Buying wasn't on the radar 10 days ago, until..........landlord wants to sell small (460 sq ft) condo I've rented past 3 years. I've been getting a great rent deal for this area. Now, I'm searching only to find prices at least $400 more than I'd been paying. The place is a wonderful fortress of solitude. I was offered 1st opportunity to buy. Assessed @ $ 91,000 last Spring. Building is 50 years old. HOA dues are $210/month. Taxes are $200/month, though homesteading could drop that about 25%. I've lived in this general area all my life. No military service.....Vietnam ended the month I was to go in.
I'm semi-retired. Income from SS, small pension, and W-2 (SS max of 19,500/year) is $4,000/month after small amount of income taxes are paid.
I've been off the credit grid since a bankruptcy in 2010. I have nothing on my report. Score is 600. I have $75,000 cash on hand.
I want to offer 95,000 with 19,000 down @ 3.5% for 15 years.
I'm not gonna ask whether I should buy........obviously a personal decision. But, if there's an opinion, feel free.
Are the terms I want doable, and with whom?