Buying or Selling a Home/2 Family house

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Expert: - 4/7/2006


Question
I am a 22 year old male living in Mahopac Falls NY. I have been renting an apt. now for about two years with roommates and feel like I am wasting my money. I feel like the money I pay in rent could be going towards a mortgage to eventually have something that is mine. My monetary stituation is pretty tight, leaving not much extra to spend for, well anything. My question is, is it too soon to buy a house, prefrably two family for some extra income? and are there any purchasing programs for peoples with low incomes?

Answer
Dear Michael;
You certainly have the right idea.  However, if money is tight, you may not  qualify for a loan.  The first thing I would do is check with a lender and see what program you might qualify for.  There are certain programs for first time homebuyers and others for low-income ($40K/yr or less) homebuyers.  A lender can discuss these with you.  If the lender is unsure of what programs are available, you can go to Government websites and look up housing assistance.  Call housing assistance government agencies to discuss what is available to you as well.  Another idea is to look for a home that has been on the market for a while where they might consider lease to own options. That way you can continue paying rent with a set amount going towards the down payment until you have  enough accrued that the lender will provide you with a loan.  Buying something small and affordable right now (even if it isn't the duplex) is a good idea because it will most likely appreciate in value and you can move up to another home later. Still another option is to buy something affordable even if it isn't your first choice,and live in it for a while.  When your income goes up, rent the place out and buy something else.  It is similar to owning a duplex inasmuch as you are renting out while living in another dwelling)  and will provide you with collateral for the next purchase.

Good luck and best wishes in your buying venture.

Jessica Bryan
Managing Broker
House to Home Realty Services

Buying or Selling a Home

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Jessica Bryan

Expertise

buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.

Experience

Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.

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