 My brother wants to put real estate in my name so CHILD SUPPORT doesnt take $$ From him, Advice Please? |
| I am 25, my brother is 26. I have no children. He has 3 by different mothers. He loves his kids, but unfortunately has not been man enough to pay child support for the past few years, which is ... |
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 If a house is haunted & you are selling it....? |
does it have to be disclosed to the potential buyer by law?
Additional Details
Should it be legal everywhere to disclose this information?... |
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 What to do if a co-signer refuses to get out of the loan? |
| My dad bought a house about 2 years ago, I have 2 little brothers, and the co-signer is single.. he now hates my dad and refuses to get out of the loan he said he wants to see us in the street! he ... |
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 Selling a house? |
| Say that you have your house on the market at 50,000. Then someone is really interested, they have the money, and everything is in the works. The lending institution orders an appraisal and the ... |
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 What is the legal amount can a landlord increase ones rent? |
| lived in a three bedroom apartment for six years now. have had my rent increased $50.00 a year. going on to my sixth year and my landlord is now wanting to increase my rent now $150.00 more. is their ... |
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 Can a Land lord make these demands? |
| Demand to meet you at the bank that he has set up an appointment with, to review the tenants finances and proof that his rent is being paid in every month. I am forced to show him my financial ... |
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 How can I stop my ex-landlord from ruining my credit? |
| I had been renting for a while when I decided that I was throwing my money away by renting. So I ended up looking to buy my own house. I initially tried to time it so I could close on something at ... |
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 What can I do when my house is not selling? |
| I got a job in a different city than my house is located. What can I do? Renting is not an option.... |
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 Why are some landlords so funny about DSS and Animals? |
| Before the more biggotted among you start, I'm thinking about those on DSS because they are working and getting a low wage or are not in a position to work - ie, carers, retired, disabled not ... |
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 Should my brother need a cosigner for an apartment just because his fiance's parents say he should? |
I received a call from my younger brother asking if I could co-sign for an apartment for him?
Here is the situation:
He is 26 years old. He just came out of the marines last ... |
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| Ok i'm tryin to get on the property ladder. who is makin up these house prices cause they r too expensive. |
| i have a good career, i earn a fair bit, just not enough to buy a house in essex. why r they so expensive.... |
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 Should I rent to this woman? |
| I finally found a renter. However, the woman barely makes enough to cover the rent. She would only have $500 dollars left over a month after paying the rent. But she also gets 30k in child support.... |
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 To buy or not to buy real estate? |
| I have the opportunity to buy a 4 year old condo worth just shy of 100K for 75K plus closing costs essentially paid. It is in a relatively stable market with no sharp spikes up or down (during the ... |
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 My rent is £65 weekly if i was to buy the mortgage would be £430 including insurance .? |
| if i was to buy my house the mortgage is £430 monthly whereas i only pay £65weekly for rent would you buy it and hope you can find the money every month. I only have a part time job which pays £125... |
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 Arent you pissed off about the Bailout????? |
| All that 700 billion dollars is out there with CEO's and Brokers. All crooks!! WAMU CEO made 18 mill in 3 weeks! wtf is that about??? The FBI needs to crack down and take away all that money ... |
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 Who gets the tax benefits to owning a home? |
| If there is a borrower and co-borrower on a mortgage...which person benefits from "home ownership" when doing taxes?... |
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 Which city is the best city to live? |
| Me and my sister are both single with no kids and we're thinking about relocating.... |
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 Can landlord stop me from moving out by calling police.? |
| I have let my landlord know the furnace was not working said he would fix but has not instead he leaves for vacation and had been left with no heat since Nov 12,07 and since have been heating my ... |
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kamui r | Will I get a $300,000 mortgage with no money down in south florida? |
Here's my stats: Credit score 650-high 600's depending on who you ask, income $110,000/yr, stable job (pharmacist), good credit history but approximately 15,000 revolving debt and 120,000 in student loans. I'm going to eventually consult someone but I thought it would be interesting to hear some opinions on how feasible it would be.
Additional Details
Thanks for the tips, I'll take that as a collective no and go back to the financial drawing board. |
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Timmay
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nope, too much liability in a HORRIBLE market (subprime collapse is even worse in Florida than most areas). credit score is slightly above average, income excellent, but you have too much debt so you would need a sizeable dp of probably at least $12k. revolving debt no big deal but reduce those student loans! do NOT go for 30 year adjustable rates at all costs if you can avoid it!!! |
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T C
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You would be better off with a down payment. The mess we are in now was because too many houses were bought that way. Try a couple of big banks, and a mortgage lender. |
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robert w
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OH thank u for the giggles.
it is amazing how little financial education is taught.
keep renting until u pay off most if not all ur loans before they are due.
live on 40K (swallow ur pride) work extra hours pay off loans in3 yrs or less.
then save up 2 more years of earnings and put some serious money down.
housing market will have bottomed out by then.
debt even school loans is slavery just watch next few yrs. |
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Spock (rhp)
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not likely.
every appraiser in the area knows the outlook for properties is down ... and with no down payment, the likely reply is "can you put up 60k toward the purchase?"
worse, the loan buyers are insisting on conforming loans ... while your income is likely enough [you didn't tell us what your payments on the ccards and student loans are], you can't be a conforming loan with a down payment.
your taxes and insurance payments will be brutal as well. guess taxes at 7500/yr and insurance payments about the same ... that's 1250/month alone.
300k at 8% on a 30 yr loan is 2200/month P&I, so you're up to 3450/month or so PITI, plus your ccards at a minimum of 300 and student loans at 900/month?? [help us here] equals a total of 4650 or so a month in payments. your income is 9167/month and so your total payments would be WAAAY above the guidelines of 32% to 36% max. |
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garrisonbight
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NO... especially with a credit score that low... but there is NO MONEY FOR MORTGAGES right now... even banks aren't lending to each other. |
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kevin h
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It might be difficult with no money down, at least to get a decent interest rate. I would look for a house that is selling for around 225 or 250 and offer like 175-200. It's a buyer's market, so take advantage of it. Something else you might want to consider is getting a place that is really cheap and needs a little work. You do the work yourself to make it comfortable for you, you hang out there for a few years with a monthly payment of just 800 or 900 bucks, pay off all your other bills, and then sell that place, get a decent profit. Now you have say 30-45 grand that you can put down, no debt, and a credit score that is high. Just my thoughts. |
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kita
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Sorry, you need 10% down. |
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smiles :)
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With my income at around 40k, I was approved for I believe about 110k. I didn't have much debt at all (small 6k school loan) and I have excellent credit. Taking this information, I think you may only get approved for around 200k with all your debt.
Make sure that you try out for the first time home buyers loan if this is your first- your interest rate will be about 1% lower. |
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MissV
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You just might. Make sure you work with a Realtor who can assist you in finding a property that has a lot of equity in it. For instance, if it's worth $375,000 and you get it for $300,000 that's great! Don't worry about the student loans right now. Most people in a professional position such as yourself have a large amount at a low interest rate. |
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Quezecotl
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In today's economy? Not a bloody chance. If you do, please let me know, because mortgage requirements are becoming stricter and stricter every day. Also, you will have huge penalties and mortgage insurance fees for not having at least 10% down. |
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RanaBanana
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You might but the #1 reason for foreclosure is people buying homes without a down payment. No down payment = higher interest rates & much larger mortgage payments. |
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Johnny U
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so 420K of debt w/ 110K yr/ and 650 fico. 8 ball says i dont think so.
dont listen to the predatory Mortgage Brokers that thumbs down us. They are just salesmen that will sell you an ARM or interest only POS product. they are full of crap. stay away from them. |
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Steven L
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You probably will not qualify but not for the reasons others have said. You could qualify for Fannie Mae or Freddie Mac or even FHA with the high Debt to income ratio, your problem is going to be your income ... you flat out make too much money to qualify for those.
There are some "hybrids" of the My Community and Home Possible programs that you may qualify for, but it would take a full evaluation of your financial situation. Anyone saying yes or no based on what you have given is not in the business and has no idea what programs are available day to day. (And it does change everyday)
Speak with a licensed, reputable broker. |
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Katia
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you will probably qualify depending on who you go through, but you will end up having a high rate.......... OR you may not get approved.........
I'd say because of the amount of debt you have currently you may have a rocky time getting approved. By all means GO for it, give it a try, you'll never know unless you try...... |
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