What kind of mortgage do you get with a previously repoed house?

I am 17, 18 in june and currently in my last year of high school. I'm looking to move out in late June or early July after graduation, and since my first college of choice is 3 states away there's no option of commuting for me and I'd rather not live on campus due to the extra expense. I am not sure if I'll be able to even afford college at the moment but either way I know I want to move on and get a job so eventually I can go to college so right now I'm trying to think of ways I won't have to live like a hobo until I can afford a place to stay. Renting is out of the question since the cheapest appartments I have been able to find are about $700 while my entire bank account contains a grand total of $350 for college/housing/food/etc. I do not currently have a job but by january I do expect to have one through a work study program and I my boyfriend and I have talked about possibly moving in together to be closer to one another as well as to cut both of our costs so my funds will increase slightly. Also, I do plan on lining up a job before moving. So while I've been looking at housing options I have decided that if the monthly payments are in the same price range as the initial payment, purchasing a repossesed house would be best for my price range. My only other option is begging a friends parents to let me rent a room for them and they are already pretty crowded as them so I do NOT want to have to ask that of them unless I absolutely must. So, in a nutshell, I want to know what the average monthly cost for a repoed house would be. If anyone could tell me how the mortgaging system for that works (do I finish payments on the previous owners mortgage, do I need to take out a new mortgage like on a new house, would it be cheaper than a new house, etc) that would be awesome. Also, if anyone has any ideas for a cheaper manner of living that would be a great thing to put up.

2 months ago - 1 answers