Just prove you have income and they'll lend ya money. I bet you proved you had 3k a month income they'd lend you 50k no problem.
im 29 and i got my first apartment in 10/2003 and let me tell you that 10k is not really enough. normally you put it 20% as down payment, pay real estate taxes, closing costs. depending on your area and price of your house / apartment it can add up. my closing cost was ~13k but thats cuz i am in NYC and have high real estate taxes, my title insurance, which you will be required to get, was $1000. trust me on this also - whatever you plan save some money in your reserve, trust me you will need it. whatever you will calculate i suggest having 10-20% reserve and add the cost of new furniture, whatever else you might be purchasing for your new place. my suggestion to you is suffer with the parents for a little longer, read up on the forum, make some more money and do it right. if you have any questions about mortgage process feel free to send me a pm.
You didn't give enough information for me to give you a real good answer but here's a method that I both buy and sell houses with. I'm a retired mortgage broker as well as an investor and under most circumstances this is the best way for a young person to get started. If you have not so great credit, no rental history, not much for a down payment and you're not making a lot of money now but your prospects are good then here's your solution. It's called a lease with an option to purchase. Basically you lease a house and give the owner money for an option to purchase it sometime in the future. He can't sell it to anyone else and you can be saving your money for a larger down. If you live in an area where houses aren't too expensive it works great. Take a look in my sig and go to the foreclosure website for more info. If you hasve questions after that PM me. donrock
buying a house now would be financial suicide if you aren't rich. interest rates are going up baby. can you afford it?
I am just in the process of buying a house in Florida, USA for $270k. I don't know what you can find for $10k..maybe a 2 bedroom trailer in Florida.
Most houses are not that cheap, but because the US economy went to crap people are losing their homes left and right. They are practically giving them away, but most need repairs and are in bad neighborhoods (inner city). It's a good thing there is not a big fence by the Mexican border. Before long, American's will be crossing into Mexico for jobs. lol Bush and his entire Republican Party. Gotta love it.
Whatever you do don't come to the UK! $10,000 wont even be enough for a deposit! And would probably only last about 10 months for rent!
actually soon it will be a good time to buy again. some markets got hurt badly such as South Florida. as far as interest rates - they are not going up, they are actually pretty low. when i got my apartment i got a 7/1 year arm at 5.25% at that time (late 2003) the 30 year fixed was around 6-6.25%. i got the arm that got me saving 1% for the last 5 years while the mortgage rates have been fluctuating. NATIONAL OVERNIGHT AVERAGES TODAY +/- LAST WEEK 30 yr fixed mtg 5.95% 6.12% 15 yr fixed mtg 5.28% 5.53% 5/1 ARM 5.69% 5.49% 30 yr fixed jumbo mtg 7.05% 7.09% 5/1 jumbo ARM 6.21% 6.17% i still got 2.5 years to go before my ARM expires but 15 year fixed rates have been falling down to as low as 5% and i predict the fed to lower the rates again a few times over the course of 2 years and / or at least keep it at the same level without raising. in the upcoming months there will be a lot of ARMs that are expiring and more foreclosures are on the way. i will stay put for now and hopefully if there are more changes the rates will drop and i'll refinance at even a lower rate then i have now
With the current mortgage scenario and the subprime crisis, there have to be some good deals around to suit your budget. The best thing you can do is to read Robert Kiyosaki's "Rich Dad Poor Dad" and then go out to look for deals yourself. That's the way it works. Make a move in the right direction and you will find options no one would think can exist!
I'm not so sure the housing market is going to recover anytime soon. A lot of people are losing their jobs and getting jobs that pay much less then they were making before. As this lost purchasing power works through the economy, home prices will face continued downward pressure. Then we have the baby boomers that are eventually going to move into nursing homes, live with their kids, etc. That's going to create a steady supply of surplus homes for years to come. With home prices free falling, there will be greater demand from the city, county, and state to increase the property taxes we pay on our homes. Some states are not so bad, but Ohio is horrible with property taxes. As home values drop, these government entities are going to see huge drops in the revenue, mostly because they heavily rely on property taxes to fund their bloated agencies.
Will your parents not offer any advice? Mine offered plenty when I was that age; good solid advice from the people whom I most trusted and had done the crawl, walk, and run, of life. You must keep a cool head though, as either way, be careful, it's a jungle out there.
Lol, I’m not sure he’s willing to relocate; you’d need to spare us some more details, where do you live, etc? If you living in the hyped western world you can forget it buddy, you cannot get somewhere with that, that’s pocket change in the western world, sorry. I don’t really see a solution, you should probably invest that money into some lucrative ventures.
Check out first time home hombuyer programs. I got a house for no money down, fixed 35 year note at 6.2% AND $10,000 toward closing costs that is cleared if I live in the house for 10 years. This was before the subprime mortgage mess, but they are still around.
I think you should save more money before you onsider buying a house. Even in the Philippines, $10k will not get you a decent house, or even a small condominium. $10k is just about a 30% to 40% downpayment here.
"I assume the China you are talking is not Shanghai. $10,000 is absolutely nothing here. To get a decent house here not too far from downtown, 2bedrooms 90sqm (it's not even a real house, rather an appartment), you will need to pay RMB1million (roughly USD140K), of which at least 50% down payment if you are not Chinese. " Can't agree more, I am reading about cheap offshore for everything, not sure where all these people get this info... just wondering. Btw, I think that $140k for 90 sqm still ...mm...affordable. In Kiyv, Ukraine sqm in average costs $2500, how does that sounds ? In my city about $1500. While dollar probably remains the same in USA it costs less and less in buying activity abroad.