How can I buy a home? ?

Question

I really need the tax break. I just attempted and failed to buy my first home. It was on the market for 225. I made around 130,000 last year. The problem is not bad credit, it's no credit. I tend to buy cash for everything--including my car. I've been in my house but those payments do not record, nor does my health insurance cell-nothing. I found a house for 199000 that I desperate want. I desperately need the tax break. I want the house and have outgrown the one I'm in. The people in the house I want are selling to buy another. Would a lease/purchase work for them if they are trying to buy another house? PLEASE help! I need to make a change!

Answer 1

what you have to do is give up on the idea of buying a house right now and build a credit history.  Get a M/C or Visa and a department store card or two.  Continue buying what you normally would tha t you have the cash for, but charge it and then immediately pay it off.  This is an excellent way to build a credit history and don't worry about it not looking like you are really using the credit because that is not how it gets reported...just shows that you use it and pay it.

Answer 2

No credit is better than bad credit.  You need to find a Mortagage company that does manual underwriting.  It shouldnt be a problem to get you approved if your debt to income ratio is within limits.



Also, Yes a lease to own would be a good idea too.  If the seller is willing.  He can show the rent money as steady income and hopefully qualify for the house they are looking to get into.

Again contact a good Mortgage Co.  If need any assistance LMK,

:)

Answer 3

What does buying a home have to do with you desperatly needing a tax break?  130k a year and you cant buy a 200k home. Something else is going on.  If you need "change" vote for obama!!!

Answer 4

.  No credit means that your credit is excellent.  If you didn't pay your bills on time you would have bad credit.  You can get a loan.  I got my first credit card at age 50.  I always had to submit water and electric bills to get a mortgage and write a lot of letters.  YOu can do that.

Lease/purchase is a good way to get cheated out of your money.  I will never do another one of those.

Are you secretly contingent upon the sale of the current home?  That may be the real problem.  Or can you carry that until it sells?  If so, pay for the house you like and sell the other one later.  You will get a loan.

Answer 5

As far as my knowledge,this is a question with various answers,it is really depending on the mind of yourself,providing a great resource here for reference though.http://health-insurance.tips4free.info/h...

Answer 6

FYI, buying a house will NOT give you a tax break the way you hope, because your own home is NOT an asset.

An asset puts money INTO your pocket, a home that you buy and live in yourself takes money OUT of your pocket, NEVER puts it back in.

If you need a tax break, you should be investing in an investment property that you can take depreciation on.  You need to read up, because the path you are going down is NOT going to help you.  Tax breaks are BEST for investers, NOT for homeowners.  

I reccomend Ken McElorys "the ABC's of Real Estate Investing"  http://www.amazon.com/Rich-Dads-Advisors...

If you are looking for tax breaks, you should operate a business out of your home, even if it's as small as Ebay, the benifits are huge.  

I also sugest you read Rich Dad, Poor Dad by Robert Kiyosaki, so you can start to figure out what an asset is, and how to get tax protection legally.  Right now, you have someone telling you that a private home will be a tax break.  That is incorrect, INSIDE the box thinking.  Who is telling you that, a Realtor??  For financial advise, you NEED to seek a CPA, and if you just have a regular job and no business, it's VERY difficult for them to help you.  There are loopholes EVERYWHERE for investers and business owners, but not for regular employees.  

Read Rich Dad, Poor Dad FIRST.  

http://www.amazon.com/Rich-Dad-Poor-Mone...

Speaking toward your credit, NO credit is ALMOST as bad as bad credit in the case of trying to buy a home.  The difference is, that you can GET GOOD credit, MUUUUCH FASTER than you can fix bad credit.  You should go get yourself a GAS CARD that you can ONLY use at the pump, and NO WHERE ELSE.  This will get your name on the books.  Use it, and pay it off EVERY MONTH IN FULL- your credit score will be GREAT!  I reccomend that you also pull a credit report, because you MAY have credit and NOT REALIZE it- like if you had a school loan, etc.