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Asked by Nikki, Detroit, MI Thu Jan 29, 2009

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Sonya Loose, Agent, Beaverton, MI
Thu Jan 29, 2009
If you have a home already that has delinquent payments you will probably not qualify at this time. If he has only been out of bankruptcy less than a year he is not a good credit risk for lenders and will see high down payments and higher interest rates if he can even qualify. Unfortunately I am not sure if this is the right time for you to be purchasing a home.
1 vote
, ,
Fri Jan 30, 2009
I don't know your exact circumstances and I want to try and be non-judgemental, but are you kidding me?? First of all, you're saying you haven't been making your mortgage payments on time, your husband has a BK so he has trouble with money as well, and you want to buy another home??

If you're in the percentage of people who are upset their home's value is down and want to take advantage of lower prices and dump a bad investment, then shame on you. You knew very well what you were signing and you should live up to your obligations.

If you just can't afford your payments and have the idea of downsizing to something more affordable, then you need to do a better job of controlling your finances and learning how to manage money. Otherwise what's to say you won't wind up in the same predicament getting another home?

Either way, it's no surprise to me that any lender willing to even consider giving you money is requiring a sizeable down payment on your part. My guess is that you don't have 20% just sitting around.

Now I'm giving you the benefit of the doubt in believing you're not a shady character just looking to take advantage of the system, so here is my advice: put a hold on your plans to buy another home, work oin improving your credit and learning how to save money, and try to apply for a mortgage when you have a good handle on these things. Owning a home is a privelege, not a right. The more your average everyday person understands this, the closer we'll be to getting out of this whole real estate mess
0 votes
Steve Roesch, Agent, Portland, OR
Thu Jan 29, 2009
i dont know how I missed that part. but i did. If you are delinquent, and your husband is 1 year out of BK, and you found a lender that will give you a loan at 80% LTV, then that sounds likely to be your only option. Actually, I would question that the preapproval may get overturned in final underwriting. Banks are turning down even some of the most perfect candidates for loans today. They are afraid of owning more real estate.
0 votes
Steve Roesch, Agent, Portland, OR
Thu Jan 29, 2009
the only way I see it, is if you could qualify for the home by yourself, you may get down to 10%. If your current mortgage is not FHA, you may be able to qualify FHA on your own and get it down to 3.5% down payment. It all hinges on your ablilty to qualify without him. It is his bankruptcy and score that is causing the 20% requirement.
0 votes
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