I am a full time student, i do not work. i receive about 9,000/yr in refund checks from school.
I have 2 children.
My children's father and i are still together he is a self employed contractor. The least he can make in a month is $400 the most is well we never know but probably around 800
we have no car payments, i have my student loans but since im in school they are deferred.
We are looking at a house right now that is $9,900. In our area the housing market has crashed ridiculously. The total value for the home is $52,000. It is a fannie mae property, forclosure.
I can put down $1500 on the house would like to bid 8,000 just for the hell of it. But do we have any chance of getting this house? With me not working neither of us really have credit and he just started self contracting in october for his brother in laws fathers business.
The calculator on the website the house was on figured the motgage payment to be between $30-40/mo. dependant upon if the house sells for asking price or less.
Since its so cheap and i could do a $1500 down payment and pay the first 6months-1 year of mortgage payments up front would they do it? since the house is sooooo cheap.
I was skeptical that something was wrong with the house due to the price but there isnt anything wrong with it, of course it needs a little TLC but thats about it nothing like mold/being stripped of the copper and stuff it doesnt have anything like that wrong with it.
so based on our circumstances and what we are willing to pay up front do you think its a possibility for us?
I'd say not, unfortunately
While you have a deposit, you are highly unlikely to get any sort of mortgage given your income
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It depends on how long the house itself has sat vacant. If the prior owner let it go to foreclosure you can guarantee they did no upkeep to the home over the last couple of years and treated in as a rental property. At this point it is like buying a car you can't test drive. You have no idea if the roof needs to be replaced, plumbing problems, etc.
Cheap homes for rent exist in every city and suburb, but you may have to do a little scouting to find one. It's a good idea to have your credit report, deposit, rental history and proof of income on hand so that you can complete an application quickly and thoroughly, thus increasing your chances of renting the house once you find a cheap rental property. There are many houses for rent in this market.
Instructions for Cheap Homes for Rent:
1. Drive through the neighborhoods where you want to live. Look in working class neighborhoods with smaller homes, where you are more likely to find affordable housing. Write down the phone numbers and addresses of all homes with a "For Rent" sign. Follow up on all leads, inquiring as to the rental amount, required deposit and any other questions you have.
2. Look for ads in local sources, such as a community paper, classified ad publication, bulletin boards in local stores and shops and advertising boards at a local college or university. Many landlords rent their most affordable housing to college groups, so look where they would advertise.
3. Check out farm help ads and caretaker requests online and through farm publications. If you live in an area with large farms and estates, you may be able to find free or cheap housing in exchange for part-time farm work, care taking, house sitting or maintenance work.
4. Check online listing on sites such as CraigsList, daily. When new cheap homes for rent come up, you want to be one of the first to apply for the home.
5. Contact a local landlord association for leads. They may know of houses for rent in your price range, or can put you in touch with a landlord who has vacancies.
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