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You guys are such a wealth of info!! I've been reading these boards about an naca mortgage and I've found some conflicting advice.
we have student loans currently on an income based repayment schedule. Because of our family size of 7, we don't pay anything on the loans. We send in new tax info every year to snow how much we will have to pay. Next year our payment will go up to $45 based on a raise.
My question: will they allow my low payments to be entered for my DTI? I've read they will if that number amount is on the cr,but have also read they will only use a standard repayment plan...which is so high we would never be Abe to qualify for a home!
any idea? I can't get to a meeting for a few months and trying my hardest to get ready for it!
Thanks. Tim answered my question on the naca forums and let me know they do not use your income based repayment schedule for loans, only your standard repayment amount. For me that makes my payment jump from $40 a month to $1500 for both Dh and I combined. It seems so very unfair that we can't use the income based repayment plan that we are on to figure our loan. We make 58k a year! No way could we pay $1500 a month for our student loans and still get qualified for a mortgage! We have a family size of 7, so our ibr payment is so low.
Looks like FHA or conventional are my only options since they go based on your repayment plan for loans. Seems ridiculous that naca does loans based on what might happen 10 years down the road. If they are basing loans on what might happen, then they should adjust income on what might increase, too.
Im really bummed that buying a home is longer in our near future.
I can do an FHA or conventional, btheir order to get the payments where I need them, I have to put 20% down. If I could go naca, I don't have to save as long for the 20%, which I'm estimating will take me until summer 2015, so I can buy my rate down to 0 and home in a home sooner!
Thanks. We are looking at 175k. We can easily afford the mortgage. Our taxes are only $800 a year for that particular home. Our only debt is student loans at 0 right now, but going to $40 a month in the fall. We live in a paid for mobile home right now. To keep our kids in all their activities, we only want to pay $900 a month for pita. That is doable, but only if we put down the full 20% or go naca. Because we have a paid for home, we aren't willing to buy anything smaller than what we need. Wouldn't make sense to go from 0 mortgage to $800 for no more added space, ya know.
I've looked into assistance for a dp, but we have too much money saved for them to help us. We can afford a mortgage. With naca buy down, we would bring 24k to the table for buy down, but our pita and $50 fee would only be $700, and we could buy as soon as naca approved us! Credit isn't our main problem like most people.
Is it possible to do a permanent buy down on interest with other loans? 175k, 0 down, and 24k to a buy down is cheaper than 175k, 20% down, and no buy down.