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Q. He has a good enough job But i dont work as im bringing up our two small kids, we have had some bad credit in the past but not really bad, we dont have any savings but are paying the amount of a mortgage thru our rent, could we get a 100% mortgage?
Answer
It is possible that you might be able to get a 100% mortgage. However, I caution you that these mortgages are very dangerous.
Because you are borrowing 100% of the value of your house, you have no "equity". That means that, if you should have to sell your house, you'll be in trouble, unless the price goes up.
The newspapers I have read say that real estate prices have levelled off. In fact, in some parts of the country, prices are falling. There are a whole lot of people trying to sell their houses, and they can't find any buyers. Why? Because they paid such a high price for their houses that they can't afford to lower their asking price. And those prices are too high for new buyers to pay.
I won't even get into the problems that you could have, if you select an adjustable-rate mortgage or (worse) an interest-only mortgage or "negative-amortization" mortgage. These products are traps for people on a tight budget, and are already resulting in huge numbers of foreclosures, across the country.
If I were you, I'd think seriously about waiting for at least a year, before I bought a house. I'd do whatever I could, in the family budget, to put aside an extra $100 or more, every month, in a savings account that I couldn't touch, so that I would have some money, after a year, that I could use as a (small) down payment on a house. This practice will stand you in good stead, after you buy the house, because you'll be better prepared for unexpected expenses.
I own a house, and let me warn you. Buying a house is an expensive proposition. Not only is the mortgage payment expensive, but there is always something that needs fixing. Maybe the roof will spring a leak. Maybe the plumbing wil spring a leak. Maybe the water heater will need to be replaced. Maybe a tree in your yard will fall, or maybe it'll need to be removed. All of this stuff requires money. So does your homeowner's insurance. So does the gas and electric bill, which is only going to go up (even after the huge increases we experienced, this year). So do taxes.
The key to being able to afford a house is to actually be able to afford the house. That means that your mortgage payment, and the payments on all your other debts (credit cards, car loans, furniture loans, student loans) COMBINED should not be more than 35% of your income, AT THE MOST. If you're paying any more than that, to service your debt, you are vulnerable to changes in interest rates or minimum payments on your credit cards, or emergencies that cause you to have to spend more money (doctor bills for the kids, for example).
Best of luck, whatever you decide.
It is possible that you might be able to get a 100% mortgage. However, I caution you that these mortgages are very dangerous.
Because you are borrowing 100% of the value of your house, you have no "equity". That means that, if you should have to sell your house, you'll be in trouble, unless the price goes up.
The newspapers I have read say that real estate prices have levelled off. In fact, in some parts of the country, prices are falling. There are a whole lot of people trying to sell their houses, and they can't find any buyers. Why? Because they paid such a high price for their houses that they can't afford to lower their asking price. And those prices are too high for new buyers to pay.
I won't even get into the problems that you could have, if you select an adjustable-rate mortgage or (worse) an interest-only mortgage or "negative-amortization" mortgage. These products are traps for people on a tight budget, and are already resulting in huge numbers of foreclosures, across the country.
If I were you, I'd think seriously about waiting for at least a year, before I bought a house. I'd do whatever I could, in the family budget, to put aside an extra $100 or more, every month, in a savings account that I couldn't touch, so that I would have some money, after a year, that I could use as a (small) down payment on a house. This practice will stand you in good stead, after you buy the house, because you'll be better prepared for unexpected expenses.
I own a house, and let me warn you. Buying a house is an expensive proposition. Not only is the mortgage payment expensive, but there is always something that needs fixing. Maybe the roof will spring a leak. Maybe the plumbing wil spring a leak. Maybe the water heater will need to be replaced. Maybe a tree in your yard will fall, or maybe it'll need to be removed. All of this stuff requires money. So does your homeowner's insurance. So does the gas and electric bill, which is only going to go up (even after the huge increases we experienced, this year). So do taxes.
The key to being able to afford a house is to actually be able to afford the house. That means that your mortgage payment, and the payments on all your other debts (credit cards, car loans, furniture loans, student loans) COMBINED should not be more than 35% of your income, AT THE MOST. If you're paying any more than that, to service your debt, you are vulnerable to changes in interest rates or minimum payments on your credit cards, or emergencies that cause you to have to spend more money (doctor bills for the kids, for example).
Best of luck, whatever you decide.
What is cost of living in Las Vegas? & Are teaching jobs easy to find there?
keisha294
I am a teacher and hear that it is possible to find a teaching job in Las Vegas, so I am thinking of moving there if I can find a job. I would love an idea of what rent, gas, utilities and food cost there. I pay 800 all utilities included for a 2 bedroom townhouse now and that is expensive for where i live in michigan. I hear some good things and many bad about living in Las Vegas, what is it really like from a local point of view?
Answer
I moved here to be a teacher and quit! i discovered that i really hate kids!
i imagine the teaching experience itself will be different for each and depend very heavily on the school at which you are placed.
depending on your subject you will be swept up instantly (math, science, special ed to name a few). check to see if NV and your home state have a reciprocity agreement with regard to licenses. check the clark county school district website for changes, updates etc.
regarding housing, you can kiss $800 + utilities goodbye. housing is much more expensive here. a decent apartment will run a minimum of $950 with nothing included. electric & gas are expensive but i think the whole country is in the same boat on that. here you wont have a high heating bill but substitute that for air conditioning (your first two summers will be murder then you'll be better). food is expensive unless you are willing to shop the ethnic markets (i love them). nothing grows here so there are no farmers markets like you'd be accostumed to. entertainment is an arm & a leg. concerts are $80 regularily, i wasnt used to that at all. its a driving city, you MUST have a car and walking most places is impractical.
check the cost of flights home, which i imagine will be about $300 r/t if you are lucky.
it takes a long time for a transplant to feel at home in Vegas so be prepared for that.
good side: is easy trips to Utah, California, Arizona. initially i hated the bareness of the SW but now i appreciate its beauty.
good luck
I moved here to be a teacher and quit! i discovered that i really hate kids!
i imagine the teaching experience itself will be different for each and depend very heavily on the school at which you are placed.
depending on your subject you will be swept up instantly (math, science, special ed to name a few). check to see if NV and your home state have a reciprocity agreement with regard to licenses. check the clark county school district website for changes, updates etc.
regarding housing, you can kiss $800 + utilities goodbye. housing is much more expensive here. a decent apartment will run a minimum of $950 with nothing included. electric & gas are expensive but i think the whole country is in the same boat on that. here you wont have a high heating bill but substitute that for air conditioning (your first two summers will be murder then you'll be better). food is expensive unless you are willing to shop the ethnic markets (i love them). nothing grows here so there are no farmers markets like you'd be accostumed to. entertainment is an arm & a leg. concerts are $80 regularily, i wasnt used to that at all. its a driving city, you MUST have a car and walking most places is impractical.
check the cost of flights home, which i imagine will be about $300 r/t if you are lucky.
it takes a long time for a transplant to feel at home in Vegas so be prepared for that.
good side: is easy trips to Utah, California, Arizona. initially i hated the bareness of the SW but now i appreciate its beauty.
good luck
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Title Post: Anyone just bought a house? I really want to buy one with my partner?
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Rating: 92% based on 925 ratings. 4 user reviews.
Author: Unknown
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