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First time here...

Bunnymonkey Posted: Nov 16, 2004 02:31 PM+

Bunnymonkey MEMBER SINCE: 6/04 TOTAL POSTS : 4857 WEDDING DATE: Jun 11, 2005

Posted: Nov 16, 2004 02:31 PM

First time here...

Hi Guys!

My FH and I are moving to North Carolina after the wedding - we are looking at houses for around (gasp) 120K.

We are both actors and admittedly, total lamos when it comes to anything financial.

Here are my questions:

How much is a typical down payment on a house in this price range?

Will the fact that I have the worst credit in the entire world affect our getting a loan? (Can it be just in his name - 'Mr. Spotless Credit' or do I have to be on the loan as well?)

Thanks!

DjPiLL Posted: Nov 16, 2004 02:42 PM+

DjPiLL MEMBER SINCE: 4/04 TOTAL POSTS : 4198 WEDDING DATE: May 28, 2005

Posted: Nov 16, 2004 02:42 PM

Re: First time here...

If his income is enough to support the mortgage... it can go entirely in his name.

If your credit is bad... you may need a no-documentation loan. Expect to pay a high interest rate on one of those.

Typical recommended down payment is 20%... but you can go cheaper if need be depending on the bank's requirements.

wc0143 Posted: Nov 16, 2004 03:25 PM+

wc0143 MEMBER SINCE: 8/03 TOTAL POSTS : 14841 WEDDING DATE: May 01, 2004

Posted: Nov 16, 2004 03:25 PM

Re: First time here...

What kind of jobs are two actors going to find in NC?

Bunnymonkey Posted: Nov 16, 2004 03:32 PM+

Bunnymonkey MEMBER SINCE: 6/04 TOTAL POSTS : 4857 WEDDING DATE: Jun 11, 2005

Posted: Nov 16, 2004 03:32 PM

Re: First time here...

Posted by wc0143

What kind of jobs are two actors going to find in NC?

The real kind!!!

Actually, I am going back to school to get a real degree and he is going to try to break into the 'business' down there - Wilmington is the fastest growing area for movie production outside of LA. We are heading down while its 'up and coming' and trying to escape the perils of living in this area of the country at the same time.

Djpill - thanks for the informative answer.

TwoBugs Posted: Nov 16, 2004 03:35 PM+

TwoBugs MEMBER SINCE: 8/03 TOTAL POSTS : 2394 WEDDING DATE: Sep 04, 2004

Posted: Nov 16, 2004 03:35 PM

Re: First time here...

We bought in that price range and only put 10% down.

Not sure about your credit question - DH and I both have good credit, so it wasn't an issue.

Good luck in NC - it is so fun to move to a new state!

wc0143 Posted: Nov 16, 2004 03:41 PM+

wc0143 MEMBER SINCE: 8/03 TOTAL POSTS : 14841 WEDDING DATE: May 01, 2004

Posted: Nov 16, 2004 03:41 PM

Re: First time here...

Posted by Bunnymonkey

Posted by wc0143

What kind of jobs are two actors going to find in NC?

The real kind!!!

Actually, I am going back to school to get a real degree and he is going to try to break into the 'business' down there - Wilmington is the fastest growing area for movie production outside of LA. We are heading down while its 'up and coming' and trying to escape the perils of living in this area of the country at the same time.

Djpill - thanks for the informative answer.