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You can't get rid of a leased car that easily,other wise your credit will get shot,big time.
Besides,I need it because I drive 900 miles a week. My lease is 18,000 miles yearly.
The more suburban parts on Nj do have cheaper insurance. I lived in Sj,in Burlington, for 2 years. I know the area I want to buy in,I lived there.
Now I read gas is going up $5 a gallon.
Wait a minute...Phillipsburg and Bound Brook are dangerous now?
You're likely stuck with the lease. An unfortunate thing. It just seems like all the arguments for the lease, then don't make sense for keeping an older used car. You're still paying repair bills. You're still paying insurance on two vehicles.
It might make sense to get a job making 70-80k within an easy commute to your projected move, and to decrease your costs, subsequently qualifying you for a USDA loan. The big advantage would be the zero down and lower PMI. By the way, I checked and for a family of 4 in NJ, the income limit in one county was as high as 102k, with a few others in the 90k range.
Ok,so that's the scoop. I have no savings,because I spent $8000 paying off debt,and the car broke down,so I got it fixed,plus leased a new one.
Do you really need savings to qualify for a mortgage?
I really do think I'm a good candidate for a mortgage.
Yearly income last yr 110,000,but yrears prior 2007 to 2011 it was 80,000 to 99,000.
I try to stay below a certain amount. Cedit score 670.
Monthly income net $6600
Rent is 1500.
Car payment:510
Car insurance:424.
Food:800 monthly.
Irs:300 monthly(now you know why I stay under a certain amount in earnings)
I still owe 11,000 to them.
Student loan:$50
Credit cards:75 monthly.
Gas and tolls:$600 monthly
No 401k,no Ira.
Looking at short sale homes 63,000 to 90,000.
How do I find a no money down mortgage?
Will they also want to see savings,401k,etc?
I wouldn't rush into buying a home there is nothing wrong with renting. You're simply paying for a roof over your head. You also have mobility and not taking care of issues.
I'm in the same boat with IRS $333 a month to them but I'll be done next year after a few years of refunds. When banks do underwriting my understanding is that they count your car, student loan and credit cards as debt when underwriting. So you're debt on that basis may not be so bad for underwriting.
However at your income level you should be in a little better financial situation. Why don't you take a year restructuring your finances? Maybe pay yourself first. Get an ING account or something and pay tithes to yourself. You'll be in a better position to get better rates and qualify for a nicer home potentially.
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