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Aint2nuts

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Angela you need to be prequalified before you start looking. They will do a credit check and will tell you how much you can get a loan for.

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Originally Posted By: Aint2nuts
Originally Posted By: lunamother
*waaaahhhhh* none of the links open for me....

seriously- good luck with that- sounds like a lovely place

(Lunamother bravely sounds encouraging while wishing Angela wanted to be HER neighbor....)



I would LOVE to be your neighbor, but I can't swing payments and insurance, taxes that are that high. I only have 2200 a month coming in, so I have to watch what I spend. frown


I'm just razzin' ya bighug
'your' place is out there- just waiting for you to find it bouquet

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[quote=lunamother

I'm just razzin' ya bighug

'your' place is out there- just waiting for you to find it bouquet

 

 

Well THAT particular place is out of the question at this time. She wants 3000 down (which I can do, when I sell everything I own), and then 800 security deposit, and 850 a month. I KNOW it is a great deal. Just not swingable on my budget.

 

I am starting to think perhaps Gods answer to me is "Stay Put" Instead of "MOVE OUT OF DODGE"

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Yeah, budgets sux, but I've always loved Luna's home...there is just something homey and quaint about it that draws me.

 

It will be a steal for someone that is in a position to make that commitment.

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Angela, use this time to get your financial ducks in a row. Find out what your credit rating is and what you can do to improve it. Start getting your down payment together. See what you have to do to get that grant you mentioned. There is something you can afford! I got mine for $30k, only two yrs ago. It needs work, of course, but with time and effort it will be done.

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Pretty house. Thank you! I will look into it some more.

 

I did bite the bullet and asked my MIL if she would cosign on a loan for me and the kids.

 

She didn't sound promising but she did say she would run it by Walter. (My FIL)

 

I figured out that payments would be in my price range with a 83k loan. No problem at all if I get a good interest rate.

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You're welcome, Angela. I just mainly wanted you to see that there are properties that folks like us can afford. I hope you get something very special and soon!

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Today I am like a cat on a hot tin roof.

 

My stomach is twisted in knots and I couldn't sleep a wink last night after calling my MIL about the property.

 

Today I applied at lending tree for what I guess is preapproval since they don't have a social security number on the application. Weird.

 

Somehow I have to come up with 2000 dollars to give the owner so they will hold the property for me. What is that called? Anyway she said that was non refundable.

 

What that means is I will wait until my MIL says she will cosign or not. (And I am not getting my hopes up THERE -- okay yes I am)

 

I am going to have to get a loan on my car (I have title to it) I think I can get as much as 3-4k for it. Problem will be paying the thing back. I will worry about THAT down the line. Not going to take that step until I have a commitment from my mil and fil to cosign.

 

Can you tell I am nervous? I have diarrea of the fingers.

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Angela, don't give anybody a NON REFUNDABLE deposit! In a real estate transaction you put down earnest money, but it usually isn't as high as 2000$. The title company holds the earnest money and if you walk away from the contract without good reason, you generally do not get it back. If you do not buy the house because your loan didn't go thru, you get the money back.

 

Check out HUD repos. They have a program where you put a down payment of $100 and you get an FHA loan.

 

You should not have to put money up front for a preapproval either.

 

Are you going thru a realtor?

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I read this thread yesterday, and it troubled me enough to wake me up this morning. I’m going to be the wet blanket, here.

 

Aint 2 Nuts, you are as sweet as you can be, and have made a lot of friends here. As a friend, and a woman, and a mom, I want to take you by the hand and have a gentle talk with you.

 

Sweetie, you need to slow down. Moving is stressful. Starting over in a strange place is stressful. Living off the land is stressful. If you were single, healthy and childless, I’d say go for it. But, honey, that is not the situation, is it? I’ve gathered from you previous posts and your profile that you r disability is an incapacitatng mental illness. You would be putting yourself and your two babies at grave risk by taking off to another state, with no friends, no family, and no medical or mental services lined up.

 

Please do not do anything until you have the support of your husband and doctors. You have not thought this through, as evidenced by your comment about taking a loan on your car, with no way to pay it back. You said you’d worry about that later. No, dear, you have to think those kinds of things through first. This is a big red flag!! And it is not reasonable to put money down on a property you have never seen, in an area you are unfamiliar with.

 

I’m giving you a big hug here, and praying you will have your little farm someday. But it needs to happen in a way that is safe for you and your children.

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You know that old saw, "If it sounds too good to be true, it probably is" or "Jumping from the frying pan into the fire"

 

I am starting to get that feeling about this property that I really want. Not to mention the idea of trying to come up with enough money to not only move, but to put down a large down before I have even seen the property.

 

To answer someone about other things. I am SMI. I also have sleep apnea, asthma, arthritis, High blood pressuse, diabetes, and a few other little things that annoy me. I am on disability for a combination of all of the above.

 

Two of my kids (who were adupted) are eligible for medicaid, as am I. So that will take care of the doctors. My third child will qualify for a kids care type program based on my income.

 

I am not worried about finding mednical or psychological care. I will just find someplace in the nearest large city that can treat us.

 

I appreciate the words of wisdom. I have thought in great depth about how I am going to handle the work that it all would involve. I figured I would get my feet wet a little at a time, and not jump into a 1 acre garden, chickens, goats and pig all at once. Little at a time building MY stamina.

 

Much as I want this property, even if my in laws say they will co sign, I can't see things moving so fast that I will be able to get this property.

 

 

 

 

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Originally Posted By: Cricket

Please do not do anything until you have the support of your husband and doctors.


Well husband is out of the picture. Doctors have approved the idea of my moving. I am stable on my medications right now, so now would be an awesome time to move.

I don't have friends and family where I am at, really. My parents are the original 'hands off' type people.



Quote:
You have not thought this through, as evidenced by your comment about taking a loan on your car, with no way to pay it back. You said youd worry about that later. No, dear, you have to think those kinds of things through first. This is a big red flag!! And it is not reasonable to put money down on a property you have never seen, in an area you are unfamiliar with.


Actually I was being flip. I have a 200 dollar a month wiggle room in my budget (what would pay for cable, and eating out), that can pay back the loans on my car ... if I wind up needing it.



Quote:
Im giving you a big hug here, and praying you will have your little farm someday. But it needs to happen in a way that is safe for you and your children.


Thanks for that, I want out of this area so badly --gangs, robberies, a stabbing a month back, my car has been broken into three times in the past year. I am worried about my kids, and this neighborhood (Barrio).

If it seems like I am trying to move fast, it is because I am. You are right, I need to slow down.

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Talk to your banker/loan officer before getting into any more financial debt (the car loan). It could hurt your credit and your ability to get a loan for the morgage.

 

When I bought this house, my loan officer asked where the down payment was coming from. Since all my money was tied up in another property, I told her I planned to take it off a low interest (1.99%) credit card I have til that property sells. She advised me not to do that as it would raise my debt to income ratio and I may not qualify for the loan for the house. My options ended up being: borrowing from family or doing a second morgage. I did the second mortgage and then paid that off with the low interest card.

 

I guess my point is: before doing anything-talk to professionals. Real estate agents, lawyers, bankers, etc. While it may cost a bit up front, it could save alot down the line.

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Just try to be patient a little longer and pray God's will be done in your life. There are many properties for sale for $85k and under with a little land if you are flexible in where you are willing to live. Lots and lots of foreclosures right now too. If you are willing to live in a manufactured house it will be easier to get something with some land. You can always put in a storm cellar later.

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I was a realtor for the last 5 years, until choosing not to renew my license at the end of the year.

 

My advice is to find a lender you are comfortable with and meet face to face and go over your finances for an initial pre-approval and some good advice. You need to understand what your credit score is as that will effect the interest rate and amount you qualify for. If anyone tries to charge you for a pre-approval - do NOT work with them. The pre-appproval should be free. You may need to explain you're looking at options to living where you are now so they will take you seriously. You will need to provide tax returns, disability statements, savings and checking account statements for the last 2 or 3 months and other reserves such as retirement accounts. All of this info will be needed to give you a good idea.

 

There are also areas that qualify for some goverment financed assistance programs b/c they are in rural areas.

 

Does your disability amount change based on the cost of living where you're located? Just something to think about.

 

Do you have extended family in any of the areas you're looking to move to? The reason I ask is there is a level of difficulity moving to an area where you do not know anyone. Even if you're not close they can at least be a friendly face when you need one.

 

Another option if you attend church is once you have an area picked out - ask your pastor if there is a church in the demonination nearby. A quick intro before you move and at least you have folks to ask what are the schools like? Medical care etc. ..

 

While youre being pre-approved find a realtor you are comfortable with who has the ability to refer you to a realtor where you're going to move. The company I worked for had the abiltiy to refer nationwide - you will want to request the realtor where you're moving is experienced in rual property. There are all kinds of issues they need to understand so you understand them. Examples are who pays for inspections (are they lender required) on septic systems and wells. If there is a propane tank on the property, is it owned or rented? will the company leave it and rent to you or do you need to purchase a tank? Is the propane included in the sale of the home or do you have to pay the seller for what is left in the tank? All issues you need someone who is experienced to advise you on.

 

 

 

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Thanks Kyle's Mom. *grin

 

I need to get my information together. I am sort of waiting for my MIL and FIL to decide if they are going to cosign for me. If they are it changes the whole shebang. I really need them to cosign to get a better interest rate. It will effect my bottom line every month, no matter how much I buy the property for.

 

EDIT":

My MIL Called and said that my FIL is not willing to cosign, and I can't say as I blame him. They gave my ex a house when we first married. EXdh lost it from hitting bottom while drinking.

 

I guess they feel they have done enough.

 

Wish my parents were in a position to help. They can't.

 

I will get my information together and see if I can't qualify for some sort of loan on my own, THEN go looking for properties.

 

I think I have decided that Missouri is probably the state for me. They have the k12 program there that I can use to teach the kids (homeschool). I need to find out more, but it is looking like MO might be good.

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I know you mentioned renting and that may be a good option for at least 6 months. It will allow you to get a feel for the area and where you do/don't want to live. If you find you're really unhappy - you're not tied to a property that you can't get out of quickly. The rule of thumb until recently was you needed to stay in the property at least 2 years to break even - unless you were fixing it up to sell.

 

 

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I still have the option of moving to Walker LA. I don't know what the rent will be there though. 1 acre, with a single wide mobile home on it.

 

THe more I think about it, the more I think perhaps I should sit back, calmly and wait for a property to fall into my lap. *snicker*

 

Seriously, I am considering staying here for a while more, where my rent is minimal, though the lack of water (Read the latest Natl Geographic) is going to hit sooner or later.

 

 

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Angela,

 

I think you are wise to wait, bide your time while you look for the property that fits your needs, and squirrel away a little money. Talk to a Realtor and start working on building up your credit score. If you have that $200 wiggle room in your budget, work very, very hard to save every dime of it for a few months.

 

I think Missouri would be a great state for you, honestly. The Ozarks are beautiful, there are great homesteading possibilities there, and there are quite a few people who are homesteaders, so you'd not be unique.

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www.realtor.com is how we found this place. Ohio is gun friendly and homeschool friendly. Land is cheap. Water is everywhere up here in this area (our basement floods and we have springs everywhere). We get snow. Sometimes lots of snow. But it leaves.

 

This place 19 acres, 3 bed house, basement, barn, stream, 3 car detached garage, 3 big springs we have found so far - not perfect but we're working on it - 85,000.00

 

 

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Just a word of warning Louisiana is usually expensive. Well if you want something that isn't a swamp its expensive. We have a lot of people from LA coming into MS to buy because its drier and much cheaper. Homeschool laws here are lax so thats good and I'm not sure about the actual gun laws but everyone I know has them without a problem so they must be okay too. There are some nice places to buy for cheap here if you aren't concerned about school district.

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