I want to have section eight how long does it take i live in NJ?
Answers: It varies. The Section 8 program has historically been oversubscribed and waiting lists can run into the years. In fact, many housing authorities frequently close their waiting lists and stop accepting applications because the waiting lists are so long. To find out about wait times in your area call your local public housing authority. Use the search tool to locate the housing authority serving your area,click this link.
http://www.affordablehousingonline.com/h...
hud.gov has lists of subsidized apartments all over the country. you can live where ever you want. once on ss
Are land contracts a good thing?
Answers: They can be. I have bought and sold land on them without a problem. It is hard to get a bank to loan on land so the owners often carry the contract.
Land contract has the good and the bad. 1st the good if you or the buyer of the land or building has bad credit it gives you time to get better credit to get your own financing.
You as a buyer of land using the land contract are getting owner to finance land or building are using a non conventional source of money by getting owner finance. This means you may have a better chance at securing better then market interest rate. In addition the deal may require less down payment. Land contract gives you greater latitude in negotiating. try telling a bank you want 4% interest and want it amortized for 35 years. Wont happen.
You can do so many things in land contracts that might never be done in the banking world. Like change variables like price, interest, no payments for 12 months, or balloons in 1 ,3, 5, 7 ,10 or 30 years. Make the terms match the deal.
Land contract could be used to finance the purchase so you never have to get other financing. Lot of options here!
I have used Land contract to purchase many buildings and it has worked out nicely.
Now the bad news. The owner of the building being involved in this deal can add greatly to the risk of the purchase of the land or building. Depending on how you purchase the land contract will matter. If you choose land contract make sure you have the property titles in your name and have a reputable title company close the deal!
Get an attorney to represent you because its too complicated to do this alone your first time.
In addition the reason why is this if the prior owner has debt or liens on the property you want them cleared out. If this debt hangs over the property and the owner you are making payments to doesn't make their payments you could lose the property. So thats the risk if the seller has debt on the property. The other risk is this if you buy this property and the seller gets into trouble and has a judgment or worse loses his interest in the property you are buying from them you could wind up making payments to another party you had not planned on.
If you let the seller keep a loan on the property you should set up a trust to make sure that loan payment is made so you don't lose your interest in a property you are buying from the seller. You would make payments to the trust. Your attorney can do all this. You see a trust will instruct the payments to be made then whats left over can be distributed to the seller of the property. This way you are guaranteed seller is making his payments and you are guaranteed not to lose the property to the sellers irresponsibility's. It is not as complicated as it sounds. the trust is mainly an entity to manage your deal and provide some insulation that certain things take place. I am of course basing all this information on the fact you are the person buying the property from another party.
The laws vary from state to state so make sure your deal complies with state law. Use an attorney to make sure of it!
I hope this helps. I made 17k off my 1st land contract deal when I was 22 years old.
How easier said than done is it to bring a mortgage fresh out of college?
My husband will be getting his Masters this May. (graduating). I taught for a few years and very soon sub occasionally because I stay home with my son. Since my hubby will be getting a schooling job within the fall, how will that affect out probability of getting a mortgage? Does job history count, or will they consider a coaching position stable ienough. He has have to have P/T job for the past year and a partially. My income won't count that much being that it is currently lower than 10K a year. We will not have a down allowance, but will have ample to cover closing costs.Answers: Income is what is used to pay bills, including mortgages. What happen before, i.e. history of work, doesn't count, as that money have already been spent, I would contemplate. Unless you have a well-mannered income, and money in the sandbank, you will have to hang around until he is employed to get a mortgage.
These are the types of situations that own created the mess the home purchases are in very soon. People had no money for a apt mortgage, but wanted a home like lightning. The finance companies lied in the order of their income, so that the mortgage company made money. And then when the house allowance came due, surprise...no money to clear the mortgage.
Think about it: no brief, no down payment and a short time ago enough to cover closing costs. What happen if an illness strikes the house? What other emergency could happen that would nick your small income? And then, lo and behold, first of the month the mortgage bill comes due, and NO MONEY. Bankrupty isn't worth it.
After he get a good paying post, then you can put aside until you get the closing costs, and everything else needed to purchase a home, and later how wonderful to not have to verbs monthly about a house expense. You may have to dally, and we Americans hate to do that, but it sure save heartache down the road.
I hope you wait, and I hope you go and get the very home you want. The homes will still be low satisfactory for the next couple of years, because folks are still buying without much money and losing their homes. And next, you will be in a financial position to clutch one of them. And by the way, foreclosure homes are a well brought-up thing to look at. Our subsequent door house is up for auction at a steal. But first, save that money, win him a good chore, and then, get hold of that home. Good luck. I know you can do it.
And yes, teaching is a severely stable income; they don't so much look at the job, except a McDonalds type, but with a Masters, he is home free! You WILL qualify and by subsequent Christmas be in your own home. Yippee!
Unfortunately for you the sub prime mortgage crisis is within full swing and it will be harder today that it was 1 year ago. If you are legitimately competent to make payments and apply for a mortgage next to normal verifications (not one of those fly by darkness no-income-check mortgages), you stand a good indiscriminate. The down payment might be a problem however.
If I be you, I would wait anyway. See how the housing souk weathers this storm. I deduce we have a few more percentage points to drop however. If you waited until the spring, you could let go a few bucks for your down payment and perchance save a few more by have a cheaper house as a result of a declining marketplace
No down payment...enjoy you been listen the the horrible credit mess this country is in.do you know how those nation got within that mess..right.no down payment...
Get an apartment for a few years...build up your credit...and salvage...save...gather.you need to acquire out and go to work.stay at home moms are sweet but won't earnings the bills..nothing negotiations louder than a big down payment.
Get beside it.
A lot will depend on the lender's policies. One of the lenders I used to work for would accept a memo from the new employer for a recent graduate, but you're credit better be pretty biddable. They didn't do any subprime or Alt A loans. Stay away from those. You'd be better off waiting to buy than getting a large rate because of your credit, or lack of funds. You will stipulation at least 2 months reserves contained by addition to closing costs, but conceivably there's a family applicant who would be interested in giving you a endowment of some cash. If a family unit member have a home to sell, and requirements to do it, they could give you a bequest of equity.
There are ways to do this, but not all option will be available to everyone based on individual circumstances.
Wow, within is some really bad proposal here. First, job history DOES count, mortgage applicants must enjoy a steady work history for the past TWO years. Your income must be proven and musty article for a certain percentage of the cost of the house. This meants that your income will determine how massive of a loan you can get. If its not much, you won't acquire a very roomy loan.
Lastly, you wont' be able to obtain a loan without a down recompense anymore. Plan on saving at lowest 10% of the house and PMI to boot.
Good luck!