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Old 08-16-2007, 12:57 PM #1
bornestar
 
 
Join Date: Dec 2002
 has been a member for 10 years
Need help with house...

I am trying hard to get a house. My girlfriend and I have been looking for a while now and we finally found the one we want. It is cheap @ $85,500 with 1 repair to be made that we know of. It is a great little house. Problem is that I don't have enough cash to put down and pay all the closing costs. My girlfriend is also on her last year of school and will not be working full time for another year. My loan advisor told me to look for "non profit payment programs" which basically cover the cost of the down payment. I'll admit I get paid **** for what I do and feel pretty poor when I can't afford under $100k... I keep my bills to a minimum - paying off most as soon as it comes in, my credit is great, but I don't make "enough" to cover the mortgage companys ***.

I am coming here to the more "mature" portion of ST to ask if anyone has had to do this with the non profits or know which one is creditable? I see tons but don't know who is creditable... I am actually a little overwelmed by this all. Any and all help is appreciated

Thank you

Jared Borne
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Old 08-16-2007, 01:58 PM #2
t_mo (Banned)
 
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I would wait it out for a little while, the real estate market is going to take a serious dive. Save up some cash for a down payment, work on improving your credit score. Unless you find a really great deal prices should continue to fall for a good amount of time.
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Old 08-16-2007, 02:08 PM #3
Dude5779597
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well the credit market is in a horrible position right now. chances are with what you are saying you would only be able to get a subprime and the fact is right now subprimes are doing horrible and chances are you would have a forclosure. as for the nonprofit lending the community lending networks are probably your best bet.

one a side note there is never one just repair to do to a house
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Old 08-16-2007, 09:48 PM #4
bornestar
 
 
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I have till the 30th to close on this house. Everything is going good but I now need the down payment to keep 7% interest or go 100% financing with 11% interest According to http://www.lhfa.state.la.us/programs...ship/addpi.php I would qualify, but how long would that take? LOL
I really would like this house.. I've been looking for this house and found it. I'd hate to lose it
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Old 08-16-2007, 10:15 PM #5
Dude5779597
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What ever you do not look at only one lender. Shop see which one fits your needs. Also its hard to tell how long it would take. Its best to ask from the lender and see what you can work out. In addition if you go through a real estate broker like Wiechert they will be able to get you one of the best rates and should get the money right on schedule.

Also what is the rush with this house?
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Old 08-17-2007, 01:34 AM #6
t_mo (Banned)
 
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I feel that the information you are looking for is not obtainable through this message board. Please disregard my previous statement. I now feel there is not enough information to properly ***** the situation.
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Old 08-20-2007, 12:00 PM #7
kellz123
 
 
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Quote:
Originally Posted by t_mo View Post
I would wait it out for a little while, the real estate market is going to take a serious dive. Save up some cash for a down payment, work on improving your credit score. Unless you find a really great deal prices should continue to fall for a good amount of time.
I agree with you completely just save up some cash and wait it out for the price drop. It will end up saving you a lot more money in the end and give you time to find great mortgage rates and compare different terms.
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Old 09-04-2007, 09:33 AM #8
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If you need help Pm me. I'm a mortgage broker, if you plan to live in this home I would not pay any mind to any of this " credit Crunch" , How long do you plan on living in the home?

Bottomline is now is a great time to buy, prices down. rates low and probly going lower on the 18th..
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