I would first consider talking to a lender to still explore what your options are. Your credit score is in a range that I would feel comfortable to refer you to lenders that I work with. This will put you in a better situation overall if you can find a lender that will provide a loan. Give me a call if you would like contact info for lenders. 575-652-0344... more
Victoria, since you would apply together, his 530 credit score would be the bottleneck in you being approved for a loan. Unfortunately, there are many people like you and your fiance having trouble out there trying to get approved with more strict lending standards.
I can suggest Spence Lewellen (505.340.0303) from Primary Residential Mortgage. He has a vast wealth of lending experience and can get you with a credit repair specialist to get his credit back on track.
Purchasing a home for under $190,000 with a mortgage payment of $1000 (+/-) is do-able! You can always affect the amount of monthly mortgage you pay by increasing your down payment. The higher the down payment, the lower the mortgage payment. Since your credit score affects your interest rate, ensure that when you apply for a loan, your credit score is as high as you can get it.... more
Many if not most of neighborhood wells are shared in SF area. There are not really and pro's or con's, just logic.
Make sure there is an HOA for the well. If not then make one. You MUST be assured of repair/redrilling costs being shared and any HOA dues should be escrowed. The State Engineers office, (across from Capital bldgs) will have the deed (yes deed) to the well and the amount of water it is allowed. 1/4 acre feet is a bit over 80,000 gallons per year. plenty for a family of 5. Make sure you are entitled to an Acre Feet allotment both with the state and the HOA/deed to your land/property.
A replacement well can cost 25 thousand, not chump change at 40 dollars a foot to drill. Having an HOA and funds for replacement are absolutely necessary.
Community water is just a shared well with an HOA established. Note; ALL HOA stuff is PUBLIC record so do not be told to myob and just pay. Many NM scandals over misused HOA dues. When I lived in Cloudcroft they used HOA dues to go to San Diego to a supposed "water use' conference.
If you own the well then of course all responsibilities are yours alone.
One nice thing about a private well is that if it breaks you can buy and old trailer and a 500 gallon tank and the county sells bulk water for a penny a gallon. and delivery costs 10 cents per gallon most places.
Hope this helps, enjoy the new digs.
What is the address of your property? What size, make, model and condition is the mobile home? Is there city water and sewer? What about landscaping? Give me this info and I will give a sale price.... more
Be very careful when doing a rent to own or lease option to purchase. Best advice is to keep the two transactions separate. If you are renting, rent. If you are wanting to buy, submit an offer. Most of the time they end up to where the buyer loses and doesn't get the house they have been paying rent on.
If you do choose to go this route, consult with an attorney.... more
I offer ITIN loans nationwide. Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Bart and I have been offering loans since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you.
$200 more for a month-to-month lease is not ridiculously high. I've seen people pay 2x as much for a month-to-month. A lease protects the landlord, to a degree, so you'll pay less rent when the landlord is protected by a lease.
A month-to-month renter makes landlords nervous and stressed out. They charge you for the headache you're causing them. So convenience on your part = inconvenience to the landlord. You have to pay extra for that luxury.... more
Is now a good time to sell? That depends on your personal situation and finances. We're back to being in an appreciating market so your home theoretically will be worth more tomorrow than it is worth today. If home value was the only factor then the easy answer would be to wait and wait and wait. You'll net more and more as time goes by.
But we know there are other factors involved such as the school schedules of children, work relocation, whether you will be selling your home and then buying a new home, annoying neighbors, and a myriad of other factors. In other words there is no clear answer to your question. All factors have to be weighed. This is more about what is best for you and your family.
If you're wanting to sell your existing home and then buy a new home then you're going to sell at a time when home values are very low (a bad thing), BUT you'll concurrently be buying at a time when prices are low (a really good thing). So you lose a bit on the sale but pick it up on the purchase.
Weight the pros and cons and then go for it. I wish you luck. :-)... more