Vic, how much is your TOTAL borrowing for the $225 per month repayment?
And what is the interest rate on that loan?
Using the same assumptions I laid out in my earlier post the figure for 15 years is $407 per month.

Lenders will assess your ability to pay the entire loan off in the term of the loan, and this assessment includes your age, income, current health and health history. This is part of their duty to their stock and share holders.

One question lenders ask themselves is "What is the probability of this person being alive at the loan term date?". If the answer to this question is "low" then one can expect to see the lender requiring some quite substantial indemnity to protect their investment (which is what a loan is from the lenders side of the fence). This indemnity may be in the form of a mandatory insurance policy or increased interest rate, or a combination of the two.



As an aside I am not surprised that "advice" from FB is not negative, such is the nature of FB.

That would be $223, the interest rate as quoted by realtor.com is 4.090%, the Down payment is required to be at least $2,500.00 by the lender, financed amount $32,000.00, the mortgage is based on a 30yr fixed rate, the rate being 4.090%, this rate was provided by Realtor.com, and may not be what the lender I've talked to would charge.

This isn't the UK Rob. Lenders don't ask about ones age, health or health history here, maybe in the UK they might, but here that is illegal, look at the Quote below.

http://library.hsh.com/articles/government-programs/what-mortgage-lenders-can-and-cant-ask-under-federal-law/

2. Are You Ill or Disabled?

Mortgage lenders aren't allowed to discriminate against applicants who are elderly, ill, or disabled, even if they are 90 years old and taking out a 30-year loan. Your age is only relevant in determining if you're old enough to sign a contract or if you are eligible for a reverse mortgage. The Fair Housing Act and the Americans with Disabilities Act (ADA) prohibit discrimination based on health problems. Lenders can't treat you differently because of your gender, age, marital status, race, color, national origin, public assistance status, or if you filed any complaint under consumer protection laws. They cannot discourage qualified people from applying for a mortgage.

It's essential to know your rights when you shop for a mortgage. If you're asked an inappropriate question, report it, and then find another mortgage lender.

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The T1 Trust, PRR T1 Class 4-4-4-4 #5550, 1 of America's First HST's

Stay tunaed..

This might take a bit, please be patient.

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The T1 Trust, PRR T1 Class 4-4-4-4 #5550, 1 of America's First HST's

In the meantime, you might explain to others what the thread is
about.

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~Sue~

I've been looking for a better place to live and to live nearer to My relatives, also now Social Security is in Victorville CA, then there is the fingerprints that I constantly find on My car, once someone picked the lock on the trunk of a car that I owned and set off the alarm.

Plus I'm running out of room here, this place is just too small now.

This place will take My a few years to save up the $2,500.00, plus the $300.00 needed for setting up the utilities and $200.00 for a home inspection before making an offer.

Yeah the place will be around, it's been on and off the market for about 6 or 7 years(as mentioned in an earlier post) and at all sorts of prices, I plan on getting My own agent and making an offer when I have the money I need, of $32,000.00 and a home inspection might get Me that concession.

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The T1 Trust, PRR T1 Class 4-4-4-4 #5550, 1 of America's First HST's

FHA says 3.5% of the agreed upon purchase price, banks can ask for more, this is what I based that on, now the $200 may be a lot higher($400 to maybe $500) for a thorough home inspection, but there is a Feasibility Report that from what I've read costs $250.00(see the link), so that is really $3,050.00, this includes $300 for Utility Deposits(Water, Trash, Gas, Electricity), plus the $250 for the Feasibility Report, which will tell one what is required to bring a home up to minimum FHA guidelines before making an offer on the house, plus the $2500 down payment.

As to how, $120 a month into a savings account for 18 months, $30 extra for 18 months to pay off a credit card, then pay off the other 2 cards and then the credit line, then flesh out the last of the 3050.00 over a few months. I'll spare you the boring details of course.

I don't know what that $3,000.00 you came up with was for.

I only discovered that today, that the place had been up for sale, for a long time.

No I'm not, there are housing developments in the Victorville area that are 55+ only, Federal Law does prohibit age discrimination here under the quoted ADA and under the Fair Housing Act, I'm not making this up, people have been discriminated against when it comes to buying houses, like a Black family wanting to move into what had been a White dominated community.

Fair Housing-It's Your Right

HUD.gov wrote:

The Fair Housing Act protects people from discrimination when they are renting, buying, or securing financing for any housing. The prohibitions specifically cover discrimination because of race, color, national origin, religion, sex, disability and the presence of children.

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The T1 Trust, PRR T1 Class 4-4-4-4 #5550, 1 of America's First HST's

If he does but the dump that he had posted pictures of It will a massive money pit.
One of the pics he posted looked like a dam sinkhole. And buying a house will cost you in repairs. I know I need a new roof. Cant afford this year or the next. will be 2017 whe I can afford it. The quote I got this years was $6500.OO US which I thought was ok. It will go up im sure. Next thing I need is windows and siding Im afraid to ask what a qoute would be.
Vic youd be better off staying where you are. The crap hole you want to buy is gargbage and will cost you dearly.

Why cant you just rent a room from said relatives?

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[/quote]

Old James

FHA says 3.5% of the agreed upon purchase price, banks can ask for more, this is what I based that on, now the $200 may be a lot higher($400 to maybe $500) for a thorough home inspection, but there is a Feasibility Report that from what I've read costs $250.00(see the link), so that is really $3,050.00, this includes $300 for Utility Deposits(Water, Trash, Gas, Electricity), plus the $250 for the Feasibility Report, which will tell one what is required to bring a home up to minimum FHA guidelines before making an offer on the house, plus the $2500 down payment.

As to how, $120 a month into a savings account for 18 months, $30 extra for 18 months to pay off a credit card, then pay off the other 2 cards and then the credit line, then flesh out the last of the 3050.00 over a few months. I'll spare you the boring details of course.

I don't know what that $3,000.00 you came up with was for.

I only discovered that today, that the place had been up for sale, for a long time.

No I'm not, there are housing developments in the Victorville area that are 55+ only, Federal Law does prohibit age discrimination here under the quoted ADA and under the Fair Housing Act, I'm not making this up, people have been discriminated against when it comes to buying houses, like a Black family wanting to move into what had been a White dominated community.

Fair Housing-It's Your Right

HUD.gov wrote:

The Fair Housing Act protects people from discrimination when they are renting, buying, or securing financing for any housing. The prohibitions specifically cover discrimination because of race, color, national origin, religion, sex, disability and the presence of children.

Vic do you really belive that a law stops all age discrimination? You have to prove that it does. It aint that easy.

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[/quote]

Old James

Can you honestly see yourself saving $3000 in 3 years. How long will it be before you see some more second hand stuff on Ebay and just buy it anyway? Also are you likely to give up this super cruncher build you keep posting pictures about and buying stuff for? You're still looking for a power board for this TV that has never worked properly aren't you?

Yes, I know what My bills are like, I've got a form here to fill out and return soon to get a new free gas heater, then I can put the electric heaters away.

Yeah I'm almost done with ebay, the cruncher is mostly done, except for the cooling of one or two video cards, which I can get later. For most of the 3 years, ebay will only be for bags of powdered eggs, less expensive than Walmart, so far.

The power board I bought last month for $45.50, it's a dead one(Cap problem, since the board looks ok, no crack or burns or anything obvious, since a used one or a new one would need to be worked on to fix Samsungs admitted cheap parts on the power board(which is why part of the screen is not backlit correctly, some Samsung installed caps have been said to have dried out), that will be put off, since the shop will fix the board better than new condition for $113.94.

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The T1 Trust, PRR T1 Class 4-4-4-4 #5550, 1 of America's First HST's

If he does but the dump that he had posted pictures of It will a massive money pit.
One of the pics he posted looked like a dam sinkhole. And buying a house will cost you in repairs. I know I need a new roof. Cant afford this year or the next. will be 2017 when I can afford it. The quote I got this years was $6500.00 US which I thought was ok. It will go up im sure. Next thing I need is windows and siding Im afraid to ask what a quote would be.
Vic you'd be better off staying where you are. The crap hole you want to buy is garbage and will cost you dearly.

Why cant you just rent a room from said relatives?

That is what a feasibility report is for, a 203k can replace a lot.

Why can't I just rent a room from My sister in law?

I asked Her once, She said NO and told Me being Catholic(Her, not Me) that She was afraid of being seen as living in Sin, Her son can live there, I can not.

There is no room here for a treadmill, My sofa is squeezed in.

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The T1 Trust, PRR T1 Class 4-4-4-4 #5550, 1 of America's First HST's

They can't discriminate based on age, but they can deny approval if they don't feel that the loan will ever be paid off

If he does but the dump that he had posted pictures of It will a massive money pit.
One of the pics he posted looked like a dam sinkhole. And buying a house will cost you in repairs. I know I need a new roof. Cant afford this year or the next. will be 2017 when I can afford it. The quote I got this years was $6500.00 US which I thought was ok. It will go up im sure. Next thing I need is windows and siding Im afraid to ask what a quote would be.
Vic you'd be better off staying where you are. The crap hole you want to buy is garbage and will cost you dearly.

Why cant you just rent a room from said relatives?

That is what a feasibility report is for, a 203k can replace a lot.

Why can't I just rent a room from My sister in law?

I asked Her once, She said NO and told Me being Catholic(Her, not Me) that She was afraid of being seen as living in Sin, Her son can live there, I can not.

There is no room here for a treadmill, My sofa is squeezed in.

No one will give you a loan for 230k to fix a DUMP1

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[/quote]

Old James

It is good,I think.

You say that your place now is "just getting too small." Why? You
don't have a growing family. That's the only legitimate reason that
I can think of for a place to get too small.

I made the mistake of buying a house larger than I needed. Now I
have to keep the damn thing clean. If you're messy, or downright
dirty, or depressed (so you never clean), a big place gets very,
very gross. And whey you do finally clean, there's a lot to do.
If you're a squirrel (collecting and keeping things), you've got
more room for things you don't need and that should be sold or
thrown out.

If you're place is getting too small because of all your possessions,
then you need to get rid of some of them. Are you a hoarder? Do you
think you'd have trouble doing away with things you honestly don't
need? I have that problem to some degree. I have a three bedroom house
that is full of crap. I keep saying I want to have a yard sale and get
rid of a lot of it, but I keep finding an excuse not to.

I confess that I haven't read all the latest posts so this may have
already been addressed. If so, I apologize.

I think that your problem with "the neighborhood" is a valid reason
to move if you can afford to, but not to justify a larger home.

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~Sue~

Well, Vic, this is getting more expensive by the day.
You've only quoted the cost of repaying the loan to BUY the place, not the additional loan required to make it habitable.
So what you need to do is add the purchase price to the repair costs, being "generous" with both figure to give yourself a small margin of comfort.
Some very rough figures:
Purchase $35000
Floors $10000
Roof $7000
Plumbing and electrics $3000
Decorating, yard clearance etc. $4000

That gives a total of $59000

You assume the deposit required will be something around 3.5%, (or maybe 5%?) of that, which is either just over $2000, or just under $3000 - let's say $2500 for simplicity.
That means you have total loans of $56500 (which is more than my first guess at $55000, so we'll use that for now, as I've already got the figures to hand).- And you want to pay that off over how long? You are guessing you will get a 30 year term, so we'll use that. Working out the loan repayments is quite easy, and there are plenty of calculators on line that will do that for you - I did that one a bit earlier, the answer for the loans, excluding any insurances, surcharges etc is $262 per month.
Looking at your figures it appears that the insurances, surcharges etc. cost about the same as the actual loan, so that's another $260 a month. that gives you a total for both the purchase and FHA 203k loan of $522 per month. One word "OUCH!" - that is a very large chunk of your monthly income, and more than double your current rent, two words "DOUBLE OUCH!"


(James, Vic is talking about an "FHA 203k loan" which is designed to assist in the repair and renovation of properties, not a loan of $203k. I can see where the confusion arose!)

---

Bob Smith
Member of Seti PIPPS (Pluto is a Planet Protest Society)
Somewhere in the (un)known Universe?

what about the treadmill and fixing the dead power board for the tv and cooling one or two video cards

didn't dire straits have a song called money for nothing

I was not driven around, it was more than 2 years ago and the amount was $45,000.00, not $30,000.00, I didn't get any farther cause I couldn't find anything within $45,000.00, I was not turned down. Quit making stuff up Chris S, or I'll consider it a flame attack.

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The T1 Trust, PRR T1 Class 4-4-4-4 #5550, 1 of America's First HST's

There is no room here for a treadmill

How much will one of them cost? Secondhand on Ebay of course, or knowing you a broken one. Wouldn't it be cheaper to just jog around the park? And in any case that is not a substantial enough reason for moving to a larger place.

You're digging a deeper hole for yourself Vic, and making excuses for a bad idea. Remember you asked what we thought, it's not our fault if you got told what you didn't want to hear. You haven't gone into this properly, and you know it. And there is of course the very big unanswered question which you have been avoiding. "Have you actually been to see the place yet or are you just looking at an agents pictures on their website?".

Chris that is a Medi-Cal(Medicaid in the other 49 states) eligible item, there just isn't room for one here, floor space...

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The T1 Trust, PRR T1 Class 4-4-4-4 #5550, 1 of America's First HST's

You say that your place now is "just getting too small." Why? You
don't have a growing family. That's the only legitimate reason that
I can think of for a place to get too small.

I made the mistake of buying a house larger than I needed. Now I
have to keep the damn thing clean. If you're messy, or downright
dirty, or depressed (so you never clean), a big place gets very,
very gross. And whey you do finally clean, there's a lot to do.
If you're a squirrel (collecting and keeping things), you've got
more room for things you don't need and that should be sold or
thrown out.

If you're place is getting too small because of all your possessions,
then you need to get rid of some of them. Are you a hoarder? Do you
think you'd have trouble doing away with things you honestly don't
need? I have that problem to some degree. I have a three bedroom house
that is full of crap. I keep saying I want to have a yard sale and get
rid of a lot of it, but I keep finding an excuse not to.

I confess that I haven't read all the latest posts so this may have
already been addressed. If so, I apologize.

I think that your problem with "the neighborhood" is a valid reason
to move if you can afford to, but not to justify a larger home.

Um ever heard of square footage? A treadmill takes up floor space, I mentioned Medi-cal once already.

I am not a hoarder, there is no way I could put My aquarium where It should go along one wall, then the treadmill would have no place to go, unless it were to displace the sofa, then I couldn't watch tv from the sofa/recliner, since that is the only recliner that I have.

In this case, a larger house is what is available.

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The T1 Trust, PRR T1 Class 4-4-4-4 #5550, 1 of America's First HST's

Looks in a photo can be deceiving, that is what a feasibility report is for, it's only $250..

---

The T1 Trust, PRR T1 Class 4-4-4-4 #5550, 1 of America's First HST's

What is Exact Address of this Property?

Is it Listed? MLS #?

Seems Land is Worth $30,000+ and House has Zero Worth.

What are comparable land prices in this area?

What are Recent Sale Prices of Homes in Neighborhood?

Have any Houses Sold in Neighborhood in last many years?

What does Local/State Government Master Plan say for this Area?

Is all Property in Neighborhood Zoned Residential?

And Most Important: Is There An Alien Abduction Zone or UFO Activity?

Second Most Important: Do Neighbors Have Fingers/Fingerprints? Aliens, I'm not Sure About their Finger Physiology.


Yup and Yet so Yep.

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May we All have a METAMORPHOSIS. REASON. GOoD JUDGEMENT and LOVE and ORDER!!!!!