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Buying or Selling a Home/Looking to buy first home
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Question
I am a first year teacher, I still live at home, and I am looking to move out within the next year. I have no clue where to start or what I can really afford since I have never done any of this before. I don't plan on buying right away, but I would like to know if I am setting a reasonable goal by looking this year. Everyone is saying that now is the time to buy, and I would be so happy if I could skip the whole "apartment phase" of my life.
My salary is around $33,000 and my monthly bills are around $700 a month. I am soon to be engaged but my boyfriend does not graduate until the summer, so he has a very minimum income. My brother would like to move into the basement if I get a house and I would look to get another roommate if I needed one.
Are houses that are foreclosing a good place to start? I've been told to check out land contracts but also to stay away from them. I can't afford a large down payment, but I've heard the average is about 10-20 per cent of what the house is worth. I don't want to live in a dump, since I would like to live in this house when roommates move out and after I am married.
Hi Jessica--
With your income and debts as you've detailed them above,the monthly payments on a Mortgage would be about the same as what you'd have to pay in Rent! So, from the monthly payment perspective,skipping the whole "apartment phase" could very well work for you!
As a Teacher, looking at Foreclosed Properties makes a lot of sense.
They're being sold at "Bargain Prices" and some with "Special Financing"
FHA Foreclosures end up being HUD HOMES-4-SALE. HUD has a Special FHA Loan Program called GOOD NEIGHBORS-NEXT-DOOR. (GNND)
USING THE GNND LOAN PROGRAM,TEACHERS,LAW OFFICERS AND EMERGENCY HEALTH CARE PROVIDERS MAY BUY CERTAIN HUD HOMES-4-SALE AT H-A-L-F P-R-I-C-E-- YES 1/2 PRICE, UH HUH,50% DISCOUNT.
Go on-line to HUD's Home Page--either www.HUD.gov OR
www.FHA.gov and find their Info on this great program. After you've read HUD's info, call me to discuss further.THIS GNND PROGRAM IS A GREAT PROGRAM BUT GETTING THE LOAN PUT TOGETHER IS "COMPLICATED!"
GOOD LUCK
--JIM
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Jim Root
Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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