Max and Skipper's Mom
07-09-2008, 10:56 AM
I am buying my first house and I am VERY excited!!!!
I have been looking for a while (over a year) and have never really found anyhting in my price range. Here the houses are either huge and way too much for me or teeny tiny and overpriced.
My husband has a co worker that has a house he bought for his son as a starter. They have done the major work to it and started the cosmetics. They are only asking what they owe on it. (the son is moving and the dad doesnt want to have to deal with renters). nearly 100% of the banks or loan companies want 20% down now. :eek: I can't afford this. If I bought this house my payment would go down nearly 250$ a month, leaving me aenough money each month to work on the cosmetic work (new paint, new trim, landscape). Its a smaller house, about the size we are in, but it would make a great starter house. Any suggestions on what I can do as far as financing? He is wanting it sold asap and said we have to tell him by the first of the month if we are interested or not. (he is still paying on it and his son will be gone). We were going to try and get our financing worked out before we had an inspector look at it (I dont want to pay 350$ for something I can't even buy). Can anyone give me any suggestions? Also I have been looking into FHA loans and I can't really find much about them. Any info? Do you have to have alot down on those?
I have been looking for a while (over a year) and have never really found anyhting in my price range. Here the houses are either huge and way too much for me or teeny tiny and overpriced.
My husband has a co worker that has a house he bought for his son as a starter. They have done the major work to it and started the cosmetics. They are only asking what they owe on it. (the son is moving and the dad doesnt want to have to deal with renters). nearly 100% of the banks or loan companies want 20% down now. :eek: I can't afford this. If I bought this house my payment would go down nearly 250$ a month, leaving me aenough money each month to work on the cosmetic work (new paint, new trim, landscape). Its a smaller house, about the size we are in, but it would make a great starter house. Any suggestions on what I can do as far as financing? He is wanting it sold asap and said we have to tell him by the first of the month if we are interested or not. (he is still paying on it and his son will be gone). We were going to try and get our financing worked out before we had an inspector look at it (I dont want to pay 350$ for something I can't even buy). Can anyone give me any suggestions? Also I have been looking into FHA loans and I can't really find much about them. Any info? Do you have to have alot down on those?