LA Lending

My best suggestion to you is to go ahead and get pre-approved for a mortgage -- even if your not ready to buy. It will help you firm up the monthly figures, including what is needed for a downpayment. You'll be even more prepared when the time is right!

Good Luck! - Wed Jul 16 2008, 15:35

I am not aware of a program where you can use equity in your primary residence to purchase investment property. The down payment required would have to be in cash -- and investment guidelines have become tighter in the past few months.

If you mean cashing out your primary residence (after the Heloc balance has been paid) for the down payment, you need to review your current interest rates on your first mortgage, heloc and prospective investment property and determine what the best solution for you is.

I've heard HELOCs are becoming more volatile. You might want to consider refinancing your HELOC into your first mortgage to get a fixed rate and have a more predictable payment. - Wed Jul 9 2008, 13:41

It is up to the specific landlord's practices. Not all rentals are made the same.

If your worried about credit problems - I agree with the previous post. A written explination could be helpful.

If you do not have credit problems and are worried about the landlord lowering your credit score -- one credit pull will not reduce your score. It's when you have multiple credit inquries in a short amount of time that makes a difference.

If you want to consider buying instead of renting, please visit my website listed below. - Wed Jul 9 2008, 13:35

To clarify Mark's previous response -- yes all realtors are licensed the same. However, many choose to become specialized is listing or buying real estate -- although they are licensed to do both. The major difference is their experience -- and there are classes that a realtor can take to further their expertise in the field. Sorry to correct you Mark - but I think this is important to clarify. - Wed Jul 9 2008, 13:31

I'm a mortgage broker in Baton Rouge and I have several buyer agent specialist that I work with. I would be happy to refer you to one -- please give me a call or email me at info@LALending.net.

Also, if you haven't already secured your financing for your purchase, I would love to help!
Please visit my website and read my client testimonials!!!

Chasity Marshall
LA Lending - Tue Jul 8 2008, 16:50

I completely agree with Katherine's answer below. Homeownership is probably not the right option for you right now.

Although I am not a credit counselor, but as someone who views credit reports daily, I would advise you to pull your own credit report from the major credit bureaus – http://www.transunion.com / http://www.experian.com / http://www.equifax.com -- and go through your information to determine if there is any wrong information being reported on your behalf. If so, dispute the information with the credit bureaus and let them correct it for you. This is a lengthy process because they have to contact the company reporting the debt and request information from them to process your dispute. Expect this to take around 30 days.

Call the hospital about your medical debt and see if they can put you on a payment plan. IF you have the cash to settle the account in full - ask them if they would consider taking less than the debt owed -- but get any settlement that you agree to put in writing first! Make copies of the payments that you submit and keep for proof of payment. You can also try and settle any other outstanding account that appears as a collection – but as previously stated, always get the company to give you the settlement terms in writing before you submit payment. Also, ask for a receipt showing the account has been paid in full.

Concerning your credit cards -- always pay these on time! Any account that appears on your credit report should be paid on or before the due date. This is critical to improving your credit score. Do not rely on the post-marked date by the post office. Credit card payments must be received in their office by the due date – see your credit card’s company policy on submitting payments.

If you stay pro-active about your credit report, your credit score will improve. It just takes time -- and showing that you can be a responsible when it comes to your finances. - Mon Jul 7 2008, 09:55