$300 Mortgage in Detroit Suburbs??? (Ferndale/Royal Oak/Hazel Park, MI area)?

Question

I just turned 26 and live with my mom. I'm ready to leave the nest, but I can't see myself paying rent for an apartment that I will never see a return on. After reviewing my monthly expenses, I can only afford $300 for a mortgage, taxes, AND insurance. Do you think it's likely that I can find a foreclosure in the Royal Oak/Hazel Park/Ferndale area that I can afford?

I've been seeing many that need work for $10,000 , but I won't have the money to invest in major repairs. I wanted to finish paying off my car at the end of '09 and then start my home search, but everyone is telling me to jump on these houses now.

I'm SO confused...Is there a such thing as a $300 payment for a QUALITY home that's move-in ready?

Answer 1

You will not be able to find a home with a $300.00/mo payment. Your taxes alone will be $125 - 150.00/mo! You should wait a while, save up some money for a down payment & pay off your car.