So, I have some questions.. (probably basic and dumb)
background info: Im from southern california and looking for my first property. I found a crappy condo that I'll fix up. price $100,000. (most other cheap property in the area starts at $150,000) Creditreport.com consistently says my score is 775(although I had it checked by my last land lord and she said it was 900). I have no bad marks on my credit, but I've never made a major purchase on credit either. I paid cash for my vehicles. I make $18 an hour. After taxes I bring home a 1,200 paycheck every 2 weeks. I work construction. I have been with my current employer and haven't had a shortage of work in 4 years so... Will I even qualify for a loan? What should I expect for a down payment? what should I expect for a monthly payment? Is home insurance required? How much will insurance cost? what will taxes be? Is there anything else I should worry about?
Posted Jul 10, 2012, 5:12 AM UTC