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You might try what I did, get a foreclosed house. Mine was tax foreclosed and the auction was quite a ways away so not much competition. Luckily; I got it for the opening bid, or the equivalent of 3 years worth of taxes.

Granted its a dump that needs lots of work, but its livable, and I'd rather pay for repairs than a mortgage. Its also in a great location, so its worth fixing up to a degree.
 

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We are buying a house this month. Just waiting to close. Got 3.2% on a 30 year. Get several GFE's, and buy under budget. Great deals to be had right now.
 

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I'm locked in at 2.25% for 30 years. .
dang i jealous! im locked in at 4.325 for 30 years, but thats mainly due to the fact i had the bank pay closing costs.
 

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Another reason I'm glad to be a Veteran. I just bought a house using the VA, close on May 24th. I paid nothing down and besides the 1k in earnest money, 250$ for the inspection and 400$ for the closing costs I'm way ahead of everyone else I know that's a home owner. I'm locked in at 2.25% for 30 years. Good luck with the house hunting, it can be a daunting task, I saw a lot of absolute toilets that looked great from the pictures but in person, wow.



Sent from my fingertips...
Congratulations. I was able to take advantage of the First Time Home Buyer Rebate in 2009. So I was just lucky.
 

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dang i jealous! im locked in at 4.325 for 30 years, but thats mainly due to the fact i had the bank pay closing costs.

That's a common misconception. The bank only laid out the closing costs. You're going to pay for them for 30 years at what is now an exorbitant interest rate. Never 'let the bank' pay closing costs if it means an inflated rate. :cry:
 

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K, yall. I'll be graduating from law & grad school in two weeks (holy crap! it's already been three years and a hundred-brazillion dollars!?). I have a job lined up and need to find myself some living quarters.

I've been looking at rentals and cant find any that look worth anywhere near the asking price (plus, there are maybe only 10 houses in the city for rent). Based on the for sale houses I've seen, I can probably spend way less per month and get a nicer place.

Kink: I have approximately 1 sht ton of debt---enough to buy a decent house, but it's all federal student loans for law school & grad school (no CC debt, car debt, etc). Given that + the fact that I'll be salaried at about $20k/yr over the mean household income and ~$30k above median household income for the town*, what do yall think about me qualifying for a USDA loan? I have no experience or knowledge re: USDA loans (or any other than student loans)


notes: it'll be me and me alone buying (no co-signer). i'll also buy only after living in the city for a year or so, that way I know the areas of town.

*info from factfinder2.census.gov
based on census info, I found that only about 6k of the nearly 15k people are in the labor force...kinda low.
First off Congratulations on graduating in 3 years that is awesome!!
Now for a first place I would rent even if you can't find the perfect place. You said yourself that you have a bazillion dollars in debt, so the thing that you need right now is NOT more Debt. so choose something reasonable and work on paying the student loans down, they can go away and you can buy a house anytime they build more every day. You want to use those new found skills to make life better no make yourself miserable because some one says you need this or you need that.. Live with in your means, work out a budget, that includes a little saving for that down payment or better yet cash paid in full, nothing like no owing the man. If you need help with budget pm me I will send yo to a great resouce not and advertisment in anyway. I just don't want younger people to travel the pay check to pay check road when there is a way that we all should have been tought as children. Live, live well and retire without debt..
Chris
 
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My brother took a loan from a bank, so I still think it's safer than asking strangers. He took out a loan on https://credit-10.com/dk/fokuslan-login/ for 1 year to buy the parts for the toyota supra a70. He applied online, received a response within 1 hour. The very next day he had money .Btw he was offered a grace period of 90 days for an interest-free loan. Therefore, I advise you to contact official enterprises that won't cheat and will conclude a contract with you that will protect your rights.
 

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I would go with some of the others that say rent for a year if you can. Especially starting out, you may find there are places you want to be and don't want to be.. or something could change quickly.

That being said, the USDA Rural Development loan is the best loan out there if you can qualify for it. Much better than the options of PMI or FHA funding fees, but also a bit more stringent on income... (can't earn too much).. and some property types.

The USDA RDA loans are an awesome avenue if you can do it. (Disclosure, I am a licensed real estate broker for more than 25 years, and a former mortgage broker and appraiser... so been around the block a few times).

As you get ready to start the home purchase venture, also check and see if you can get into a local credit union, or if your employer has a credit union that may help you with some loans. Many times the local credit unions have rates and / or fees that are much more attractive than the big nationwide lenders.
 
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