Erik Armstrong

Since November of last year the best program I been part of was the Ameridream program but I believe that has gone away as well. Currently I would look into a 203K FHA loan. They still require 3% down but they will provide the means to fix up a home using licensed contractors and improve the value of a home. You can of course make up the difference by asking the seller to contribute to the closing costs and other pre-paids. - Fri Nov 14 2008, 11:33

Kathryn Miller,

Looks like you have some solid advice from the local REALTORs already so I'm not going to repeat the same advice...my advice is. just don't listen to "NON REALTOR", "Just Looking" from the USA. Listen to the advice of a REALTOR who makes his or her living in the area you are interested in.

"What if you loose you job?"...seriously?

If you have 20% down congradulations you can afford a better house. If you don't then, "YES" you can find an FHA loan that allows you to only put 3-5% down.

It's a buyer's market right now and we don't know how much longer it will last. Interest rates are good now. In six months they could be lower but I believe they will be higher.

Erik Armstrong
Century 21, REALTOR - Mon Nov 3 2008, 11:29

I don't specialize in the Crawfordsville area, but I feel I can comfortably answer this question...the price is always negotiable. You should find an agent that specializes in that area and ask them to look at comparable sales, and comparable active listings. Perhaps the seller is "testing the market" or perhaps they are reasonable in their asking price.

Keep in mind that location, condition of the home, and upgrades that the seller may have done are only a few of the items that they may consider in their pricing. In some area $500,000 will get you a fixer-upper, so finding an agent that you trust, and that works in that area will really assist you in determining where the seller stands with their pricing. - Fri Oct 31 2008, 13:01

I always use it because its free and its more exposure but honestly I have not generated a single sale that I can trace back to Craigslist. So far every sale has been through MLS exposure. But that is not enough of a reason to stop either. I also have never sold a house through an open house but I continue to host them. - Wed Oct 15 2008, 10:20

I put my first listing on Craigslist about two weeks ago...nothing yet but we'll see. With 84% of buyers starting their home search online though...you'll want to pursue every possible internet avenue. There is no reason not to use it...it's free. You can't beat a return like that. - Sun Apr 20 2008, 17:38

There are a lot of factors that a lender will look at other than your salary. For example how much debt do you have? If you have $2,500 coming in each month but you paying out $1,900 you have a high debt to income ratio on the other hand if only $500 is going out you have a more favorable debt to income ratio.

Also, a lender will look at your credit history and credit score. If you rarely pay your bills on-time, occasionally forget to pay, and have a low credit score it wouldn't matter if you made $300,000 a year you may not get approved. On the other hand if you always pay on time if not early and have a high credit score you should not have an issue with a reasonalbe lender.

My suggestion...sit down with a lender and find out what your true buying power is. What it really matters is what you feel comfortable paying each month. I find many times a client will be approved up to one amount but wish to stay under a particular mortgage payment amount. But the first step to homeownership is get pre-qualified. - Thu Oct 9 2008, 16:40