doodoobrown

Thanks for the insight Brian, I guess it's back to the drawing board for me then, 20% is just too much money to risk on something like this.

Hello all, I’m hoping you guys might be able to shine some light on a potential home purchase. My fiancé and I would like to fulfill our dream of purchasing a vacation home in Puerto Rico. We would plan to rent it out most of the year for the foreseeable future. We currently rent our apartment and have never owned a home. My questions, of course, concern financing for this home. From as much as I can gather it would be considered an investment property and hence our options would be much more limited and entail a considerably higher down payment. In my research, however, this is always mentioned in the same breath as ‘second home’ or ‘second mortgage’ which would not be the case for us. Here are some additional bits of information. -The house must be financed through a Puerto Rican bank (PR law as I understand it) -We both have credit scores over 740 So the specific questions are (please let me know if I am missing something): -Would the home always be considered an investment property? -Do banks always require 20% down as I’ve been reading? -Given the poor economy which is especially bad in Puerto Rico (http://lapress.org/articles.asp?art=6307) are banks more open to negotiation? -Might we have better luck with a private lender? Thanks so much, any info you might be able to provide would be tremendously appreciated!

@Stryker That would be great, thank you!

@jtoast Thanks for the replies, that is a good point regarding the PFD, I'll get rolling on my DV letter this weekend. I'll also try posting my student loan question in that forum. Thanks again for the help!

Hello All, This board had been a fantastic resource and I am finally delurking to ask two questions. After almost seven years, I can almost see the finish line, but.... 1) I have one negative tradeline I'd like to do a PFD on. It's for a relatviely small amount and it's definitely mine. Question is, do I really need to go through the DV process or can I just send off the PFD? A little background, I have never once spoken to the CA, but the debt is valid. It is being held by Credit Protection out of Dallas TX if anyone has any PFD experience with them. 2) I defaulted on two student loans a number of years ago. I arranged to pay them off together and they are paid off. The end result, however, is that I have three negative lines on my report. Each of the original accounts are listed as charge-offs, and the consolidated payment is listed as a collection account. Paid off, but a collection account nonetheless. Is there anything I can do to consolidate these negatives? I feel like there should only be two, either the loans shown as paid or the total of the loans shown as a charge-off and the consolidated account shown as paid. Thanks in advance!