 Moving into a new house with roommates; how do we decide who gets the bigger master bedroom? |
| I am about to rent a new house with two of my friends. However, one of the bedrooms in the new house is much larger, has its own full bathroom and a door out to the upper deck. How do we decide who ... |
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 First time home buyer. How much will the bank loan us? |
| The house is appraised at $90,000. We are approved for it, however, the seller is only asking $85000 for it. I have no idea about mortgages! This is my first one and I'm wondering if we can ... |
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 Should my rent be less?? |
| I moved into a downstairs duplex studio unit a few months ago. It costs $550.00 a month w/all utilities incl. The first and last months were due in advance. As soon as we moved in our cat got ... |
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 Reduced Mortgage Payment? |
| Will a mortgage company reduce your payment for a short period of time (2 years) because of a financial set back.... |
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 What can I do if I suspect my leased home has become abandoned? |
| I have a contract with a couple, where I have leased my home to them under the agreement they were to obtain fianancing within a certain amount of time. Therefore, they have been making payments, not ... |
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 Is this mortgage fraud? |
| There's a builder in my town who offers something called a 'home trade program'. Just like trading cars, they buy your house when you buy theirs. That's not the part in question. T... |
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 How quickly can you refinance? |
| How quickly after you buy a home should you/can you refinance if you have an 80/20 mortgage? How quickly can you get a home equity loan if you've done a ton of home improvements that have ... |
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 If you were a landlord and a tennant needed to break a lease 6 months early, what would you do? |
Would you hold them to the "letter of the law"? or would you be understanding?
Let's assume that the tenant is trying to find someone to take over the lease but has not been ... |
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 Anyone have any good ground rules for renting to a friend that has kids? |
My husband and I will own the home and she will live with us and pay rent.She has 3 kids and will use 2 bedrooms.What should the upfront rules be and how to handle any issues as they come up?
A... |
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 Can my land lord automatically warn us that if we put Christmas lights on, she'll raise our rent money?!? |
She always tries to find reasons to raise the rent money, but she crossed the line with the warning, that if we put up Christmas lights, or a Christmas Tree w/ Lights, she'll raise the rent!?
... |
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 When buying a house, should I hire a realtor? How much does this cost? Who pays realtor fees-seller or buyer? |
| I'm looking to buy a house (1st time homebuyer). I spoke w/ a realtor who said he will help me find a home. When I asked him how much his services will cost me he said "Nothing" and ... |
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 Can my roommate evict me if my name is not on the lease? |
| my girlfriend has decided it's time for us to move on, but i'm the one who's getting kicked out of the apartment. Can she do this without warning b/c i'm not on the lease?... |
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Mari J | Bad debt and Homeownership? |
Yes Im trying to get pass paying rent, my rent is like paying my landlords mortgage..$1600, but I just can't get pass the debt I have along with rent due Im in the hole $1475, mostly payday loans, which I've gotten to to help pay rent last month's rent. I got ILL and injured on the job, and my SDI won't kick in for 10-15 days. I just want my own house for me and familly, my credit score is not so great 574 last time I checked, and I don't know what steps to take |
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bdancer222
|
Home ownership isn't for everyone. If you are resorting to payday loans now, you are not financially stable enough to buy a home. Gone are the days when folks with poor credit could still get a mortgage.
You need to find ways to increase your income and decrease your spending. Make a strict budget. Eliminate all the extras -- cell phone, eating out, new clothes, premium cable and internet, etc. Maybe you should look into someplace with cheaper rent too.
You have to learn to live within your means. Then you can work on cleaning up your bad credit and save money for a downpayment. |
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saberhilt
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You're currently renting, yes?
Do you have a family member you can borrow the $1500 from? A Love Loan as it were? Those payday loan places charge an almost 90% annual interest rate!!!
What kind of car do you drive? Has it been paid off, or are you leasor type guy? If you're making car payments, look at selling that car and buying yourself an older clunker, something you don't have to make monthly payments on. This will free up some money on a monthly basis. |
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Bruce J
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Unfortunately, your timing couldn't be worse. The mortgage industry is cracking down on high risk loans right now. If you are a single mother, you might see if 'Habitat for Humanity' has any places available. They provide a new home at about 30% less than market value. These homes are built by largely by volunteers, and they are primarily for single mothers that are having trouble with rent. Your payment may not go down dramaticlly, but they will help you get financing. If you are married...sorry. I don't have a whole lot of suggestions. |
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RA
 |
Un fortunately Sub prime Lending guidelines have become very picky in the last 6 months. (With a score of 570-620 you fall into that category) It will be almost impossible for you to find 100% financing) If you have a retirement account or savings you more than likely will have to dip into it and get a 90% to 95% loan (that means your coming out of pocket with 5-20% of the value of the home.
My advice is concentrate on paying down your bills. To improve your credit rating do not go late on any account and monitor your credit go to Creditexpert.com there are many tips that will help you improve your score and will also monitor your scores. These steps will save you a lot of money in the long run. Once you get your score in the mid to high 600’s you will be in a whole other ball park and will qualify with decent loan terms for a first time home buyer.
If you live in Florida contact me I own a mortgage company and will be more than happy to send you some tips
Hope that helps |
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toots
 |
You owe money, have trouble paying your bills already, and have bad credit.... hmmm. No lender in their right mind will lend money to you!!! They would have to finance over 100% of the debt (mortgage) and charge you a high interest rate.
With so many mortgages falling into default (foreclosure) in the US, financial institutions are tightening up their loan qualifications, and since you would be considered high risk, it ain't gonna happen. Period.. |
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Bibs
|
1. Eat some humble pie and move to an $800.00 per month apartment.
2. Cut back on cell phones, cars, motor cycles, and other toys, spending money in bars and restaurants.
3. Eat some more humble pie. Are you trying to impress people with your life style? It's not how much you make or spend that counts, but how much you save. |
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jade h
 |
I think you need to improve your credit score. To find out specifically what you must do to raise your score, you can order your score report from all three national credit bureaus. In addition to your score<!--you'll get your credit report, an indication of how your score ranks nationally and an explanation of how you can boost your standing.
http://badcredits.awardspace.com/creditscore.htm
In order to improve your credit score, it's important to know where you stand currently. Despite all the media attention given to free credit reports-->you still have to pay to find out your credit score, the three-digit number ranging from 300 to 850 that is the key to your borrowing costs. |
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CPA/PFS
 |
First, payday loans are extremely dangerous. Especially if you do not have a sure fire way of re-paying them. Borrowing from payday lenders to pay rent is a huge warning sign.
If you can't pay your rent, you won't be able to pay your mortgage.
You are a classic example of why one needs an emergency fund. That should take priority over buying a house. You do not have the flexibility to handle life's economic ups and downs. Only after that, should you consider buying a house.
So here is my specific recommendation.
Step 1 ... pay off the payday lender.
Step 2 ... build an emergency fund.
Step 3 ... save up for a down payment.
Step 4 ... only after the above three should you buy a house. |
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