Home Buying in Little Rock>Question Details

timmothysapp…, Home Buyer in Little Rock, AR

Can i do payment's on the a house? I found a house and its 200/ month and i really am thinking about getting it after i graduate

Asked by timmothysapp016, Little Rock, AR Tue Aug 6, 2013

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I would suggest Tony Grech's advice to you as well. You can find some homes that are within your range. If you would like to look let me know. I can help you see if buying is right for you.
0 votes Thank Flag Link Wed Aug 7, 2013
Hi Timothy,
You can't really rely on those figures until you read the fine print. A lot of the ads will say that this refers to a monthly payment based on putting 20% down payment down and having XXX credit score. Also, those figures don't include property taxes, homeowner's insurance, and mortgage insurance.

As Dan said, these types of homes are often not turn-key (ready to be lived in) and they normally need a lot of work.

With all that being said, that doesn't mean you can't find a nice starter home after you graduate that is affordable.

In order to qualify for a mortgage, lenders will look at your income/employment, credit (your history, score, and monthly debts), and the amount of money you have as a down payment. You'll need to have a stable history of employment. They look at your last 2 years and you either need to be employed during that time or in school getting educated for your current job. You'll need to have some credit established - preferrable 3-4 accounts with at least a one to two year history of on time payments. And finally you'll need to have money to put down for a down payment and to cover closing costs.

Hope this helps!
0 votes Thank Flag Link Tue Aug 6, 2013
Timmothy...any house that has a $200 month payment wouldn't even be safe to live in. Email me the address and I'll tell you about it. David
0 votes Thank Flag Link Tue Aug 6, 2013
I don't have your email
Flag Tue Aug 6, 2013
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