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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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16 hours ago, 8ball said:

If you have a 580 or better FICO score you should be able to get an FHA loan. Put at least 20% down to avoid PMI.

 

I applied  with a commercial bank.

 

I will then apply with the FHA.

 

Thanks.

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16 hours ago, RenterRob said:

2 pre-approval  letters today. One for 30% more than I asked.  30 years......around 5%.  I may go 15 years to get 4%.

 

I'm late to the game, but better than never.

Congrats!

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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...
4 hours ago, RenterRob said:

I closed on Friday, 05/06.  

 

It was a good decision to buy.  Had the rate locked in for past 6 weeks, so it isn't bad at all.

 

Best to all of you!!

congrats!!!

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