'' If I do the payment saver at PENT Credit Union, where I'd have a payment of $275 for instance and then have $9,000 due on my last payment at the end of 5 years ... Will the $275 show up on my credit report for qualifying for a mortgage or would the higher P&I amount show up?''
I am not sure what your question is, but I STRONGLY advise NOT do that. A 9-grand balloon payment?? No, no, a thousand times NO !!!
As far as refinancing your current loan, the first loan will show as paid and your new payment will be whats used to calculate DTI.
I poached a little from your thread on the motgage board.
[1. I have my mom as a co-signer. She has her own mortgage and no other debt.]
Is she sure she wants to co-sign? and, don't take this the wrong way but, can she afford to carry you should your current job be eliminated
[2. I do have debt though. Not tons but I recently had to buy a new car and that payment is killing me in qualifying for the size home I want.]
Now to you, what is your income and true DTI? What size home and price are you looking at? The first home I bough was with a VA loan, I paid 48-grand for a 1050sq Ft. three bed-two bath split-level townny off of the Military Highway in Chesapeake Va. It was listed as having three bedroom's, although one was more like a large walk-in closet. Both bath's had showers, No tub. The kithchen/laundry room was so small, it had mini-appliances ... That was the first time I'd ever seen a stacked washer/dryer combo. I sold it for 52 in 1987.
My interest rate on that loan was .. 14% !! And I was LUCKY to get that.
[3. I will be able to make the mortgage payment because I will be renting it out to friends with me living there as well.]
Ahhh, don't take this the wrong way either #2, but I've been there and done that, My renting friends (guys I was stationed with) turned out to be f-r-e-e-l-o-a-d-e-r-s ... They ate all my groceries, used my utilities and never paid their fair share. Kinda like my ex ...
[4. My loan is going to be a standard FHA 3% down owner occupied loan.
My questions:
[4(a) - If I get a salaried job, can I use this as qualifiable income or do I have to be at it for 2 years as suspected? ]
Depends on the lender, you'll have call and ask.
[4(b) - Can I put my car loan in to someone else's name AND then back in to my name without paying sales tax once I buy the house?]
Since the vehicle is currently financed, No you can't simply transfer the loan out of your name, You'll either need to pay it off or, sell it.
You could have your mom buy your vehicle and you make the payments, but that's between you two and as others have posted, possibly illegal in obtaining a mortgage. Then again as long as you never miss your payments, that would be a moot point.
[4(c)- Is there anything else I can do to improve my DTI or am I stuck?
Thanks for any and all help!]
Without knowing your income and total debt/assets it's really difficult to give you any suggestions, however by definition, the only way to lower yout DTI is to lower your monthly payment debt or increase your income.
It may be best for you to wait, I know it's hard paying rent but there will always be homes to buy and you really don't want to start off any further on the wrong financial footing.
I haven't looked but you don't have any student loans do you?
