Relocating, this wll be first home for us.

Anonymous · ‎06-02-2008

I just started a new job 3 months ago. The job is in another sity 2 and 1/2 hours away so we have to move.

My credit score in 672, i have 2 credit cards w/ balances ( capone limit is 1500 bal. is 1450 the other has limit of 600 and bal. of 100) Also 2 car payment ( first is 298 mnth and other 334 per mnth) All other bills have been paid within last 2 months.

My wife and i are first time home buyers so we konw nothing about what to expect. We need to move quickly for one we miss each other and for another we really can not afford for me to live here and her and kids to live there. ( Alabama )

What are the chances we will have trouble being approved?

We really dont have alot of money to put down. We can get the closing costs fairly quikly, but we really dont have much money in the bank. The cost of living in 2 differant cities has taken all savings.

There are 5 in our family and renting a home is alot more expensive than owning. But we have found a forclosure in great condition and they ont want 37000 for it. ( double wide 4 bedroom trailer w/ almost 4 acres of land in a town with good school systems)

Any advice would be great.

DallasLoanGuy · ‎06-02-2008

the scores are decent. but that low od a loan amount will limit you on lenders.

i would suggest wells fargo or wamo, maybe bofa

traditional brokers wont be able to help.

Retired Lender

Anonymous · ‎06-18-2008

We did finally find a home and came to an agreement. $91,000, they pay $2500 towards closing and $450 home warranty plan, then all the usual bells and whistles.

This being our first time and all i cant help but to be worried about getting approved.

Have now been at new job almost 4 months, but was being paid a training salary, regular pay will be much higher. Will short time at job hurt that much?

Have not been late on anything in 2 and half years.

Here is a good question. I have a loan that has about 11 months left. I have the money to pay it off NOW, but was wondering. Should i leave the money in the bank so mortgage people see we have money, or pay off loan so that there is less money in the bank BUT will have less bills? What do you think is best?

I at this moment have 2 car payments, 2 credit cards with balances, and this 1 personal loan.

1 credit card will be paid off this week though.

DallasLoanGuy · ‎06-18-2008

hard to say.

i wouldnt pay off th loan. let the loan officer run the file. they can simulate the payoff in the software if that is a better route.

Retired Lender

Anonymous · ‎06-19-2008

Well we asked if we should pay off the loan early or not and we were told to wait on it because it was an established line of credit. BUT then she called back and left a message to say we were denied because of a car we bought 2 months ago. Yes getting a new car was bad for home buying BUT i was driving a Ford F350 Diesel that was eating us alive in fuel costs so we had to get rid of it.

The bank was Wells Fargo. Like i said she left a message so i am not sure if there were any other reasons yet, i will call her tomorrow.

My question is ... What now? I am living in a camper at an RV park in Selma Alabama. The wife and kids are in Seale Alabama 2 plus hours away. It is cheaper here to buy then rent.

We are out of saving so can not afford big down payment. But do have closing cost money put up for whatever comes up.

We just can't keep living i 2 places like this. Where else should we try for a loan or is it a lost cause?

DallasLoanGuy · ‎06-19-2008

Anotherhunter wrote:
Well we asked if we should pay off the loan early or not and we were told to wait on it because it was an established line of credit. BUT then she called back and left a message to say we were denied because of a car we bought 2 months ago. Yes getting a new car was bad for home buying BUT i was driving a Ford F350 Diesel that was eating us alive in fuel costs so we had to get rid of it.
The bank was Wells Fargo. Like i said she left a message so i am not sure if there were any other reasons yet, i will call her tomorrow.
My question is ... What now? I am living in a camper at an RV park in Selma Alabama. The wife and kids are in Seale Alabama 2 plus hours away. It is cheaper here to buy then rent.
We are out of saving so can not afford big down payment. But do have closing cost money put up for whatever comes up.
We just can't keep living i 2 places like this. Where else should we try for a loan or is it a lost cause?

you werent denied for buying a new car. but you could have been denied for too high debt ratios..... and the recent car put you over the top. but the new car absolutely didnt cause the denial.

Retired Lender