I would like to buy a home for my family. The REO list price is 218900.
I’m self employeed, only 1 line of credit, only in business 10 months with the money cash to buy the who if necessary. I would like to pay as close as 0% down as possible but if I must bite the bullet, buy cash :flush
I talked to some stated income guys in FL and they said I was screwed basically and he may be able to get me a loan with 40% down.
Decided to pass on the home. Found something seller finance that was 50k more expensive in a rural area. Showed my wife, we got into a big argument… she locked herself in the room with the kids. Life sucks
Unfortunately, all of the “creative” style mortgages have passed on just like disco. Land contract/seller finance is probably the best way to go. Make sure that your payments are made by check, so that you can use them to prove payment history when you want to refi.
You are going to have a real problem getting financing.
How about borrowing the money from yourself? Pay cash and then make the payments back into your own savings account.
If you can find a really good deal on a property, it will end up being a good investment. That means you must purchase a home based upon it’s potential to be a marketable property in the future.
You are going to have to convince your wife that the family home can be a good investment for the family and to look at long term. You are probably going to get your best property deal by purchasing something that needs fix up.
It also means you can’t simply pay full market price for the one you want to live in. You are going to have to price shop.
Give your wife one concession, though. You’ve got kids so limit your hunt to good school districts.