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I am a 45-year Old Woman who is getting divorced. I currently live in California and am looking for another State to move to.
I have a fairly nice downpayment for a new property, but due to the divorce, my credit is bad. I have no employement history, since I have worked in the family business and not taken a paycheck. I will be collecting alimony and going to college for awhile.
I have 2 large dogs and a small one. So, I am now finding that Renting a home in the area that I thought that I was going to move to is just about out of the question. My next step was to try and find Owner Financing-but I am not sure that I can afford that area right now.
Are there any Safe, Stable places, with Good Community Colleges, left in the United States where someone Might purchase with 30-40,000 down and owner financing???
I really am serious-would prefer the South, have never lived with snow. I have tried searching msn realtor and reading city stats-matching to community colleges. I am so confused and burned out. I am running out of patience and time.
will your credit turn around soon? you might also look into a lease/option purchase. with a large non-refundable deposit, you will probably get some owners attention.
He set out to make little profit before the divorce, to keep support low. He didn't allow payments to be made for 90 days. I would say that my credit is now shot.
He started a new business, incorporated it, to have a new credit line. This credit problem doesn't bother him.
We currently own a home together, IF there is any proceeds from sale-that is mine.
He has accepted All Debt, All tax obligation. I will recieve $5,000 a month (he pays the taxes at his request) for 5 years with a balloon payment at the end of that period. This is irrevocable.
That is what I have to work with. It isn't much. So far I have only see One owner financed home in my price range and I am trying to arrange to fly out and take a look. If the area is at all liveable, I will jump on it-if they will agree.
I am not impoverished...I am just very concerned about my Dogs.
Not always Tami. You need to talk to a lender. have them pull your credit. You may have a very good letter to write explaining the tail end of the divorce... You have income coming in that is pretty good, and you have a good down payment to make.
Tami,
In the realm of places to go, I would probably suggest Charlotte NC or around there, North Fulton County outside Atlanta like above the perimeter maybe off hwy 400, or somewhere in South Carolina. The last time I was in those places there were many places that would fit what you are looking for in the way of school,houses and weather.
Good luck...
Owner financing is not uncommon here on the Big Island--is Hawaii an option? We also have a good community college system that feeds directly into the university system.
Not always Tami. You need to talk to a lender. have them pull your credit. You may have a very good letter to write explaining the tail end of the divorce... You have income coming in that is pretty good, and you have a good down payment to make.
Shelly
I agree with Shelly. Your credit may not be quite as bad as you think it is, and as long as you have employment where you're moving to, you may definitely be able to get a loan. The problem with owner financing is that the interest rate is usually very high (as in 10% or so). And both owner financing and lease/purchases carry a fair amount of risk unless you have a very knowledgeable realtor write up the contract so your interests are really protected.
There's lot of nice areas with community colleges. I'm not familiar with the South, but Arizona is known for its community college system. What size town do you want? If you want to stay where it's warm, stay in the Phoenix & Tucson area. If you can stand mild 4-season weather, then check out Prescott.
If you are trying to decide where to relocate to, you might be better off posting in the General U.S. forum. Off the top of my head, Raleigh, Atlanta, and Austin are very popular southern cities with relocators right now.
Tami, with the current buyers market you may be able to locate a owner financed property. The biggest concern is, will they take your payment they receive from you and pay the mortgage debt. If not you still stand a chance of losing your next home.
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We also have a good community college system that feeds directly into the university system.
