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02-02-2013 12:47 PM
Yeah we have an offer accepted with closing scheduled for March 26th.
I assumed i could pay 2011 and do payments on 2012, i have learned different now.
I dont qualify for most them down payment assiatance programs.
02-02-2013 01:12 PM
02-02-2013 01:34 PM
middle score is 700
Its my IR$ debt is the problem, i know now i can owe no taxes to get FHA approval.
Before that i had down and closing i thought i was in clear with a payment plan with IR$.
02-02-2013 02:17 PM
02-02-2013 02:42 PM
If i can get $10,000 rolled into a 2nd mortgage im good to go.
I have $12,000 i can put toward the house.
I could pay $4500 to IR$ and still have down and closing. If i can get $10K added to the loan to cover rest of IR$ im there.
But my LO never called me again today so i cant ask if thats doable or not.
I think i need hunt a new lender Monday.
02-02-2013 11:02 PM
02-02-2013 11:17 PM
I cant do that, DTI will be too high. I have to find a lender who will add a 2nd mortgage to pay off my taxes.
My housing DTI is at 37% overall 47%. Adding a loan to pay it would put me near 60%.
I think i pay off my car that brings overall DTI down to 39%. Then i should be able to get the housing lender to add $15,000 to my approval.
$115K mortgage with $15K as 2nd mortgage or something.
02-02-2013 11:55 PM
02-03-2013 02:53 PM
The biggest problem is where is the home equity coming from? Lender is only going to give the lower of the appraisal or selling price. Appraisal wont be adjusted but selling price could be adjusted, but still couldnt be more then the appraisal.
If you were paying a 20% down payment as an example, just lower your down payment. But if that was an option for you, then you need to inform them your intentions, cause it can cause major delays.
02-03-2013 07:37 PM
Well i have learned a lesson, if you want anything pay the man for that right.
Were going to let the house go and make an offer on a short sale and take the waiting time to pay off 2011 and get a payment plan at $25 a month for 2012. We may have as much as 6 months. If not ill have to drag it to 6 months delaying closing.
They did me a favor, the house im offering on is better bigger if we get it. Just hit the market Saturday.
Because the property tax is $600 a year lower it ends up costing the same each month for 500 sq ft added space and a better pool area.
I wanted out of Oregon soon but the other house is worth waiting another 4 months for and then $600 a year buys more house rather than handed over to yet more taxes.