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brie2200

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  1. Thanks for the reply! We are looking to put down 5-10K so that we don't deplete too much of our reserves. We are looking to stay in the same area that we are in now which is in a suburb of Dallas/Fort Worth, TX. Our current property taxes are around $3500 (we live on the border of two cities so we pay taxes to two counties, but we hope to find a home on either side). I would estimate the insurance for a more expensive home to run less than $1200 as we are currently paying $700 a year for 160K house. We're really trying to keep the price of the home as close to 200K as possible to ensure that our payment is where we want it. If we get pre-qualified now, how long is it good for? We don't want to waste any inquiries. There are a few homes on the market right now that we would love to purchase... Your payment should be close to where you want it - Your best option with that little down is FHA - Rates are mid 4''s on a 30 so you will come out ahead on rate now - who knows where it will be in 2-3 years - also once you are in school if you are leaving employment to do it that could jeopardize your ability to qualify? If you plan on working it wouldnt. The once a month income, unless consistent for a couple of years will not be usable income. The max DTI most banks will work with is 50% of your gross monthly so if you have credit cards / student loans at 3k and a car payment of $450 you are going to be very close and may not qualify if you are at the lower end of your stated income ($105k) At the higher end ($125k) it will be very close, unless you eliminate some of that debt. At $200k a rough look at things using 4.5% with the minimum 3.5% down $960.81 Principal and Interest $100 Insurance $300 Taxes (assuming only paying 1 county? allow for it to be higher we all know how Texas and Taxes are) $178.61 Mort Insurance total monthly $1539 Now add that with the $3450 current payments and you are at $4989 Using 105k a year you make $8750 a month which would mean your debt ratio is 57% - I do not know of any bank that would go this high - if you can count $125k a year then it is $10,416 a year and your debt ratio would be 48% You really need to get a close look at your income, and the amount of taxes on a property before jumping in too deep This also assumes you sell and at minimum break even - otherwise you would have to cover any difference between what you owe and sell for in cash....... B Thank you! I figured we'd be pushing it just a little when it comes to DTI... I cannot quit working while in school because it is required in the program. The once a month is income used to be my primary job and I've worked at that hospital for over 5 years. I have to work at least one day there a month, but I can pick up as many shifts as I would like. I also have my 401K there, hence my reason for remaining employed there. As far as the range in income, I have a base salary and a guaranteed monthly bonus. The amount of the bonus ranges from $500-$1500, of which I typically receive a total of 10K a year. I also have a $400 car allowance that's paid to me monthly as well. I've been paying my student loans to expedite repayment, but since I'm in school, I can defer them if need be. We just feel like deferring them is prolonging the inevitable lol Do you feel that the interest rates will be this low for awhile?? We know that we want/need to move it's just a matter of when. I would hate to be regretful in missing out on a great time to buy...
  2. You are right about this!! Luckily, we owe 146K on a home that we paid 152K, that originally was costing 184K . I know that we can break even, but we'd like to make little something from it! There are so many homes for sale out here and I actually found a foreclosure today that sparked my interest and has possible begun our journey to buying our next home.
  3. Thanks for the reply! We are looking to put down 5-10K so that we don't deplete too much of our reserves. We are looking to stay in the same area that we are in now which is in a suburb of Dallas/Fort Worth, TX. Our current property taxes are around $3500 (we live on the border of two cities so we pay taxes to two counties, but we hope to find a home on either side). I would estimate the insurance for a more expensive home to run less than $1200 as we are currently paying $700 a year for 160K house. We're really trying to keep the price of the home as close to 200K as possible to ensure that our payment is where we want it. If we get pre-qualified now, how long is it good for? We don't want to waste any inquiries. There are a few homes on the market right now that we would love to purchase...
  4. We've received the comps from our realtor that show other homes in my neighborhood, as well as a home that's the same floor plan and they have all sold for about 10K more than we owe. We live in a very desirable area, near a lake here in Texas and homes are actually selling out here. Thanks for the heads up about the banks. DH actually works for a large financial institution that we will most likely finance with, so we're taking all of that into account as well.
  5. We bought our current home in January of 2008 for 152K. At that time, we didn't shop around for rates and we just used a loan officer that was referred to us by our realtor. Our interest rate is 6.14% and our mortgage payment including PMI and Insurance is about $1475. On the upside, we purchased the home for about 20K less than the new construction cost, so we're pretty confident that we could sell for at least what we owe, if not more. We're looking to pay around 200-230K for a larger home and we're wanting our mortgage to be no more than $1800. Is that possible with the rates today? What type of loan would be best? I just feel that we may be able get a larger home and pay close to what we are now. We make approx 105-125K/year (I receive a monthly bonus, plus reimbursed expenses and I have a PRN job that I work at least once a month) with one car payment of 425/month and it will be paid January 2014. We are paying off the other vehicle next month and that one was $350/month. Unfortunately, we have a good amount of credit card debt & student loans payments that total close to 3K a month. I don't know our official FICO's, but DH's credit has never had any type of blemish and I haven't had anything other than a few lates that occurred over 5yrs ago. I am about to begin grad school next year (Family Nurse Practitioner) and we are trying to decide if we should try and move now or wait 2-3yrs. Any comments or suggestions would be greatly appreciated!
  6. Chase closed DH Chase platinum card with a $300 balance on it. He has never been late, over the limit, etc. Can they do this? Will it report closed with a balance? It still shows available credit online, but the card cannot be used. His limit was cut from $5k to $2800 about 2 months ago. He was offered this card as overdraft protection while in a branch, but it's still a credit card too. Thanks in advance!
  7. Thanks for the replies! Should he keep the card open? Will they ever reinstate his CL? Oh and he already has 2 Chase cards.
  8. brie2200

    WAMU CLD

    DH forget to make the payment before we went out of town... Just a few days late, but they cut him from $7500 to $250...already reporting on his credit. Is there anything we can do? He already called and spoke with a "manager" and they claim there is nothing they can do and they don't have credit analysts. Can we call Chase for help? This was DH's fault, but that decrease is a little extreme. Of course if they don't up his limit, we will close the account. That's just insulting!
  9. I had just bought my house so my scores were around 690-680 after all of the inquires. Make sure that you apply in the store!
  10. I called the number on the back of my card to check my due date and the automated system said, "Congratulations! You have been approved for an automatic credit line increase." "Press 1 for more info". So I did and I got a 1k increase... I've had my card since Feb and it started at $2100, called and got a CLI to 5k and now another 1k so now 6k in less than 1 year. I guess I should call the automated system every few months..
  11. LOL... that's what DH said! We went thru the drive-thru atm and it wasn't working so I said go and see if they have an atm inside. He went in and came back out and said no they didn't have one, so lets go to the other Chase to get money. I said why didn't you just go to the teller and get money!?!? He went back in and the teller said oh yeah I could've just withdrawn money from your account!
  12. So DH went to a teller yesterday to get out some cash (the ATM drive-thru was out of cash), and the teller offered him a "pre-approved" credit card for overdraft protection. The teller said your account would never overdraft and you wouldn't receive any fees, they would just charge the card and it would be a backup for your savings account. The card can also be used for everyday purchases. They showed him the pre-approval screen and assured him that it wouldn't be a pull. The screen showed a Chase Platinum card with 0% interest for 6 months and a 5K limit. My husband accepted it of course since they said it wouldn't be a pull. Has anyone else heard of this? Maybe it's good to show your face in the branch every now and then I also received a BOFA card this way a few years back. Oh and DH already has a Chase Freedom and is a JPMorgan employee...
  13. DH got chopped today from 8k to 500 on his Clear card.... I guess I'll be next since he is an AU on my account! Oh well... that's why we've got BOFA, Chase, Citi, RBS, Discover, WAMU (AKA Chase), Navy, etc. (Not in any particular order) Is anyone going to close??? We don't want a $500 cl and I doubt that AMEX will increase it back anytime soon.
  14. Juni has still been good to me... Just got an unsolicited 2k increase after receiving a $800 solicited increase a few months ago. Maybe they like me since I just went on my 2nd cruise with Carnival and just booked my 3rd for next year!
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