11-14-2008 02:05 PM
Hello. DW and I are currently in Ch 13 and about to be discharged in 2 months. Our scores are in the mid 600
(583-636-638) and (639-669-639) we make slightly over 100k together. We have cards with only a 4% util, less than 600 dollars in CC debt. Current bills only come to 1800 per month. We also have some dwnpayment 25k.
We currently have a small mort 30k bal w payment of 400.00 dollars. What can we get.
Trying to make the cents come together. My2cents
11-14-2008 04:47 PM
11-14-2008 06:07 PM
You will be ablt to buy now if you choose with 12 months agreed payments and permission from the trustee.
Hard to say how much you will qualify for not knowing the taxes and what you intend to do with the current mortgage/home.
If you keep that then you will have to count the payment against your DTI
You have sufficient income to probably go around $1800 a month to $2,000 for a payment which will put you in the 250-275k range
Possibly more if you get rid of some of the debt
11-14-2008 07:22 PM
11-14-2008 08:59 PM
11-15-2008 11:10 AM
Current bills only come to 1800 per month. We also have some dwnpayment 25k.
We currently have a small mort 30k bal w payment of 400.00 dollars.
I concur with the others on the Ch 13 BK discharge, can't buy a home until that happens. How does the $1,800/mo break down? Funny you say only come to $1,800/mo... that's a nice chunk of change.
What is the status of the home with the $30k mortgage on it? Is it your home now? Rent it out?
You also mentioned something about buying an investment property to get rent off of, an investment property for your situation is going to need at least 20% down (perhaps more with your scores) and you are going to need to be 2 years from the filing of the Ch 13 BK as well as it discharged.
11-15-2008 11:53 AM
We are living in the home w the 30k balance. I was thinking of renting out the 30k home when I move into my new home.
C13 BK filed in 05. Last Payment will be made 11/08. I was hoping to receive discharge papers before the start of the new year. This would be a great way to start out the year.
350 SLoans Me
350 SLoans DW
We are aiming to buy in June of 09 since the market is down and we are hoping it would still be a buyers market.
11-15-2008 12:53 PM - edited 11-15-2008 12:55 PM
The childcare & insurance isn't included in your debt to income ratio, so on paper you only have $1,150/mo in payments other than the new mortgage. What price range are you shooting for and what area are you lookng to buy in?
Also, May/June usually starts the "busy season" in real estate - where there are more buyers, thus more competition for the homes on the market. If you are looking to get a "deal" then most are found in the off-season for buying homes, in the later Fall, Winter, and early Spring.