Feb
09

I need to find a way to finance a house purchase?

Question joe bloe: I need to find a way to finance a house purchase?
I make under 30K a year, I have a horrible and I mean HORRIBLE credit history because of my ex wife’s mismanagement of our finances. I want to be able to purchase my grandmother’s house back but it is valued by the bank at 500K
I know but the question is ALTERNATIVE ways!!

Best answer:

Not going to happen. You do not have the income to make those high payments or even pay the property taxes.

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Apr
07

What is the best way to finance a 50k house purchase?

Purchase house
by wallyg

Question by Brad: What is the best way to finance a 50k house purchase?
I am thinking about buying a property for about  50k while the housing market is still low. But I only have around 20k in savings. I don’t want to use it all because most likely the property will need some repairs. So, what is the best finance strategy  How much Do I or should I use for this home purchase?
Thanks.

$50,000   Sales Price

20%  =  $10,000 Downpayment

80% = 40,000 Loan

Summary: $ 10k downpayment  $ 40k mortgage

There are other options requiring less down-payment but this would give you the best interest rate and monthly payment.

Get a home inspection before your purchase to make sure the home doesn’t need major repairs.

And last but not least get a fixed rate mortgage.

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