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Loan options...what's your 2 cents

Valued Contributor

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.

For an urgent question Monday thru Fridays, feel free to email me directly remembermyfico //at// gmail /dot/ com if you need a response in 24 hours.
Message 11 of 14
Valued Contributor

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



Message 12 of 14
Valued Contributor

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



Message 13 of 14
Valued Contributor

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.

For an urgent question Monday thru Fridays, feel free to email me directly remembermyfico //at// gmail /dot/ com if you need a response in 24 hours.
Message 14 of 14