Are we qualified for a housing loan?

Hi everyone, I want to know if we are qualified for a housing loan even if we have no good credit standing? No good in the sense that we are still having a unnegotiated debt in my hubby's credit card. I really wanted to have my own house to stay. thank you for your future replies.

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  1. #1
    richnbeth.garner
    Guest

    Default Are we qualified for a housing loan?

    Hi everyone, I want to know if we are qualified for a housing loan

    even if we have no good credit standing? No good in the sense that we

    are still having a unnegotiated debt in my hubby's credit card. I

    really wanted to have my own house to stay. thank you for your future

    replies.








  2. #2
    lisa196622193
    Guest

    Default Are we qualified for a housing loan?

    My future hubby's credit is shaky; mine is excellent. I own a home

    now, and any house we get in the future will be in my name only in

    order to get an excellent interest rate. I know I qualify on my own.



    Lisa



    --- In Budget101_@yahoogroups.com, "richnbeth.garner"

    <richnbeth.garner@...> wrote:

    >

    > Hi everyone, I want to know if we are qualified for a housing loan

    > even if we have no good credit standing? No good in the sense that we

    > are still having a unnegotiated debt in my hubby's credit card. I

    > really wanted to have my own house to stay. thank you for your future

    > replies.

    >










  3. #3
    Lucy Anderson
    Guest

    Default Are we qualified for a housing loan?

    How much of a down payment do you have?

    The path that will make you the happiest (and I know this from experience)...

    a) get out of debt first - pay off that credit card, have no other debts (no car payments, nothing)

    b) go in with at least 20% down (otherwise you throw money away in PMI or you pay two mortgages - one with high interest)
    c) make sure your payments on a fixed rate 15 year mortgage are no more than 25% of your take home pay


    We bought a house with the 80/20 mortgage plan, nothing down, payments a bit too high and no allowances made for taxes / insurance. and a lovely balloon payment staring us in the face at the end of 15 years. The ownership of a house was not worth that. Our marriage ended (not because of the house, but I&#39;m sure the stress was added to from a financial standpoint), we got nothing out of the house and very narrowly missed a foreclosure. My friends ended up with a house payment and no house from doing the same thing and their marriage went through terrible stress.


    It just isn&#39;t worth it.....

    On Thu, Aug 14, 2008 at 8:45 PM, richnbeth.garner <richnbeth.garner@yahoo.com> wrote:








    Hi everyone, I want to know if we are qualified for a housing loan

    even if we have no good credit standing? No good in the sense that we

    are still having a unnegotiated debt in my hubby&#39;s credit card. I

    really wanted to have my own house to stay. thank you for your future

    replies.

    [/quote]





  4. #4
    richnbeth.garner
    Guest

    Default Are we qualified for a housing loan?

    thanks for the reply lucy... hubby is right, we will pay all the debts

    first then we will buy a house, thanks again!








  5. #5
    Jan Bonilla
    Guest

    Default Are we qualified for a housing loan?

    Yes, like she said pay all debt off first. I work with a credit card

    payment protection company, so many people cancelling their payment

    protection on there credit cards because they can't afford it. Yet

    when I started there in August I was transfering people over to claims

    maybe 10 or 12 a week. Now I am transfering that many a day if not

    more.



    One man called in and cancelled his payment protection when he had a

    $8000 balance on his account. He said he did not need it. His

    daughter called three days later wanting to use it. He had died in

    those three days. Now they must pay that card off. This sounds crazy

    yet it happened last week.



    This economy is bad. I rent. I have no interest in buying a house

    now. The economy is not stable. I personally believe we are headed

    to a depression that will be worse than the Great Depression. That of

    course is my personal opinion though.



    Just be wise, the goverment does not want anyone to know how bad the

    economy truely is. Wages stayin the same. Prices going up. The

    true sign of a depression going to hit.



    I know I sound crazy, yet I just wanted to let you know my stand point

    from where I work and the economy.

    You must be prepared for such a avenue right now. Make choices wisely

    and be careful, take your time.



    On 8/14/08, richnbeth.garner <richnbeth.garner@yahoo.com> wrote:

    > Hi everyone, I want to know if we are qualified for a housing loan

    > even if we have no good credit standing? No good in the sense that we

    > are still having a unnegotiated debt in my hubby's credit card. I

    > really wanted to have my own house to stay. thank you for your future

    > replies.

    >

    >






  6. #6
    me ow
    Guest

    Default Are we qualified for a housing loan?

    I agree with Lucy. Even though you are eager for a house (and wouldn't be instead of monthly rent) plan before you jump in. Remember, unexpected expenses can crop up after you move in and you have to have enough money to take care of those unforeseen expenses. Two months after we moved in, we had to buy a heater, the car needed repairs and hubby was laid off. It could not have been worse...oh, and it was the dead of winter! Things turned around for the better, but it was really tight and tense for the past year. My goal is to pay off my credit card and never use it again. I want to build an emergency fund to cover emergency expenses. --- On Fri, 8/15/08, Lucy Anderson wrote:

    From: Lucy Anderson
    Subject: Re: Budget101.com : Are we qualified for a housing loan?
    To: Budget101_@yahoogroups.com
    Date: Friday, August 15, 2008, 10:49 AM


    <DIV id="yiv430143880">


    How much of a down payment do you have?

    The path that will make you the happiest (and I know this from experience). ..

    a) get out of debt first - pay off that credit card, have no other debts (no car payments, nothing)
    b) go in with at least 20% down (otherwise you throw money away in PMI or you pay two mortgages - one with high interest)
    c) make sure your payments on a fixed rate 15 year mortgage are no more than 25% of your take home pay

    We bought a house with the 80/20 mortgage plan, nothing down, payments a bit too high and no allowances made for taxes / insurance. and a lovely balloon payment staring us in the face at the end of 15 years. The ownership of a house was not worth that. Our marriage ended (not because of the house, but I'm sure the stress was added to from a financial standpoint), we got nothing out of the house and very narrowly missed a foreclosure. My friends ended up with a
    house payment and no house from doing the same thing and their marriage went through terrible stress.

    It just isn't worth it.....


    <DIV class="gmail_quote">On Thu, Aug 14, 2008 at 8:45 PM, richnbeth.garner <SPAN dir="ltr"><richnbeth.garner@ yahoo.com> wrote:

    <BLOCKQUOTE class="gmail_quote" style="BORDER-LEFT: rgb(204,204,204) 1px solid;">
    <DIV style="BACKGROUND-COLOR: rgb(255,255,255);">



    Hi everyone, I want to know if we are qualified for a housing loan
    even if we have no good credit standing? No good in the sense that we
    are still having a unnegotiated debt in my hubby's credit card. I
    really wanted to have my own house to stay. thank you for your future
    replies.






 

 

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