what are my chances earning 17,000 a year rent to buy a house or condo whit bad credit?

Asked by Veronica, Davie, FL Wed Feb 8, 2012

I live in California single mother of two kids, I'm paying $950 a month for a 1 bedroom, I would like to know what are my chances to buy a home first time buyer.

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
, ,
Thu Feb 9, 2012
Rent to buy or purchase outright? I talk to two or three people a month that lost their money trying to do a lease option. Research it first, I linked some info to you below, hope it keeps you from being hurt, good luck,
0 votes
Ann Ryan, Agent, Doral, FL
Thu Feb 9, 2012
The lowest priced 2 bedroom currently on the market in Davie is $55K, a place called Arrowhead, with monthly fees of $369. It is a foreclosure. A cash purchase is likely the only way you'll be able to get anything in that price range.
0 votes
Annette Law…, Agent, Palm Harbor, FL
Thu Feb 9, 2012
Veronica,
There is very little possibility in obtaining financing of any kind to purchase a home with a $17,000 annual income.

HOWEVER, I have seen condos selling as low as $8,500! Many, many priced around $30,000. This is the time to hit up all your friends, family and neighbors for every penny they can spare. There are real condo bargains out there. Pay cash, don't rent. HOWEVER....finding them is a difficult task. Why? There is no money to be made. Be aware, the traditional compensation to a real estate professional on a $8,500 condo is less than $255. Be prepared to make special compensation arrangements.

Now, you would be well served to attend the 1st Time Home Buyer classes in your area. I am not familiar with Davie FL but you can take a look at this commmunity website for some ideas. (some are state sponsored.)
http://www.MyDunedin.com (look for the 1st Time Home Buyer Class Schedule)

There will be organizations present at these programs who offer many 'under the radar' forms of assistance.

Now is the right time to take positive steps and stop renting.
Best of success to you,
Annette Lawrence
Broker/assoicate
ReMax Realtec Group
Palm Harbor, Fl
727. 420. 4041
Web Reference:  http://www.MyDunedin.com
0 votes
Dan Tabit, Agent, Issaquah, WA
Wed Feb 8, 2012
Veronica,
Bad credit depends on how bad. Your options will be fewer and if you can purchase your rate will be higher. Chances are, buying a home with your current income and expenses is not a good idea. Home ownership means being able to handle surprises like a broken appliance, plumbing, maintenance & other repairs.
At your current stated income the max payment you may get approved for is below your current rent. I would encourage you to work on your credit, try to save some money and stay in a safe but affordable rental for a while.
0 votes
John Bennett, Agent, Orlando, FL
Wed Feb 8, 2012
Not good. not good not good not good
0 votes
Search Advice
Search
Ask our community a question
Home Buying in Davie Zip Codes

Email me when…

Learn more