Trying to buy A place tired of renting. Prices are at an all time low on houses but when I try to get A loan all the banks tell me they want at least 20% down but would like to see 50%. WTF, am I going to be stuck renting and throwing money away my whole life, im damn near 40 now ya know! WTF. I feel better now.
If you know you're not gonna be able to pay off the house in a reasonable time, then don't buy. Property value in this country is dropping as fast as the dollar, if I sold my house right now, I would actually owe the bank $100,000 when the buying price was $330,000...
20% seems kinda low. if you cant show the bank you can save up money than why would they want to loan you any? have you had the same job for more than 3 years? thats what mortgage companies want to see in MA. to get a $150k loan a couple has to both have had the same job for 3 years (if you change professions and make more money they do not want to see this, unless your down payment is a lot higher due to you making more money) and put 20-25% down. I know this for a fact and that is why I buy foreclosed homes for 70-80 grand and put 25-30 grand into them. I get around 150-160 for them and profit around 30 grand. I can do this 3-4 times a year if I work hard.
Jobs are very thin here in the south. I got laid off 2 times in the past 5 years and had to take a job that pays literally half what I used to make in my profession. Rent to own does sound okay but what we are doing now is a lease to own. only thing is that the owner wants more than the house is valued at NOW and I still cant find financing on A modular home.. Thinking of buying a piece of land an building A house 1 2x4 at a time.
the problem here is cheap land usually isnt tied into town water/sewer. so buying land will usually cost 25-40 grand just to get a well and a septic system. building a house isnt that expensive especially if you know how to do it yourself.
There are alot of 1-2 acre lots here going for 10-14k. but yeah, like you said the net big cost is septic system and A water well. Some of those lots are owner finance but I will be able to just pay cash for the land. Then I gotta save up for the septic and well... another 10k. It would be nice having everything paid for and not having to borrow any money but I may have to borrow A little against the land for the improvements. The planning dept said I can only stay on the land in a camper for 90 days without a variance so there goes my idea of saving rent money while building...