Home Buying in Charlotte>Question Details

Carinapier, Home Buyer in Charlotte, NC

Can anyone help with our unique situation?

Asked by Carinapier, Charlotte, NC Fri Nov 15, 2013

I will make this brief.
Husband and I work in Bar industry in uptown Charlotte. Our actual income on paper is lower than what we earn...
No CC debt-No debt at all. Medical bills in collections being paid off, some from car accident. Ins company taking time to pay. *sigh*
Credit score in the middle 600's. Always paid cash for almost everything. 1 CC which we pay off monthly to build credit. Have a paid off car I financed too.

Will be putting down payment, intention is 20%. Will have parents to cosign. We are very close, and they want to help us.

Is this doable? Would anyone actually be willing to take us on and assist us?

Houses we are looking at are in the 80-100k range. We like to live simply, spend our cash on fun things.

I am open to solicitation as far as people who could be willing to look at our situation.

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Answers

9
Randall Yates’ answer
I know several lenders that require just a 580 credit score. If you would like an assessment of your situation and a referral to a reputable lender that has the right type of loan for you, that's what we specialize in..
0 votes Thank Flag Link Sat Nov 16, 2013
Good evening, Carinapier:
One of the most important things about buying a first home is the financing. You will do what is called "alternative financing". You may not have to have a co-signer. If you want a $80,000-$100,000 home, you will probably need to show at least $35,000 total taxable income on the last 2 years tax returns. Putting 20% down may not make your financing all that much better and if you want to conserve cash, it may be best to keep that set aside. There are currently a few programs for first time buyers $7500 down payment and closing cost assistance, $15,000 grant money, and down payment matching grants. Once you have gotten good information on financing and know what "works" for you, we can find a home, townhome or condo that is in the ideal location. We helped another couple who work at a local bar and grill find a perfect place earlier this year. If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. I'd be pleased to provide that service. If you appreciate this answer, please give it a thumbs up, or if this was the most helpful answer, please say thanks with a best answer click.
0 votes Thank Flag Link Sat Nov 16, 2013
I don't see an issue, just need to back up your income with tax returns, bank statements, etc. Just go online to http://www.loansbyJanis.com and apply securely and privately. I've worked with Janis Graham many years and she's the best. She's one that cares more about the person then the money. They are few and far between in this era.
I'd be glad to help you also, up to you. I'm Gary Mitchell 704-578-9789 I've was born in Statesville and worked in Charlotte since 1974.
0 votes Thank Flag Link Sat Nov 16, 2013
I beleive I can help you as long as you have tax returns for the last two years. Plus my specialty is foreclosures, so I can get you a deal.
Tom Huminik
The Foreclosue Finder
704-609-9111
0 votes Thank Flag Link Sat Nov 16, 2013
Your 'unique situation' is actually not unique at all! There are many, many people in your same situation and many are able to qualify for mortgages. I would recommend going with a local mortgage company that will be able to review your situation on a case by case basis rather than just looking at the numbers alone. I highly recommend Bryan Maddex at Movement Mortgage 704-246-3833. He handles all of my transactions with awesome communication, attention to detail, and efficiency! Feel free to call or email me if you have any other questions. Remember, you never know until you ask and all it costs is a phone call!

Best regards,
Stephanie Blackburn
DL Morton Realty
704-759-6168
sblackburn@dlmortonrealty.com
0 votes Thank Flag Link Fri Nov 15, 2013
I would be happy to assist you. You can apply securely online or call.
0 votes Thank Flag Link Fri Nov 15, 2013
I know of lots of options for you! I worked in restaurants for years, so I am very familiar with your situation, and I have helped my former coworkers buy homes. If you will call me I can go over your options with you. There's one fantastic program you may qualify for that will be ending soon, so the earlier, the better.

Liz Millsaps Haigler
Broker/Realtor
5 Points Realty
704-577-5988
CharlotteDwellings@gmail.com
0 votes Thank Flag Link Fri Nov 15, 2013
I would say that, if you have not done so already, you need to have a lender look at your situation. I can pass along the name of a great lender if you would like.

Please give me a call or visit our website http://www.PropertiesinCharlotte.com.

Sincerely,

Debbie Arriero
ABR, AHWD, ASP, CRS, e-PRO, GRI, SFR, SRES, REALTOR
Serving the Charlotte area since 1990
Licensed in North & South Carolina

Arriero Realty, Inc.
P.O. Box 77283
Charlotte, NC 28271
Office: 704-451-3895
Fax: 704-321-2403
ArrieroRealty@gmail.com
0 votes Thank Flag Link Fri Nov 15, 2013
you can most likely buy a house. I have dealt with people in your situation before and gotten them approved with a lender I use....Call Chris Ayer at 704-771-3954. He is the best mortgage person for your situation.

Then let me know and I can help you find a house...You should be able to do this without yoru parents help based on what you have said.

Dave diCecco
Realtor/Broker
Helen Adams Realty
Cell: 704-519-7895
ddicecco@heleadamsrealty.com
http://www.davedicecco.com
0 votes Thank Flag Link Fri Nov 15, 2013
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