Sojorner

Sounds to me like you're in a great place to buy your first house! The age thing doesn't matter, though how long you've had your job may play into the equation. An FHA first time buyers program will let you do the 0 - 5% down easy enough and your credit scores are A rated! I bought my first house when I was 21, had similar credit scores, but only made around 19K in income. The home I bought was $49,600 and I had absolutely no problems or glitches getting into it. So I say - GO FOR IT! It's very doubtful that you'd be turned down, but even if you did, it would be a great leasson for how to go about it the next time. Just make sure you put down as little earnest money as possible when you start the buying process - if things do go south on you for any reason, that's money you won't be able to get back from the sellers. Best of fortune to you - let us know how things progress for you!

O.K. - The sheriff's sale was held yesterday on our home in Kansas. The bank was recovering $63k in lawyer's fees, late payments, and the balance of the loan. A couple of investors got into a bidding war over our home and the house finally sold for just over $75k. The second mortgager didn't show to protect their interest in the property and there are no liens. Question - Do I get to keep the $12k difference between what the bank recovered and what the investor's bought the house for? That would be a good thing so please -somebody- -anybody- please tell me yes!

Right now, in the most general terms you're going to be looking at roughly a $700-$750 payment per $100,000 borrowed. Several other factors range into that figure, but it should give you a ball park.

Hello all - I live in the Kansas City area and my home is in foreclosure - as a matter of fact, way in foreclosure - the sheriff's sale is tomarrow morning. Long story why I haven't done anything before now (promises were broken and things have changed a few times). Anywho, the house will sell for around $60k and is worth approx. $90k in current condition ($115k in prime condition) and the county tax assessment is around $108k. Bottom line, I have roughly $30k worth of leverage for selling the redemption rights, but here are the two thing I need your help on: 1) I understand that it is difficult to rent a house with a foreclosure on your history, so even if I got enough for the redemption rights for a year's worth of rent somewhere else, would it matter and could I get in a house? 2) A company is offering a lease/buyback situation - basically they redeem the house, we pay them rent for one year and then buy it back in 12-18 months for about $15k more than they redeemed it for. If there's a foreclosure on my history though, I'm guessing I won't be able to buy back the house that sooon and then what? They strip the house out from under me and take all the equity for themselves? At best I buy a year of time for my family in rent at our house? I thought I had things sorted out in my mind before this, but with the turning of events lately, I am feeling flustered as to what my real and best options really are. Your insights will be most appreciated... and my thanks in advance.