offer strategy- Happily Ever After

[Anonymous]

mickie08,

$100,000 Cutoff,  I heard of high interest loans for small amounts but my thinking is $60,000 or lower.  Well since she now knows the price I would shop around a little and let her lender know she is doing such to see if he can get her into a better product or lose the loan altogether, but If my memory isn't failing me I do remember there were some bumps to getting the loan so this may not be an option.  I guess it comes down to does she really want the house and is she wiling to pay more for it?

[XAVIERSMAMA]

It's actually $2000 more out of pocket upfront for closing, and $50 more per month in the payment so the deal is definitely not good for me.  Back to square one

Message Edited by XAVIERSMAMA on 01-06-2010 01:31 PM

[Anonymous]

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@Anonymous wrote:

mickie08,

$100,000 Cutoff,  I heard of high interest loans for small amounts but my thinking is $60,000 or lower. 

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I'm thinking you're right.  My loan amount was closer to 90k and I got a competitive rate, no points.  Unless the OP's chosen house was a dumpy shack I wouldn't think it could be that far off from the average home price.  And I'm assuming it's not a dumpy shack since homes with more square footage and higher end finishes are only slightly over 100k in the OP's neighborhood.  I'm thinking OP wasn't able to just up and switch to another lender as you mentioned due to having a tough time finding someone to overlook credit history (based on another post stating something to that effect).  Hope you find something soon OP!

[XAVIERSMAMA]

Sooo....

I got a call from my agent today and the bank had a change of heart(lol) and decided that they would be willing to offer $3000 towards my closing cost and accept the appraised value.  Shot an email to my lender and guess what?  Due to market conditions they have a new mortgage program and they are now processing loans for less than $100000 with the same 4.5% rate I had previously locked.  I will have to pay my own points due to the loss in seller concessions but with the lower sale price and the lower down payment I can swing it. It looks like I'm going to get my house??  I use the question mark because I know better than to celebrate too early.  I'll keep you posted.

[Jazzzy]

Congratulations...so far???

Keep us posted.

[XAVIERSMAMA]

I closed today  Got my rate, got my seller concessions, got the house of my dreams.  Thank you to everyone for their input and advice.  If you have poor credit, do not give up, you can become a homeowner.  Hard work discipline and leaving beneath my means took me from BK to homeownership in a little over 2 years.  If I can do it, anyone can.

[ArmyStrong]

**Congratulations!!!!!**

I've been feeling your pain! Hopefully mine will be over soon!

[Anonymous]

XAVIERSMAMA,

Cobgrats on become a Homeowner.  This is why I keep going jus knowing that one day I will have those keys in my hand.  I too have been thru it all for the past 3 1/2 years.  I have worked on my credit for the past 2 1/2 years without letting up.  I have an offer on my dream house and hopefully will close before the end of the month.

Congrats again.