Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-04-2015, 09:28 AM
 
7 posts, read 6,062 times
Reputation: 19

Advertisements

I have some very unique health issues that have cost me my job and all my wordy belongings needless to its affected my credit. After several years on living next to nothing I have finally built up my credit to the point where I can qualify for an FHA loan.

I am on disability and because of my health issues I must be very careful where I live. I am currently living in a hotel that costs between $1200-$1500/month but I have managed to pay the minimum on my credit cards which is my only bill. Had I been able to live in a standard and paying $500 or $600 for rent for an apartment my credit cards would be paid off and getting an FHA loan would be given without any hesitation

The loan officer told me on the cusp and my loan could go either way. The house I want to buy would be perfect for me from a health perspective which is why getting approved for loan is so important. The loan officer also told me if I could pay off one of the credit cards ($800.00) it would more than likely push me over the top and my loan would be approved. My sister has agreed to give me the money as a gift to pay the credit card off. By doing so would she have to provide any personal information to the FHA. If the loan is denied and because my rent payments at this hotel are so high I will be forced to live out of my truck. What are my chances of receiving this, my credit score is near 700. Thank you
Reply With Quote Quick reply to this message

 
Old 11-04-2015, 09:44 AM
 
Location: NC
9,346 posts, read 13,958,020 times
Reputation: 20842
Yours is a difficult situation and you are doing well to be thinking so hard about what to do next. If I put myself in your shoes, though, I'm not sure I would want to buy a house. I do not know your disabilities, but there are a lot of physical and $$$ issues to taking care of a house, not just the inside but the outside as well. If you rented, these things would be taken care of for you. If you rented, and something changed about where you wanted to live, you could move and not worry about how you were going to sell one place and find another one without losing money on commissions, fixing it up, etc. Owning a house is glamorous and often a good solution to housing, but it can be surprisingly costly and demanding.
Reply With Quote Quick reply to this message
 
Old 11-04-2015, 10:58 AM
 
3,805 posts, read 9,290,499 times
Reputation: 4978
Quote:
Originally Posted by Imactom View Post
I have some very unique health issues that have cost me my job and all my wordy belongings needless to its affected my credit. After several years on living next to nothing I have finally built up my credit to the point where I can qualify for an FHA loan.

I am on disability and because of my health issues I must be very careful where I live. I am currently living in a hotel that costs between $1200-$1500/month but I have managed to pay the minimum on my credit cards which is my only bill. Had I been able to live in a standard and paying $500 or $600 for rent for an apartment my credit cards would be paid off and getting an FHA loan would be given without any hesitation

The loan officer told me on the cusp and my loan could go either way. The house I want to buy would be perfect for me from a health perspective which is why getting approved for loan is so important. The loan officer also told me if I could pay off one of the credit cards ($800.00) it would more than likely push me over the top and my loan would be approved. My sister has agreed to give me the money as a gift to pay the credit card off. By doing so would she have to provide any personal information to the FHA. If the loan is denied and because my rent payments at this hotel are so high I will be forced to live out of my truck. What are my chances of receiving this, my credit score is near 700. Thank you
So you can't get into a rental lease but you want to buy FHA? There must be another option. Also, your lender is either not telling you enough, or you are not telling us enough. It looks like a debt ratio issue? is your income fixed, ie., permanent disability/Social Security?

Broomfield is not a hotbed of real estate activity to the point that the rental market is insane. Can you tell us a little bit about why you cannot rent a home or apartment? Sure it's a health issue, but what specifically is going on? What is your income? What is the price of the house you want?
Reply With Quote Quick reply to this message
 
Old 11-04-2015, 11:12 AM
 
12,016 posts, read 12,655,121 times
Reputation: 13420
What you pay at the hotel should not matter because you won't be paying it once you get a house.

I think they care more about your income and if it's on SSD the bank can count 125% of that amount.

The important number is how much the loan, FHA mortgage insurance and taxes and home insurance is going to be in relation to the income.
Reply With Quote Quick reply to this message
 
Old 11-04-2015, 11:15 AM
 
12,016 posts, read 12,655,121 times
Reputation: 13420
Quote:
Originally Posted by Pfhtex View Post
So you can't get into a rental lease but you want to buy FHA?
that can easily happen. If rents in your area are $700 and they want you to earn 2.5 times that and you don't you are stuck unless a private LL accepts you. But if you get $1200 a month you can qualify for an inexpensive home under FHA. So as crazy as it sounds some people don't qualify to rent, but do to own.
Reply With Quote Quick reply to this message
 
Old 11-04-2015, 12:42 PM
 
Location: NC
9,346 posts, read 13,958,020 times
Reputation: 20842
Quote:
Originally Posted by so954 View Post
that can easily happen. If rents in your area are $700 and they want you to earn 2.5 times that and you don't you are stuck unless a private LL accepts you. But if you get $1200 a month you can qualify for an inexpensive home under FHA. So as crazy as it sounds some people don't qualify to rent, but do to own.
That is astounding. So it promotes buying, which is fine as long as the buyer is not ultimately hindered.
Reply With Quote Quick reply to this message
 
Old 11-04-2015, 01:39 PM
 
3,805 posts, read 9,290,499 times
Reputation: 4978
Quote:
Originally Posted by so954 View Post
that can easily happen. If rents in your area are $700 and they want you to earn 2.5 times that and you don't you are stuck unless a private LL accepts you. But if you get $1200 a month you can qualify for an inexpensive home under FHA. So as crazy as it sounds some people don't qualify to rent, but do to own.
I'm well aware.
Reply With Quote Quick reply to this message
 
Old 11-04-2015, 01:53 PM
 
12,016 posts, read 12,655,121 times
Reputation: 13420
Quote:
Originally Posted by Pfhtex View Post
I'm well aware.
Then why did you ask?
Reply With Quote Quick reply to this message
 
Old 11-04-2015, 02:51 PM
 
3,805 posts, read 9,290,499 times
Reputation: 4978
Quote:
Originally Posted by so954 View Post
Then why did you ask?
Let me see if I can break this down sufficiently for you.

So you can't get into a rental lease but you want to buy FHA? This is an absolutely legitimate question, as we clearly lack data to render useful assistance. The breadth of rental housing opportunities in a non-"hot" market such as the OP's Bio references, brings up many questions, so pardon me for actually asking questinos so as to gain clarity. I assert that your little "2.5 times" dismissal is sorely lacking in proper vetting of the situation. In short, your "advice" was less than incomplete, and involved the kind of assumptions that don't really help anyone. At all. Ever.

There must be another option. Again, there must be another option, as in 1) Perhaps something to do with the OP's designation as (potentially) a Senior, or someone qualified for various assistance programs. But, 2) also as important, what physical deficiencies are we talking about? Emphysema? Differently-abled? As someone who has worked with Disabled Veterans for fifteen years, I find that ASKING QUESTIONS is the best way to learn about ways that I can help, especially if it involves referring someone into a Rental situaion instead of a home purchase. 3) Depending on OP's situation, USDA-eligible territory exists as close as Erie, CO, and would involve half the monthly MI, but I need to know more information as to whether that is feasible.

Also, your lender is either not telling you enough, or you are not telling us enough. It looks like a debt ratio issue? is your income fixed, ie., permanent disability/Social Security? Need me to explain why this one is important?

Broomfield is not a hotbed of real estate activity to the point that the rental market is insane. Can you tell us a little bit about why you cannot rent a home or apartment? Sure it's a health issue, but what specifically is going on? What is your income? What is the price of the house you want? Wow, I have no idea why anyone would want this info.

Please let me know if you have any more questions.
Reply With Quote Quick reply to this message
 
Old 11-04-2015, 02:54 PM
 
12,016 posts, read 12,655,121 times
Reputation: 13420
Quote:
Originally Posted by Pfhtex View Post
Let me see if I can break this down sufficiently for you.

So you can't get into a rental lease but you want to buy FHA? This is an absolutely legitimate question, as we clearly lack data to render useful assistance. The breadth of rental housing opportunities in a non-"hot" market such as the OP's Bio references, brings up many questions, so pardon me for actually asking questinos so as to gain clarity. I assert that your little "2.5 times" dismissal is sorely lacking in proper vetting of the situation. In short, your "advice" was less than incomplete, and involved the kind of assumptions that don't really help anyone. At all. Ever.

There must be another option. Again, genius, there must be another option, as in 1) Perhaps something to do with the OP's designation as (potentially) a Senior, or someone qualified for various assistance programs. But, 2) also as important, what physical deficiencies are we talking about? Emphysema? Differently-abled? As someone who has worked with Disabled Veterans for fifteen years, i find that ASKING QUESTIONS is the best way to learn about ways that I can help, especially if it involves referring someone into a Rental situaion instead of a home purchase. 3) Depending on OP's situation, USDA-eligible territory exists as close as Erie, CO, and would involve half the monthly MI, but I need to know more information as to whether that is feasible.

Also, your lender is either not telling you enough, or you are not telling us enough. It looks like a debt ratio issue? is your income fixed, ie., permanent disability/Social Security? Need me to explain why this one is important?

Broomfield is not a hotbed of real estate activity to the point that the rental market is insane. Can you tell us a little bit about why you cannot rent a home or apartment? Sure it's a health issue, but what specifically is going on? What is your income? What is the price of the house you want? Wow, I have no idea why anyone would want this info.

Please let me know if you have any more questions.
You said you are well aware after I explained it to you, if you were well aware you would not need to ask.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top