Apartments for Cheap

Questions and Answers

Your Questions About Low Rent Housing In Iowa

May 30, 2012

Daniel asks…

how to qualify for low rent housing in warren co. iowa?

Administrator answers:

Go to the Section 8th. Put an application.

James asks…

Is there a way to get a mortgage loan with very low credit score?

My husband and I both have bad credit scores…his is bad b/c we found out his mother had stolen his social security number and had been using it since he was a toddler. Mine is bad b/c I just was desperate to pay for college but then I couldn’t pay it all back and it went downhill from that but the house would be going in my husband’s name and not mine.

Our situation is this: we pay $500 a month for rent and don’t see why we can’t get a loan to finance us because we don’t have problems paying this amount with only my husband working right now. If we got this house it would benefit us b/c we would live closer to downtown where I might be able to find a job in walking distance (I don’t have a car and my husbands needs our only means of transportation for his work). I called up a mortgage lender and she says the only way we can get financed is if we had a credit score of 620. The town we live in has very very unlimited number of houses for sale (right now…5) otherwise there is a bunch of land to build a house on…but we wouldn’t be able to afford that.

The mortgage lender said the only other way for us to get financed is going to a bank which they would look at our credit plus would want a certain amount for a down payment and we only have $1500 down b/c when we moved here we had to put a $1000 down to rent this house as well as $500 to put the utilities in our name b/c the town bases off the highest amount the previous owner had to pay…which is bull.

I just need to know if there is any options out there for us…we live in Iowa…or is there any Grants that can help us….I tried to look up grants but I just don’t know who is a true credible site to use. Please help because we would like to start our family in a home we can call our own.
The Realtor calculated what our payments would be with the insurance as well as property taxes at is at $500 to $517 a month
We took his mom to court and all she had to pay was $1000 and it didn’t go to us
And we have already contacted Social Security, they said they were going to do their own investigation…but have not gotten back to us and that was several months ago…my friend says that they probably just shoved it to the side…IDK??
IF YOUR NOT GOING TO REALLY HELP US THEN DON’T ANSWER!!! I WANT TO KNOW HOW TO GET A HOUSE WITH OUR CREDIT SCORE NOW AND DON’T ANSWER IF YOUR GOING TO SAY THE SAME CRAP EVERYONE ELSE IS SAYING…I’M SICK OF SEEING THE SAME THING OVER AND OVER. OBVIOUSLY THERE HAS TO BE SOME WAY BECAUSE THERE ARE PEOPLE OUT THERE IN WORSE SITUATIONS THAN US AND YET THEY CAN GET FINANCED FOR A HOUSE.

Administrator answers:

Low credit is not going to fly in this economy.

And $500 bucks a month won’t pay for a cracker box without a huge downpayment and a great rate.

To say nothing of considering Taxes, insurance, upkeep. In that $500.

IMHO, save some cash, pay some bills and wait a few years.

Michael asks…

Renting questions in unique situation?

So a year ago we were searching for a place to live, we found a place on 13 acres in Iowa and the landlord and I agreed upon $550 for rent. Here is the unique part, he lives in the finished basement that is basically a effieciency apartment. Before moving in he told us that he would be here 4 days out of the month at the most. We were fine with that-we could handle that. Lately the last couple months he has been here 4 days of the week every week for the last couple months. My husband and I are wondering if we can ask him to lower the rent because he is here more than we have the privacy of the house to ourselves. We have 3 children and are always telling our children they need to keep the noise down because his part of the basement is right inder our living room. We also agreed to pay 80% of the heat and electricity. We do not think that we should pay the 80% anymore because he is here using the heat and lights 50% of the time in a month. He is very old and nit picky he will not let us paint a pink room white for our boys because the pink room is the one he and his ex wife shared and that was her favorite color. At first this living arrangement was fine, but now that he is here 4 out of the 7 days a week, we feel that we should not have to pay so much for our bills, we are pretty much paying for his house and electricity with no freedom. Any suggestions?
Lease states that he pays 20% of bills and has acess to the basement and the other outbuildings? Says nothing about him staying in the basement. Our lease is up next month, does the current lease go on for the duration of our staying here or does the current lease expire next month and a new one be written?
Thanks “Landlord” spoken like a true landlord!!
Before we even moved in his electric bill was 150 a month, since we have moved in the bill has gone up $10 so now it is $160, how is that fair to us, a family of 5 we use $10 a more for electricity then when he was here by himslef. and as far as the heat, we are heating his basement 100% of the time even when he is gone, how is that fair to us?
I know that we do not have the right to paint, but yes they are all boys, we have switched rooms, husband and I took the pink room, cramped by the way while our hild gets the bigger room that is painted white, he has friends over and they would tease him about the pink room, yes we are looking for somewhere else as we are gorwn ups and would like a little bit more freedom, I think you would all think differently about this situation if you were in it, yes we are looking for somewhere else if after we ask him to lower the rent he doesnt all he can say is no right?
Ok people I do realize that this is his property he can do whatever he wants etc. etc. I am simply stating that he told us he would be here 4 days out of the month at the most and now he is here 4 days a week, ever week. I am also saying that with the 5 uf us 2 adults and 3 children under the age of 8 that we use $10 measly dollars a month more in electricity then when he was here by himslef, you all must be landlords that are responding to my post, you should really read everything before posting an answer

Administrator answers:

He is not using 20% of the utilities if there are 5 in your family. He is if there are only 4. That agreement is more then fair to you.

You have no rights to dictate when he can and can not use his property and your rent is not effected by him doing whatever he wants to do.

David asks…

Is a house right now a good investment?

Is a house right now a good investment?
We are seriously considering making an offer on our first home tommorrow… it is going for 131,000$ (which it was also appraised at). My husband makes 40000$ (I am in school and stay home w our baby) a year and we are currently paying 800$ a month for rent not including utilities… would this be a good investment for us (early 20s w a baby).

I ADORE the house if it makes a difference the neighborhood is on the edge of all the new developing more affluent neighborhoods. It is a little small but very nice and has a large yard backed up to a golf course. Also we are in Iowa if that gives an idea of how much the cost of living is… low

Good investment???!!
we have a 2500$ IA grant a 5000$ Army grant plus the $8000 tax credit for a down payment & my inlaws are matching us..

Administrator answers:

If you have excellent credit and the money for the down-payment, your mortgage payment will probably be no more than your current rent. Additionally, the interest paid on your mortgage is tax deductible. Most importantly, you may qualify for the government’s $8,500 first time buyer’s tax credit!

However, with a mortgage you have to pay property taxes, insurance, water, sewer, trash, repairs and maintenance, etc. So, your overall monthly costs will increase.

Overall, now is probably an excellent time to buy. Just be sure you can afford ALL of the expenses of home ownership and that you have enough cash for a down-payment and good enough credit to qualify for a low interest rate, 30 year fixed-rate mortgage.

Best wishes and good luck.

P.s. I encourage you to talk with someone in the mortgage department at your local bank. They should be able to advise you on the specifics based on your financial situation. Note: beware of “mortgage brokers” – they will make a lot of money off of you and, therefore, may NOT do the “right thing” for YOU!

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