- August 15, 2008 at 3:45 am #261781
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…..
On Thu, Aug 14, 2008 at 8:45 PM, richnbeth.garner <email@example.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
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