- This topic has 8 replies, 4 voices, and was last updated 9 years, 1 month ago by Anonymous.
- May 4, 2011 at 1:51 am #425004AnonymousInactive
I’m sure you don’t NEED a mortgage … you just want one. If you’ve been making 70grand a month since April why do you even owne the 27grand on the car. For your first house with that kind of credit issues you should not be looking for a house at that price point….go down…way down. Go talk to a Mortgage Broker and they can tell you if you can get a mortgage…but I doubt it.
- May 4, 2011 at 2:41 am #425005AnonymousInactive
I don’t mean to burst your buble ; BUt I seriously doubt that you will be financed for that kind / ammount of mortgage .
You need to lower your sights on something a little less expensive and maybe look in the $ 200,000 – $ 250,000 range …
THEN; you will probably be financed thru like Quicken Loans or an independent local banking institution .
Best of luck to you !!
- May 4, 2011 at 2:47 am #425006AnonymousInactive
Your husband’s credit is a problem especially if he is the primary. Suggest you wait and accumulate the 70k a month and down that on the house. There will be a bank that will take your loan if you down 50% instead of the 15% that you are suggesting.
- May 4, 2011 at 3:04 am #425007AnonymousInactive
Something doesn’t add up.
If you’re making $ 70K A MONTH since April, then even with $ 10K a month in expenses, you’re saving $ 60K a month. From April-November gives you 8 months to save. That gives you $ 240K.
Buy a house for $ 240K or less and go from there (i.e. don’t get a mortgage).
If you’re making $ 70K a month, there is no reason to:
a) Have any car debt at all
b) only put $ 100 K down on a house
Honestly, at that much money a year ($ 840K) you should hire someone to advise you financially.
This just all doesn’t add up at all to me.
- May 4, 2011 at 3:08 am #425008AnonymousInactive
You don’t NEED a lender. You have $ 100k! You know what you have? CASH. With CASH comes POWER.
How? Easy! Watch…
1. There are plenty of homes on the market, sitting VACANT, because buyers can’t get loans.
2. You have enough cash to give some to a seller who will allow you to take over their payments or do a lease option or do something creative (that works in your favor).
3. Stupid LENDERS and stupid AGENTS try to pretend that “everybody” needs a loan. That is not the truth.
4. All you need is an agent who works CREATIVE FINANCING. All you need is a SELLER open to SELLER FINANCING.
5. On the MLS (the multiple listing service real estate agents have access too… some of the private agent remarks flat out say that the seller is open to lease option, or land contract, or lant trust, or something creative.
6. ALSO on the MLS are homes available for lease. Many of those exact homes were actually on the market but did not sell. The Seller is tired, or cannot afford to make two payments (they already got their new house), now they’re looking for help on the old house. YOU ARE THE HELP.
7. Heck, do you want a ton of agents to like FLOCK to you… just go to craisgslist.com place an ad in the Real Estate Wanted sectiion, and state you have $ 100k, ready to buy a home using creative financing. WITHIN MINUTES you’ll get so many e-mails from creative agents and possibly sellers… you’ll go nuts!
8. Just do a little reading up on the internet and/or book store. Your money is a BLESSING for some seller. Their home is a BLESSING for you! Good luck. Forget the naysayers. You could “get hurt” crossing the street for crying out loud. All creative transactions are not scams!
- May 4, 2011 at 3:53 am #425009AnonymousInactive
I’d ask what you have made in the past two years for a trend, not simply a recent surge in income. I’d say you should lower your expectations.
And if you can’t take the heat, stay out of the Yahoo Answers kitchen.
- May 5, 2011 at 3:53 am #202615AnonymousInactive
…resolving my debt, and repairing my credit Bankruptcy is not an option. I heard good things about Dave Ramsey….
- May 6, 2011 at 1:23 pm #261354jarthacycrenoMember
I have a low cost way for you to learn how to repair your credit. Visit my web site
- May 8, 2011 at 12:59 pm #267257AnonymousInactive
Dave Ramsey is great. He states most people aren’t bankrupt they are just scared. You are probably a little overwhelmed with the divorce and scared.
Read his book The Total Money Makeover and start working his plan. His book is VERY easy to understand and read. He explains money and finances to normal people not in CPA language. We have been using his budget for over 1 1/2 and it is going great. We are reducing our debt and we have plans for when we are debt free.
On his website you can listen to his show (archive or live) or you can find a radio show in your area and listen. But I still suggest you get his book because all the details will be in there and if you are like us you will reference back to it when you make decisions on purchases, etc. All his forms are in the back of his book also. You can get some of the forms on his website.
Update: If you use Ramsey’s plan your credit will improve because you are paying off your debt and establishing a good payment history. That is the smartest way to do it. There isn’t a product that will automatically fix your credit rating. You will grow and mature as an adult by “pulling yourself up by your boot straps.”
- You must be logged in to reply to this topic.