Buying a $50,000 home?

Answers:1   |   LastUpdateAt:2012-09-20 16:38:03  

Asked at 2012-09-02 01:07:03
My husband and I have been looking at houses in our area . We found one we really like for less than $ 45.00 . Your credit sucks because of a divorce . My credit is good , but my job sucks and I have not been here that long. Besides that , the house has enough water damage due to a broken pipe in the attic that do not qualify for a conventional loan . So! We are looking for someone willing to pay $ 50,000 for the purchase and repair of the house . Just plan to live there for a couple of years , and home value of $ 98,000. The people that are in this fast growing , so it's safe to go up in a couple of years . It's a big investment, all structural damage has been corrected and the selling agent swears all that remains to be resolved are the roof and cosmetic damage . All this can be done in a couple of months and should cost only $ 4,500 . Can anyone give some advice? ? ? ?
Answer1nataliAnswered at 2012-09-20 16:38:03
FHA 404K will make a loan or something, I 'd like to talk about options with your lender . However, water damage can be a task much larger than originally thought . Even bigger than a contractor is going to think at first , you can get in way over his head. Also, if you are only going to be there a couple of years , not sure if it's worth . You may not get the $ 8k stimulous free , because if you move, sell or rent out within three years you have to repay the money . You can get interest-free loans in the case of a foreclosure , in certain areas of the Neighborhood Stabilization Plan , but it is only a loan .
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