Are we qualified for a housing loan?

Budget101 Discussion List Archives Budget101 Discussion List Are we qualified for a housing loan?

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    • #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 <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.

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Budget101 Discussion List Archives Budget101 Discussion List Are we qualified for a housing loan?