After speaking with our accountant, Andrew's dad, we were trying to decide what we were going to do next with the living situation. We can't really afford a mortgage yet, so looking at anything but a complete junker is out of the question. So, our options are this... 1) we will need to buy a different 5th wheel with a better floor plan in case we have an unplanned surprise so we want a 5th wheel with the ability to put a crib in. Anyway, plan one is buy a piece of land decently sized and not too expensive, put the 5th wheel on it and slowly build a paneled (pre-fab) home. Or 2) Buy a junker house that need major repair, fix it piece by piece and meanwhile living in the 5th wheel until the house is liveable. So, let me know which idea you think would be better.
Unless, the property values in Riverside drop severely then these are our only options.
Pray that God gives us guidance in what to do with our finances He's given us, and that his direction will be clear.
3 comments:
What about renting an apartment? Maybe you could find a reasonably priced 2 bedroom unit.
i think that you should just by a junker and live in the fifth wheel because it will be a little cheaper because the four walls are up already all you gotta do is fix the inside and landscaping which yo momma will do so yeah..i think that will be the winner but who am I
Number 2. There's no question in my mind whatsoever. Perhaps you can get a HUD home, or find a church/non-profit that rehabs HUD properties... they usually sell below market for first-time buyers.
Or, find a fixer-upper and apply for the HUD 203(k) program. The 203 will allow you to include the cost of making the fixes in the FHA loan at a very low rate. The downpayment would only be 3 of the total purchase costs.
As for property values dropping rapidly... keep in mind that economists are projecting many people will soon lose their homes to rapid increase in payments on adjustable rate mortgages.
Bottom line: buy the fixer-upper with 203(k). I don't think you can use 203(k) on a HUD repo, but check with your real estate pro (Cathy thinks it can, though).
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