Everlastingj…, Home Buyer in Ferndale, MI

$300 Mortgage???

Asked by Everlastingjoi, Ferndale, MI Tue Aug 26, 2008

I just turned 26 and live with my mom. I'm ready to leave the nest, but I can't see myself paying rent for an apartment that I will never see a return on. After reviewing my monthly expenses, I can only afford $300 for a mortgage, taxes, AND insurance. Do you think it's likely that I can find a foreclosure in the Royal Oak/Hazel Park/Ferndale area that I can afford?

I've been seeing many that need work for $10,000 , but I won't have the money to invest in major repairs. I wanted to finish paying off my car at the end of '09 and then start my home search, but everyone is telling me to jump on these houses now.

I'm SO confused...Is there a such thing as a $300 payment for a QUALITY home that's move-in ready?

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Brian Butter…, Agent, Royal Oak, MI
Tue Aug 26, 2008
Most of the homes I have shown in Ferndale or Hazel Park below $30,000 would be tough to live in without major repairs. Not sure if you would even have much luck with financing. Best bet would be a FHA 203K loan.....maybe find a roomate that has a last name of Villa?...as in Bob Villa? You have the right idea regarding home ownership but this may not be the right time for you.
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Kathryn Bowm…, , Seattle, WA
Tue Aug 26, 2008
Hello Everlastingjoi,
I know it's tough starting out, especially when you have nice tastes. ... It's still true though, that many things that are worth having, are worth working for. ... This includes home purchases and investments in your future. ... My answer here is in general, because I'm not in the Ferndale area, and because I admire your determination to get ahead. ... If there's any way you can opt for a home that's not quite "move-in ready" and do a little painting and work yourself, and cut down in any other way possible, this is a great time to take the plunge. Real estate is a great way to make a nice life for your future self, so the earlier you get into it, the better you'll be. I really hope you take the plunge now -- your "40-year-old-self" will thank you for your foresight, hardwork and determination!!!
I hope this helps, as general as it is.
Good luck,
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Lisa Bender, , Howell, MI
Tue Aug 26, 2008
I'm not sure you will find a home that's ready to move-in for $300/mo. If you haven't factored in taxes and insurance make sure you plan on those bills as well. Plus, you need to be able to set some money aside for those inevitable home maintenance repairs that creep and the worst possible times.

It certianly doesn't hurt to look at homes online. I do thinks it's wise to pay off that car payment and I don't think it will ruin your chances of finding a good deal. Feel free to visit my website at http://www.ClickThisHome.com. There you can search all homes for sale just like Realtors search for homes for their clients. You can set up a search and save it, plus you can save your favorite homes to keep an eye on them. Or I'm more than happy to set up a search for you.

Lisa Bender
Keller Williams Realty
Web Reference:  http://www.ClickThisHome.com
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