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Old 09-11-2007, 09:48 PM
 
Location: Up above the world so high!
45,270 posts, read 88,380,615 times
Reputation: 39856

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Quote:
Originally Posted by kmway View Post
IF THEY CAN AFFORD IT and have proper credit to qualify.

People like you helped cause the sub-prime debacle.
Well, enough said in my opinion - BINGO, spot on, on the money - YOU ARE RIGHT in my book
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Old 09-11-2007, 09:55 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,323,408 times
Reputation: 1008
well you have to do mortgages and/or credit repair to have a great opinion.

it's obvious someone is jerk for stereotyping a newcomer on this forum..and accusing someone of being part of the subprime catastrophe.

it's obvious that nobody reads here!

foreclosures are happening because of lenders like BEAZER who lied on the mortgage applications...and for borrowers who lied also.


to put me in the same picture is disrespectful, and to assume that someone who has a low credit score has no income is also bad.
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Old 09-11-2007, 10:02 PM
 
Location: Matthews North Carolina
49 posts, read 135,157 times
Reputation: 26
Thank you for your responses . Me and my husband are looking into maybe buying but are on the fence due to our credit . We did own our own home in RI which we lived in for 14years and sold in May. So it will not be our first home we own. Never defaulted on payments what is on our credit is stupid credit cards that went into collections due to lack of employment at the time and choices at the time was pay cr cards or mortgage we went with mortgage. I have had car loans and paid them off as well what is outstanding are stradlers of credit cards that went to collections maybe about 7,000 or less between the two of us.
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Old 09-11-2007, 10:03 PM
 
Location: Up above the world so high!
45,270 posts, read 88,380,615 times
Reputation: 39856
Quote:
Originally Posted by banker0679 View Post
well you have to do mortgages and/or credit repair to have a great opinion.

it's obvious someone is jerk for stereotyping a newcomer on this forum..and accusing someone of being part of the subprime catastrophe.

it's obvious that nobody reads here!

foreclosures are happening because of lenders like BEAZER who lied on the mortgage applications...and for borrowers who lied also.


to put me in the same picture is disrespectful, and to assume that someone who has a low credit score has no income is also bad.
No one is stereotyping our original poster - we aren't even talking about her. We are talking about when people like her are new to the process that don't always understand what is in their best financial interests, then get hoodo advice like yours and get in over their heads. That is exactly how so many people found themselves in foreclosure with the subprime catastrophe.

To Porteguese Girl I say this, take the time to educate yourself about all facets of buying, owning and maintaining a home. Look for workshops put on at community colleges that can help you to learn about the process and come to understand just what you are getting into. It is only scary when you don't know what the facts are. You will know what the right thing for you to do is after you have gone thru a seminar or workshop. But do not just take the word of any banker of mortgage person looking to make a sale. Best of luck to you.
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Old 09-11-2007, 10:05 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,323,408 times
Reputation: 1008
there YOU go stereotyping...as she has mentioned that she ALREADY OWNED A HOME BEFORE.

why dont you ask someone IF they owned a home...can they afford it? etc etc

tsk tsk

Quote:
Originally Posted by lovesMountains View Post
No one is stereotyping our original poster - we aren't even talking about her. We are talking aboutwhen people like her are new to the process that don't always understand what is in their best financial interests, who then get hoodo advice like yours and get in over their heads. That is exactly how so many people found themselves in foreclosure with the subprime catastrophe.

To Porteguese Girl I say this, take the time to educate yourself about all facets of buying, owning and maintaining a home. Look for workshops put on at community colleges that can help you to learn about the process and come to understand just what you are getting into. It is only scary when you don't know what the facts are. You will know what the right thing for you to do is after you have gone thru a seminar or workshop. But do not just take the word of any banker of mortgage person looking to make a sale. Best of luck to you.
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Old 09-11-2007, 10:07 PM
 
Location: Up above the world so high!
45,270 posts, read 88,380,615 times
Reputation: 39856
Quote:
Originally Posted by Portuguese girl View Post
Thank you for your responses . Me and my husband are looking into maybe buying but are on the fence due to our credit . We did own our own home in RI which we lived in for 14years and sold in May. So it will not be our first home we own. Never defaulted on payments what is on our credit is stupid credit cards that went into collections due to lack of employment at the time and choices at the time was pay cr cards or mortgage we went with mortgage. I have had car loans and paid them off as well what is outstanding are stradlers of credit cards that went to collections maybe about 7,000 or less between the two of us.
In that case - good for you, you do have some experience after all. The main reason I would not apply for a home loan in your situation is that the worse your credit score and debt ratios, the higher interest rate you will get. If you can pay off most of the debt and get your scores up, you will get a much better monthly mortgage note when you do buy. Maybe come up with a 12 month plan, then buy?

Last edited by lovesMountains; 09-11-2007 at 10:19 PM..
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Old 09-11-2007, 10:07 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,323,408 times
Reputation: 1008
portuguese...what is your credit score?

do you have a sufficient down payment?
do you guys make sufficient income to pay a mortgage payment?
have you looked at what the future mortgage payment maybe compared to your income?

why are you looking to buy now? is it possible that you can wait or...?

MOST ppl will assume that you will get a high rate.

again making assumptions really makes another person look bad.
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Old 09-11-2007, 10:10 PM
 
Location: Matthews North Carolina
49 posts, read 135,157 times
Reputation: 26
Can we afford it .... pymt yes... do we have a down payment yes . Why now because our plan was 6month rental than buy and im just looking at my options should i go with ... A- rent for a year then start to look to buy B buy at my 6month rental renewal C - Throw in the towel...just kidding on that one. And just so people know i have owned a home i do know what it takes to keep it and i do have a down payment our only problem is certain things that we are trying to get off our credit that went into collections when me and my husband were young and thought we could handle it all. Like many of you have said dont judge someone for cr scores if i had a dollar for every person with not so great cr i would be rich and would not need a loan
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Old 09-11-2007, 10:11 PM
 
Location: Up above the world so high!
45,270 posts, read 88,380,615 times
Reputation: 39856
Quote:
Originally Posted by Portuguese girl View Post
Thank you for your responses . Me and my husband are looking into maybe buying but are on the fence due to our credit . We did own our own home in RI which we lived in for 14years and sold in May. So it will not be our first home we own. Never defaulted on payments what is on our credit is stupid credit cards that went into collections due to lack of employment at the time and choices at the time was pay cr cards or mortgage we went with mortgage. I have had car loans and paid them off as well what is outstanding are stradlers of credit cards that went to collections maybe about 7,000 or less between the two of us.
p.s. Please know, I am NOT trying to make you look bad or feel bad. Your situation is certainly not the worst in the world - far from it. Like I said, just be careful of bankers who want to paint too rosy of a picture - it's always easy for them to say what you should do when they aren't the ones who have to make the payments.
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Old 09-11-2007, 10:15 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,323,408 times
Reputation: 1008
a lender looks at 28/36 ratios.

if you make 1000 per month..then your mortgage payment should not exceed 28% of that....making your mortgage payment at 280. the 36% is when you add up all the monthly debts PLUS the mortgage payment.

this is the normal ratios look at. most lenders can stretch the back to 50%, but you will need a down payment or good credit score.

FHA looks for the last 12months credit history...no lates and positive credit.
they also require a 2.25% down payment, and the loan can not be larger than 200k.

Quote:
Originally Posted by Portuguese girl View Post
Can we afford it .... pymt yes... do we have a down payment yes . Why now because our plan was 6month rental than buy and im just looking at my options should i go with ... A- rent for a year then start to look to buy
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