us guide you better and let you know your options.
I know they depreciate but depreciating $15000 down to $10000 is better than spending $600 a month rent (even $500) over 5 years. I bought my trailer for 9000 last year, put in minor improvements and very little hard work and can sell it for 11000. Not bad for a year. Should I keep it, eventually it would be deteriorated. But it already had a new roof and floors. I will not find a house in an area I'm willing to live with my son for $15,000.
But I'm also not willing to have my son stigmatized at these critical years.
dont give up, GurlYoda!!
i am working with an agent who is on the board--DebbieF. she is great. she logged me onto a website where you can look at all the homes available. i just saw a 2 bedroom condo in durham for $42,000, and even if you put NO money down, the payments were less than $400 per month! just keep your mind open, there are many possibilities...
I hadn't really thought about condos. Not that popular here but guess I should have thought about it since thats about all you can get in NYC!
Will start looking into condos.
My budget is small. It is basically what I can get for this trailer which like I said should be about 11,000. If I hit the market right here, I can probably get 12,000. Nice, well priced trailers go really quick. I found this one the night the ad came out and she had 10 other calls and 3 of those asked to be put on a waiting list of sorts in case I fell through. It's crazy.
My monthly budget is basically as low as possible. The less I have to work, the faster I can get out of school. THEN I'll be able to afford a great place to live.
So down payment of about 10,000, monthly payments of about 400.
And no, don't shut up. I love the input. Unless you're being mean, then yes, please shut up
like i said, i used the cenerio of no downpayment and the payments were less than $400. i didnt put into account that some of them do have monthly dues--but many of them dont! so imagine, you can keep your money in the bank, and just pay the mortgage on the condo...it will be your own place and a good investment--not being mean
Debbief is great to work with (no i dont get anything for promoting her). she has been so patient with us and she is good at her job. i bet she would be able to find you a great place!
I hadn't really thought about condos. Not that popular here but guess I should have thought about it since thats about all you can get in NYC!
Will start looking into condos.
My budget is small. It is basically what I can get for this trailer which like I said should be about 11,000. If I hit the market right here, I can probably get 12,000. Nice, well priced trailers go really quick. I found this one the night the ad came out and she had 10 other calls and 3 of those asked to be put on a waiting list of sorts in case I fell through. It's crazy.
My monthly budget is basically as low as possible. The less I have to work, the faster I can get out of school. THEN I'll be able to afford a great place to live.
So down payment of about 10,000, monthly payments of about 400.
And no, don't shut up. I love the input. Unless you're being mean, then yes, please shut up
I would suggest you talk to a good loan officer who works with first time buyers, and get the picture on how best to proceed to get the most value and leverage for your money.
There are options out there that may be appealing. You appear to have a common sense approach, and that should help you make the best decision for your situation.
There are community loans, NC Housing Finance Agency loans with deferred down payment, and other ways to stretch your dollar. None of these will include PMI. You have to qualify within income limits, but it is free to learn about them all.
There is merit to every solution here.
I would be cautious on cheap condos. There is always a reason they are cheap...
Some have very high homeowners' dues. And some SHOULD have higher dues, but owners will not vote to maintain the properties. Be careful there...
Last edited by MikeJaquish; 11-21-2007 at 08:26 AM..
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