topic Re: Planning to buy a townhome in November... PLEASE ADVISE!!! in Mortgage Loans

Planning to buy a townhome in November... PLEASE ADVISE!!!

Anonymous — Tue, 29 Jul 2008 18:39:52 GMT

Hello,

I am a recent college graduate who has been working in my field of study for the past two years. I want to buy a town home around 130-150k and am trying to close in November. My scores are 761 and 768 (didn't buy the third). I have about 1400 in my revolving accounts and that should be reduced to almost zero by November. I don't have any other loans out just credit card bills. I was wondering if it would be possible for me to get a 100% loan considering I don't have more than 2 years work experience and i will roughly make 38k this year. Previous year i only made 28k. I am in Florida and do have a father who is willing to co-sign. i'm new to this whole mortgage thing but would love some advise on the matter. Thank you

Re: Planning to buy a townhome in November... PLEASE ADVISE!!!

DallasLoanGuy — Tue, 29 Jul 2008 18:50:13 GMT

You are most likely in a declining market... 100% would be tough.

look forward to 3 - 5% down as realistic.

Re: Planning to buy a townhome in November... PLEASE ADVISE!!!

Anonymous — Tue, 29 Jul 2008 18:55:09 GMT

I have 16,000 saved for a down payment/closing costs. and yes I think i am in a declining market. Is there anything I can do to increase my chances of getting 100% loan for one bank?

Re: Planning to buy a townhome in November... PLEASE ADVISE!!!

DallasLoanGuy — Tue, 29 Jul 2008 18:56:31 GMT

mortgage_newbie wrote:
I have 16,000 saved for a down payment/closing costs. and yes I think i am in a declining market. Is there anything I can do to increase my chances of getting 100% loan for one bank?

first time home buyers may be max 95% + any ltv reduction the lender adds.

i dont think there is anything you can do to improve. you are a+

make sure your lender can do fha and conventional loans.... for comparison.

Re: Planning to buy a townhome in November... PLEASE ADVISE!!!

Anonymous — Tue, 29 Jul 2008 18:59:32 GMT

Thank you I really appreciate all the help. This whole mortgage game (esp right now) is soo confusing to me. I just have one more quick question... Would I be able to do this by myself or would I need a co-signer, considering I have nothing under my name? i.e. car is under my dad's name... I mean i have credit cards but thats the only thing under my name.

Re: Planning to buy a townhome in November... PLEASE ADVISE!!!

DallasLoanGuy — Tue, 29 Jul 2008 19:09:24 GMT

you have super high scores. where did those come from?

people with scores like that usually have credit in their name.

or do you mean that it is just all old paid accounts?

Re: Planning to buy a townhome in November... PLEASE ADVISE!!!

Anonymous — Tue, 29 Jul 2008 19:17:07 GMT

funny you say that. About 2 years ago is when i first checked my scores and they were at like 620. I got into about $7000 worth of debt out of a combined total of $14,000 limit and payed it off within these last 6 months (had a g/f, lived with her, broke up, moved back home, paid off my debt) now i have about 1400 left and I decided to look at my scores now to see if I even stood a chance in getting my own loan and low and behold I have those scores.

I have 4 active accounts right now that are being managed each with about 200 on each acount and i'm paying 50 a month now till they are all paid off. I keep using only one credit card for any major purchase and pay it off right away now.

But I was informed by a friend that i wouldn't be able to get 100% loan by myself due to lack of equity. I know that I have credit but I lack equity. (some clairty please...)

Message Edited by mortgage_newbie on 07-29-2008 12:17 PM

Re: Planning to buy a townhome in November... PLEASE ADVISE!!!

DallasLoanGuy — Tue, 29 Jul 2008 19:18:20 GMT

mortgage_newbie wrote:
funny you say that. About 2 years ago is when i first checked my scores and they were at like 620. I got into about $7000 worth of debt and payed it off within these last 6 months (had a g/f, lived with her, broke up, moved back home, paid off my debt) now i have about 1400 left and I decided to look at my scores now to see if I even stood a chance in getting my own loan and low and behold I have those scores.

I have 4 active accounts right now that are being managed each with about 200 on each acount and i'm paying 50 a month now till they are all paid off. I keep using only one credit card for any major purchase and pay it off right away now.

But I was informed by a friend that i wouldn't be able to get 100% loan by myself due to lack of equity. I know that I have credit but I lack equity. (some clairty please...)

Maybe the friend means 'cash reserves'..... something to fall back on and make mortgage payments with should you be out of work for a time.

FHA doesn't require reserves.

Conventional likes reserves... although it isn't a requirement.... it will be hard to get approval without them.

Try to put back some money... that would keep the most doors open to you in November.

Re: Planning to buy a townhome in November... PLEASE ADVISE!!!

Anonymous — Tue, 29 Jul 2008 19:30:53 GMT

Sounds good. I'll try to save up more till then. I don't think I will be able to get 20% down but 10% for sure. So hopefully by November I'll have 2-3K saved different from down payment. THANK YOU AGAIN FOR ALL THE HELP!

Re: Planning to buy a townhome in November... PLEASE ADVISE!!!

Anonymous — Wed, 30 Jul 2008 01:35:06 GMT

UR CREDIT SHOULD BE FINE TO BUY BUT GO GET ASSISTANCE FOR AN OUTSIDE ATTORNEY LOOK FOR ALL THE FIRST TIME BUYER HELP WATCH WHAT U BUY ON UR CREDIT CARDS CAUSE WHAT U BUY IS AS IMPORTANT AS UR CREDIT SCORE AND VISE VERSA THEY BOTH WORK TOGETHER

Re: Planning to buy a townhome in November... PLEASE ADVISE!!!

Junejer — Wed, 30 Jul 2008 06:58:08 GMT

KINGLOUIS wrote:

How would a lender know what you buy on your CCs? That information is priveleged, not available on the CRs.

Re: Planning to buy a townhome in November... PLEASE ADVISE!!!

Junejer — Wed, 30 Jul 2008 06:59:13 GMT

Great scores there newbie. No doubt b/c of the util on the CCs. Keep between 1-9% for best results.