That can help you out, but only if your aunt is the realtor and doesn't care about a higher commission. Also, if you think you are getting a deal, you better hope that your aunt didn't put the house up on MLS yet, because if she did, chances are pretty good that if this is as good of a deal as you say/think it is, someone else will throw an offer on the table quickly.

 

we had to put that much down to avoid a jumbo loan.

and done

 

Not true anywhere in SE Wisconsin! Unless you are talking about the Ghetto or something. Even values in Racine have gone up the last year, driven mainly by lower interest rates.

 

im actually only a bit keen on this house, id rather find one with a basement, i doubt we'll get this one, but its time to start looking. kinda trying to stay in racine though, EVERYWHERE else is like 20k more off the bat...evne friggin kenosha has higher prices thanks to the FIBs.

 

a house with no basement will have a lower resale, keep that in mind you wont be living there forever, or maybe you will, i told you before about a c_cap its for first time home owners, it allows for people to finance their own downpayment which will be about 5%, so you can buy a house with no money down, except for an ernest fee(not sure how to spell that) and paying for a home inspection

 

If your credit is good, you may not need to put anything down. Most times you can roll everything into the mortgage (including closing costs). Having said that, it's not always the best plan. Your payment will be higher and you will need to pay Mortgage Insurance until you have 80% Loan to Value in the house. (That means that you're principle on the Mortgage is less than 80% of the the value of the house).

You will be very happy with the tax benefits also... It turns out to be a lotta dough, especially in the early years of the mortgage, when you are paying a lot of interest.

Good luck, it sounds like you have a good team of family memebers to go to for advice. :thumbup:

 

home inspection is freebie....my eyes are in my head . and the details my dad will find. anyway, how do i find out more about this c-cap program?

and no, it's just a starter home to build equity, between the two of us were more or less burning $500-700 a month right now in rent and frustrations.

 

Racine is probably your best bet at looking for "value" in southeastern WI. If you want to be closer to Milwaukee, Oak Creek, Cudahy, South Milwaukee are somewhat reasonable.......Franklin is starting to get a little pricey, but there are some southern suburbs of MKE that are still not to bad (but stay away from the north and west suburbs - $$$ ).

We don't have a basement right now and to be honest, it kinda sucks.

In case you were wondering.......

As a profession, I work in commercial real estate. So although I do not work directly with single family residential, I have a pretty good grasp of what the real estate markets are doing.

Good luck on your hunt!

 

/\ :werd:

 

only certain banks specialize in the c-cap program its a gov sponsered program i'm doing it through wells fargo, they might have some info online or if you call, shit they should, dont worry about Mortgage Insurance that combined with you home owners insurance is only $50 per month. roughly a $100,000 home with no down payment and all insurance and property tax added, a monthly payment would be $850 on a 30yr loan