 Renters did something without our permission? |
OK, the house payment on our rental is $850, we charge $950 to cover expenses.
We got a call last week that the AC went out so we sent someone to fix it. They just said they had no idea why it ... |
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 Who customarily pays for a survey of property prior to sale - buyer or seller? |
| There's a possible sale of property from my dad's estate. Property is located in Maine. A potential buyer wants a survey done prior to sale. And he's not committed to purchase - even ... |
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 HELP I just rented an apartment for a 1 year lease. Now she wants me out??? |
| Now, 3 weeks later, my landlady says she needs her apt back beause of personal reasons. She is telling me my lease isnt valid because i didnt go thru any board association for aproval from the ... |
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 I need someone to obtain a real estate loan for me and take the advantages/equity, sell back to me in 2 years |
| I am looking to purchase a condo with an interest only loan. a monthly mortgage of $640.00 My credit score is not high enough to obtain the loan right now and the offer wont last long. I was ... |
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 What do you think of your local Real Estate?? |
| is the market in your area strong/ weak/ buyers market/ sellers market/ ect.ect.... |
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 My score is 777,my hubsands 750; I am a recent stay at home mom, will the lender use my score w/out income? |
| I quit my job to homeschool in Nov 07 and we found our ideal home and community last weekend; now I am concerned that my credit will not be taken into consideration without having income. The ... |
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 Can a text message ever be legally binding as giving landlord notice 'in writing' to end a UKtenancy agreement |
Can they say that a 'text' is the same as 'in writing' legally?
Additional Details
It's ok - i am hoping the answer is no as landlord is trying to evict me on ... |
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 Housing benefit? |
| i am recently separated, and wanting to move out of maritial home, if i rented house of approx 500 would i get help, as i student on 11,000 in bursaries butthat includes childcare, does any1 kow wot ... |
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 Do you see any violation in this situation? |
I bought a house last year.Seller was my friend and also a mortgage broker . She wanted to sell her house to me with reasonable price. She also wanted to be a mortgage agent on this loan.
So I ... |
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 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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ted.stryker | My wife and me are trying to buy this house and am not sure if its the right choice? |
I am shift leader at blockbusters video and am making 8.50 an hour with a yearly salary of 23,500. My wife does house cleaning and makes about 17,500 and she is pregnant. We owe alot on our credit cards (about 10 grand each) and like to party. This morgage lender guy says he can get us into an interest only loan for about 2300 a month. I mean that would be really really tight but we dont want to lose this house. Its cool, it has a pool and stuff. Should we go for it? wil the government help us if we cant pay? Thats what I heard they were doing. Anyways, let me know. |
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Landlord
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This home is far too expensive for you! It is not even "tight" it is impossible. That baby catches a cold and you are broke.
And, no, you misunderstood the present government bailout. They would not be able to help you.
Try looking at hud.gov. You are very low income and may qualify (although you may have too much debt) for a hud (government) home. Any that are available in your state/city will be listed there. |
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lepr0kan
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Your loan officer is wrong, you would never qualify for a mortgage that high your debt to income ratio is well above 50% without counting your other debts and lenders will not loan money if the ratio is above 40% max. You need to find a new mortgage broker and look into more inexpensive houses. The most you'll be able to afford monthly is $1366 including your taxes, insurance, and any debts you have. Good luck. |
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QandA
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I wouldn't try to buy the house if I were in your situation. You should pay off your debt first and stay away from interest only loans. If you can't qualify for a 30 yr fixed then you really can't afford it and you will probably get into trouble in the future. All the problems going on right now in the mortgage market are because of people who got "great deals" on interest only loans but now they have adjusted up and they can no longer afford it. The government is providing some help, like freezing certain interest rates, but they will not bail you out if you can't pay. |
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MCM Lexi
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Don't get in over your head. You already have a lot of debt, and neither of you make that much. There will be other nice houses... probably without pools, but you don't NEED a pool. You will probably be happier if you aren't swimming at all rather than swimming in a bunch of debt. And you probably should not rely on the government to help you pay for anything! |
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Diana
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From the way things sound for you right now, I would not jump into a $2300.00 mortgage. If you are set on getting a house, look for a lease/purchase option. It gives you the advantages of renting without your rent money going out the window. Your mortgage should be no more than 40% of your income. Be wary of mortgage brokers,also. They will wedge you into a mortgage you really can't afford by fudging numbers. The Government may help you, but it will take time and is probably too high of a risk. You'll also need to ask yourself, how soon after the baby comes can your wife work? How long can we live on my income alone? hat if I lose my job, take a pay cut,etc. Trust me, from personal experience, letting a realtor and mortgage broker sell you on a house is not always a great thing. They want that commission and once you've signed the papers, you're no longer their concern. No matter what you decide, I hope it works out for you.Congrats on the baby! |
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bud68
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In your situation, there is no way you should be trying to buy a house. Get your debt paid off first. You're about to become a parent, so time for you to grow up. |
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Josie826
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Personally, I think its too much for your current budget. The only question I have, is your wife going to continue working after she has the baby? If not, you are going to lose her entire salary. Even if she does go back to work, $2300 dollars a month is a lot for an interest only house payment. My husband and I pay half that and we make three times as much as you do a month and its tight for us some months. Maybe go for a cheaper, smaller house at the current time, build up equity in that house and then you could afford a bigger more expensive home down the road. Also, pay off the credit cards and then cut them up or put them someplace that is not easily accessible. |
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hottotrot1_usa
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If you can't afford the "interest only" amount, you shouldn't do it. You're taking one of these risky deals that so many other people are losing their shirts over. |
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trblmkr30
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I'd pass on this home for right now. Sounds like your lender is trying to get you into a $400K home, when you should be looking at a $150K home. Also, he sounds unscrupulous to boot, as he's trying to get you in somewhere that is way above your means.
If you want to buy something, I'd find a good Realtor and take recommendations from him/her on a GOOD mortgage lender. I think that's the best decision you can make, as it will end up saving you money in the long run.
Best of luck to you! |
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Iloveshane
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think about when the baby comes or if she has to stop working towards the end of her preg. what will u do for money...find a decent apt and use all ur extra money to pay of your credit card according to both your incomes your rent/mortgage shouldn be more than 950 month.for now buy a cheaper smaller home...then hopefully one day when you make more money you can afford that home with the pool as of right now you cant. pay off the debt first. then you can talk to someone about an fha loan...dont do interest only loans youll drown in debt...your gonna need money when that baby comes. |
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The Authority
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Interest only and its still $2300/ mo? How much is this house? It doesn't seem like you and your wife make enough income to afford that to begin with. You are going to lose the house once the interest only payment switches over to Principle and Interest. What about the taxes and insurance? Are you even adding that into the equation when it comes to your monthly housing payment.
After all that my advice to you is to pay off the credit cards. Then maybe you can buy a house that is a little more affordable for what you are going to be bringing in.
Combined you both only make $41K/ year. If you have to pay $2300 times 12 which is $26000. That is over half your income going to Interest only on your housing note. If either of you have car payments and these other bills your income to debt ratio is very high. I would think it would be difficult to get you both approved for a loan like this.
The lender sounds very shady. Talk to someone who is legit. |
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