Mortgage home loan answers
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Do you think this would qualify for a home loan?
Posted on November 24th, 2009 3 comments
shelli b asked:
–The house costs around $140,000.
–Could give a downpayment around $60 to 75,000.
–Plan on paying off all of their bills (currently on a debt management plan and late on some others.) so they would have no debts other than a school loan.
–Credit scores not the greatest. I believe around 620 for both husband and wife.
–Moving from Calif. to Arizona.
–Wife will have same job when moving to AZ–make about $2,400 month.
–Husband will not have job yet when wife moves. Plans to move once a transfer on current job goes through. Will visit on some weekends. (could be 6 months, a year?)
– They own a home in California but are accepting a mortgage buyout and their names will be taken off mortgage.Any insight on this one? Thank you!
Husband makes about $3,500/month, but since he doesn’t have the job yet in Arizona, is that going to be a huge problem.
BLAIRRenting & Real Estate Credit Scores, Current, Debt Management Plan, Debts, Downpayment, Home Loan, Husband And Wife, Insight, Job, Loan Credit, Mortgage, School Loan3 responses to “Do you think this would qualify for a home loan?”
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With that much down, I think they will have no problem buying the home even with the other problems - that they’re working on. Go to several lenders and get qualified.
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donfletcheryh November 26th, 2009 at 15:24
When you are risking that large a part of the cost of the home, any lender would be willing to have you take over. They know that if you get in trouble it is you, not they, who will lose.
Now it could be that you would be wise to hold back say 15k of that down payment to give you a cushion, money to keep your mortgage paid should you have short term difficulty, money to avoid getting into credit card debt… keep taxes paid, even make necessary urgent maintenance.
That may not meet everyone’s need. So someone may be pinched a bit. But it would be a better plan for you.
Investments that have recently paid off fabulously, like gold, may tank and leave you wondering what hit you. So I advise against dreams of riches with no work. If you are a skilled gold trader, tread carefully.
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truthseeker November 28th, 2009 at 03:13
never put that much money down on your house. Peole with low scores will get a loan with 20% down. That is what I did. Especially in todays economy we have no idea what the future may bring. Buy gold and silver with the remaining money. I also did that and have had a huge return on my money. I put 20K down on my house and took the other 20K and doubled it in one year. Good luck. A good website to look at gold and silver prices is monex.com
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marilyn4invest November 25th, 2009 at 06:57