Skip to main content

Should I just rent a nice little house and call it a day?

I'm 52, retired from the Army and I receive $53k in retirement income for life (with COLA adjustments each year). I have $50k in savings spread out among several CDs generating $200/month in additional income. I have no debt other than everyday expenses, free health care for life and no dependents outside of looking after my elderly mother.

Here is my dilemma. I have a 497 FICO score. Even with my VA Home Loan Guaranty, no bank or mortgage lender will approve me for a home loan. Even if I did find a lender, the interest rate would be insanely high.

It doesn't matter what the VA does and does not require like no down payment or minimum credit score requirement, banks still provide the financing and do require a down payment and minimum credit score - Veterans with good credit can take advantage of the no down payment requirement.

My question is should I just rent a nice little house in a MCOL city by paying a years' worth of rent upfront to get past my credit score issue? I'm currently paying $1,706 all in for two small (boxes) connected studio apartments for myself and my mother.

Average rent in my city is around $1,500-$2,000 for a nice 1,200-2,000 sq. ft. SFR. Some rentals are slightly less, but they don't stay on the market long.

Any thoughts, ideas or recommendations would be greatly appreciated. Thanks!

​

​

​

​

submitted by /u/MichaelJamesDean21
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/183jnzj/should_i_just_rent_a_nice_little_house_and_call/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more