Mortgages | Forum profile

Your best bet for low down would be FHA IF the loan limits are that high in the area if not your scores are good enough you may be able to go with a larger down and go conventional. Mortgage insurance is very difficult to qualify for so that is why I suggest FHA. Good Luck B

shevar Good luck wit you new home.... 8 cents??? LOL! But I KNOW you are happy it over WHY you ASK???? WE CLOSED!!!!! Got to lawyers office at 2:45, Went upstairs at 3 on the dot. exchanged hellos and the paperwork went flying! I have NEVER signed my name so many times. We were in and out in 20 mins. we had no closing cost, matter of fact we got a check for 2,300.00. Lawyer told us how...

QUOTE (spikedup @ Dec 30 2009, 08:22 PM) QUOTE (caffeinekid @ Dec 30 2009, 08:43 PM) That is an overly simplistic statement. I would imagine that within the context of the discussion here at least, the caveat being pushed forward is more in tune with the unstable nature of the economy right now as well as the low down payment by the OP. Houses haven't hit bottom yet and there are more...

QUOTE (spikedup @ Dec 30 2009, 11:11 PM) QUOTE (Tommy The Cat @ Dec 30 2009, 11:05 PM) Of course but you concluded "There was never a guarantee that the price will go up after a purchase" and I countered with the historical fact and ingrained perception that houses regularly increased in value. Stocks are much more volatile. Factomatter is that great wealth with nearly no risk has come from...

Thanks again everybody! I went to the bank to get the cashier's check. I made it to the attorney's office at 9am. The closing attorney asked for my driver's license, we waited a few minutes for him to finish another closing, my RE and LO came in, the attorney came back in the office and asked do I want the long version or the short. Of course I wanted the short version. We started signing the docs. He asked for the...

I would say wait as well. I had to and didn't want to at all but in the end it was the best thing for me. I would look at your credit report and see whats on it, what can be changed. The forums here help with that. Get all other information together. I had to have copies of drivers license, social security card, pay stubs (though mine was a copy of the contract and bank statements since its direct deposit) diploma since I was in school....

The house is worth more than the short sale price if that matters. Similar houses are listed for at least 50K-75 more.

QUOTE (Tommy The Cat @ Dec 30 2009, 11:05 PM) Of course but you concluded "There was never a guarantee that the price will go up after a purchase" and I countered with the historical fact and ingrained perception that houses regularly increased in value. Stocks are much more volatile. Factomatter is that great wealth with nearly no risk has come from simple home ownership since post WW2 over time in the USA....

What about collections? No Judgements on our CR's, but DH has a bunch of collections some active some not.... I know not to worry so much about medical collections, but should all the other Charge off accounts be paid in full ? I just paid off my second to last credit card and I have one more to settle on. Orchard. Then I have a $17 medical collections on my CR. IYO, Brian, should we focus on my credit score or both? I make...

@Troy, that does make good sense. It is, of course, very frustrating - especially in a market where I can own a 4BR 2.5BA home with a two car garage for cheaper than I'm paying in rent. The killer is - my DTI is totally outta whack. I know that NACA will allow you to get into a home with a higher than recommended DTI if there's no payment shock (i.e. you've been paying that amount in rent). I honestly don't know where...