Profile picture for Finding Right Home

Whats right for me?

I am a single female, income of 76K (before taxes), excellent credit, only debt is school loan (currently doing my masters) - Ive been looking at houses - mostly fixer uppers 203k...my first in-contract experience was horrible - loan officer left BOA and took my loan with her to First Residential Mortgage and they completely screwed me over. Should i continue looking at 203k's (really want a house - backyard, etc) or just settle for a condo for 5 years and then start looking for a house?

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April 17 2011 - US
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Answers (8)

Profile picture for sunnyview
I guess if it were me, I would keep trying for a single family house since they appreciate better overall, tend to recover from bad markets first, have no condo fees and generally have no restrictions on renting them out if you decide to move or buy something else later.

203k loans are great, but you do need to find a lender that is honest and good at putting them together. There are lots of great lenders on the Zillow board, if you post under your local area, you may find one that can help you.
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April 18 2011
Profile picture for Finding Right Home
@nwhome.us: I enjoy my jobs - have been working at the 1st one for 6 years and i do contract work for the second- have been there for 3 1/2 years. Both jobs really do not take away from my home time.  The attraction to fixers are the price.  The last home i was in contract with was listed at 299k - made an offer of 215k with 60k worth of fixtures including appliances which brought the total sale price to 275K.  If the deal would have went through - the appraiser appraised it at 529K once fixtures were complete. Overall, completing my dream in my home instead of living in someone elses was a exciting to me.
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April 18 2011
Profile picture for the_country_hick
You sound like you are going to have major life changes in the next few years. After school you might even move to a different area. If you do move away then you will have 2 problems. 1 the realtor fees that could be about 10% total cost from the sake price and inability to sell the condo quickly when you want to move. That is not even including prices dropping even more.

Peter Schiff: Here's Why Home Prices Have To Decline At Least 20% And Probably More

If you want to buy now knowing the potential pitfalls go ahead. Just buy the house you will want forever. If you plan on getting married and having kids buy a 3 bedroom now or rent until you can instead.


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April 17 2011
Dear Finding, just a few questions first:
Given your income, am I correct in assuming that you have work that you enjoy?
Does it take you away from home often?
What is the attraction to fixers?  Is it an opportunity to add value, or do you enjoy construction projects?
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April 17 2011
At least consider buying a Fannie Mae repo and using their Homepath or Homepath Renovation (like 203K) loan programs.  The Homepath loan for homeowners is 3% down, no appraisal required no MIP loan who's rate usually floats a little above market but, no MIP brings payment below FHA.

To see available properties in your area visit homepath.com.  You can also read about the mortgage program, select a lender, and apply for a mortgage, all on line.

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April 17 2011
Dear FRH,

If you have the time and are handy a home is great for you right now but if between your job and school you are very busy a good priced condo that could be sold for profit to make the downpayment on a house would work or use it as an investment property and rent it out once you buy your dream house.

Mortgages are almost as bad to shop for as houses you need to shop around and find the best deal and a good company to use and always ask about all of the fees all mortgage companys are not created equally.


In your service
Amy Realtor in Ga
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April 17 2011
Thanks for your question.

There is a whole lot more info we would need to give you a thorough answer.  First, you should contact a local Realtor which you can find on Zillow and even read reviews on them by their past clients.  If that is not enough for you, I can refer you to a great Realtor in your area.  That is the first step.  Then they will more than likely be able to refer you to some lenders they have worked with that are stable.

Hope this helps.
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April 17 2011
Dear FRH,

Buying a home is at the top of the stress list, yet it need no be if you go in prepared. It seems you have your ducks in a row in reference to the basics, however, you may want to fine tune your needs and then perhaps view this as a long term investment. If you are handy or have a handyman, then fixer uppers are okay, but if you are busy with day to day life, perhaps the condo life style is the way to go, then sell it for a profit when the market comes around or rent it and buy another property.

When you are looking for a loan, make sure you have again all your numbers/facts in order, then like a vehicle purchase "shop around".

I hope this helps.

Have a BEAUTIFUL day.

-Shawn, REALTOR, AZ
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April 17 2011
 
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