Jump to content

raise put me over income limits - what now?


disatty
 Share

The last post in this topic was posted 2527 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts

I was finally (almost) ready. Going FHA with a down payment assistance program. Well... I got a raise, and now, I'm over the income limit for the down payment assistance. The mortgage broker I've been talking to tried to offer some solutions (family gift, 401K, sell some stuff) but none of the suggestions work for my situation. Anybody else go through this? Any creative solution ideas? (can't go conventional 97 because scores are too low)

Link to comment
Share on other sites


Well the down payment assistance programs are generally money that is a "loan" to you and due back with certain terms in a number of years. It is not free money so to speak. I would ask a friend or relative to just gift you the money and then pay them back with available funds or over time as you can.

 

 

Sent from my iPhone using Tapatalk

Link to comment
Share on other sites

The program I was set to use is actually a grant from my state. Unfortunately, I don't have any friends/family that could gift me the money. Actually, I have some friends who probably COULD, but I couldn't ask them for something like that.

Who would've thought that getting a raise could ever be a bad thing?

Link to comment
Share on other sites

Thanks for the suggestions.

 

I know it doesn't mean I can't EVER get a house, but it will be longer than I wanted to wait. I'm just disappointed. It will take me around 12 months to save the down payment... maybe 15. (homes in my area are around $285,000) I'm currently in a rental home that is not in a great neighborhood, but it was the only home available to rent in the school district where my kid is in school. My monthly rent payment is as much as paying a mortgage. I've looked into getting a second job, but haven't found anything that will work with the hours I have available. Another consideration is that Kid isn't old enough to stay home alone. I don't have any family here, or friends who are close enough to lean on (they're all out of state), so having them help isn't an option.

 

I'll just have to suck it up for another year.

 

On the bright side... (trying to be optimistic)... my credit score should increase within the next year, so I should be able to get a better interest rate. That's something, right?

Link to comment
Share on other sites

I was finally (almost) ready. Going FHA with a down payment assistance program. Well... I got a raise, and now, I'm over the income limit for the down payment assistance. The mortgage broker I've been talking to tried to offer some solutions (family gift, 401K, sell some stuff) but none of the suggestions work for my situation. Anybody else go through this? Any creative solution ideas? (can't go conventional 97 because scores are too low)

There is always the option of increasing the size of your family since most of those programs are based on family size! Ok kidding aside do you have a 401k or IRA that you could tap or borrow from? Any equity in a car or other asset you could sell?

Link to comment
Share on other sites

Unfortunately, the raise has already taken effect and I don't have anything to tap into that wil give me enough. Thanks for all of the suggestions though! I thought one of those might actually work out for me, but it's not quite enough. It does give me some hope that I may not have to wait a full year though. I'm sad that my future home is pending with another buyer, but maybe I'll find one that is even better when the time is right. (Trying to stay positive!)

Link to comment
Share on other sites

The last post in this topic was posted 2527 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share




  • Member Statistics

    • Total Members
      185276
    • Most Online
      2046

    Newest Member
    Nolo
    Joined
×
×
  • Create New...

Important Information

Guidelines