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Started By
Message
first time homebuyer, questions
Posted on 1/29/09 at 1:07 am
Posted on 1/29/09 at 1:07 am
ok, here's the deal. i live in Elkhart, IN. you might have heard of us with our lovely 17% unemployment rate, lol. but anyway...
me and my fiance are getting married in october. we are looking at buying a house together somewhere in the 50k-60k range, a foreclosure or just a real fixer upper, our families are handy so we don't mind saving some money on the house and fixing it up ourselves. the question i have is does anyone know what kind of standards banks are using to approve loans now-a-days? she has excellent credit, but as hasn't gotten a full time teaching job yet and the subbing is sporadic, so no steady income. i have crap credit (nothing in collections anymore, but they are still on the report for a few years) but a very solid 30k a year job. nothing saved for a downpayment yet.
are banks approving couples like us these days? we are looking at credit unions first. we are also thinking realisticly that we will not get a low low intrest rate with my credit, we're just concerned about being approved period for at 60k.
thanks in advance, MT'ers
me and my fiance are getting married in october. we are looking at buying a house together somewhere in the 50k-60k range, a foreclosure or just a real fixer upper, our families are handy so we don't mind saving some money on the house and fixing it up ourselves. the question i have is does anyone know what kind of standards banks are using to approve loans now-a-days? she has excellent credit, but as hasn't gotten a full time teaching job yet and the subbing is sporadic, so no steady income. i have crap credit (nothing in collections anymore, but they are still on the report for a few years) but a very solid 30k a year job. nothing saved for a downpayment yet.
are banks approving couples like us these days? we are looking at credit unions first. we are also thinking realisticly that we will not get a low low intrest rate with my credit, we're just concerned about being approved period for at 60k.
thanks in advance, MT'ers
4
Posted on 1/29/09 at 12:18 pm to TigerFanatic99
quote:
she has excellent credit, but as hasn't gotten a full time teaching job yet and the subbing is sporadic, so no steady income. i have crap credit (nothing in collections anymore, but they are still on the report for a few years) but a very solid 30k a year job. nothing saved for a downpayment yet
Why with this financial profile would you want to buy a home?
Just honestly curious.
Posted on 1/29/09 at 12:23 pm to TigerFanatic99
You're about the absolute last person who needs to buy a house right now. Stay where you are or rent a house or something.
Posted on 1/29/09 at 12:37 pm to TigerFanatic99
You do not need to buy.
/thread.
/thread.
Posted on 1/29/09 at 12:42 pm to TigerFanatic99
Why not move to Gary, Indiana or Detroit and buy a house for $1,000? If you like to fix up houses you should have a couple of years of real pleasure and when you finish it's your's free and clear.
Posted on 1/30/09 at 1:39 am to Rivers
I'm open minded. and thanks for the responses, i'm learning.
help me understand why i am the last person who needs to be home shopping right now. my job is very stable, yes, even in this economy. we have no debt, and the price range we are looking into would produce a loan that is withen my income at a 6.5% interest rate, not counting the 300 or 400 a month she manages. we're getting married in October and want a place of our own we can move into together.
not being shitty, just curious why it is a bad idea for us in particular. i've busted my arse the last year paying off the three or four thousand in bad debt the previous bitch dumped on me. i'm finally free and in the clear again. it might sound like it but i'm not exactly some bum who just doesn't pay his shite. and if a DP is that important, i have enough in my 401k i can get 3.5% of 60k out of it without hurting it too too much. no, i'm not balls to the wall rich, but we stretch my chump change well enough. I'm well aware that dropping before my degree was finished was the biggest mistake of my life.
she has too strong of ties to the area for us to move away and we aren't looking into renting because i have a bird i am not willing to part with.
a very loud bird.
again, i'm thankful for the advice or knowledge.
help me understand why i am the last person who needs to be home shopping right now. my job is very stable, yes, even in this economy. we have no debt, and the price range we are looking into would produce a loan that is withen my income at a 6.5% interest rate, not counting the 300 or 400 a month she manages. we're getting married in October and want a place of our own we can move into together.
not being shitty, just curious why it is a bad idea for us in particular. i've busted my arse the last year paying off the three or four thousand in bad debt the previous bitch dumped on me. i'm finally free and in the clear again. it might sound like it but i'm not exactly some bum who just doesn't pay his shite. and if a DP is that important, i have enough in my 401k i can get 3.5% of 60k out of it without hurting it too too much. no, i'm not balls to the wall rich, but we stretch my chump change well enough. I'm well aware that dropping before my degree was finished was the biggest mistake of my life.
she has too strong of ties to the area for us to move away and we aren't looking into renting because i have a bird i am not willing to part with.
a very loud bird.
again, i'm thankful for the advice or knowledge.
This post was edited on 1/30/09 at 1:44 am
Posted on 1/30/09 at 1:44 am to TigerFanatic99
quote:
my job is very stable
Says who? So is mine, but in these times no job is certain IMO.
quote:
and if a DP is that important, i have enough in my 401k i can get 3.5% of 60k out of it without hurting it too too much.
You shouldn't take out of your 401k for this. And right now you're probably going to need 20% down.
ETA: Prices are only going to continue to go down. Might as well wait if you can.
This post was edited on 1/30/09 at 1:52 am
Posted on 1/30/09 at 2:04 am to TigerFanatic99
quote:
help me understand why i am the last person who needs to be home shopping right now
I think if you can find a house that cheap that is good for you, you should take it. 50k just isn't that big of a loan for a home - that's what, 300 bucks a month? You'll probably need a 10% down payment though these days.
Posted on 1/30/09 at 2:06 am to RedFox
quote:
50k just isn't that big of a loan for a home
While I agree, the poster has stated that he would like to flip a house like this if he can find one. Which will add to his expenses.
Posted on 1/30/09 at 2:22 am to Golfer
i don't believe i said flip. i meant i'm not looking for a gem. if it takes some TLC were are able and willing. there's a difference there
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