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sila sila is offline
 
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sila
 
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Home loan
Old 10-14-2017, 04:38 AM
 
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Can any one share ideas if any home buying loan options fit for substitute teachers ?
It is hard to get with part time job .
But any programs like Good neighbor help too?
At least if we can show the long term assignments did in an year ?
Please share any knowledge you have .
Thank you .


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Mikhail Mikhail is offline
 
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related threads
Old 10-14-2017, 05:17 AM
 
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I'm no expert with home financing, buying, maintenance, wh'ever but here's a few related threads I dug up
"Home Loan" http://www.proteacher.net/discussion...ight=home+loan
"Anybody have a home path loan?"http://www.proteacher.net/discussion...ight=home+loan
"Home Equity Loan"
http://www.proteacher.net/discussion...ight=home+loan and then
"How do I get a home loan"
http://www.proteacher.net/discussion...ight=home+loan
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Question, no information
Old 10-14-2017, 08:11 AM
 
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Will subbing will actually support buying a home? All of the foreclosures during the Great Recession caused changes to lending rules. You may well end up hungry and cold and still lose your house and any credit rating.
You know your own limits better than this stranger, but give very careful consideration. A house you can afford may require expensive repairs as well.
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Old 10-14-2017, 01:39 PM
 
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Quote:
Will subbing will actually support buying a home? All of the foreclosures during the Great Recession caused changes to lending rules. You may well end up hungry and cold and still lose your house and any credit rating.
You know your own limits better than this stranger, but give very careful consideration. A house you can afford may require expensive repairs as well.
No it won't. Assuming a sub makes $100/day subbing that is $18,000/year. Assuming taxes take $6,000 (33%), a sub is left with $12,000/year to pay all their bills. Assuming housing costs take 1/3 of your take home pay, that's about $333/mo for a mortgage payment or rent. If you won the lottery or had a relative leave you a big inheritance you would be able to swing it.
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cattleya cattleya is offline
 
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Well, it's an idea...
Old 10-15-2017, 07:32 AM
 
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The only inexpensive "creative" way (I can think of), is to get a $5000.00 used trailer in need of rehab, and get a personal loan for $5000.00. This is not as outrageous as it seems. A lot of people in the "tiny house" movement are taking little single wides and renovating them, and then eventually buying some land and moving the trailer. An 8 foot vintage single wide takes a lot less money to move as well.

Also look up something like this on craigslist: For sale by owner, trailer: We will take 1,500.00 down, the trailer is 11,000. The lot rent is 400 per month.

That would be a really fast way to get into a "trailer" home. The other kind can be much more expensive.



Last edited by cattleya; 10-15-2017 at 07:56 AM.. Reason: Added last paragraph
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sila sila is offline
 
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Old 10-15-2017, 07:42 PM
 
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Thank you for suggestions every one .This forum is always helpful .
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MaineSub MaineSub is offline
 
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One more suggestion...
Old 10-16-2017, 03:27 AM
 
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Go to a local bank and ask for the loan officer or customer service representative. Local banks tend to be great resources with a willingness to work with customers. There are many programs available and "portfolio loans" sometimes have more generous underwriting standards. Income is only one (admittedly important) leg of the underwriting process. Even if you don't qualify at this time, a local bank (or credit union) may be able to put you on a path that will make it possible down the road!
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Old 10-20-2017, 11:19 PM
 
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Forbes magazine just published a list of the most underpaid professions. The author of the article left out substitute teachers, thereby revealing himself to be completely clueless. I know for certain I could never qualify for a home loan on my paltry salary. A substitute teacher would more than likely need a co-signer with a steady, good paying job. But I would advise you to speak with several lenders and see what options are available to you based on days worked and taking into consideration your savings and any other sources of income. Good luck!!
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