to be able to afford the mortgage payments? have you ever noticed that? it seems like that happens in every situation, almost. you make too much money for any kind of assistance, but not enough to make ends meet... or is it just me? it's not that i want someone to just hand me a new house, i'm just frustrated because my husband (a paramedic) works hard, and he works a lot of overtime. if he doesn't we can't pay all the bills, but if he stops, then we can get a $5000 grant for a down payment and closing cost for our new house purchase... does that seem right?
2006-08-01 16:16:47 · 4 answers · asked by ditzi_k 5 in Business & Finance ➔ Renting & Real Estate
good news / bad news
the good news is you probably make enough to make the house payments and pay all the closing costs associated with getting into a house.
the bad news is that you probably need to take a year or two off the credit cards and really start saving. its a pain in the *** to have to delay gratification, but at the same time, you will be so much happier in the new home you are buying rather than the rental you are in now . there are a lot of sites out there that can tell you how to save money, make yourself a 1 year plan to save $2000. If you get a tax refund each year, do this: have your husband tell his boss to deduct an extra $50 per pay period for taxes (yes they will do it). Its an interest free loan to the govt. but if you arent very good at saving, its a start. Take that money and put it in a money market account and ignore it. in fact buy a 1 year Certificate of Deposit with an outrageous withdrawal penalty. In two years you wont need the grant
2006-08-01 16:27:15 · answer #1 · answered by tonkatruk_2001 3 · 0⤊ 0⤋
Your (Debt To Income) DTI and credit scores will always be a major factor in purchasing a new home especially for first time home buyers. There are different programs that I have available to discuss with you if you are interested. I am a licensed loan officer for Chase. My number is 866-766-2165 ext 32324. I would be more than happy to just give you the information you will need.
2006-08-01 16:48:11 · answer #2 · answered by David O 1 · 0⤊ 0⤋
here's my thought...If you dont qualify for the mortgage loan you are trying to get, maybe your tyring to buy to much of a house...
Wha ti mean is maybe your DTI is to high for a $200k house,, but if you purchase a $150k house you may qualify...
Dont think your out of options, just lower your standards a little...
After owning a cheaper house for a while, you can sell it, and take the equity earned to buy a bigger house..(down payment)
That' smy thought, and it usually seems to solve things for my clients that have this issue..
My name is Jason Fry, I work with Providential Bancorp, a nationwide mortgage lender...
The other problem may be that you are trying to qualify at the wrong mortgage lender... if you have below a 660 credit score, and you are trying to qualify at a big bank (chase, washington mutual, national city, wells fargo, etc.) you may just not meet their guidelines to wualify for a loan without a down payment...
I work with multiple investors, many of which specialize in first time home buyers with lower credit...
Feel free to give me a call at 312-264-6448, or email me at jasonf@providential.com to find out more of EXACTLY what you qualify for... You will then know if you are out of options or not..
Good Luck!
Jason Fry
Senior mortgage specialist
Providential Bancorp
312-264-6448
2006-08-02 03:04:06 · answer #3 · answered by Anonymous · 0⤊ 0⤋
the rationalization that web content on the internet ask for money without assure is that those provides do no longer exist. the authorities only does no longer hand out 'provides' to purchase residences. in case you are able to't qualify for a private loan, you is probably unable to purchase a house.
2016-11-27 20:03:50 · answer #4 · answered by depace 4 · 0⤊ 0⤋