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?
Posts Tagged ‘landlord’
If I assume a mortgage will I still qualify for the 1st time home buyers credit?
Sunday, February 7th, 2010I would like to do some renovations to my home but I have no money to do it. What can I do?
Thursday, November 19th, 2009What 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
Buying vs. Renting in Washington D.C. area? Mortgage the way to go?
Monday, September 14th, 200927 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?
Will a home equity loan qualify us for the 1st time buyer tax credit?
Thursday, July 23rd, 2009We 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?
Manufactured/Mobile home good starting point?
Wednesday, July 1st, 2009First 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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