Me and my husband are looking to buy a brand new home, asking 182,000 for it...now this is not our dream home..our dream home is worth about 192,000..still not a bad deal...but... with a bank financing it we would pay about 1250.00 a month...now we live in alabama and we make a good amount but maybe not enough to afford that and afford bills and our new baby daughter...is there a company that will finance for a less payment a month? if you know please leave a phone number or website or something you know i can get in contact with them ??...
2007-02-05 08:30:30 · 9 answers · asked by Faith 4 in Business & Finance ➔ Renting & Real Estate
First off, your lender will pre-approve you for a certain amount of a loan based on what your current debt to income ratio is. There is no getting around that. You may be able to lower your "rate" by looking at different types of loans, but it's not going to reduce it that much.
Think about what your lender has approved and whether the monthly amount will work.
In the end, if this is your first home, it is not meant to be a dream home, but rather a "starter home". In 4 to 5 years you will have some equity built up based on appreciation and paying down your principle. You can sell at that time and upgrade to the home you really want. Stick it out 4 to 5 years, ok?
Also, (and this is a positive) you can make adjustments to the amount you have withheld from your paycheck because of the baby and your mortgage interest. www.irs.gov has a calculator to determine how many deductions you should be claiming based on a number of factors that you give it. Go to the site and to "individual" to find the calculator.
Hope this all helps.
2007-02-05 08:37:42 · answer #1 · answered by deerslyr_71 3 · 1⤊ 1⤋
some lenders offer 40 year loans now, contact your local bank or credit union and start there, there is no commitment, they will just let you know what you qualify for, because you need to get prequalified before you really start looking for a house and maybe you will find that you can get your dream home. Also call Fanny Mae. Good Luck =) I love to hear about people moving up in life.
2007-02-05 16:35:22 · answer #2 · answered by whattheheck 4 · 1⤊ 1⤋
Sorry, I'm not really answering your questin- but with 10,000 difference- I would go with your dream home. Have you tried CountryWide or shop around to different banks. Or you can always refinance later. 192,000 is a lot of money, but if it valued at more- well you'll already start off with a bit of equity.
2007-02-05 16:36:25 · answer #3 · answered by live75 3 · 1⤊ 1⤋
there are a ton of financing options out there depending on your credit, down payment etc. there are loans that give you the option to pay only the interest on a loan which gives you great flexibility with the payments. I work at one of these places. Quicken Loans Inc.
2007-02-05 16:33:32 · answer #4 · answered by Scott K 2 · 1⤊ 1⤋
Depends on if they do manual underwriting or you can find a credit union that looks at a real person. Get your credit score and do not let everyone run yours. That will bring it down. try lending tree or some other places that do the manual thing... good luck! and you can get that under 1250. goodness.... my wife and I have a higher amount due and only pay 1050.
2007-02-05 16:44:44 · answer #5 · answered by cliff_dweller 2 · 1⤊ 1⤋
never buy the first one you see , winter is the best time to buy a house.
2007-02-05 16:34:13 · answer #6 · answered by Anonymous · 1⤊ 1⤋
try an intrest only loan. I don't think its smart, but it will lower your payments.
2007-02-05 16:34:11 · answer #7 · answered by post war 2 · 1⤊ 1⤋
you are headin for serious trouble trying to buy that much house and not being able to afford it.
My one piece of advice is DO NOT USE LENDING TREE!!!!
2007-02-05 16:33:51 · answer #8 · answered by island3girl 6 · 1⤊ 2⤋
try countrywide
2007-02-05 16:33:17 · answer #9 · answered by Anonymous · 1⤊ 1⤋