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Additional Details
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WINO | Buying a house w/huge CC debt? |
A family member would like to buy his first house w/new wife. I believe they have over 60K in CC debt, but have good credit. What is the likelyhood of actually buying a house?
Additional Details
I think they make 100K together, but live in the DC area. Houses there start at 250K for a crackerbox. I don't think they can do it, but wanted to get other opinions before I confront them w/reality. |
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Johnny A
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How does one get 60K in the hole w CC...sad....
If you cant afford it...don't buy it. |
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sher
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I think if they have good credit and high enough incomes to afford all of their current debts and a mortgage, they should be able to. 60k in credit card debt...wow! |
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leonardhomes@sbcglobal.net
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If they are making about $400k a year they won't have a problem |
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godged
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Debt to income, credit score and stability of employment would be the determining factors here.
Unfortunately, if they have racked up that much CC debt, they are living WAY beyond their means and purchasing a house with that in the mix is a recipe for failure. I'm sure if they shopped around long enough, they could find someone to write the loan, but what a disservice to folks that need some financial counseling. |
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Steve R
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100K a year with 60K in debt, no way. |
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donald e
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not enough info to answer ur question, it depends on their monthly payments for the credit card debt vs. their monthly income, yes it can be done if their income is high enough, and credit is good, best bet is divide income by 12,multiple that number by 40% then subtract all car payments, credit card debt, installment and revolving debt from the total, then subtract approximate monthly property taxes and 75 a month for homeowners insurance, what ever u get divide by 6.66 and the quotient will tell u in thousands of dollars approximately how much house they can afford to buy, most lenders will go a little higher so i left you some fudge room on the 40% i have seen lenders go 42-45%. |
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Murbie
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They are going to have problems getting a loan. Home loans are really hard to get now 'cuz of all of the foreclosures going on. Mortgage companies are super strict on who they give money to. If they have a 60K cc debt, chances are close to none. Do they have a down payment? That may help a little. They really need to pay off the cc bill first. Then go for a loan. That will determine the intrest rate as well! |
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Rigo
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I'm not a loan officer or anything, but I wouldn't say it would be good at all. Either be refused, or be offered a deal that would completely ream them apart.
A person who has that much debt doesn't show a good enough history to trust with a large loan. Plus, I really don't see how anyone can rack up sixty thousand and credit card debt and have "good" credit. that much debt shows they can't handle credit responsibly even if they had the money to pay the bills.
Sounds like one of those cases where someone'd pull a subprime mortgage deal or something over their eyes. |
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zebe912
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I don't know about the likelihood, but how can they be that much in the hole and still have good credit? They may be able to sucker a bank into taking a risk on them, but it sure doesn't seem like a good move. They should use the money they'd put into paying a mortgage into paying off their debt first. Then they should learn how to budget & save before buying a house. Otherwise, they are taking a big risk of ending up in foreclosure & homeless. |
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BIGDAWG
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Very Very Good chance.
The way it is dertermined is a couple of factors
1) Dept to income ratio .... ( dept / income )
2) The loan to value of the house
3) Down payment, borrower contribution
4) Townhouse versus a 4,000 square foot home
5) and a FICO score close to 680
I would be able to place this loan in about 3 hours !!! |
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Taylor's Dad
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They will likely end up with a "sub-prime" mortgage and those are very risky. A lot depends on their income, of course. |
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Johnny Apollo
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Thats a recipe for disaster. Their debt to income ratio is the key. Rates have gone down some. Unless they find a great deal on cheap house, they should probably do the tax payers a favor, and rent...until the CC's are paid off & cut up...(one more idiot(s) for the tax payers to "bail out"). |
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laindebt
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No one can understand this if you live in middle America. Try living in LA and having no work for almost 2 years and health problems that caused huge debt. To rent a home here we had to move 30 miles outside of city. So we pay 2600. Now we could buy a home and have payments for much less. But we too have credit card debt around $60,000 and good credit. Never missed a payment - ever. So we can't get a break bec we can't qualify for a mortgage but we can't afford our expenses. We are almost maxed out on our credit limits. Have 100,000 in retirement and no other safety net. Still no work. Please arm chair experts - advise. It isn't always a matter of if you can't afford it don't buy it. Our debt is from charging medical bills, emergency trip for family funeral, gas, groceries, utility bills. Thanks |
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