foreclosure under 10000
my husband saved 10000 to move our credit is under 600 can we try a condo or rent we are on a budget?
we called the rental agencies and it is about 1300 to 1400 my mom thinks it would be better to try a condo and not lose the money saved but we have no furniture whatsoever and we would like to have our own but with all the scary foreclosures we are hearing about and job loss.. so far both of us are at our jobs over 7 years it would be scary to foreclose? we tried last year to see about a condo and was told we needed to pay some items off now we have the money but we really need to move from our area. We don’t want to make a hasty decision and if we moved into an apartment is it really feasible to save for a condo later. I heard we can put 5% down but with our credit under 600 we are scared our mortgage would be high. For condos is it only mortgage or other things to consider like insurance? we know association fees but is that monthly or yearly?
talk to a loan officer in your area, see about an FHA loan they dont have a minimum score req. so even if you are under 600 you can still get a rate between 6-7.5% $150,000 @ 6.5% your lookin at about $962 monthly and of course you are going to have to escrow your taxes and insurance depending on where you live that might add an extra $150-300 a month. good luck to you…and most of those foreclosures you hear about are just people that got in over there head or in adj. rate mortgages then there rates went up, as long as you get into a good low fixed rate mortgage with taxes and ins. included there wont be any surprises durring the life of the loan.
