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new and stupid

Posted on: 02nd Jan, 2007 04:59 pm
hey guys let me give you a quick breakdown of my life, i just moved to lakeland florida about 6 months ago after becoming a firefighter/emt, i lived in south florida before that where an average home is like 400k, now here i can get a place below 200k, i make about 40k a year and have a beacon score of 640. my girlfriend also lives with me and makes about what i do. so we went looking at houses just for fun yesterday and we saw a few we liked, one was a 1600ft townhouse for 160k and a nice 1900ft home for 235k. i think the house is out of our range, but she has big eyes and doesn't think about money much. the truth is we don't have any money saved up but want to buy before prices start going back up, i believe i may qualify for several first time buyers grants because of my position. ok here are my questions
-what down payment assistance programs can i qualify for?
-what is the best type of mortgage to get for the long run?
-is it better to get something thats really cheap like an interest only and then refinance a few years later? or just go with a traditional fixed rate?
-realistically how much should i be expecting to pay each month for a mortgage, tax, and insurance?
thank you guys for any help you can give me, i am sure i will have hundreds of more questions soon enough.
I've heard of the hud program before, but doesn't it have to be a hud owned property and doesn't it have to be in a "redevelopement area" in order to qualify, which is basic talk for an undesirable location. if not that would be awsome!!!
exactly what is a hud property? and what extra expenses does it cost to get into one?
Posted on: 04th Jan, 2007 04:17 pm
"exactly what is a hud property?"
Properties offered for sale through this program were FHA insured properties & were foreclosed."doesn't it have to be in a "redevelopment area" in order to qualify, which is basic talk for an undesirable location."
HUD calls the location these properties are in as "revitalization areas in need of community and economic development".

Before coming to any conclusion about the actual condition of the locality you can get the property in, I suggest why not get in touch with local HUD authority and check out the available locations.

Loan Advisor
Posted on: 04th Jan, 2007 04:41 pm
ok so not all areas are considered revitalization areas?
when you buy a hud home do you just pay off whats left of the foreclosed home? or do they sell it as normal? are there back taxes or other leins you have to pay off?
is there a website that shows what areas qualify?
Posted on: 04th Jan, 2007 04:52 pm
Hi Wenzel,

Welcome to our forums.

Thanks for giving your suggestions to Silentneko. He can apply for the Next Door program offered by HUD. But he needs to satisfy the requirements for the program.

Hope you enjoy visiting our forums.

Thanks,

Caron
Posted on: 04th Jan, 2007 09:10 pm
Hi Silentneko,

"so not all areas are considered revitalization areas? "

The property should be located in areas designated by HUD as revitalization areas, that is, those which require economic and community development. In fact, the Next Door Program is available for those willing to reside on those areas itself.

"what is a hud property?"

HUD properties are mostly those which have gone through foreclosure. HUD pays off the lender and gets the property which is then resold.

"what extra expenses does it cost to get into one?"

HUD properties are sold through bidding. Prior to bidding, you need to deposit the earnest money (5% of the sale price) and then after your bidding is successful, your earnest money will be credited to the down payment.

In case, you are not the successful bidder, HUD gives you back the earnest money deposit. Now, when you choose a lender to finance the HUD home, HUD will pay off 5% of the closing costs thereby helping you to save.

Thanks
Posted on: 04th Jan, 2007 10:20 pm
Hi Silentneko,

Welcome back.

When you buy HUD home, you need to pay the entire amount depending upon the appraised home value. HUD uses the current appraisals to establish home's value based on age, condition, size, location and the area of the land.

You need not pay back taxes and liens that were initially present on the home. It should be paid by the previous owner of the property.

If you are interested to buy a HUD home, you should contact a HUD approved broker or real estate agent who has the authority to sell HUD homes.

To gather more information on revitalization areas, you may contact the local HUD Homeownership Center.

Feel free to share your experience with the community here.

Thanks,

Caron.
Posted on: 04th Jan, 2007 10:33 pm
ok so the more I look into the hud program the more I can see it may not be a very good option now that I am not quite single. plus if they sell the hud homes for appraised value then its not worth it, cause looking on trulia.com tells me that the average list price is like 227k, but the median sale price is only 195k. I could be wrong because since I'm just doing research and not ready to buy yet I don't want to be putting all my info out there yet.
I did a few free searches for hud homes around here and they all seem to be either crappy old houses that should be leveled, or trailers, either way I'm not biting even for half price.
for now I'm still waiting on a call for info on that program with the 15k assistance and low interest mortgage.
thanks guys, keep the info coming
Posted on: 05th Jan, 2007 11:04 am
yeah, Silentneko, better not put up your information if you are not ready to buy.

It's good to think and rethink about your finances and what you can afford before you buy. And, don't buy a home on which you need to spend all your savings to repair it and make it worth staying.

And, for the down payment, shall let you know whenever there is some info.

Keep interacting for more information!
Posted on: 05th Jan, 2007 10:06 pm
"Keep interacting for more information!"

will do, so far I have learned alot form here. thanks guys I'll keep you posted.
Posted on: 06th Jan, 2007 03:53 am
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