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The bank takes all that into consideration when calculating what you qualify for. And I haven’t ever had to call a plumber.
So you are saying someone can buy a $100,000 house with zero down for $522/month (at 100% financing)? That includes the mortgage, taxes, insurance and mortgage insurance (required at more than 80% LTV finanancing)? I don't know what mortgage calculator you are using, but it's not based in reality. I am getting at least $700/month to include all those items.
So you are saying someone can buy a $100,000 house with zero down for $522/month (at 100% financing)? That includes the mortgage, taxes, insurance and mortgage insurance (required at more than 80% LTV finanancing)? I don't know what mortgage calculator you are using, but it's not based in reality. I am getting at least $700/month to include all those items.
As someone who bought a $97k house in 2014... you're right. I had a VA loan, so I only had to put "down" a 3k funding fee. The total monthly payment came out to $680 and change. Every year the payment went up about $15-20 for the property taxes, so it became $700 soon enough.
Location: Formerly Pleasanton Ca, now in Marietta Ga
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I see a lot of people giving reasons why it can’t be done. I get that some people are in difficult but not impossible situations. But that isn’t everyone. There are people that could do it but don’t for whatever reason. Some just have bad habits or can’t do it mindsets.
A few years back I was buying rental homes for 30 to 45k. These are 3 and 4 bedroom sfh. I even bought a condo for 22k.
My property manager requires 3x rent for income. My rents on these homes ranges from 1000 to 1200 a month.
I couldn’t understand why someone earning 43,200 a year wouldn’t buy a house for 35k instead of paying 14,400 a year in rent. Maybe it’s hardship as some of you say, but not always. Rents may be late in January and July according to my manager. I asked why and it’s because tenants don’t put rent as a priority but spend a lot at Xmas and 4th of July and pay late fees. That to me is not all the excuses many mentioned, it just mindset.
I see a lot of people giving reasons why it can’t be done. I get that some people are in difficult but not impossible situations. But that isn’t everyone. There are people that could do it but don’t for whatever reason. Some just have bad habits or can’t do it mindsets.
A few years back I was buying rental homes for 30 to 45k. These are 3 and 4 bedroom sfh. I even bought a condo for 22k.
My property manager requires 3x rent for income. My rents on these homes ranges from 1000 to 1200 a month.
I couldn’t understand why someone earning 43,200 a year wouldn’t buy a house for 35k instead of paying 14,400 a year in rent. Maybe it’s hardship as some of you say, but not always. Rents may be late in January and July according to my manager. I asked why and it’s because tenants don’t put rent as a priority but spend a lot at Xmas and 4th of July and pay late fees. That to me is not all the excuses many mentioned, it just mindset.
The lowest priced home in my city on the market right now is $208,000. That's out of 1,880 homes currently listed on the MLS.
There are people who think they can't afford to buy and they will have a bunch of rationalizations and excuses about how it would never work. Then there are people who want a house badly enough to figure out how to do it, and they just do it and they buy a house.
Most people can afford a mud hut but don't want to live in one. It has nothing to do with "rules".
It kind of does. We lived in a minimum 5-acre "development" and when I met my husband, he'd stuck an old mobile home on it. He paid like $3,000 for it, then re-sided and put all new windows, and other improvements for about $7,000.
But the town council was always trying to pass laws against ANY mobile homes. Trashy, you know!
I fixed it up even more and we lived there happily until retiring down here. We briefly discussed building a small dream home, but decided we liked the debt-free life better. I swallowed my pride and lived 10 years in the dreaded home on wheels, lol. (our new covered deck covered the wheels )
Many areas have restrictive laws about types of houses and size, etc.
There are people who think they can't afford to buy and they will have a bunch of rationalizations and excuses about how it would never work. Then there are people who want a house badly enough to figure out how to do it, and they just do it and they buy a house.
A lot of people are also house poor because of that.
When I bought my first house, the lender required multiple months of my paystubs, and then on top of that needed a letter from my employer basically saying, "Yes, this person has a real job with a real salary and is not a temp." They were very concerned I might be temp or pt or that the job might go away.
So I bet they would be reluctant to lend to 2 people making $15 an hour at an ephemeral job like a reataurant, knowing that those people could get laid off or quit at any moment.
It has certainly changed. Getting my first house at age 21 I was a mere waitress and all the bank did was make a phone call to the restaurant. My partner worked in a printing plant. We qualified for that loan and I quit that job right after (so did he).
I could kick myself though, that neither of us was aware that a 15-year mortgage was a possibility because when we sold 10 years later, we'd paid NOTHING on the principle. People just aren't taught this kind of thing.
There are people who think they can't afford to buy and they will have a bunch of rationalizations and excuses about how it would never work. Then there are people who want a house badly enough to figure out how to do it, and they just do it and they buy a house.
Yes---I sold my horse and my partner sold his Cessna 150 for the down-payment, and we still owed on both of them, lol.
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