Why would you do that. You could do a reverse mortgage. With interest rates down in the 3's I dont know if making 3% interest would entice a person or would rather pull a loan (if home is paid off). Having it non owner occupied would also raise your taxes and insurance.
Or if you are just taking it for a different reason other than that and buying it for a dollar. Your parents I think can only give you 13K or something a year. Tax man would look at this pretty hard.
A good person to pick their brain would be an accountant.... more
I'm actually reading all the VA paperwork required for assistance in acquiring specially adapted housing for veteran's, for another client. I will follow up with your question, after studying the requirements.
Landeen Real Estate Co.
New Listings are constantly coming on the market! If you are looking to purchase a home in Sioux Falls, you should get in touch with a local Realtor asap. An active local agent will be able to send you new listings as they come on the market. If you aren't currently working with anyone, I could have one of the top agents in the the area contact you. They will be able to provide you with valuable insight on neighborhoods and guild you through the buying process. If you send me your contact info to Tjackson@c21mm.com , I will have an area expert contact you!
Century 21 M & M Associates
You have a few options. Yes you can place the house on while still under contract, the person who is selling it to you will be paid off at the close of sale however like any loan you must sell for enough money to cover that debt and the costs associated with selling it. You could approach the contract holder to discuss whether he / she would consider one of several other options but the seller / contract holder is under no obligation to alter the agreement. Call me at 605-310-0297 and we will talk about it.... more
Most banking institutions, including ours do not lend to borrowers with a credit score that low. Primarily you should try to get your score to 680, and one way to do that is by following the recommendations by the professionals at Credit Expert, in Sioux Falls. They can be reached at 271-8871.... more
You should not have any trouble getting a mortage for under $100,000 with a credit score of 730. Credit score is very important and may even trump debt to income ratios. Speak with a lender to get the answers you need with your scenario. Let me know if you need help choosing a lender ~ or searching for a home.
Without running a search before answering I'd say no. There are always deals to be had, but you are asking for a 3 bedroom in a specific area under 90K. I would never say "never" but the the home will not be in pristine condition. If you'd like me to do a search and send it your way just let me know.
Yes. If you still want the spouse not on the loan (state specific), you may add him/her to the title of the home just in case something tragic happens.
If you currently own a home and both of you are writing off the interest in your joint returns, you will have to qualify with the current mortgage, new mortgage, debts versus income.
If you are a first time home buyer, then you should be okay. Credit score needs to be above 620, income versus debt must be below 45%. In other words, take your gross income (net adjusted income if self employed), multiply by 45%, then subtract miminum monthly debts from the credit report from that number and that will tell you your maximum mortgage payment. From that, subtract your property taxes, insurance, mortgage insurance (if any) and association dues (if any - like from a condo).
2000 X 45% is 900 minus credit card payments (100) is 800 minus taxes/insurance (200) is 600 minus mortgage insurance (90) is 500. That's about a 90,000 home (give or take, I'm not using a calculator). You can check out my site for calculators.
Don't forget to check on when to file for homestead exemption in your state to ensure getting the tax benefit of living in your home. Don't forget to renew your termite bond (if applicable) every year (so many people forget that).
My first choice for looking for homes in the local Sioux Falls area that are for sale would be online at www.homeviewsiouxfalls.com and then keloland.com and argusleader.com. I would definitely recommend using a Real Estate Agent to assist you.... more
Look for someone who has been in the business for several years and who does it full time. Find someone who asks you about your objectives regarding area, price, style, number of bedrooms and baths, garage. The more feedback you give the agent the easier it is to find the home youre looking for. Buying a home should be a fun experience and having a good agent to help guide you through the process of inspections and getting through the closing is as important as finding the home. If you have more questions you can contact me at 605-376-3610.
I think youger people are still focus on getting (or paying down) their primary residence. 50% of my clients are first time home buyers and under 30 (closer to 25). I believe they will get to that place in their life very soon.
Is your agent also the sellers agent? If the inspection has been done you will have to pay for it, I would talk to your lender about the appraisal fee and ask them about the other questions as well. If you are backing out of the deal just because you changed your mind there may be other issues, but if it is due to inspection or financing reasons you might be alright. If your agent is representing both parties you might want to speak to her broker.... more
If you are not familiar with the areas, now is the time to explore and do some homework--visit neighborhoods, by driving around, looking at shops, dine at local eateries, etc. Choose the town that fits your criteria best--Real Estate professionals are prohibited from steering--enticing a buyer to purchase or not in specific neighborhoods. Once you know where you would like to live, enlist the help of a Realtor and take it from there. Don't forget about your mortgage pre-qualification/approval letter.... more
It depends on when you file your taxes. The credit (however much one qualifies for, if any) is claimed on your tax return to offset your tax liability. There have been many buyers who have been misled into believing it is a separate check for the full $8,000 and they will recieve it in the mail shortly after closing escrow.... more
Manda25 - Been wondering the same thing here on the western part of the state. Have seen many homes that in doing comps, are $20,000 all the way up to 50,000 more than what they are really worth. Adding to that issue, is that many of these homes have been on the market for a year or longer in some cases, but no movement in price. I know the big "fall" in the market hasn't hit South Dakota yet, but it sounds like we are 6-9 months behind the rest of the country in that realm. I do hope that sellers and their realtors become more realistic soon because I do believe there are buyers out there - but buyers that aren't willing to pay too much for a home. The only homes I'm seeing in these parts that are selling are below $125,000 and the selling price is pretty close to asking. Sorry about the long answer. I'm not a realtor that has the concrete facts, but I have been dealing with a realtor in my house search, and what he has found for me pretty much underscores that people just aren't willing to lower their prices...... I hope there is a change fairly soon.... more