LONG SHOT, looking for property in TN - update, opinion wanted...

[pinkfox]

-so heres the deal...
i want to move to TN...ive pretty much decided that its the only state i can realy picture myself in after doing a few years of reserch...

BUT i dont qualify for a mortgage yet...(should qualify spring 2012) because i dont have enough credit...my credit score is awesome and my report is spotless, BUT i dont have ENOUGH credit to get a mortgage.
i have been told by bank of america that based on my current income they would give me a mortgage up to $40,000 (i know, not alot...)
looking at how much itll cost me a month, im personally hoping to stay under $35,000.

looking for: 2+ acres (though 5+ would be better) with a small home of ANY kind (including mobiles on a perminent foundation), should be 600-1100 sqft (800-1000 being ideal) and have at least 2 bedrooms.
it MUST be live in/structurally sound...a cosmetic fixer is fine, but i wouldnt be able to afford to replace the septic, a new roof immediatly, or build an entire kitchen ect...

no restrictions and must be VERY pet frinedly. fencing is a plus as are existing outbuildings...

id prefer open/cleared land though open AND wooded is fine.

and id prefer to be either within 1 hour in any direction to knoxville or 1 hour in any direction to nashville (airport acessability) with preference to the knoxville side

because i dont yet qualify for a mortgage id be looking for an owner finance/rent to own situation.


id also be VERY VERY interested in the right peice of land (again 2+, preferably 5+ acres) with a septic and well already in place that i could put my own mobile on...
ive looked into buying plain land and would prefer this but the expense of putting in a septic and having a well dug would just make it impossible as i dont have that kind of cash in hand.

the only thing i realy need is the capability to use every square inch of land space and put a home on it..

so yeah...
i know its a long shot, and right now i spend alot of time drooling over some of the fixers advertised on realtor.com...but as it stands right now unless i can get an owner finance itll be spring 2012 before i can even start looking and im super impatient

 

[Marianne]

Owner financing is a win/win situation. Finding the 'right' place might take a while, though. Let people know that you're interested in some of those areas. Who knows, maybe someone will have an uncle that has some property somewhere close by.

We bought our property cheap because it was so trashy. We paid $35K just a few years ago, which was a lot less than what they wanted. All we did for one year was work on hauling off all the trash.
The reason it hadn't sold earlier was it had 'bad' water (three wells on the property). With today's technology, I knew that we could fix that - repaired the wells, kept treating the water, etc, etc and now it's fine.

I could ramble on and on.. I guess my point is to consider the really crappy places that you could possibly get cheaper, and look for all the potential good things. We managed to save a hay barn and old milk barn that we turned into a shop.

Can you 'camp out' in a icky house for a while if you had to? Or do you have kids to consider? A little paint can hide a multitude of sins and cleaning can make a huge difference. The old house on our property had so much structural damage due to termites, and other problems, that my husband flat refused to move in there while we built our current home...a board or two every payday.

 

[pinkfox]

oh i have no problems with a run down place as long as its livable...i do require power, walls and preferably a working roof and semi working windows, beyond that...

i dont want anything thats going to cost a small fortune to fix or need any major structural sutff or total rewiring...
but the likes of grafiti, an ancient (but working) kitchen, ugly walpaper, trash, ect...that i can live with...
im 26, no kids to worry about, just the animals, 2 dogs, a cat, 3 birds and some fish right now

but i am actually looking for a "cosmetic" fixer..., i prefer older homes that need a little love...easier to make it truly mine in the long run.

the only issue i have is i dont want anyhting too rough, i dont have the funds to be re-wiring, re-plumbing, replacing the roof right away, ect...

but a couple paintbrushes and a few gallons of paint...heck i can even do sheetrock patching, rewiring switches ect...thats no problem at all....
just dont want to be falling through the floor or waking up in a puddle cause the roof gave way.

 

[Wannabefree]

LOTS of places around here, but not the area you want. We are 2 hours to Memphis, 2.5 to Nashville, and about 4 to Knoxville. For that kind of money, you would likely get a decent fixer upper and the land you want here though. It's pretty rural, with little to no rules about what you do with your property. No state tax either Good luck finding something!!!

 

[pinkfox]

whats the weather like in that area? of the state

im worried about opressive humiditiy (i know, i know, all of tn is humid)
im from the uK so im not used to hot and sticky all the time, in the uk if its wet its because its raining...i like rain.
ive been told eastern tn because of the mountains and lakes is a little less opressive.

2 hours to an airport wouldnt be too bad as long as i had acess to larger grocery and ameneties within an hour or so...

i have given some thought to the Paris TN area too.

 

[chipmunk]

Hi pinkfox. Try this link:

http://www.unitedcountry.com/search06/SearchRealEstate.Asp?SID=91714987&RF=N

You can actually look at any state (i think this link will take you to TN), and put specifications on how many acres, usage, etc. I go to this website when I want to dream about escaping suburbia and my HOA someday. (It's actually where I first linked to BYC and then SS a couple of years ago, so it holds a tender spot in my heart!)

 

[Wannabefree]

whats the weather like in that area? of the state

im worried about opressive humiditiy (i know, i know, all of tn is humid)
im from the uK so im not used to hot and sticky all the time, in the uk if its wet its because its raining...i like rain.
ive been told eastern tn because of the mountains and lakes is a little less opressive.

2 hours to an airport wouldnt be too bad as long as i had acess to larger grocery and ameneties within an hour or so...

i have given some thought to the Paris TN area too.

Well i have lived here most of my life except for when I lived on the East Coast of GA, so I can say it's not oppressive, but to you it may very well be. It's not as bad as Louisiana...spent a miserable summer there Just walking outside for a hour or so a day, sunbleached all my t-shirts!!!

Here we have a huge man made lake that everyone hangs out around fishing and swimming and lots of water sports. The humidity is not horrible, but it does get hotter than Hades for about a week or two out of the summer. We have lots of grocery stores, some local, some chain. Kroger/Walgreens/WalMart type stores all around within 5 to 30 minutes depending where exactly you are in the county.

We get a good bit of summer showers here too. We get most in the Spring, but a good ammount in the summer as well.

all in all, it's not bad, I have seen much worse in the way of Summer heat and humidity. This is my happy medium, extended growing season, yet decent weather.

 

[country freedom]

.

 

[pinkfox]

GAH damned unitedcountry!!!!
ive foudn a couple homes that would definatly fit the bill (wayensboro and savannah tn any input?)...

i contacted one of the agents to see if there might be a local lender willing to work with limited credit history...
my actual credit score is 750, the only ways i can bump it any higher is more history, keep 1-20% on at least 1 card and to add a charge card (thinking about adding an amex card...)
aparently to get the best possible score you need at least 15 accounts! WTF? how is having 15 lines of credit a good thing?

Ive got 2 open and 2 closed accounts on my record and my oldest acct is 3 yrs old (aparently 6 yrs is the magic number...)

so right now what i do know, in order to boost my credit score i need to:
spend and keep aproximatly $50-$100 a month balance on my main credit card (my other card is a medical credit card with high interest so no plans to keep a balance on that...)
get a charge card (thinking a basic american express card of which ill spend $25 a month on and pay off imediatly)

hopefully that should bump my score into the 800's lol cause im sooo not willing to have 15 lines of credit.

the agent from UC is going to see if local banks would be willing to work with the limited credit history...

bank of america wants 3 active lines of credit (my credit card, my medical card and 1 more) that are at least 12 months old each (so im just waiting on rent history) and ive got it...

seems ridiculous to have to wait another 7 months given my current score is fine...*gah* so frustrating.

i also prefer the idea that if im going to be paying anyone added interest...id rather it go to the origional owner of the home.

we'll see what happens...the sooner i can get my own place the better, i love my family dont get me wrong, but im 26 and REALY want to start my own life...far awy form connecticut lol

 

[AL]

Ok I work in lending and please do not open 15 lines of credit!! You need a history in revolving credit (credit card) without going over 30% of your available credit. You will need to leave the balance on the card until your statement period ends so that it is reported to your CBR (credit bureau report), but then PAY IT OFF. Yes, you will pay some interest, but generally speaking what is shown on your statement (balance, etc) is sent to the bureaus and if you don't have a balance you don't build the credit.

You need a couple of consumer loans - car loan, furniture, etc. Dont' get roped into the store credit cards, way too high of interest. Try applying for a little personal loan instead.

Applying for credit will drop your score, but with timely payments you can build it up quickly and significantly. You'll need to be able to provide bank statements showing a balance in your accounts -at least your savings, so start now if you haven't already.


The frustration of having a good score but no history is understandable - but from a lender's viewpoint anyone can take care of one loan for a year and end up with a high score.

Good luck and have fun!