Re: I think we are going to lose the house we bid on....

Good luck Shana! The whole process sucks and I'm sure you just want to get settled in your own place. Did you look into renting yet?

Re: I think we are going to lose the house we bid on....

Good luck...I hope it works out and you get the mortgage. I know how frustrating this whole process is....stay positive!!

Re: I think we are going to lose the house we bid on....

Beth...we are now looking into renting or doing a lease-purchase which would be perfect for us....the payments are like rent, but they go towards the purchase price of the house in a year or 6 months

Re: I think we are going to lose the house we bid on....

DjPill....Thanks for all your advice, and DH would have transferred, but his district manager didn't want to help us. He spoke to the DM down here in GA and he said as soon as a store opens, DH is in it since he knows what he is doing. He said maybe August one was slated to open, so DH would easily go back just for a house even though he is doing well selling cars.

Re: I think we are going to lose the house we bid on....

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Posted by btrflygrl

Beth...we are now looking into renting or doing a lease-purchase which would be perfect for us....

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Be careful with rent to buy programs. I have heard many a horror story about this. Not saying its bad for everyone. Just make sure you have your lawyer advise you on this before you make any decisions.

Re: I think we are going to lose the house we bid on....

BTW - are you working?

Re: I think we are going to lose the house we bid on....

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Posted by DjPiLL

BTW - are you working?

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LOL...yes, we both are.

Re: I think we are going to lose the house we bid on....

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Posted by btrflygrl

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Posted by DjPiLL

BTW - are you working?

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LOL...yes, we both are.

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Ok I wasn't sure cause you didn't mention anything about yourself.

Cheers and good luck!

Re: I think we are going to lose the house we bid on....

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Re: I think we are going to lose the house we bid on....

If I remember correctly, you can get a family member to co-sign with you. That is how we got our mortgage. Dh and I don't make a ton of money on the books. Both of us are IC and our income fluctuates. However, we know we were able to carry a mortgage but the bank didn't think so. So, FIL co-signed for us and that little signiture allowed us the purchase our Manhattan CO-OP!

Good Luck!

Re: I think we are going to lose the house we bid on....

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Posted by WeddingsRock

If I remember correctly, you can get a family member to co-sign with you. That is how we got our mortgage. Dh and I don't make a ton of money on the books. Both of us are IC and our income fluctuates. However, we know we were able to carry a mortgage but the bank didn't think so. So, FIL co-signed for us and that little signiture allowed us the purchase our Manhattan CO-OP!

Good Luck!

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i'm going to have to disagree here. I would try to avoid being in a situation where you have someone co-sign for you. If it works out, great. But, I would never want to put someone in a position to be financially liable in the event one of us gets laid off.

Re: I think we are going to lose the house we bid on....

wow i never even knoew there was such a thing as rent to buy???
How does this even happen?

Re: I think we are going to lose the house we bid on....

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Posted by oct.2004bride

wow i never even knoew there was such a thing as rent to buy???
How does this even happen?

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it's popular down south (where we are)...basically the titel remains in the owners name and the buyer pays 'rent' where a portion of it goes towards the house and you close in a year where the title gets transferred to the buyer. It's good for people with not so good credit or not alot of money to put down

Re: I think we are going to lose the house we bid on....

Wow...well i wish you much luck
sending good vibes down south

Re: I think we are going to lose the house we bid on....

The problem with a rent to own program is you pay 'mortgage' prices for your rent... but you get ZERO tax breaks you would normally get from actually owning the mortgage. This in the end can make the monthly payments even more than you would have had with a traditional mortgage minus tax deductions.

You should look into this as an alternative.

No Doc Loan

Re: I think we are going to lose the house we bid on....

Re: I think we are going to lose the house we bid on....

Good Luck!
I think that FH and i have oficially come to the conclusion that we will have to rent forever hahahahahaha. It is fine, we are both only 24, we have our whole lives ahead of us!