Ask a Question
or
Create a Poll
  1. Home /
  2. Questions /
  3. Real Estate
  4. / Buying And Selling Real Estate
  5. / Buying And Selling Real Estate (General)

by Anonymous on March 10th, 2007

Anonymous

Question

Help answer this question below.

Is there really a way to buy a decent house when your credit isn't too great and you don't have much if any money to put as a down payment or pay for closing costs, but know you are able to make a monthly payment of up to $700, possibly a little more?

  • Like
  • Report
Share:
Other

Answers. 3 helpful answers below.

  • by gtravels loves her life penguin on March 10th, 2007

    gtravels loves her life penguin

    Of course, it all depends on where you want to live. New York and California have some of the most expensive housing costs in the nation.

    But that leaves alot of other states.

    I took a group to West Virginia. I'm always in the habit of picking up those little real estate books so I can see the cost of local housing. These prices were especially amusing because I come from the NYC area. Every morning, I would tell the group the cheapest house of the day.

    The winner? A two bedroom (admittedly not the Ritz, but...) for $27,000, including a car! (used)

    The moral of the story? If you're flexible on location and condition, don't count yourself out!

    • Like
    • Report

    No comments. Post one | Permalink

  • by Andy Is Wicked Married to Penal Colony on March 10th, 2007

    Andy Is Wicked Married to Penal Colony

    Not in this area! Where I live that is. You can't even rent a studio apartment for $700 a month.

    It depends on where you live and what the housing costs are. It also depends on how you define "decent". There are some places that have special incentives to attract buyers in which case, you might find what you describe above. There isn't enough information in the question to give you a more precise answer. Sorry.

    • Like
    • Report

    1 comment | Post one | Permalink

  • by Yarnlady is happy every day on March 10th, 2007

    Yarnlady is happy every day

    Yes, of course there is. You can live in many fine places. I think North Carolina would be my choice, although, I have also read that Arkansas, Louisana, and parts of Oklahoma are very low cost.

    Your main drawback is that you would have to pay very high interest rates for the first few years, and it would be longer to pay off your loan. That is a small price to pay for a place of your own.

    I think a condominum would be a great choice for someone in your situation. Be very careful with your loan, and make sure you understand it. There are some "interest only" loans that are exactly like rent. After you pay and pay and pay, you still don't own anything, or have any equity. In fact, if the value of the market has gone down, you could actually own more than when you started. Do your research carefully, and good luck.

    3 comments | Post one | Permalink

Want to attach an image to your answer? Click here.

Did this answer your question? If not, then ask a new question or create a poll.

More Questions. Additional questions in this category.

You're reading Is there really a way to buy a decent house when your credit isn't too great and you don't have much if any money to put as a down payment or pay for closing costs, but know you are able to make a monthly payment of up to $700, possibly a little more?

Follow us on Facebook!

Related Ads

Related Questions

Professionally Researched

Answerbag

a Demand Media company