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Looking to be 1st time owner @ age 65


RenterRob
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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?

 

 

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14 hours ago, RenterRob said:

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?

 

 

welcome to CB!

 

I'll let others chime in on the mortgage itself but if you have a few months you can take steps to improve your FICO scores. Is 600 your mortgage FICO score?

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3 hours ago, hegemony said:

welcome to CB!

 

I'll let others chime in on the mortgage itself but if you have a few months you can take steps to improve your FICO scores. Is 600 your mortgage FICO score?

Thank you!

 

Mortgage score?  Don't know.

 

I'm looking to see if I have 2 legs to stand on when applying for a mortgage.

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9 hours ago, 8ball said:

Congrats!

 

Thank you!  Since I've lived in the place for 3 years I feel I don't need a real estate agent.......just the lawyer.

 

Frankly, my idea of a bid is writing a number on a piece of paper, facing it downward, then sliding it across the table.  LOL......I'll get an education in this before too long.

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  • 2 months later...
  • 5 months later...
On 10/22/2022 at 1:27 PM, Emperess said:

I'm glad I stumbled on this thread, even if it is old by now.  I've been considering buying my next home, and if I do I would be a first-time homebuyer at 59 or 60.  I wondered if I was too old to be doing something most people do in their 20s and 30s, but I guess not :-).

never too old!!!!

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Well, it's been a couple years since my original post.  Turned 67 last month.  Best decision ever was to be a first time buyer at age 65.

 

Rents were/are incredibly high.  $100,000 purchase for very small condo with $20,000 down.........20 years @ 4.125%.  I made it just before rates rocketed.  Mortage is down to $75,000 now. Condo is worth $115,000 minimum.  Experian fico8 is up to 761.  Equifax  Transunion follow closely.

 

Closing cost was about $5,700.00

 

Mortage is $490+/month

Property taxes & Homeowners insurance $150.00/month (Senior homesteading discount)

Homeowners Association dues are pricey.....  $252.00/month.  It's well-funded, and helps to be involved.

 

Nope, it's never too late. I had tons of doubts heading into this process.  I was over my head.  However, I didn't panic and did my best at due diligence.

 

Good luck, and good health to all of you.

 

 

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On 2/23/2024 at 12:37 AM, RenterRob said:

Well, it's been a couple years since my original post.  Turned 67 last month.  Best decision ever was to be a first time buyer at age 65.

 

Rents were/are incredibly high.  $100,000 purchase for very small condo with $20,000 down.........20 years @ 4.125%.  I made it just before rates rocketed.  Mortage is down to $75,000 now. Condo is worth $115,000 minimum.  Experian fico8 is up to 761.  Equifax  Transunion follow closely.

 

Closing cost was about $5,700.00

 

Mortage is $490+/month

Property taxes & Homeowners insurance $150.00/month (Senior homesteading discount)

Homeowners Association dues are pricey.....  $252.00/month.  It's well-funded, and helps to be involved.

 

Nope, it's never too late. I had tons of doubts heading into this process.  I was over my head.  However, I didn't panic and did my best at due diligence.

 

Good luck, and good health to all of you.

 

 

congrats!!!!

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