DH and I have no clue what we are doing when it comes to buying a house. What do we do to even start looking into getting a mortgage or qualifying for one?? We don't even know if we can afford to purchase one. I feel like our debit is taking over and we don't know if we should continue renting, buy a house or maybe buy a condo/co-op. We have some money left from the wedding that techinically we could use as a down payment....but then its like all our money is gone.
Is anyone in the same situation? What is everyone else doing. With this economy I can't even think about looking for a raise or better pay. I am about to get another job just to pay bills.
Jenn04
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Member since
Re: Buying a house....help!!!
Posted by jillyb97
Posted by lexi1890
Posted by MrsHtobe
You will need atleast 10% to put down (no where will give you less, I don't think) and money leftover for closing costs.
We went to bethpage federal credit union and they gave us the pre-approval so we could start making offers.
Now some of the banks are showing to need only 3% of the cost for downpayment...most people can't afford the 10% anymore. I sure as hell know we can't come up with 25-35k. Thats nuts!
Hate to be a downer with all of this, but if banks are taking low down payments, it isn't going to help us get out of the situation the economy is in now...I'm sure that played a part in the credit / economical crisis we are having now...People don't put enough down, and then in the end, still don't have the $$$ to pay the mortgage.
Agreed! This could backfire majorly!
enewedding
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Re: Buying a house....help!!!
Posted by Jenn04
Posted by skinny237
Just a hypothetical situation.
If someone works off the books and therefore has no salary history that can be verified, how would this work with the mortgage process? (Assuming the other person in this hypothetical relationship has a good job.)
Do they pay taxes on their money?
Also you can still tell them you make money even if you dont have proof. Different situation: but I remember when I went for a car loan a few years ago I told them my main salary as well as a part time (cash job) and they made up an average of how much I make. If you have money in the bank etc and can provide bank statements, that may help too. Not sure though.
if you dont pay taxes on it then it is not considered. they will however consider raising the persentage allowed on your dept to income ratio. meaning that maybe normally they perfer to give out loans based on a 40% income dept ratio. Considering yo have undoc income they can raise it to allow for 50% dept to income. which in effect the extra 10% would allow for the undoc income.
Danacm80
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Re: Buying a house....help!!!
Don't blow all your savings on the down payment either... i know most of it will be gone but unexpected things come up ALL the time w/ a house. And thousands of dollars go to such annoying things like oil burners breaking and termite contracts lol. Not to be a downer or anything....
jgl
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Re: Buying a house....help!!!
DH and i called our bank (astoria federal) asked to have someone sit down with us. we filled out the pre approval application, they went over how much to put down, how much of a house we could afford to buy how much our mortage would be at an interest rate.. it was very helpful. plus you need to have that preapproval to really be able to be considered when putting in an offer, if they accept you have to have that approval
Julybride08
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Re: Buying a house....help!!!
There are alos tons of programs that will help you with down payments and closing costs. Ask your mortgage broker about them. Thats what we intend to do. There are so many things for first time home buyers. But they don't always tell you about them unless you ask.
