OfflineI live in Northern NJ where it seems like the national factor doesnt even affect the local factor a tad. Ok well maybe a tad but prices have seemed to stay high around here for the past 7-10 years.
None the less, as i stated in a prior post, i went around last night and this morning and made a list of houses that had a for sale sign on the property.
I just went online to google, typed in my area and state, and went to a website that had some of the houses i had written down. The average house goes for 400k.
I'm sure it can be done, but how am i supposed to get started with homes costing around this much? Me being new and all, my one main fear is not being able to sell the property nor rent it for a while and i'm stuck with a chunk of payments.
Also, a house costing this much, would any bank give me a loan? I'm 27 years old, excellent credit, no money to put down and i only make approximately 46k a year. I would doubt it, but then again i'm not too sure.
Please help!
Thanks
-Michael
Is ask. contact a mortgage lender and ask them to run your info and see if you can get approved. If you never ask you will never know and all this looking will be pretty pointless. The worst they can say is no and if thats the case, look to hard money lenders, assignments or referrals. You have a lot of options but you need to step out there and start SOMEWHERE. Also do searches for houses under 200K those will usually be you fixer uppers in that sort of market. Good luck
Anita
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And also look at owner financing. There should never be any qualifying for that. With the downturn in sales, I would think that a lot more sellers would be open to carrying paper in order to move their property.