(Learn Exactly) How to Buy a Home with $1,000

you want to know exactly how to buy a house just like this one for $1,000 come on I'll show you now the first thing you got to do this is number one is get your credit right you got to get your credit right you got to get your money right A lot of people say well Wayne I've got a job I've been on my job for years I've got a 620 credit score how can I buy a house for $1,000 and hang in there with me I'm going to show you exactly how to do it for one you got to have a 620 or higher credit score if you have a 620 or higher credit score two years on the job and show proof that you have paid your taxes for the last 2 years you can buy a house and not just any house it's exciting to know you can buy a house just like the one I'm walking you through and they're all around the country it's not just right here in Southern Louisiana it's in every state the types of loans that you get it's called a USDA loan they're guaranteed by the United State's Department of Agriculture and they call these loans rural development loans now you can purchase a house like this this home is only 6 years old it's open floor plan granite countertops four bedrooms two baths just under 21100 square ft and you only need $1,000 now if you haven't already done so subscribe to the channel my name is Wayne Turner for nearly 30 years I've done everything when it comes to real estate buying flipping selling you name it sold thousands of houses I'm going to show you exactly how you can buy a house just like this one I'm going to walk you through it and as I walk through I'm going to show you exactly how to do just that buy a house for $1,000 out of pocket now as I'd mentioned this house is in a gated community it's only six years old and it's actually on the water believe it or not now what's really cool about this house is it's on the water but it's not not in a required flood zone you'll want to definitely anytime you live on the water you'll want to make sure you have flood insurance on the property the flood insurance on a home like this going to run you about $600 a year there's no guarantee that it will flood there's no guarantee that it won't flood but at least you know your flood insurance is only going to run you about $600 a year and of course you got to keep in mind that flood insurance is different from homeowner insurance your homeowner insurance does not cover flooding you want to make sure that you have separate policies and what I mean by it's not required if you're in flood zone a which is the highest risk of a home flooding then it's required by the mortgage company that you have flood insurance and it's substantially more but if you're in flood zone B or C or ex those are the least likely homes and areas to flood and the flood insurance premium that you pay is much less and listen this is legit if you've bought a home just like this I need you to leave a comment below because you give hope and inspiration to other people that haven't purchased a home like this it's real it happens the USDA they guarantee the loan it's a rural development loan we get to seller pay your closing cost as real estate brokers we have over 90,000 agents around the country and we have the seller pay your closing cost and it's a 100% loan guaranteed by the United States government now thousands of people buy houses just like this literally on the monthly basis around the United States and I always tell people it doesn't matter to me if you don't buy a house or not I just think you're doing yourself an injustice I purchased my first home when I was 21 years old and I absolutely don't regret it and I can promise you most people that if you ask them do you regret buying your house they'll say no I do not regret buying my house now where the ,000 comes into play is you're going to need the money to do a home inspection I always tell everybody get a home inspection don't buy a house without a home inspection it's just going to give you peace of mind you lay your head on the pillow the first night you're in your home and you want to know that it's been inspected now here's what's really cool once you do an inspection that doesn't mean you're buying the house as is you can do a plumbing inspection you can do an electrical inspection or just have a general inspection they'll run anywhere from $400 to $600 depending on the size of the house but most of these homes that are USDA homes are typically 3,000 or less square feet and that just kind of coincides with the price as well now a question you're probably wanted to ask is Wayne what is the most amount of home I can purchase what's the highest price and it's not based on price it's based on income so the mortgage company will look at your income and the federal government says if you're going to do a USDA loan then you can't make over a certain amount of money now keep in mind it's adjusted gross income a lot of people say well Wayne what is that income limit it's going to vary depending on your county your city your parish and for the most part it's just County driven and you can go to usda.gov you can click on the county button and you can see there's your county that's the maximum amount of income that you make but it's adjusted gross income so for example if you have deductions right so you you make $110,000 or you make $80,000 or let's say you make $120 $5,000 but if you have $188,000 in deductions because you have two or three kids then that amount is going to go below 110 and you can qualify for a home now it is a little different and and listen to me here it's a little different if you're a household of five so I said it's $110,000 650 but if you have three dependents let's say you have three children it's you and your spouse and you have three children in that case your income limit is increased to $146,000 so that's the maximum money that you can make but keep in mind it's adjusted gross income it's not just your gross income across the board it's your income you may make $165,000 and say Wayne I can't qualify for that well no look at your tax returns what does your tax return say that you made what did you actually pay taxes on that's your income now some people say Wayne I can't do this type of loan because I filed bankruptcy three years ago four years ago actually you can these loans are USDA Rural Development they're underwritten with the same guidel Lin is FHA that means that if you're two years out of a bankruptcy two years out of your discharge date so you have you file for bankruptcy they give you a discharge date typically within 2 to 6 months after you file for bankruptcy within two years from your discharge date as long as you can show two years of income you've paid your taxes and you have a 620 credit score you can purchase a house like this now some people may say well Wayne I owe back taxes I can't buy a house like this you actually can buy back taxes here's what you have to do you have to contact the IRS and Internal Revenue Service you have to set yourself up on a payment plan and you have to show proof that you've been paying them consistently for 3 months once you can show proof to a mortgage company you're set up on a payment plan and you're paying that amount and you can negotiate that with the IRS if you're paying that amount and here's the here's the kicker if your income can substantiate in other words if your income the money that you make can cover your mortgage payment plus all of your debts plus that IRS payment you can qualify for a house th000 bucks buys one just like this now some of you may be thinking way I can't do that type of loan I'm self-employed I get it I've been self-employed for almost 30 years you write a lot of stuff off and sometimes your income doesn't substantiate what's going to be going out for mortgage payment that sort of thing but what most lenders can do is some of that stuff can actually be worked back in there it's on a case-by casee basis but at least do yourself a favor and go to contact way.com you'll book a f- minute call with me I'll show you exactly where to do who to call how to get it lined up so you can take the next step in the process of buying a house and another thing that's exciting for a lot of people is you can actually purchase a house just like this one and if you purchase it and close on it at the first of a month for example say April 1st then your first mortgage payment isn't due until June 1st that's correct so when you purchase a house when you close at the beginning of the month you don't have to start paying your mortgage payment for 60 days so look the process is pretty simple you basically have to have a 620 credit score two years on the job and proof of income and they're going to look at your income they're look at your debts they're going to look at everything everything that you have coming in what's going out and they're going to qualify you on the phone there's no cost and no obligation you can go to contact wayne.com you'll book a five minute call with me from there we can connect you with lenders around the country in your neighborhood and get you in a home just like this one my name's Wayne Turner thank you for watching the video subscribe to the channel give us a thumbs up let us know what you think and most importantly if you bought a house this way leave a comment it lets others know and gives others hope that they can purchase a house too

Channel: Wayne Turner

Views: 487,868

Keywords: wayne turner, the real wayne turner, real estate, real estate investing, housing market, usda, firsttimebuyers, usda home loans, no money down, home loans, va loans, home, buyingahome, owningahome, homeownership, credit repair, improving credit, housing, housingmarket, building a home, building a house, flipping a house, first time buyers loans

Id: 7i8myzYvSKA

Length: 7min 57sec (477 seconds)

Published: Sun Mar 17 2024