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Post by lunchboxxx on Jul 10, 2020 16:11:49 GMT -5
As stated im looking to buy a house my first one. Now my credit isn't good do too poor financial decisions when I was younger but I have a cosigner with amazing credit going in with me. Here is my question i found a place I want its a fixer upper but its cheap (60k comes with 4 acres and a 20×40 garage) . Is it possible that the bank would give me double what they are asking for the house/ property so i could cover any/all repairs needed for the house or what?
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owen11x
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Post by owen11x on Jul 10, 2020 16:51:38 GMT -5
As stated im looking to buy a house my first one. Now my credit isn't good do too poor financial decisions when I was younger but I have a cosigner with amazing credit going in with me. Here is my question i found a place I want its a fixer upper but its cheap (60k comes with 4 acres and a 20×40 garage) . Is it possible that the bank would give me double what they are asking for the house/ property so i could cover any/all repairs needed for the house or what? Unlikely. Depends what it appraises for. But past 10 years they have stopped borrowing extra against houses because of the economic crashes and people owing more than a house is worth |
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Landshark007
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Post by Landshark007 on Jul 10, 2020 17:15:15 GMT -5
I wouldn’t borrow any more than needed with a cosigner. Until you get your credit up to where you don’t need a cosigner it will cut back on one they let your cosigner by . If the cosigner would perhaps want to buy a new truck and the new truck is 80 grand then I see he’s liable for 60 grand for you they may tell him no on his new truck .
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Post by amkear613 on Jul 10, 2020 22:14:23 GMT -5
If you don’t have the money to buy it and make it livable you can’t afford it. I don’t mean that to be a dick but if you purchase a house with a co-signer and something happens like an injury at work and you can’t make payments they take your shit and their shit. You can get a manual underwriting done and they take in all your info and such and can give you a loan based on no credit score whatsoever. I know when I’ve listened to Dave Ramsey in the past he mentioned Churchill mortgage. Something he also says I recommend is having an emergency fund because as a home owner shit WILL happen.
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Post by ADDICTEDtoIMPACT on Jul 11, 2020 6:20:11 GMT -5
Buying a house atleast in my area is really a pain in the a$$. The banks only want to give you 150k for a loan and all the houses around here are 200k+. Houses around here cost way to much and if you find a fixer upper you still have way to much in it with cost of everything. Like everybody else said fix as you go is the best bet but you will still have alot of money in it.
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owen11x
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Post by owen11x on Jul 11, 2020 6:25:29 GMT -5
I just sold house yesterday the new owners closed. Been looking for a house closer to our farm but can't find anything what so ever with a shop or enough bedrooms for the kiddos for under 300k. So got a wild hair and decided to look into building. Now I have a 5 bedroom 3 bathroom house being built for 255k. Far cheaper than buying someone's previous house. Housing market and here here anyway is going absolutely insane. I wasnt even ready to sell but the market was so high I made 50k on my house and really did nothing to it in the time I lived there. BUT like stated fix your credit. Get a credit card run it up a bit and pay it off over and over. dont take someone else out with you if something bad happens because it does happen And it's all very expensive
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Post by amkear613 on Jul 11, 2020 10:37:50 GMT -5
I just sold house yesterday the new owners closed. Been looking for a house closer to our farm but can't find anything what so ever with a shop or enough bedrooms for the kiddos for under 300k. So got a wild hair and decided to look into building. Now I have a 5 bedroom 3 bathroom house being built for 255k. Far cheaper than buying someone's previous house. Housing market and here here anyway is going absolutely insane. I wasnt even ready to sell but the market was so high I made 50k on my house and really did nothing to it in the time I lived there. BUT like stated fix your credit. Get a credit card run it up a bit and pay it off over and over. dont take someone else out with you if something bad happens because it does happen And it's all very expensive Sounds like my situation in southern wi. We will want to move but we aren’t sure where we want to end up yet. I’ve done nothing but insulate my garage and landscaping and I’m up probably $50k in 4 years |
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owen11x
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Post by owen11x on Jul 11, 2020 11:04:34 GMT -5
I just sold house yesterday the new owners closed. Been looking for a house closer to our farm but can't find anything what so ever with a shop or enough bedrooms for the kiddos for under 300k. So got a wild hair and decided to look into building. Now I have a 5 bedroom 3 bathroom house being built for 255k. Far cheaper than buying someone's previous house. Housing market and here here anyway is going absolutely insane. I wasnt even ready to sell but the market was so high I made 50k on my house and really did nothing to it in the time I lived there. BUT like stated fix your credit. Get a credit card run it up a bit and pay it off over and over. dont take someone else out with you if something bad happens because it does happen And it's all very expensive Sounds like my situation in southern wi. We will want to move but we aren’t sure where we want to end up yet. I’ve done nothing but insulate my garage and landscaping and I’m up probably $50k in 4 years Im in western Wisconsin |
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mopar17
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Post by mopar17 on Jul 11, 2020 14:01:06 GMT -5
You can get equity loans and construction loans.....both will do virtually the same thing. An equity loan borrows the (equity) in the home, appraises for say 70 and you buy it for 50, 20k to do it how you want. Construction loan will look at what you’re doing to it and what it will be worth in the end and loan a percentage of that.....
The thing with buying a home is a down payment, sure a lot of times as a first time buyer you don’t need one but is it really the smart thing? As stated before I’d get your ducks in a row, rathole every last penny you can for say the next year and then start pursuing. But I’d definitely not take someone else down with me.....if they’re your friend or your family and you involve money the odds are good that your relationship will turn south.
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Post by amkear613 on Jul 12, 2020 13:54:58 GMT -5
My wife and I saved up when we bought our home but not enough as I’d have liked to. We had over ten percent down but paying that PMI is total bull. When you go back and do the math it just kills me. We will probably sell this home within the next two years. Getting out of student loan debt now and WILL have a 15 year mortgage next time. I wish I had listened to Dave Ramsey sooner I’d have had a better grasp financially when we were buying. Now I try and tell every younger person I work with to
Not do what I did
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Post by mudslinger on Feb 6, 2021 9:28:53 GMT -5
Save up build your credit. Don't make yourself house poor. You should get Dave Ramsey's program to help get yourself on track. I'm doing the program now and its a game changer for me and how I spend money to build wealth.
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