caseyjones955
Well-Known Member
I have been doing some research and aside from basic considerations like rates I get a bit lost in the fine print and stipulations. I have had more than one bad home loan in the past and I blame myself for not hiring a real estate attorney to go over it all. Pre payment penalties and PMI are all things Im not receptive to. The total cost of the loan needs to be as low as possible with as little BS as possible.
This is different and before I sign any loan or contract it will go before my lawyer. What im doing is moving further into SD or ND to get away from the city. Im looking at fixer homes in the 10-25k price range. For 10k ill buy outright but if I go higher I would put half-ish down and pay the rest within 12-24 months tops. Not sure if a personal loan would be best or an actual short term mortgage, HUD, FHA et al. I have recovered my post divorce credit for the most part and i should be in good shape for a loan. Im getting some quotes next week and not sure how self employment is going to impact that aside from not physically being able to work full time. I will not rent money for the remodel, ill pay as I go and take some time.
My goal is to have a home paid for within 2 years, probably one. I can take my time with the remodel as it could be a couple years or more before I actually move into it. Most of the homes ill be checking out have annual taxes well under $200 so thats not bad. I feel compelled to do this while I still have some earning potential. Just to be clear im not flipping houses, just looking for a quiet affordable place to retire. I feel a medical retirement may be coming along with a possible serious dip in the economy and I want to get in front of it all and make sure that regardles of the future we have a pleasant affordable place to be. Also live near a city of almost 100k population and I want to get away from that. Wife and I can work almost anywhere with our trades. Any thoughts on this are welcome but mostly unclear about finance options for fixer and short term.
This is different and before I sign any loan or contract it will go before my lawyer. What im doing is moving further into SD or ND to get away from the city. Im looking at fixer homes in the 10-25k price range. For 10k ill buy outright but if I go higher I would put half-ish down and pay the rest within 12-24 months tops. Not sure if a personal loan would be best or an actual short term mortgage, HUD, FHA et al. I have recovered my post divorce credit for the most part and i should be in good shape for a loan. Im getting some quotes next week and not sure how self employment is going to impact that aside from not physically being able to work full time. I will not rent money for the remodel, ill pay as I go and take some time.
My goal is to have a home paid for within 2 years, probably one. I can take my time with the remodel as it could be a couple years or more before I actually move into it. Most of the homes ill be checking out have annual taxes well under $200 so thats not bad. I feel compelled to do this while I still have some earning potential. Just to be clear im not flipping houses, just looking for a quiet affordable place to retire. I feel a medical retirement may be coming along with a possible serious dip in the economy and I want to get in front of it all and make sure that regardles of the future we have a pleasant affordable place to be. Also live near a city of almost 100k population and I want to get away from that. Wife and I can work almost anywhere with our trades. Any thoughts on this are welcome but mostly unclear about finance options for fixer and short term.
