Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

2 Bumps

if you are a homebuyer....

SO makes about $2,500 a month (i'm a sahm) and we are currently renting, but we would like to buy a home oneday. We have the option to buy this home but it needs a lot of work. Anyway, I'm confused about where to start. We have about $900 saved up. Pointers? based on our monthly income and savings do we have a chance?

Answer Question
 
Anonymous

Asked by Anonymous at 9:38 PM on Jul. 12, 2010 in Home & Garden

Answers (9)
  • Yes u do I made way less and I was approved
    mamaofficer

    Answer by mamaofficer at 9:40 PM on Jul. 12, 2010

  • We had to show at least $6k in our account before approval but there are a ton of programs out there!
    ABusyBee

    Answer by ABusyBee at 9:44 PM on Jul. 12, 2010

  • ok ladies i cant reply to my own question anon so here I am lol. our landlords are giving us a GREAT deal. Just the closing cost and they are taking off about $4,000. It's an old double wide though. Floors are caving in, shed in the backyard is trashed, I vacuum against the wall and the trim breaks off, the ceiling in the hallway leaks during heavy rain..so it needs a lot of work.
    Owl_Feather

    Answer by Owl_Feather at 9:54 PM on Jul. 12, 2010

  • OP - I think you could probably get a better place. Anytime floors are caving and ceilings are leaking it's a bad thing! I say don't buy - regardless of how great the deal is.
    Katt709

    Answer by Katt709 at 10:20 PM on Jul. 12, 2010

  • I agree with Katt709
    Christina807

    Answer by Christina807 at 10:25 PM on Jul. 12, 2010

  • the floor situation is fixable. SO got a bunch of wood and plans to fix the bedroom floor himself. As for the leak, i'm sure the landlod would do something about that
    Owl_Feather

    Answer by Owl_Feather at 10:26 PM on Jul. 12, 2010

  • Make sure no matter what you buy you get an inspection, and many banks wont approve you for a trailer house because it doesnt gain any value!
    college.mom

    Answer by college.mom at 11:36 PM on Jul. 12, 2010

  • Besides a mortgage, you will need to pay property taxes and have home owners insurance. You will need a reserve for when appliances break, roof leaks, etc.

    Speak with a couple of mortgage brokers.
    rkoloms

    Answer by rkoloms at 5:33 AM on Jul. 13, 2010

  • I don't think you should take on the responsibility of this property even if they GAVE it to you.
    You can save a little more and look for a better home, you have no time limit to buy a house.
    jewjewbee

    Answer by jewjewbee at 8:23 AM on Jul. 13, 2010

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.