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russian blue

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  1. In a reversal of the usual roles, I want to help my parents buy a house in Texas. They have Social Security income of about $2,800/month and no other sources. The Internet tells me that Social Security income gets grossed up by 25% so, if this is true, they have a "gross monthly income" of $3,500. They have no debt. Unfortunately, house prices in north Texas have increased to the point that just their income isn't sufficient to meet the 33% housing DTI requirement. That's where I come in. I'm employed with some savings, part of which I'd use towards the down payment (sadly, not a full 20% because most of what I have saved is in my 401k). Adding my mortgage together with how much my parents' will cost puts me at about 28% housing DTI. So...does anyone have suggestions for how can we pull this off? I see NASA has a web page for a "Family Mortgage" program that looks perfect for this but I can't tell if they still offer it. Is this something that a regular mortgage broker can work out, especially if we don't have 20-25% to put down? Thank you in advance.
  2. From the handful of words that are visible for free, might it be this? https://commercebank.com/toggle/ http://www.businesswire.com/news/home/20150108006295/en/Commerce-Bank-Introduces-toggle%C2%AE-Feature-Credit-Card That was a press release put out in 2015 so maybe there are some changes to it.
  3. I only have one card with an annual fee, my Bank of America Alaska Airlines Visa*. Out of all of my credit cards, it gets the most use with my First Tech cards alternating with each other to take up 2nd place. Everything else gets a charge once every few months when I think about it. So I agree with the others: if you have a card with an AF and want to keep it, fine. If you are iffy about any with an AF, do a product change. All others can just sit and I wouldn't stress too much about making sure they all show activity. If they close, they close. The only card in my portfolio that I diligently try to keep active is my Capital One MC because it's by far my oldest. * I'm sure there are other cards out there that pencil out for better rewards with more effort but I'm in that middle of "don't travel enough to be a road warrior" and "travel enough to make the card's benefits worth the AF." Having the $120 companion fare and no checked bag fee (yes, I'm also one of those troglodytes who doesn't wrangle for overhead bin space) for everybody on the same reservation are worth the $75.
  4. None that I know of in Seattle or Puget Sound outside of hard money or investor financing. (For the latter, you'll have to have an LLC and a track record of property deals.) Hard money--called "private money lenders" these days--is going to want two or three points up front and, since it's a first deal, will hang your friend for 8-10% interest and a max of five years on the loan (amortized for thirty years so it's a balloon at the end). Those guys don't look at anything but their view of the value of the property and how much cash the borrower is bringing to the deal. I'd approach one of the larger private lenders with this question, like Seattle Funding Group or the like. They might be willing to do a deal with enough financial incentive. Oh, and remember that private money only lends for investment properties.
  5. I'm buying a new place to live in Seattle and selling my current place, also in Seattle, after the purchase is complete. A property developer has made an offer on my current place, which I have accepted, but it is still in the "Feasibility Period" so it is still an offer with open contingencies (the developer has approximately one month left to say "yes, we're going ahead," otherwise the contract automatically aborts). The sale of my current place won't complete until approximately November but the purchase of my new place is scheduled to close at the end of August. Should I tell my lender about my current house being under contract? A few more details: The lender on my new place is the same credit union as the lender on my current place. I told the loan officer for the new mortgage that I intend to sell my current place after my purchase of the new place is done. I'm using a HELOC against my current place as the down payment. (The HELOC is not from my current lender.) The loan officer knows about the HELOC-funded down payment and has included it in my DTI. I am still within their DTI rules with both mortgages and the HELOC payment. Thank you.
  6. Well, got the paper letter confirming my CLI from $1,700 to $2,200 but no upgrade letter. Ah well, I will wait patiently out of curiosity more than anything since I already have no-FTF chip-and-PIN card.
  7. No letter (yet?) but I did get a CLI from $1,700 to $2,200 as of today's statement. Not bad for starting out with a $500 CL one year ago this month. If they convert me to a MasterCard (hope they do), I'll definitely remember to actually carry the thing because it'll be useful beyond occasional Target runs.
  8. I have a mix of both. One of them is a true chip-and-PIN card (perfect for traveling and I get some cash back), another lets me do 6 months 0% interest on request if I want to carry a balance (rarely but it does happen), and still another is the largest credit limit I have with a dirt cheap interest rate. That said, I have some non-credit union cards for purchase rewards or because I've had them for rebuilding. I've had better customer service with my credit unions and my mortgage is through a local one, but I wouldn't shun an issuer just because it isn't a CU. As with everything in credit, it depends on your ultimate goal and how you want to spend your money.
  9. I carry a US passport card for ID purposes; it has no address, no magnetic stripe, and no 2D barcode. If anyone asks, I do not have a driver license (I do but my public transit card is placed over top of it). So far as I know, there is no public database of passport-card-numbers-to-people. If someone wants to look at that, fine by me. That said, I do greatly enjoy shopping at merchants that have done proper PIN card support with customer-facing terminals. No fuss, no muss, just "approved."
  10. I'm sure you do but if they documented income, some assets, and an ability to repay then what's the problem? This isn't Nevada or Florida with their well-over-100% LTV loans that required no money out of pocket in tract subdivisions built well beyond actual housing demand.
  11. Forgive me for being dense but I don't see the catastrophic problem here. FHA-backed mortgages (now with Risk-Based Pricing for MIP) have been on offer for 3.5% down for what feels like eons and the qualifying score for an FHA loan can be under 600 if you find the right broker. Conventional with 5% down on a 660 score has been possible, if the ads are to be believed, since about four months after the great meltdown. This feels like just moving to an FHA kind of loan, especially if the mortgage insurance is going to be pricey as hell for low credit and low down payment. You'll still have to document ability to repay and they're not doing any higher than 97% LTV (ah the heady days of 110% LTV on nothing but a signature and a "scrubbed" credit report). What am I missing, other than why there's such a huge drive for people to buy a house?
  12. I know of a handful of people who have had existing NASA lines (either PLoC or CC) canceled with that same reason. Mine have been untouched so far. Seems like NASA is definitely tightening underwriting rules somewhere.
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