cancel
Showing results for 
Search instead for 
Did you mean: 

When to pull the trigger to sell/buy...

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Highlighted
New Contributor

When to pull the trigger to sell/buy...

We now need a 4 bedroom house & would like to move to a different part of town, but we're scared to pull the trigger to sell in case it's a struggle to buy.  I was dealing with a loan officer in September who in the end said come back with more $, but she never told me how much money.  At that time I was in the 680-699 score range.  I know I won't be using that person when it's time, but now I'm now uncertain as to when we go ahead & sell.  I don't want to have any more inquiries than I need. 

 

  1. Credit.  660-670, on all 3.  Just took a dive from 680-699 range because I paid off 3 installment loans. *sigh* 15 year history.  2 late pays on loans in 2007, 1 slow pay on card in 2007.  1 collection account for $1300 from 2010.  Active accounts: 1 installment loan, 2 cards kept at 0 balances consistently, & 1 card <10% consistently.
  2. Income.  75k annually, employed for 13 years by the same company
  3. Source of income.  full time employment
  4. Monthly debt payments.  $250.  1 installment loan.
  5. Employment w-2
  6. Assets/Reserves.  $8000 in saving plus $10000 net on the low side from the sale of current home
  7. Location.  League City, TX (Houston area)
  8. Property. single family
  9. Value.  220k
  10. Occupancy.  Primary residence
  11. Transaction Type Purchase
  12. Other info  This is all the husbands info.  I am in a Ch 13 BK.  We do not qualify for an FHA in just his name as he can not support my trustee payment on his debt to income ratio (according to the LO from Sept).

Do we wait til the score reaches 680 again?  How much more money would we need to save?  We just need in the house, and we know we'll keep gardening til we can refi more comfortably.

 

Any advice is sincerely appreciated!!

Message 1 of 8
7 REPLIES 7
Highlighted
New Contributor

Re: When to pull the trigger to sell/buy...

Oh & we've started buckling down, and we are saving at a rate of ~$2,000  a month.

Message 2 of 8
Highlighted
Senior Contributor

Re: When to pull the trigger to sell/buy...

I think that you need to sit tight, save more money, get your ch13 behind you [how much longer?] and improve your combined credit profile. Your net cash position after a sale would not be strong enough to cover all the costs that you will incur on the buy side. Alternatively, I'd recommend that you sell and move into a rental that has the additional space that you need.

Message 3 of 8
Highlighted
New Contributor

Re: When to pull the trigger to sell/buy...

Thanks for the advice!  I definitely don't want to wait til the Ch 13 is over (2 years left) because we should be able to buy on just his profile....just a matter of money if I'm not mistaken.  How much money would you save in order to feel good about making the move?

Message 4 of 8
Highlighted
Senior Contributor

Re: When to pull the trigger to sell/buy...


@LynGene wrote:

Thanks for the advice!  I definitely don't want to wait til the Ch 13 is over (2 years left) because we should be able to buy on just his profile....just a matter of money if I'm not mistaken.  How much money would you save in order to feel good about making the move?


Six to twelve months of PITI in the bank AFTER closing.

 

Message 5 of 8
Highlighted
Moderator Emerita

Re: When to pull the trigger to sell/buy...

Why aren't you going on the loan?

 

Don't you have enough income to support your debt and Ch 13 payment with his income and your income.

 

You might want to pm Dallasloanguy here on this board for help. He will be more familiar with issuing a loan while you are in Ch 13 than the previous LO you spoke to in Sept (from your post).

Message 6 of 8
Highlighted
New Contributor

Re: When to pull the trigger to sell/buy...

I'm terrified of rocking the boat.  I wasn't married nor planning on marriage when I started the filing process, and I never restated my financial picture once I got married.  My lawyer is um...inadequate it seems, so now that I'm 3 years in I'm just trying to coast through it.  But yes - my income supports the debt repayment.

 

I do plan to reach out to DallasLoanGuy as he was recommended to me, but I wasn't planning on it until I have my ducks in a row as far as the downpayment/closing/reserves goes.

Message 7 of 8
Highlighted
Regular Contributor

Re: When to pull the trigger to sell/buy...

ha interesting Smiley Happy

 

you'd be my neighbor I live by Almeda Mall LOL!!!

 

Please send me what info you have.

 

I am the same as not wanting to rock the boat but I really wanted him on the loan. He is older and once they hit that retirment age they can cancel property taxes Smiley Happy for homestead I think LOL

Updated 11/12/14
EQ 717 TU 718 EX 732

updated FICO 10/28/14
EQ 710 TU709 EX683

myfico scores 10/25/14
EQ 677 TU 695 EX 683

Message 8 of 8
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.