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buying a home, while single or while married

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buying a home, while single or while married me 09-27-2005
Posted by me on September 27, 2005, 10:12 pm
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hope this is the right forum, sorry if not.....

i currently make $54,000/yr, with a fico of 730, credit card debt of
$30,000 and a $427/mo car note (will probably be dropping that). my
future wife is moving here and should make right around $40,000, with
no credit cards and a $550/mo student loan payment. her fico is
around 640 (missed payments!).

we're currently looking for homes in the $225,000 range. the question
i have is basically what will be the best way to go, waiting for
marriage or me buying now, considering the information above, and
whether to go interest only or with a standard loan. i'm a first time
buyer, she is not, and we'd be looking at around 10% down.

thanks for any help!
jim


Posted by Jeff Strickland on September 28, 2005, 9:01 am
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You run up against the upper limits of qualifying for this loan on your own
right now, assuming a 6% interest rate. You can get the loan on your own if
the rates are really a bit lower, or you can add about 5% to the down
payment. Good luck. You can lower the payments by taking a 5/1 or 3/1 with
Interest Only, and looking forward to a refi down the road. But, you will
qualify for a 30 year mortgage if you prefer the stability.




> hope this is the right forum, sorry if not.....
>
> i currently make $54,000/yr, with a fico of 730, credit card debt of
> $30,000 and a $427/mo car note (will probably be dropping that). my
> future wife is moving here and should make right around $40,000, with
> no credit cards and a $550/mo student loan payment. her fico is
> around 640 (missed payments!).
>
> we're currently looking for homes in the $225,000 range. the question
> i have is basically what will be the best way to go, waiting for
> marriage or me buying now, considering the information above, and
> whether to go interest only or with a standard loan. i'm a first time
> buyer, she is not, and we'd be looking at around 10% down.
>
> thanks for any help!
> jim



Posted by Best No Credit Real Estate on October 5, 2005, 12:28 pm
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Jim,
We can help! That is why I'm in this business. To help people, which
others will not help because of past problems or current circumstances,
which has nothing to do with their ability to pay their monthly
payments.

We do not credit check or income! We require a 10% consideration (Down
Payment), 3 character references, and a $750 analysis fee! Which is
100% refundable if the application is denied for any reason. That is
it!
99.99% of Applicants are Approved!
Apply Online at http://bestnocreditrealestate.com

Our terms are a fixed rate of 9.9%, 30 year term, with No Pre-Payment
Penalties! Refinance for a better rate at any time. We report to the
credit bureau to improve buyer's credit score.
Apply Online at http://bestnocreditrealestate.com

Sincerely,
Chris Latham
(321)724-0196
Info@BestNoCreditRealEstate.com

No Credit Check, Stated Income, No Doc. 90% LTV Home Assistance
Program!
http://bestnocreditrealestate.com

Mobile Home Refinancing! Rates starting as low as 5.99% and terms from
7 years up to 25 years!
http://bestnocreditrealestate.com/



Posted by Jeff Strickland on October 5, 2005, 12:45 pm
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Jim,
My very quick analysis is that you qualify for a 6% loan with your income.
You do not need a "distress lender" that charges outragous rates just to get
you a loan.

You might need a distress lender, but what you have told us so far does not
indicate this to be true. If you are in California -- not likely with the
purchase price you suggested - Arizona, or Nevada, I can take your ap over
the phone and get you an Approval Letter, or at least advice that you need
the services of a sub-prime lender.




> Jim,
> We can help! That is why I'm in this business. To help people, which
> others will not help because of past problems or current circumstances,
> which has nothing to do with their ability to pay their monthly
> payments.
>
> We do not credit check or income! We require a 10% consideration (Down
> Payment), 3 character references, and a $750 analysis fee! Which is
> 100% refundable if the application is denied for any reason. That is
> it!
> 99.99% of Applicants are Approved!
> Apply Online at http://bestnocreditrealestate.com
>
> Our terms are a fixed rate of 9.9%, 30 year term, with No Pre-Payment
> Penalties! Refinance for a better rate at any time. We report to the
> credit bureau to improve buyer's credit score.
> Apply Online at http://bestnocreditrealestate.com
>
> Sincerely,
> Chris Latham
> (321)724-0196
> Info@BestNoCreditRealEstate.com
>
> No Credit Check, Stated Income, No Doc. 90% LTV Home Assistance
> Program!
> http://bestnocreditrealestate.com
>
> Mobile Home Refinancing! Rates starting as low as 5.99% and terms from
> 7 years up to 25 years!
> http://bestnocreditrealestate.com/
>



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