Last edited on Mar-24-10 at 08:44 AM (Eastern) by 76.24.45.62
Last edited on Mar-24-10 at 08:43 AM (Eastern) by 76.24.45.62
Posted on Mar-24-10 at 08:42 AM (Eastern) by 76.24.45.62
in a savings account for down payment and closing costs. I am clueless to all of this stuff. Is there a way to add some of the downpayment into the loan? My sister told me she got her closing costs added into her loan and she did not have to pay any money down.(15 years ago though) Well my husbands score is not 800 like hers its 680. We have no credit card debt, all we have are car payments and utility bills that is it. No college loan debts nada. But at one point my husband was married and she wracked up bills and also bankruptcy and we paid all of that insane debt.
Can some one steer me in the right direction on where to look on the web, how we might not have to pay all of that $11,000 upfront we have quite a bit in savings but not that much. Or should we just keep renting and save the $11,000.
I sure know its a buyers market and houses are so low now I have seen some really good ones that I know we could afford one and I am sick of renting I want my own home:)
Sarah S. Jones
Sarah S. Jones
Sarah S. Jones 1|1|WEll my realtor told me that if you find a home that you can offer th eamount they are asking you can ask them to pay the closing costs|teener|teenerzacsneenee@yahoo.com|08:58:55|03/24/2010|
pr you could look into the programs that allow no money down or very little we bought our first home through fha and only put down $1500 ( I sold my car )If you find a realtor who wants to help they can show you the ropes Go to your bank and get a list of forclosures too It would help to if you got pre approved so you know exactly what you can look at 2|1|Sarah -- ask around. I have a friend who is a mortgage writer and there are a lot of special deals going on all the time -- |whitmarg|robin@whitmannet.com|09:13:57|03/24/2010|
She just told me of one in certain towns in MA.
Keeping my fingers crossed for you! 3|2|Some ideas...|Sara_s_Mom|IClipCoupons@gmail.com|10:16:50|03/24/2010|
You should definitely shop yourself around. They want a big downpayment because of the credit rating. I know, those tax credits expire soon! Do you have any idea what is dragging it down? Get all 3 reports and see if there's something that is on there that is weighing you down number-wise.
Ask about piggybacking. Sometimes you can get a second mortgage to cover the downpayment. We have an 80/20. Just be sure not to overextend. The second mortgage generally is higher rate.
Do you qualify as First Time Homeowners? Ask about special loan programs - FHA or your state's version of the same. Also, teener is completely right - you can put an offer in to ask for them to pay closing costs. The problem is getting a seller to accept that. Depending on where you are, it could be do-able as many are eager to sell and need to lure borrowers. You can ask for closing, but not a downpayment. If you happen to get money from someone else to cover the downpayment, they make you do a gift letter to ensure that your mortgage is still a first position lien.
The other thing is that you could buy less house so you don't have to have such a huge downpayment. Not ideal though... When you are looking at a house, ask about things that would appear on a good faith estimate. Also, depending on how your taxes run, asking them to be pro-rated fiscally or calendar year may help you. I know in PA, school taxes were due in the summer so asking for them to be pro-rated fiscally helped us save money at closing since we shoved that responsibility onto the seller ;) Some lenders restrict which closing costs can be paid by someone else too, so ask about that.
Taxes (yearly)
Closing costs - bank fees, credit check fee, tax service fee (these are generally the same no matter what house you look at)
Points? Sometimes shopping for loans with points gets you a good deal. Points are also a tax deductible item.
Transfer taxes
Recording fees
Etc.
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4|3|I do know the reason why his credit is low is because when his ex claimed bancruptcy she had a car and he has co-signed when she claimed it they came after hubby. Even though back then it was supposed to be a clean slate for her paying on it. We had refuised tp pay it and were told |sarahjones|s.scottjones@comcast.net|10:28:10|03/24/2010|
he did not have to yet it stays on his report then we call then they remove it then it shows up yet again 5|4|thanks for all the tips I am looking into the tax credit thing I was told by the realtor some places let you use it torward your downpayment. If they do then I have the other $5,000 to help with closing costs and whatnot . I gotta do some more looking into it all:)|sarahjones|s.scottjones@comcast.net|10:59:37|03/24/2010|
Sarah S. Jones 13|5|LoL I didn't see this before I replied below... Sorry - lol|RobinsCrazyWorld|robinmarie72@gmail.com|13:30:45|03/25/2010|
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I would rather have a mind opened by wonder than one closed by belief.
6|4|You know there was a class action suit about this happenening Dh and I got a post card about it ( for when a bankrupsy didn't come off your report)|teener|teenerzacsneenee@yahoo.com|11:23:07|03/24/2010|
>Posted on Mar-24-10 at 10:28 AM (Eastern)
>by 76.24.45.62he did not have to
>yet it stays on his report
>then we call then they remove
>it then it shows up yet
>again
7|5|Another tip is have the closing as close to the end of a month as you can you pay less in closing fees that way |teener|teenerzacsneenee@yahoo.com|11:24:24|03/24/2010|
>Posted on Mar-24-10 at 11:23 AM (Eastern) by 74.128.156.89>Posted on Mar-24-10 at 10:28 AM (Eastern)
>>by 76.24.45.62he did not have to
>>yet it stays on his report
>>then we call then they remove
>>it then it shows up yet
>>again
>
9|6|Yes! One of the closing costs is prepaid interest. If you close at beginning of month, you pay interest until end of month. So if you close at end of month, you pay far less. We used this trick (no joke, I was afraid I'd have to roll my change to close ;)|Sara_s_Mom|IClipCoupons@gmail.com|11:43:33|03/25/2010|
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10|4|A co-signer is still liable for the debt, even if that person files bankruptcy. That's the bad part and a risk of co-signing a loan. Did she reaffirm the car loan or let it go? I am assuming she let it go and that is why you are getting the credit ding. |Sara_s_Mom|IClipCoupons@gmail.com|11:47:45|03/25/2010|
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8|1|Talk to a mortgage broker|vickijo|vjdesmond@rochester.rr.com|16:25:23|03/24/2010|
They really know the ins and outs of the business. They'll know more than the realtor is most cases too. The realtor is for buying the house, the mortgage broker is for the financing. They are both great at what they do but don't usually know as much about the others jobs. Don't waste more time trying to figure it out on your own. The tax credit isn't going to be around too much longer. I'm not positive but I think you have to have an offer accepted by April 15th and close by June 30th to get it.
Thanks!
Vicki, NY 11|2|thanks for all of the helpful info everyone :)|sarahjones|s.scottjones@comcast.net|12:19:24|03/25/2010|
Sarah S. Jones 12|1|I find this all very interesting (M)|RobinsCrazyWorld|robinmarie72@gmail.com|13:28:40|03/25/2010|
Posted on Mar-25-10 at 01:28 PM (Eastern) by 24.20.40.237
We bought our home last August. We had to go off of Jeromys credit since I am on SSI...
Well Jeromy always payed cash for anything and everything... 35 and NEVER had a credit card or anything. Never needed one and never wanted one. So when it came to a credit rating we kinda got stuck. He didn't have good credit, but he didn't have bad credit. It was a emotional roller coaster... They kept asking more more info from utilities and anything else they could think of. We were 2 days from closing and then they wanted something else... Took 3 extra weeks...
What I find odd is with no credit we only had to pay all the usual cost but no down payment...
What do homes go for there?
(ETA I didn't see your post about what I wrote below until after I wrote it..lol)
I have heard there is a way you can use your first time home owners tax credit (if that is still going on) as your down payment, but I can't remember how it worked, sorry.
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14|2|Well I have checked with a bunch of different people 9 to be exact and some face to face and some on the phone and (more)|sarahjones|s.scottjones@comcast.net|13:53:36|03/25/2010|
Last edited on Mar-25-10 at 01:54 PM (Eastern) by 76.24.45.62
Posted on Mar-25-10 at 01:53 PM (Eastern) by 76.24.45.62
We need to come up with the $12,000. We need 8 for the downpayment and then 4 for the closing costs. The credit score is fine but it is 10 points too low for the income credit advancement from the government.(some companies let you use it upfront and then you pay them back when you get it in the mail from the IRS) So luckily we have $5,000 in the savings already so we will just keep saving until we can do it.
I was told we have a fantastic income to debt ratio (because we do not have any debt anymore:) but still. I do not really see the housing market skyrocketing anytime soon so I have a feeling we might just end up getting the house later this fall or before winter. It is not that far away :) I am bummed but it will happen eventually. Thanks everyone for steering me in the right direction it really helped on who I went to see to talk about it all.
Sarah S. Jones
Sarah S. Jones 15|3|That just stinks that you won't be able to get the 8k credit if you have to wait.|Abbicca|Abbicca@insightbb.com|22:16:36|03/25/2010|
It would be nice if you could borrow that money from somewhere and pay it back with Uncle Sam's money---instead of it all going out of and staying out of your own pocket. 16|3|When the its the right time everything will come together and you will get your home :-) Waiting suck., I know. I know what is like to want it NOW!!!!|RobinsCrazyWorld|robinmarie72@gmail.com|22:43:08|03/25/2010|
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I would rather have a mind opened by wonder than one closed by belief.