mommyof2monkeys

As long as you didn't sign anything with him find a buyers agent in your area that shows up on time and that you like. Good luck! Tammy

I would not move out until the divorce court says to. You are going to be the one with damaged credit if you move out. Is the house just in your name? Can you sell it for what you owe? Tammy

I am wanting to buy a house for $230,000 or up to $240,000 with closing cost help in Texas the DFW area. Taxes are $5400 a year on the house and I am assuming home owner's insurance will be under $1K. We own a house in FL; however, we shouldn't need to include the rental income to qualify. We have a signed lease since June 2011. I am getting my realtor license this year also so I am not sure if I can have the buyer's agent fee to go to closing cost yet or not. Dh's W2 income is $185K gross salary is $150K House in FL $1390 2 Cars $580 Student Loans $236 I am assuming our ratios are totally fine even with the house in FL. We do get $2K in rental income. How much would we need to put down? How much would we need in savings? House in FL is not a FHA or Fannie or Freddie loan so I am assuming 3.5% would be fine but not sure what we need for closing cost. Do we need more in savings for having the rental? Tammy

Forgot again LOL No we won't move into the duplex. We are not moving kids again. Tammy

Meant to add Jan will be the first year to file the rental income though it will be for 7 months worth. The 2 duplexes we should be able to buy without any rental income calculated into the equation. We live below our means. The mortgage on both of those would equal what 2 car payments would be for some. Tammy

I realize a mortgage of $1100 and rent of $2K does not equal a profit of $900. There are many other things to consider I was just giving the hard numbers for mortgage approval. Yes we would be able to weather the storm. OK on the 20% I thought I saw there was 5% options available if you have the savings and cash flow. Tammy

We bought our house Oct. 2011 for $212K only for dh to be laid off and we had to move to Texas. UGH. It is rented and we are liking being landlords. I am a SAHM. Our goal is to buy rental houses and I will manage them. I am going to get my realtor licenses eventually in the next year so I can negoiate our purchases and possibly work with tennants as their buyers agent when they are ready to buy. Dh just started this job in March - his resume would show no down time. However he hates it and they have taken bonuses away and done a pay cut which puts buying rental houses out of reach now:( Dh is interviewing at two other companies that would bring his old pay back and then some WHOA! All of the jobs I would assume be considered same industry. The paycut hasn't been very long so should not reflect negatively if he lands these one of the other two jobs. Here is the info Income $150K a year though it would actually be more Only negative on the CR would be BK ch 7 discharge 3/2008 current rental started 6/11 rent $2K mortgage per credit report $920 (we include lawn and pool care not sure if this is factored in to cost) we currently rent for $1800 - we are thinking of buying rentals before buying our house If rentals would still be available next year I have 3 properties picked out First - $125K for a duplex 5% would be $6250 so add $3750 for closing would put us at $10K down. Mortgage would be $1100 month estimating rental income would be $2K a month We are hoping to buy two duplexes next year. Can we do 5%? So $20K down for two duplexes. After buying the 2 duplex how much would we need to put down for a $350K 7 unit property. When can we start adding rental income into qualifying. With the first duplex and maybe even the 2nd we should qualify on just dh's income. Thanks Tammy Second would basically be same Then there is a 7 unit building that they listed for $495k but is way over priced. Would want to get it for $350K. I am showing mortgage payments of $3K with rental income of $7K.

Don't get a car with a $500 payment that is crazy!!!!

I agree I giggle hearing people in our market talk. Technically we got a precrash house that was $450-500K for $212K. Plain and simple fact is it is not worth that anymore. Now we did buy a foreclosure and repainted and put down new carpet. We have had to put it back on the market for $230K after 6 months of ownership and have had about 25 showings in 3 weeks. It has been crazy - no ffers yet. We have a renter and going through the paperwork now this was what we wanted to do. I think most buyers knew we would not come down in price and I think psychological people want to ask for less. We are renting for more than the mortgage so we are happy. Tammy

I have dh's scores from myfico.com but am wondering if score from Experian's site accurate fo Experian? Thanks

Can anyone offer advice?

Brain, The CR actually says paid as agreed if you look at it. Nothing on our CR shows anything negative since the BK. Everything that was included in the BK is zero out with the status last update with the BK timeframe. The only thing is the van loan that is being updated as paid but then has the BK notation so on the explanation page of why credit score is low one report says recent late 1 month and the other report says recent late as 7 months. The van loan is the only thing that would coordinate with then and if you look at it everything looks fine with green marks on the calendar for payment but it still has the BK notation so they are scoring it as negative even though when you actually look at it it looks good. Tammy

OK I looked at it in detail. One report say 1 month most recent and one says 7 months. There is one account that lines up with that between the two. It is for my van. They say pay as agreed but there is a BK notation. We did file BK but reaffirmed then and have paid every single payment on type. Is there anyway to fix this so it is not showing up as deragetory for every payment made. Tammy

My husband's credit score is 620. We went through BK 3 yrs ago. The only issue is our vehicle is showing included in BK but they are updated that we pay every month so it is getting scored as a new deliquent every month bk of the notation. We were hoping to do a Homepath renovation on a house in Texas for $100K and rehab $15K. Dh W2s for $125K a year. Is there any way we can get a mortgage?

I pulled my dh's credit report b/c we want to buy a house. We need 660 score. From myfico.com his Equifax is 622 and Transunion is 613:( Trans has always been the lowest so assuming Experian is as high or higher the Equifax that means his mid is only 622. We would need 40 more points. We did have a BK that was discharge in March 2008 so it is 3 yrs old. Everything seems fine with everything be cleaning since then except the understanding your score says the most recent late is 1 month. There is nothing negative since the BK. What is this? Tammy