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POLL: (Illinois) Real Estate-related question

Schadenfreude

Schadenfreude

Lifer
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Mainly looking for people who posted here for input

Main Body
- Single, with serious GF
- A recent college grad (December '05)
- Got a decent paying job for the area with State Farm Corporate
- Has ~$10k in loans
- Job pays $30 1/2K base with $3,400 bonus and possibility of getting $1~2 extra/hour
- Housing market is very good in area, booming even
- Moving from Chicagoland area (Parents') to Central IL (Alma Mater College Town)
- GF is also in same Cent. IL town (student)
- Was considering renting, until someone suggested buying property
- Single-family property can be obtained for as low as $60~70k; old, but in fine shape
***twist***
- Plans to re-apply to the United States Military OCS/OTS in approximately half a year/a full year or so
- Views military experience not as a career choice - possible, but unsure
- Hopefully will repay a good chunk of student loans by then
- This is the property I'm looking at - not bad at all for $77,900

Questions
- Is this even possible for OP?
- Considering possibility of moving out within a couple of years, is this a better finanacial move for OP than to rent?
- Any other pitfalls to look out for in buying a house, such as property tax/bills/etc. that OP might not foresee as a first-time buyer?

UPDATE: Confirmed - my job pays $34k + 3 1/2K bonus: the other factors still apply - on average, considering that I have an excellent credit history (a large thanks to my folks), what can I look at, as far as a loan limit/ceiling?

* * * * The OP is a n00b at a lot of things, buying property one of the foremost. Any help would be very, very appreciated. * * * *
 
Originally posted by: JS80
how is this even something to think about?
Click to expand...

As in, I couldn't possibly afford it?

Well, I figure if I join the military, I'd get housing/etc. covered + pay, so I can cover paying the mortgage for this place.

If not, I'd stay with the company and pay it off.

And being a college town, I could just use it as a rental property if need be . . . or could I?
 
Howdy neighbor! Another victim of Bloomington-Normal and State Farm!

This is probably cheaper than rent. Rents in this city are outrageous. Its an ok neighborhood, too. Just try to stay east of Main St, in your price range. Otherwise, I'd recommend east of Airport.

Use Sandi Arnold with Prudential-Snyder as your realtor. She's awesome and she'll make sure everything gets taken care of properly.

Edit:

Question one: Yes, but don't tell the bank its a loan!!!
Question two: Even if you don't make money, its still cheaper than rent.
Question three: Buy something... I have a condo on the market for $95K. 😉
Question four: Depends on the house. Get a good inspector. Talk to the neighbors. Drive through the neighborhood often to get a feel for it.

Bloomington's housing market actually sucks... below $100K, you're good. Above $200K, you're good. Anything in-between sucks. We had 10 choices in the $150k-ish range.
 
hmm... #2 reset to 'yes' when i had put 'no'.

I'd rent if I were in your shoes. Who knows where you will eventually settle down. If that is the place you would like to live/retire, then it's not a bad idea, but it will make it harder for you to purchase another home if you get stationed (in the military) somewhere else for a long period of time.

Keep your options open for a little longer.
 
Originally posted by: Schadenfreude
Originally posted by: JS80
how is this even something to think about?
Click to expand...

As in, I couldn't possibly afford it?

Well, I figure if I join the military, I'd get housing/etc. covered + pay, so I can cover paying the mortgage for this place.

If not, I'd stay with the company and pay it off.

And being a college town, I could just use it as a rental property if need be . . . or could I?
Click to expand...

Dude, a $77k mortgage is like $500 a month. You don't need to ask ATOT if you can afford $500 for a house.
 
Originally posted by: EatSpam
Howdy neighbor! Another victim of Bloomington-Normal and State Farm!

This is probably cheaper than rent. Rents in this city are outrageous. Its an ok neighborhood, too. Just try to stay east of Main St, in your price range. Otherwise, I'd recommend east of Airport.

Use Sandi Arnold with Prudential-Snyder as your realtor. She's awesome and she'll make sure everything gets taken care of properly.

Edit:

Question one: Yes, but don't tell the bank its a loan!!!
Question two: Even if you don't make money, its still cheaper than rent.
Question three: Buy something... I have a condo on the market for $95K. 😉
Question four: Depends on the house. Get a good inspector. Talk to the neighbors. Drive through the neighborhood often to get a feel for it.

Bloomington's housing market actually sucks... below $100K, you're good. Above $200K, you're good. Anything in-between sucks. We had 10 choices in the $150k-ish range.
Click to expand...

Would my mortgage rates be different if I told them it was a loan vs. if I told them otherwise?
 
Originally posted by: Schadenfreude
Originally posted by: EatSpam
Howdy neighbor! Another victim of Bloomington-Normal and State Farm!

This is probably cheaper than rent. Rents in this city are outrageous. Its an ok neighborhood, too. Just try to stay east of Main St, in your price range. Otherwise, I'd recommend east of Airport.

Use Sandi Arnold with Prudential-Snyder as your realtor. She's awesome and she'll make sure everything gets taken care of properly.

Edit:

Question one: Yes, but don't tell the bank its a loan!!!
Question two: Even if you don't make money, its still cheaper than rent.
Question three: Buy something... I have a condo on the market for $95K. 😉
Question four: Depends on the house. Get a good inspector. Talk to the neighbors. Drive through the neighborhood often to get a feel for it.

Bloomington's housing market actually sucks... below $100K, you're good. Above $200K, you're good. Anything in-between sucks. We had 10 choices in the $150k-ish range.
Click to expand...

Would my mortgage rates be different if I told them it was a loan vs. if I told them otherwise?
Click to expand...

No, but they might not issue the loan. When they determine your loan worthiness, they compute a debt to income ratio - if it is too high, you won't get the loan. So, if you tell them that the money from your folks is a loan, it'll figure in, and you might not get the mortgage at all.

What job did you get a Corporate?
 
Isn't that house right at the intersection of Clinton and Oakland across from the Circle K? That's not the best neighborhood. There was a house that burned pretty bad just a couple doors down from it just a week or so ago. Lots of crackheads hang around that store.

BTW, I've worked for SF for 16 years now. 7 years at Corporate.

What dept. are you in?

PM me if you want, I've had a full military career as an Army Artillery Officer. I got my commision through OCS and I've been with SF for 16 years.
 
Originally posted by: jemcam
Isn't that house right at the intersection of Clinton and Oakland across from the Circle K? That's not the best neighborhood. There was a house that burned pretty bad just a couple doors down from it just a week or so ago. Lots of crackheads hang around that store.

BTW, I've worked for SF for 16 years now. 7 years at Corporate.

What dept. are you in?

PM me if you want, I've had a full military career as an Army Artillery Officer. I got my commision through OCS and I've been with SF for 16 years.
Click to expand...

Really... hmm... I thought Oakland east of Main St was an ok area - not terrible. But what do I know? I'm one of those east side elitists ... 🙂
 
Originally posted by: EatSpam
Originally posted by: jemcam
Isn't that house right at the intersection of Clinton and Oakland across from the Circle K? That's not the best neighborhood. There was a house that burned pretty bad just a couple doors down from it just a week or so ago. Lots of crackheads hang around that store.

BTW, I've worked for SF for 16 years now. 7 years at Corporate.

What dept. are you in?

PM me if you want, I've had a full military career as an Army Artillery Officer. I got my commision through OCS and I've been with SF for 16 years.
Click to expand...

Really... hmm... I thought Oakland east of Main St was an ok area - not terrible. But what do I know? I'm one of those east side elitists ... 🙂
Click to expand...


So what building at Corp. South are you in? 😉

I was at North for 6 years, I've been at the DTB for about 7 or 8 months.

Edit: Oh yeah, I was in OAB for a couple of years too.
 
Originally posted by: jemcam
Originally posted by: EatSpam
Originally posted by: jemcam
Isn't that house right at the intersection of Clinton and Oakland across from the Circle K? That's not the best neighborhood. There was a house that burned pretty bad just a couple doors down from it just a week or so ago. Lots of crackheads hang around that store.

BTW, I've worked for SF for 16 years now. 7 years at Corporate.

What dept. are you in?

PM me if you want, I've had a full military career as an Army Artillery Officer. I got my commision through OCS and I've been with SF for 16 years.
Click to expand...

Really... hmm... I thought Oakland east of Main St was an ok area - not terrible. But what do I know? I'm one of those east side elitists ... 🙂
Click to expand...


So what building at Corp. South are you in? 😉

I was at North for 6 years, I've been at the DTB for about 7 or 8 months.

Edit: Oh yeah, I was in OAB for a couple of years too.
Click to expand...

I'm not. 🙂 I used to work on N-2 as a contractor. SF had a strict no-hire policy in that area. When I left that call center, I had the highest call volume per day as well as the highest first-contact resolve rate. I told them that I'd stay if they made me an internal - they said no, I said goodbye.

So I guess I'm not that elite... 🙂
 
Originally posted by: EatSpam

No, but they might not issue the loan. When they determine your loan worthiness, they compute a debt to income ratio - if it is too high, you won't get the loan. So, if you tell them that the money from your folks is a loan, it'll figure in, and you might not get the mortgage at all.

What job did you get a Corporate?
Click to expand...

I got a job as a bilingual claims rep at corporate south. 🙂
Varied opinions as far as what the neighborhood's like . . . a few of my friends live there, and it's relatively quiet - considering some of the neighborhoods I've lived in . . ..

Anyhow, do you think I can find property east of main street around that price range? I was doing a cursory look-see and couldn't find anything in that area . . ..

And Jemcam, thanks for the offer - I already talked with you about the military (changed my username from Jehovah) 😉
 
UPDATE: Confirmed - my job pays $34k + 3 1/2K bonus: the other factors still apply - on average, considering that I have an excellent credit history (a large thanks to my folks), what can I look at, as far as a loan limit/ceiling?
 
are you a first time home owner?

if so, you can get a subsidized mortage with really low payments.
maybe even 0 down 0 interest.
 
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