Anonymous
02/14/2014 06:41
Subject: Is it completely hopeless? Want to buy home, no down payment.
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:You couldn't afford your first house...now you want to buy another one with no down payment. Are you serious? deed-in-lieu
Oh, we could afford the mortgage payments just fine. The problem was that it was a 700 square foot house and we had two babies faster than expected. That may have been fine for a while, but it became apparent that it would not work in the medium to long term, and we were way just too underwater IN SPITE OF putting 20% down. DH actually considered paying down another 30K to be able to sell it. We got no offers. New construction, and the taxes turned out to be incredible - 6 grand for 1 bedroom, 700 square feet (This was in Metro Chicago, 2007) This made renting it out impossible without a large subsidy. I'm grateful we were able to get out via deed in lieu.
So, are you saying that the house no longer fit your needs so you decided to stop paying the mortgage?
You are a jackass.
Sounds like this is what the poster did...since she did say she could afford the mortgage payments.
Anonymous
02/13/2014 21:32
Subject: Is it completely hopeless? Want to buy home, no down payment.
Sorry OP but it's just no doable. Find a place where you can rent cheaply and be thankful for your family.
Anonymous
02/13/2014 21:28
Subject: Is it completely hopeless? Want to buy home, no down payment.
Anonymous wrote:Anonymous wrote:Anonymous wrote:You couldn't afford your first house...now you want to buy another one with no down payment. Are you serious? deed-in-lieu
Oh, we could afford the mortgage payments just fine. The problem was that it was a 700 square foot house and we had two babies faster than expected. That may have been fine for a while, but it became apparent that it would not work in the medium to long term, and we were way just too underwater IN SPITE OF putting 20% down. DH actually considered paying down another 30K to be able to sell it. We got no offers. New construction, and the taxes turned out to be incredible - 6 grand for 1 bedroom, 700 square feet (This was in Metro Chicago, 2007) This made renting it out impossible without a large subsidy. I'm grateful we were able to get out via deed in lieu.
So, are you saying that the house no longer fit your needs so you decided to stop paying the mortgage?
You are a jackass.
Anonymous
02/13/2014 21:25
Subject: Is it completely hopeless? Want to buy home, no down payment.
Loan applicants must:
? Be a First Time Homebuyer. (No prior ownership in any residence during previous 3 years. Does not apply when purchasing property in Areas of Economic Opportunity).
? Be a First Time Homebuyer. (No prior ownership in any residence during previous 3 years. Does not apply when purchasing property in Areas of Economic Opportunity).
Anonymous
02/13/2014 21:24
Subject: Is it completely hopeless? Want to buy home, no down payment.
VA loan or fha. You have plenty of reserves to qualify but your income would support a 250k house which isn't much more than a condo inside the beltway.
Anonymous
02/13/2014 21:18
Subject: Is it completely hopeless? Want to buy home, no down payment.
VHDA Loan
No down payment. Max household income is around $140K. We did it a year ago. And, we got the seller to pay maybe 2% for closing costs (and roll it into the loan). So we literally paid nothing.
You will need that 10K you saved the first year to make repairs for all the problems you will notice, like a dead tree about to fall on your house, clearing gutters, plumbing, etc.
No down payment. Max household income is around $140K. We did it a year ago. And, we got the seller to pay maybe 2% for closing costs (and roll it into the loan). So we literally paid nothing.
You will need that 10K you saved the first year to make repairs for all the problems you will notice, like a dead tree about to fall on your house, clearing gutters, plumbing, etc.
Anonymous
02/13/2014 21:17
Subject: Re:Is it completely hopeless? Want to buy home, no down payment.
Anonymous wrote:OP I suggest listening to the Dave Ramsey show
www.daveramsey.com
you are exactly his target audience, and he's really entertaining while being informative! Give him a try!
Seems like this is an awesome idea for someone like you and your spouse.
Anonymous
02/13/2014 21:14
Subject: Is it completely hopeless? Want to buy home, no down payment.
Anonymous wrote:Anonymous wrote:You couldn't afford your first house...now you want to buy another one with no down payment. Are you serious? deed-in-lieu
Oh, we could afford the mortgage payments just fine. The problem was that it was a 700 square foot house and we had two babies faster than expected. That may have been fine for a while, but it became apparent that it would not work in the medium to long term, and we were way just too underwater IN SPITE OF putting 20% down. DH actually considered paying down another 30K to be able to sell it. We got no offers. New construction, and the taxes turned out to be incredible - 6 grand for 1 bedroom, 700 square feet (This was in Metro Chicago, 2007) This made renting it out impossible without a large subsidy. I'm grateful we were able to get out via deed in lieu.
So, are you saying that the house no longer fit your needs so you decided to stop paying the mortgage?
Anonymous
02/13/2014 21:10
Subject: Is it completely hopeless? Want to buy home, no down payment.
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings.
Anonymous
02/13/2014 20:10
Subject: Is it completely hopeless? Want to buy home, no down payment.
Anonymous wrote:You couldn't afford your first house...now you want to buy another one with no down payment. Are you serious? deed-in-lieu
Oh, we could afford the mortgage payments just fine. The problem was that it was a 700 square foot house and we had two babies faster than expected. That may have been fine for a while, but it became apparent that it would not work in the medium to long term, and we were way just too underwater IN SPITE OF putting 20% down. DH actually considered paying down another 30K to be able to sell it. We got no offers. New construction, and the taxes turned out to be incredible - 6 grand for 1 bedroom, 700 square feet (This was in Metro Chicago, 2007) This made renting it out impossible without a large subsidy. I'm grateful we were able to get out via deed in lieu.
Anonymous
02/13/2014 19:28
Subject: Re:Is it completely hopeless? Want to buy home, no down payment.
OP I suggest listening to the Dave Ramsey show
www.daveramsey.com
you are exactly his target audience, and he's really entertaining while being informative! Give him a try!
www.daveramsey.com
you are exactly his target audience, and he's really entertaining while being informative! Give him a try!
Anonymous
02/13/2014 19:24
Subject: Re:Is it completely hopeless? Want to buy home, no down payment.
You can't afford a house. But it sounds like you and your husband are otherwise pretty happy. I imagine that trying to buy a house in NOVA with your HHI would probably ruin your happiness.
Anonymous
02/13/2014 19:21
Subject: Is it completely hopeless? Want to buy home, no down payment.
We dumped our retirment , best idea ever , made it back and more in two years of housing appreciation
Anonymous
02/13/2014 19:08
Subject: Is it completely hopeless? Want to buy home, no down payment.
You couldn't afford your first house...now you want to buy another one with no down payment. Are you serious? deed-in-lieu
Anonymous
02/13/2014 19:07
Subject: Is it completely hopeless? Want to buy home, no down payment.
Anonymous wrote:"Is it completely hopeless? Want to buy home, no down payment."
The answer to your question is YES.
Pretty much this