New Home
Tips for financing a new home purchase.(housing): An article from: San Fernando Valley Business Journal [H] [T] [M]
Michael Kaplan (Digital) CBJ, L.P. 2004-05-10
Release date: 2005-07-31
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Answers
My wife and I are on a serious credit repair mission to eventually purchase a new home. The home that we live in now we will have to rent it out versus selling. There are homes in my area that have been on the market for appx 2 years and still sitting. If we rent we wont have to wait more than a couple of months max.
Now my question is how much of a down payment will I need for my next purchase. The home we are looking at is appx $250,000. How much will I need to bring to the table as a down payment. Also what are my options for any down payment alternatives. Someone told me I needed 20% down and I almost passed out. Our scores are horrilbe right now but we are waiting until they reach the mid-high 600's Please help..........Thanx in advance.....
You have a few options.
You can opt to do a 2nd mortgage for the 20%.
You can take out a home equity line of credit on your existing home to use as a downpayment on the other home.
You can get a 100% loan, but pay for PMI insurance (private mortgage insurance) until your new home has enough equity in it to make your mortgage balance only 80% the new value of the home (i.e. when it is valued at approx. $315,000)
You still need something for closing costs, another user on here stated that if you do not have the money for closing costs, you can raise the sale price on the home you want to buy to about $260,000, and have the closing costs included in your financing.
What you want to do is talk to a loan officer or a mortgage broker to discuss this with you, they are more than willing to inform you of your options.
Part 1 of 2 Royal LePage TV's Helping You Close Your New Home Purchase video
I signed a purchase/sale agreement to buy a new construction home. I waived financing and inspection in the agreement. But I have not deposited earnest money yet. Now I want to walk away from the deal. The sell threatens to sue me if I do not deposit the earnest money.
You must have consideration for it to be a legal contract. Without a deposit you have no contract. He can't sue you for anything.
We recently bought a new house. Gave notice to end our annual lease (Sept to Sept) June 1st. We closed on our new house in May - Lease ended in September. We paid Mays rent with our last months payment (first/last month paid at beginning of lease agreement). The landlord re-rented the apartment July 1st, and is asking for us to pay Junes rent. Are there any laws in Massachusetts specifically to breaking a lease due to a home purchase?
Got it. Thanks for the opinions, that's all I was looking for.
00Converter, I moved from Massachusetts to Delaware last year, so I'm not sure who I could call to help you. Here is a list of apartments in Massachusetts that you can contact. http://www.findanapartmentonline.com/Mas sachusetts-Apartments.html I'm sure someone can help you.
Hope you find what you need
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I live in Colorado and plan to purchase a home. Before I move in, I'd like to add two bedrooms and a bath. What's the best way to finance this all at the same time?
If your credit is good, you could finance 100 - 107% of the purchase price and save your down payment for the renovation. I am a manager a mortgage bank. Email me if you would like to explore these ideas.
Thanks
i took a hard ship with drawal from my 401 k to purchase a new home in december when i had my taxes done the agent told me i still had to pay a penalty for the withdrawal,that if i had took the with drawal from a ira i would not have to a pay penatly this reduced my refund two thousand dollers, the agent goofed up twice and did my taxes for 1/2 price but i still think they are wrong ?
No he is correct, you can take an early distribution for first time home buyer from an IRA and avoid the penalty,
You can not take an early distribution from a 401K plan for 1st time home purchase
Publication 575 http://www.irs.gov/publications/p575/ind ex.html
Publication 590 http://www.irs.gov/publications/p590/ind ex.html
Buy Cheap
Congress Faces Pressure to Extend Home Purchase Tax Credit
Quoted Moody’s chief economist Mark Zandi as saying that by the time the credit expires, it will have been responsible for sales of 400,000 new and existing homes, out of a total 1.4 million sales.
Zandi warned that the impact of letting the credit expire, coming just as sales of foreclosed homes are rising, would increase downward pressure on home prices and jeopardize the economic recovery.
While the current amount of the tax credit and the income caps for claiming it are likely to remain in place, the credit may be extended to all homebuyers, according to Democratic leaders in Congress.
House Speaker Nancy Pelosi said at a recent press conference that extension of the homebuyers’ credit is under consideration. “And the question is, would that be just first-time homeowners or would you open it up to other purchasers of homes?” she added.
The other question, according to Rep. Charles Rangel (D-New York) is how long it should be extended for.
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