Advice welcomed

[ladyred8888]

We live on 3 acres of rented land. We know we'll have to move when the landlord passes on. Our problem is, I'm 52, hubby 57, he just got laid off from his job, we have poor credit, no savings and we would like to get some land of our own. Does anyone have any advice? We live in Iowa.
Thank you..ladyred8888

[Cyngbaeld]

Try looking into HUD section 8 to start. They will help with rent and after you have rented a year or so will help with purchase. Also check with USDA rural developement loan people. The family that is buying my house is using them. It can be a slow process tho, so best start sooner than later.

[Jack in VA]

Fix your credit , and start saving. Is your credit good with your landlord?
Talk to him about "assuming" his land before he goes.

[countrygrrrl]

Originally Posted by Jack in VA

Fix your credit , and start saving. Is your credit good with your landlord?
Talk to him about "assuming" his land before he goes.

That's exactly what I was thinking. Have you talked with your landlord already? If not, it really might be worth your time and effort to do so --- if he (or she) is in bad health, it could be a relief to him to find a buyer. In addition, if he (or she) has kids, it's possible they'll just want to sell the land as quickly as possible.

And if your landlord and/or his kids have no interest in selling to you, at least you know exactly where you stand and can start from there.

It can't hurt to ask. In the meantime, absolutely begin saving every cent you can and take whatever jobs you can find. Do away with all non-essentials until you get a solid home over your head or until you're well on your way to one. \

[Terri]

HUD loans on houses, not on land.

That being said, every house SITS on land. It's just that some of the houses are sitting on more land than others.

HUD decided that my house was worth the $75,ooo asking price, even if it WAS sitting on an acre of land. So I bought with $1,500 down, and a reasonable monthly payment.

Section 8 housing deals with rental housing, HUD is the program you want. All realtors know how it works. You put very little down, and you make up for it with about 2% greater interest charges. In other words, instead of buying with a 7% interest rate, you will be paying something like 9% interest.

[Mudwoman]

You have several challenges.

First is that your Dh has been laid off. This equals less money coming in each month. Since you have no savings to fall back on, the first thing is that he will have to find a job or you will have to make up the difference in lost income.

Land of your own is going to require some type of down payment. Around here, there are deals that come along where an owner is willing to carry a note on land with 10% down plus some closing costs. No credit check because you don't get title to the property until it is paid off. Sort of like lease to own. Chances are the land will not have a house, will not have utilities or water or septic on it. Just raw land.

Bad credit. Tells me that you have been living above your means for a while. Buy stuff on credit and then can't pay. Part of the homesteading philosophy is to live at or below your means. Now your Dh is laid off and you will have even less income, so realistically you are looking at decreasing your standard of living drastically.

Lots of people have dreams and wishes, but making the sacrifices to achieve those dreams and wishes is what is difficult. Since you both are in your 50's, time is running out. If you are going to get a place, you guys are going to really have to buckle down and get real and get focused.

[BCR]

Its actually good news he was laid off and not disabled. You or your husband should get a job of any kind and repair your credit ASAP. Even get a job together--deliver newspapers on a car route. But both of you working, even part-time, would help get your credit repaired.

You can't afford land right now, as it always costs more than the sticker price (insurance, taxes, repairs, etc.)

Why not consider relocation for better jobs or caretaking. Look at your life and downsize everything until you can pay-off and save for your dream.