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What the hell is going on here? (inquiry weirdness)

loderunner

By loderunner
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The last post in this topic was posted 4176 days ago. 

 

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loderunner

loderunner

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I have a question: Can you skirt an econovan?

 

Laugh it up--you are missing some great investment opportunities in scenic downtown [nahI'mnotgoingtogetmyselffiredoverthis]. Fun fact: a full 70% of the population lives over the poverty line!


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loderunner

loderunner

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Posted (edited)

It's more a matter of being somewhere in-between punchy and hallucinating right now. The $25k houses weren't mirages though, I am pretty sure. They're tempting partially because the upside is so huge (fix up one screwed-up bedroom at your leisure, stick a dishwasher in the kitchen, redo the floor at some point, maybe a little more fairly minor remodeling and upkeep, wait a couple years for housing to rebound a little more and get more than double the money, easily), but also because of the flexibility to be had from paying it off early. You have to pounce quick, though. They sell within 3 days of dropping into that price range, every time.

 

Actually, right now I've got my eye on a place listed at $80k right next to a bus stop that's a direct line to my office, on 1.75 acres. That's the chocolate right there. Get a few pitbulls, ditch the car, and call it a day. Screw the car repair insanity, screw the crime and screw the noisy neighbors.

Edited by loderunner
nysbadmk8

nysbadmk8

Posted
Posted (edited)

OK, I just shelled out $60 I really can't afford. The verdict:

 

Ex: 702

 

Eq: 711

 

TU: 710

 

 

I'm somewhat relieved but before I go applying again somewhere else it would be nice to get a response from the CU, no?

 

 

Thanks for all the feedback and well-wishing.

 

 

If you cant afford 60 bucks... how in the world are you going to afford 3.5% down on a house, in addition to the costs associated with buying a house.

 

Edit, Noticed the OP was looking into buying a 1950's motorhome with 6 flats.

Edited by nysbadmk8
ManofB

ManofB

Posted
Posted

 

OK, I just shelled out $60 I really can't afford. The verdict:

 

Ex: 702

 

Eq: 711

 

TU: 710

 

 

I'm somewhat relieved but before I go applying again somewhere else it would be nice to get a response from the CU, no?

 

 

Thanks for all the feedback and well-wishing.

 

 

If you cant afford 60 bucks... how in the world are you going to afford 3.5% down on a house, in addition to the costs associated with buying a house.

 

Edit, Noticed the OP was looking into buying a 1950's motorhome with 6 flats.

 

 

No problem- gallon of tire slime +/- $20.00 at Autozone OR 6 cinder blocks +/- $6.00 at Home Depot or Lowes

 

Either option, home is upgraded with minimal cost

loderunner

loderunner

Posted
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Posted (edited)

If you cant afford 60 bucks... how in the world are you going to afford 3.5% down on a house, in addition to the costs associated with buying a house.

 

Edit, Noticed the OP was looking into buying a 1950's motorhome with 6 flats.

 

 

You 'noticed' incorrectly. I realize this is a long thread, but i did say I had access to programs that would cover all closing costs (and even if they didn't, I could probably hit my parents up for the difference), including most of the down payment. I also said these houses were not motorhomes. Yes, you can get old 1000 square foot cinderblock homes with a 5 year old roof around here for $25k or a bit less... if your timing is right, you don't mind fixing some stuff, and you don't care about living in a slightly scary neighborhood. There have been about a 6 or 7 houses so far in this price range and with roughly those qualities, not counting the ones that had major damage or otherwise weren't livable.

 

Again, laugh it up if you want, but it seems like you guys obviously haven't taken a look at some of the less-glamorous cities on Zilllow.

 

I do have about $10k saved up so yes, if you want to quibble I can "afford" $60. The problem is, I have had $10k saved up for nearly a year now. We are literally just barely breaking even, and every little bit hurts. Once the house is bought, the mortgage payment will be less than half of rent even if the house is $70k-ish, so we'll have a tiny bit of breathing room. Long term, my salary should get a large bump once I make it over the initial "entry level" hump.

 

If it cost $1,000 for my FICO scores, would it be fair to say that is completely affordable for me as well? $60 is highway robbery. Probably a necessity given the situation, but still... I am not at a point in my life where I can quickly and blithely say "a house is important, so $xx doesn't matter." If I had done that for a significant length of time, we wouldn't have any money saved up at all.

 

Look, I'm happy to give you guys an abbreviated version of my life story if you really really want to hear it, but the bottom line is I am making off-the-cuff comments and grumblings here. If you dissect them with extreme precision then yes, you are going to come up with a lot of questions that require wordy answers. With CU-related stuff, I've been precise and detailed (too detailed, from the looks of it), but I've been trying (failing) to keep the rest brief. Giving you the actual full, unabridged story behind a lot of this stuff wouldn't take pages; it would take volumes.

Edited by loderunner
nysbadmk8

nysbadmk8

Posted
Posted (edited)

 

If you cant afford 60 bucks... how in the world are you going to afford 3.5% down on a house, in addition to the costs associated with buying a house.

 

Edit, Noticed the OP was looking into buying a 1950's motorhome with 6 flats.

 

 

You 'noticed' incorrectly. I realize this is a long thread, but i did say I had access to programs that would cover all closing costs (and even if they didn't, I could probably hit my parents up for the difference), including most of the down payment. I also said these houses were not motorhomes. Yes, you can get old 1000 square foot cinderblock homes with a 5 year old roof around here for $25k or a bit less... if your timing is right, you don't mind fixing some stuff, and you don't care about living in a slightly scary neighborhood. There have been about a 6 or 7 houses so far in this price range and with roughly those qualities, not counting the ones that had major damage or otherwise weren't livable.

 

Again, laugh it up if you want, but it seems like you guys obviously haven't taken a look at some of the less-glamorous cities on Zilllow.

 

I do have about $10k saved up so yes, if you want to quibble I can "afford" $60. The problem is, I have had $10k saved up for nearly a year now. We are literally just barely breaking even, and every little bit hurts. Once the house is bought, the mortgage payment will be less than half of rent even if the house is $70k-ish, so we'll have a tiny bit of breathing room. Long term, my salary should get a large bump once I make it over the initial "entry level" hump.

 

If it cost $1,000 for my FICO scores, would it be fair to say that is completely affordable for me as well? $60 is highway robbery. Probably a necessity given the situation, but still... I am not at a point in my life where I can quickly and blithely say "a house is important, so $xx doesn't matter." If I had done that for a significant length of time, we wouldn't have any money saved up at all.

 

Look, I'm happy to give you guys abbreviated version of my life story, but the bottom line is I am making off-the-cuff comments and grumblings here. With CU-related stuff, I've been precise and detailed (too detailed, from the looks of it.) Giving you the full story behind a lot of this stuff wouldn't take pages; it would take volumes.

 

 

 

If you need a loan for a home 25K or less.. Your doing it wrong, If you need "programs" to help pay the closing costs on said home, your REALLY doing it wrong.

 

Also... I see a ton of RED flags here that state your not ready... Dont depend on that salary bump, get it first, 10K saved... in addition to 6 months living expenses right? or is 10K all you have.. flat out? If so... Reset button. Barely breaking even? Thats not good.. So you buy a cheap POS.. you think fixing chocolate is cheap? Not at all.

 

I'm buying my 3rd house soon... My budget is 250K and that doesnt get you "move in ready" stuff.

 

But, I have far more then 10K, I dont scrape by each month, I dont try and sue incapable CU's, and my income is steady, solid, and always growing.. never waiting on it to increase to hit the next level.

Edited by nysbadmk8
loderunner

loderunner

Posted
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Posted (edited)

 

If you need a loan for a home 25K or less.. Your doing it wrong, If you need "programs" to help pay the closing costs on said home, your REALLY doing it wrong.

 

 

Interest rates on home loans is significantly lower than my student loan even if I am subprime. It would be stupid of me to pay cash if I could instead mortgage with the lowest possible down payment.

 

If I turned down free money to help with closing costs, I think any sane person would agree I would be doing it wrong.

 

The rest of your post (which you just added by an edit, so I'll reply via an edit) requires a mighty explanation that is simply too much for me to undertake right now. Suffice it to say, I'm pretty good with math and financial concepts and I understand that we are not on solid ground here, but due to one thing and another and another and another and a BIG *Admin removes vulgarity*ING OTHER I cannot possibly go into now and few other "anothers", this seems to be our best shot at reaching that solid ground.

 

I realize it sounds insane to a lot of people, but trust me the one thing I absolutely cannot do is keep spending 2x-3x as much on rent while watching housing prices climb steadily upwards, simply because someone living in a much, much nicer city (and probably also used to a much, much nicer lifestyle) says $250k isn't enough for him. I appreciate the thought, though.

Edited by loderunner
nysbadmk8

nysbadmk8

Posted
Posted

 

 

If you need a loan for a home 25K or less.. Your doing it wrong, If you need "programs" to help pay the closing costs on said home, your REALLY doing it wrong.

 

 

Interest rates on home loans is significantly lower than my student loan even if I am subprime. It would be stupid of me to pay cash if I could instead mortgage with the lowest possible down payment.

 

If I turned down free money to help with closing costs, I think any sane person would agree I would be doing it wrong.

 

 

 

Actually, I bet you can buy 5 houses in Detroit for $25K.

 

 

I hear property in a certain town in MO is pretty cheap these days...

ubercat

ubercat

Posted
Posted (edited)

Oh man. That's the newest FC. Mortgages satisfied in a month. One after the other.

 

"I tucked away 22 mortgages this year."

Edited by ubercat

The last post in this topic was posted 4176 days ago. 

 

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