Lori King, Home Owner in 70068

We can only afford a mortage of 300.00 a month, how can we buy a home in this situation? Is there a special home loan for situations like this?

Asked by Lori King, 70068 Fri Mar 4, 2011

Is buying a foreclosure an option? Someone please help!

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Answers

4
You need to find ways to increase your income. Go to school, Get a better career, Get a second job. The last thing you need is a home.
0 votes Thank Flag Link Sun Mar 13, 2011
no..not really. That is enough money to cover insurance and maybe property taxes.
Web Reference: http://iansellsnola.com
0 votes Thank Flag Link Sun Mar 13, 2011
That's very little money.

You might consider looking at mobile or manufactured homes. Example: A $20,000 mortgage at 7% for 7 years would cost you $302 a month. Understand that that doesn't include property taxes or other expenses . . . . just the principle and interest. And you wouldn't be able to find a conventional mortgage. For that amount, it very likely would have to be owner financing.

Still, find a mobile home or manufactured home being sold by the owner (many/most ARE sold that way) for under $20,000 or so. Then negotiate the terms and conditions to keep your payments where they need to be.

Hope that helps.
0 votes Thank Flag Link Sat Mar 5, 2011
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
How are you currently living on $300 per month? Do you realize you also have insurance and taxes?

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Fri Mar 4, 2011
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