 HELP. I have an opportunity to buy a 2500 sqft home for 360k and no down payment with an interest only loan? |
| for 7 years. This is because my parents cannot sell it in time and will have to foreclose. I only make approx 45k a year, I can afford the payment because I have permenant renters (brother and sister)... |
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 UK QUESTION - What is are the benefits of being a home owner? |
| YES I know its an "investment" . Me and husband have been homeowners for the last fifteen years and I don't feel that we currently benefit from being homeowners (maybe when we're ... |
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 Renting an apartment and shelves? |
| I'm currently renting an apartment and want to put up some small shelves. My lease doesn't say that I can't do it, but it does say I cannot alter the apartment in any drastic way or ... |
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 Can a balif enter my house when im out and remove my possesions? |
Additional Details
sorry guys and thanks but i looked it upif your out they cant if your in and hide and keep quite they cant! ha ha although there is one case where procedure wasnt ... |
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 Are landlords aloud to splice your phone line? |
| Yeah... so for a few months now I have been hearing someone pick up another line while I am on the phone and my hubs at work. My landlord lives above me. I will test the line by clicking "... |
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 How can I prevent landlord from entering? |
| I tried yesterday, all day, to get a judge to enter a restraining order against the landlord. He refused. However, the landlord has not evicted me. Instead, he harassed me with a fake "notice ... |
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 OMG Electric bill is nearly $600!!!!? |
| I live in the upstairs of a house that has an illegal basement apartment and I split the bills with the man that lives downstairs. He has a hot tub and I"ve been trying for a year to get him to ... |
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 Taking over a mortage? |
| My boyfriend and best mate have a mortage on a house. I want to take over the mortage from his best mate (so he and I have the mortage). What are the best ways to do this?... |
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 Is my landlord trying to be greedy to keep my security deposit? |
| I have my final inspection coming up here next week, but my landlord keeps throwing new things at me... I got the carpets steam cleaned and look almost like they did when i moved in.. yet he wants me ... |
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 I've changed my mind on buying a house, can I get my earnest money back? |
| We signed a whole bunch of papers with intent to buy the house, but we really want to make a more informed decision before purchasing our first home. What do we need to do in regard to the papers we ... |
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 I told my landlord by email that I'd be moving out in August on July 2nd. Can that count as a 30-day notice? |
| I told my landlord on July 2nd that I'd be moving out in August. The exact words were "we're planning on moving out... in August." written in an email. I gave her our specific ... |
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 Would you sacrifice a long drive for a beautiful house? |
I just wanted to know how many of you would drive lets say an hour and half to work knowing that you have this big, beautiful house to come home to everyday?
My bf and I have been talking ... |
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 Is this normal in a rental agreement? |
We came across 2 things that seemed odd, but maybe it is normal.
first, they require that we have renters insurance. okay that is not weird. but then they let us know that they also have ... |
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 Buy or rent a $450k house??? |
I have an opportunity to rent a house that is worth about $450k for about 1900/month. Agent telling me i should just buy one instead but my math says otherwise.
1900/month X 12 = 23k ... |
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 Richardson Equities LLC :Jeremy Richardson : Come out Come out where ever you are? |
Even snakes come out of their holes for air Jeremy, when you come out of your's I'll be there. You can run, but you can't hide , I will find you.
Richardson Equities LLC <J... |
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 Does anyone else look on estate agents as parasites. ? |
Additional Details
What would be a suitable punishment for
them for leeching off decent hard working people. ?... |
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luvpudin | Do you need perfect credit to get a mortgage? |
I have a few accounts that show "settled" or "settled for less then owed" on my report and one or two that are in collections that need to be paid off. My husband has some medical bills from a car accident on his credit report which will take years to pay off ($58,000).
We have 2 years to get a mortgage for a house we are renting to own.
What are the chances of us getting a mortgage then for the house? We will have a $10,000 down payment plus closing costs (our landlord is giving us back cash from our rent after 2 years towards these).
Do you think we will get approved?
Additional Details
Yearly income combined: $64,000
State: Florida
Credit Scores Now: low to mid 500s (working on improving)
Purchase price: What the house appraises for in 2 years. If the market in FL stays the same, my guess is around $175,000. |
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tylerjohnking
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I Think you will get approved no problem.
I would reccomend shopping around first (go to at least one major bank) but you SHOULD end up with a private mortgage company.. they will be more inclined to give you what you want.
Ammertized over 40 years, depending on you're salary's , I think you guys shouldn't have a problem.
put it this way, a shabby credit rating is better than NO credit rating at all..which is what some people have. at least it shows that you have handled money in the past!
good luck.
and don't hesitate to talk to a financial advisor. I did and I am so grateful for it.
I just got my first pre-approval a few days ago :) |
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Gary W
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If you have $10K down and a pulse, someone will approve you. And the pulse is optional. BUT.....you don't want those types of loans. Take a year and build perfect payment history on any installment debt. No lates. And pay your cards down to under 30%. Then yes.....you will likely be able to slip in on a 30-fixed. First time buyer? Ask about Fannie Mae options which is what I used with a low to mid 600's FICO. |
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Nic C
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A lot depends on your and your husband's yearly incomes. |
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loudevone
 |
I just asked our FHA processor and she said the total aggregate cannot exceed 5,000 for medical collections. If you are having an insurance issue, I would pursue the insurance carrier first and have them pay what they are supposed to pay, then go for the mortgage. |
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Tundra21999
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Very possible but very hard to determine without reviewing credit reports. Lender requirements are increasing. It would be best to dispute the collections before paying them as paying them will update them as recent collections. In addition those collections will stay on your credit report for another 7 years from date of last activity.. i.e the date you pay them. |
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iplaybass22
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Right now it will be hard. Wells Fargo finances based on credit score. You need at least a 620. |
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SmartyPants
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you wil lbe approved.. my wife and i are 20 years old with hardly any credit.. none at the time we baught our house (we weren't married at the time) and we got a 130,000 loan... depends on the bank... where do you live? that woul have a lot to do with it... lemme know how it goes.. you should be just fine.. dont settle for any rate more then 6.0% nowawdays... |
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I can haz cheezburger
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it depends on how much you are asking for....and where you live, what financial institution you go through....you will more than likely get apporoved but the amount is dependant upon your credit score and what not |
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Alex
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no way. my parents had a horrible credit score and got 2 mortgages. don't get me wrong they got fu(ked over in the end and now they are divorced, but they go the mortgages |
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Gertie
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what you can do is go on www.annualcreditreport.com its totally free you can only see this report once a year for free from all three agencies dispute any negative listings on your report. chances are you might be able to get them deleted from your file |
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Elaine K
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It really depends on what your actual score is, but reading what you wrote I'd say you will have a hard time getting a mortgage, and not so much the "settled" status, but the debt you have. You may need to get a mortgage on your own if you can afford it; if not, spend the next year saving every penny and try to get his debt down to half before you try for a mortgage.
Unfortunately nowadays lenders are being more picky about who they give mortgages to. |
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