Reply
Valued Contributor
Remember0
Posts: 1,288
Registered: ‎02-12-2014
0

Re: Loan options...what's your 2 cents

Okay, I see. So then it's likely that your partner can also come in on the mortgage (assuming most of his baddies will fall off by next year).

 

You might have had a typo, but if I read right, you're buying the house for 25k? As in like less than the price of many cars? I wish I could buy a closet around here for 25k lol.

 

Let's say 35% is the safe mortgage DTI ratio. With 36k income (assuming it's all provable using tax returns for the last 2 years), that gives you $1050 in debt payments. On a 20k mortgage, payments are going to be miniscule. So I'd say you're okay.

 

As far as banks to apply with, you could start with DCU. If they don't give you how much you want, I'd try CapOne. A dealer will definitely get you financed, but I wouldn't accept more than 7% APR there.

 

Just with the mortgage coming, try to get this done. You want to try to leave at least four months in my opinion where you apply for nothing at all before going mortgage shopping.

As I am very busy with work these days, I am participating in the forums less than I would like to. Please feel free to email me directly remembermyfico //at// gmail /dot/ com if you would like me to respond to a specific question you have.
Valued Contributor
Shellie
Posts: 1,260
Registered: ‎05-15-2013
0

Re: Loan options...what's your 2 cents

You read it right.  $25k for the house.  It needs work but it's mostly cosmetic.  

 

I'm torn on the vehicle thing.  The Taurus seems to be an "un-pass-up-able" deal! haha  But come from a Flex? That's like a cruise ship and the Taurus is a paddle boat! (size wise).  We do travel a lot, not long distances but a couple hundred miles pretty frequently.  We have 3 kids 13, 11 and nearly 2.  For work/school and back the Taurus would be fine for a couple years. I'm just torn.  I'm not going to spend over $20k.  I'm sure I could get the Taurus for $20k at this point.  

myFICO EQ Starting Score 568 05/01/2013 Current Score 657



Valued Contributor
Shellie
Posts: 1,260
Registered: ‎05-15-2013
0

Re: Loan options...what's your 2 cents

I never see people refer to Ally for car loans.  Are they no good?  I'm not partial to them, just curious.

myFICO EQ Starting Score 568 05/01/2013 Current Score 657



Valued Contributor
Remember0
Posts: 1,288
Registered: ‎02-12-2014
0

Re: Loan options...what's your 2 cents

People don't really refer to them because as far as I know, you can't apply directly with them. Pretty sure they only accept applications through a dealer.

As I am very busy with work these days, I am participating in the forums less than I would like to. Please feel free to email me directly remembermyfico //at// gmail /dot/ com if you would like me to respond to a specific question you have.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}