Since we're talking houses, this is one I looked at recently.
Posted by
CovingtonCat
Sep 11 '12, 10:16
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The "special financing" is this - the house is owned by the city. They have a program where they hire a company to completely re-do these properties (I'm aware of a half dozen or so on the market right now.) The price is *firm*. If I want it, I have to have a pre-approved mortgage and meet certain income requirements (which I do). If I'm only approved for, say $100k, the city will take out a 15 year mortgage for $45k. If I sell the house within 15 years I'm on the hook for the balance of the city's mortgage. If I'm still living there (and I *have* to live there - I can't rent it out) after 15 years, I own it all (except for whatever I owe on my mortgage).
This house was completely stripped down to the bones. There's a new roof, new siding, new interior walls, new windows, insulation (I asked because the old house I live in now - that I rent - doesn't have insulation). It's in a decent (up-coming, maybe) neighborhood with a bus stop across the street. The side of the house with all the windows faces a tiny triangular yard and the house across that street has no windows facing the yard.
I've never owned before and I stopped in on a lark when I saw an open house sign (I'd seen it on line the weekend before). There's a basement (not completely redone but clean) and a small attic (which I did not see). It's bigger than I need but it's also very nice. The problem I have is I really don't want to live in Covington for the next 15 years (I want to retire elsewhere). I don't know what kind of mortgage I could get. And ownership scares me at this point in my life. But I love this house. I wish I were younger.
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