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SummerRunner

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  1. Thanks for your reply. I guess I don't see how stated income will help with this situation. Would you mind explaining? I will have 10-15k to put down.
  2. I wouldn't even question whether to use DH on the new loan if it wasn't that we want a 150-200k house this time. I would never be approved on that high of a home loan if they are only considering my income of 43k, right? I realize DH's debt will mean a worse rate, but won't it get us more house?
  3. DH bought a 100k home 2 years ago (all is in his name) that we have been living in. We live in a large university town and are very close to campus (many renters in the neighborhood). Monthly mortgage payment is approx 1,000 which includes PMI. We could easily get that on this 3bdrm home from student renters. We would like to buy a new home and rent out this one, but we are not sure how obtaining a mortgage in this situation would work. My BK7 will be discharged 3 years in June; my scores are in the mid-600s. I’ve been a my current job 2 ½ yrs (only had one job for 2 yrs before and before that was in undergrad and grad school) and currently make 43k (plus bonuses). DH’s scores are in the high-600s; he’s been at his job for over 5 years. He made 30k until Jan of this month when he cut his hours down a bit and now makes 24k. We have no kids, I have very minimal debt in my name (no car debt; student loan paid off; approx 800 in cc debt that could be paid off), but DH has all of the home, a 370/mo car payment and about 10k in cc debt. 1) Am I better off to get a home loan on my own and leave DH and all of his debt out of it? 2) Will the broker consider that we will have income from renting the current home? 3) We will want an 80/20 or 80/10/10 loan on a 150-200k home – does that seem reasonable? I’m confident the payments will not be a problem but didn’t know how to justify that to broker? Any advice is greatly appreciated. -MDM
  4. My husband bought our home nearly 2 years ago. He got 100% financing so he has been paying a crazy montly mortgage because of PMI. 1) When and how do we get rid of the PMI? 2) Will we have to have the home appraised? 3) Is it a matter of refinancing after a certain period of time? Note: We have made minimal improvements on this fixer-upper since he purchased it, but the local value of real estate has increased so worth more than the purchase price regardless.
  5. I live in IL Yes, I have been at my current job for just over 2 years, with a significant raise 1 year ago. Do I have to use my husband's mortgage, student loan payment, credit card payments if I will not be using him to purchase the loan? Or do they always use all information for married couples?
  6. Here's my situation: Currently living in a $110k home my husband purchased in his name (will be 2-year mark in Jan 06). We want to keep that home to remodel and then rent out. We want to move to a nicer home now while working on the other. Can I get a loan (prefer 80/20) in my name for this second house? -My middle fico is in the 640s -I have a chap 7 bankruptcy from June 2003 -Currently salary $42k Thanks for your help.
  7. We will have 10-15k to put down on a new home. We were thinking our next one would be 150-175k. Waiting the 2 years won't be a problem since that is only 5 months away.
  8. Thanks for your response. We paid $101,000 & other similar properties are going for approx. $110-120K. Early 2006 will be the 2-yr mark. Yes, our credit has improved quite a bit and have had no problem making the monthly mortgage payments.
  9. I have no idea how to go about moving to a new home and selling my current one. When we bought our current home 1 1/2 years ago, we made significantly less money, had tiny down payment, and also had bad credit. So now we pay PMI and a ridiculous rate on a less-than-glamourous home. My question is where to even begin? Have we been paying on this house long enough to even consider moving? Can we buy our new home before putting our current one on the market? What is the likelihood that we will get a better rate and not pay PMI now that we have a higher income and will have a bigger down payment? Thanks for any help!!

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