Where do you live that you can get a house for $60,000? Around here, you can't even get a townhouse or condo for less than $250,000. And that's not even in a good neighborhood. And you don't get much space for that amount either. To get a good-size house, we're looking at the mid-$500,000's.
We own and have for the past 11yrs, this is actually our second home, we sold our first one in 2005 and have been in this one since.
We owned a house for 5 years, then we moved to a new state....we sold that house and moved into a rental. We've now been renting for about 6 years and I wouldn't go back. We could afford to own a house, but we were not saving anything. So when things would come up like the furnace died, we had to beg and borrow to pay to fix it. Now in the rental I call the landlord and they have to fix it. We also are able to rent a much nice house than we can afford to buy.
We own our home and just financed it at a lower rate. I think you will be fine depending on what you make a month. Plus you also will have to take in to effect that when buy a home your expenses will go up. There is NO harm in looking and trying if you REALLY want the house. There are many places will to work with you to get you what you want! You are very lucky to only have 5000 in cc debt. I would say go for it if it is what you want. You will never know if you do not try!
Where are you looking;)
I think as long as you have 600+ score you can get a good interest rate but I don't know how much debt to income you have to have.
Min of 620 for a FHA loan. You will need 20% down on conventional. 3% for FHA
Quoting CjEmmemommy:
A house for 60k? I have no idea what you would need to get that,
Where are you looking;)
I think as long as you have 600+ score you can get a good interest rate but I don't know how much debt to income you have to have.
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Do you turn your kid loose in the kitchen?
- lauren26805
on Sep. 19, 2012 at 9:19 PM