Posts Tagged ‘landlord’

If I assume a mortgage will I still qualify for the 1st time home buyers credit?

Sunday, February 7th, 2010

My Landlord made me what seems to be the deal of a lifetime. They are willing to let me assume the mortgage on their house without having to pay them for the equity gained through their payments, which I am estimating is 5-10yrs of payments. I have been doing my research and I am aware I would have to assume the loan at their current interest rate, but two questions come to mind…If I assume the loan would I qualify for the first time home owners tax credit? and How soon can I refinance the assumed loan to a lower interest rate if at all?

I would like to do some renovations to my home but I have no money to do it. What can I do?

Thursday, November 19th, 2009

What is a home equity loan? Is that a lien towards the house? Does that mean that I cant sell my home if I take out a home equity loan? My house has serious damages that need to get fixed asap. btw I reside in NY

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Buying vs. Renting in Washington D.C. area? Mortgage the way to go?

Monday, September 14th, 2009

27 years old, married (wife is 23), no kids. My FICO score is 620. Combined take home household income of 00 per month (after taxes). Currently renting an apartment for 50 a month. I work in downtown DC so I cannot move to far away into the suburbs – must be metro accessible. I’ve heard a lot about renting being "throwing away your money". Should I do all I can to find a lender that will lend me money to buy a house or a condo? Would a monthly payment for a house or condo be less than I’m paying in rent at the apartment? Everyone says you must not wait to buy, and that renting is throwing away your money. Because of that, I’ve been thinking of getting a zero-down type loan, or even entering into an ARM mortgage….from what I understand it’s better to do that so long as you own and are not supporting a landlord. Is that true?

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I have a total take home yearly wage of $66,744 and total debt of $177,000 at the average int.rate of 6.5%?

Friday, September 4th, 2009

How long is it going to take to pay off the debt (mortgage+HELOC+credit card+student loans+……), and what is a good debt to income ratio?

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Options for this situation with mother in law in house and not maintaining it and us being financially liable?

Monday, August 31st, 2009

My husband was deeded the family home by his grandmother when he was eighteen when she went into a nursing home. At the time, his mother was on disability and his sister was eight years younger and so they all moved into the home. In an attempt to protect his mom in case something happened, my husband made her a joint tenant on the deed. There is no outstanding mortgage or equity line on the house. Since then, my husband graduated from college, married me, and moved away from the city the house is in. His mother lives there by herself and has an income from social security disability and long term diability payments. She is morbidly obese and although she has had surgery, but she has actually gained back weight and so it looks like she will be on disability permanantly. My husband does not know what she does with her money, but she is not maintaining the home and has never put any money into it (my husband paid for a new furnance several years ago). It is dirty and cosmetically looks awful, but not it looks like the floor might be giving out and there might be termites. We are not sure what the options are, but we know we cannot afford to be liable if the house if condemned. While we think she could afford to rent somewhere, we are not sure. She is willing to sign the house back over to my husband, but he doesn’t want to be a landlord. And if he signs it over to her, he is afraid that eventually when something does happen to condemn the house that he will be responsible for figuring out how to help her then. Are there any options anyone can suggest? We are just kind of stuck.

Will a home equity loan qualify us for the 1st time buyer tax credit?

Thursday, July 23rd, 2009

We were put on the deed of a home while we were "renting to own" (1 yr) then all of a sudden the landlord wanted the rest of the cash. So we got out a home equity loan with the house to pay him what we owed him. Would this qualify us for the First-Time Buyer Tax Credit?

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Reverse-Mortgage or Equity Loan…to purchase a “new” home for parents?

Friday, July 17th, 2009

My parents are sick of current home; too much maintenance and hard to move around in (current home 2-story…want 1-story). They want a fresh start.

The value of their home (as-is) is about ,000. Home they’re looking at is , 000. Dad says a small mortgage payment is ok.

What about it? They are 80+ yrs old, excellent credit; bills paid in full each month. Current 2-story home paid off 14 yrs ago. Staying in same town.

Let me know of any other info you need and/or any other programs out there you’re aware of. They live in Texas, Collin county.

071409 6:33
Landlord – thanks for clarification! I get very muddled down by the stress of worrying for them!
Guess I need to recommend to folks and siblings of the idea to SELL the old homestead if they all want Ma and Pa in a decent home for their latter years!

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Manufactured/Mobile home good starting point?

Wednesday, July 1st, 2009

First off, most the info I find says that manufactured homes are bad investments and they depreciate over time.

However, I don’t know about my area specifically. Me and my significant other make a combined income of almost 0K a year where we live and unfortunately that’s baerly enough to afford purchasing a one bedroom condo where we live. But we would still like to get out of renting and being at the mercy of a landlord to raise our rent whenever he feels like it.

So, i’ve been looking at manufactured homes in our area and they’re considerably cheaper. I can get a 3-4bd manufactured for the price of that same one bd. condo. I figure a mortgage on a manufactured would give us a nice place to live while allowing us to build some type of equity in it without throwing money away on rent. Then if we can build enough equity and continue saving other money we can sell the home and upgrade into a nicer condo at some point.

Any thoughts on this? Thanks.
Some more details of what i’m looking at.

1BD condos start at 0K, good ones are 0K
2BD condos start at 0K, good ones are 0K

Houses start at about 0K.

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