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Posted by Mustang Mike (Member # 4057) on :
 
My wife and I are looking into buying a home in the Sacramento,Natomos, or Elk Grove area. And we are wondering what we may qualify for? Have have credit scores in the mid 600's and low 700's and have a combined income of around 4K a month with about 1k going out in credit cards and car payments. Does anyone have any hook ups, or know what we may be able to get?
 
Posted by BlowN67 (Member # 4229) on :
 
I also have a friend looking into buying a house a needs help getting started or help finding loans best for them lmk also through here or pm too... an sorry not trying to steal ur tread i was just going to make the similar post an thought it would be ok since we need the same info thanx JOHN
 
Posted by Mustang Mike (Member # 4057) on :
 
No problem John.....I hope we both get the answers we are looking for.
 
Posted by 04Z06 (Member # 2309) on :
 
Jim Feckner
First Nationwide Realty.
916-847-9390 cell
I have an old card so I amnot sure about office #.

Pretty good guy. I have known him for some time. He used to be a CPA so he can help with taxes too and give you the low down on what to write off. Just tell him Eric sent you. I don't get anything but I can hold it over his head if I need too. [Big Grin]

E
 
Posted by Team SOLO (Member # 722) on :
 
recommendation...pay off your credit card debt before going into a house (if u can). i paid off everything and anything so that my only bill would be my house. depending on how much you owe, you could easily raise your credit scores by paying off your crap now and get a better interest rate. i went from a 690 to a 750 in 30 days by paying of all my junk.
 
Posted by Black88GT (Member # 394) on :
 
quote:
Originally posted by Team SOLO:
recommendation...pay off your credit card debt before going into a house (if u can). i paid off everything and anything so that my only bill would be my house. depending on how much you owe, you could easily raise your credit scores by paying off your crap now and get a better interest rate. i went from a 690 to a 750 in 30 days by paying of all my junk.
Or, cant you add them to you house loan?

[ September 30, 2005, 06:46 AM: Message edited by: Black88GT ]
 
Posted by sharkattack (Member # 645) on :
 
quote:
Originally posted by Team SOLO:
recommendation...pay off your credit card debt before going into a house (if u can). i paid off everything and anything so that my only bill would be my house. depending on how much you owe, you could easily raise your credit scores by paying off your crap now and get a better interest rate. i went from a 690 to a 750 in 30 days by paying of all my junk.
Very good advise! Pay that crap down or off is best.

Also if/when you qualify, avoid that adjustable interest only loan crap. Sounds like a good idea at 1st and you pay a lower rate, but when it flips, you find yourself being bitch slapped every month.

[ September 30, 2005, 08:20 AM: Message edited by: sharkattack ]
 
Posted by sharkattack (Member # 645) on :
 
[/QUOTE]Or, cant you add them to you house loan? [/QB][/QUOTE]

Do you want to pay for a couple of cars for the next 30 years at a higher interest rate? That's what happens. Better to get them paid down or off and be done with it.
 
Posted by cobraracer46 (Member # 1142) on :
 
You definatly need to clean up your credit card debt and sell or pay off your vehicle before you even think about getting a home. Once you are debt free, burn all your credit cards and build up enough savings to cover 3 to 6 mounths of expenses in case somthing bad happens like getting laid off from work. Once you do all that, then you can start thinking about buying a home. One other thing, look into a lender that deos underwriting, meaning some one who is professional enough to look at the details of your life instead of some dumb monkey who simply gives you a loan based on some stupid credit score.
 
Posted by Avengeance (Member # 5163) on :
 
The biggest question in your equation is how much money are you looking to borrow... ie how much do you have to put down?

How big of a house are you looking at? Do you know what price range you are willing to go for.

If you have nothing to put down... and only bringing $3K disposable (spendable) cash home per month... you probably wont even be able to swing a house payment for a smaller house.

I dont know what kind of loans are out there for first time buyers... but its pretty much impossible to buy a house if you have no money to put down and/or dont make a ton of money.
 
Posted by RixSikCobra (Member # 5058) on :
 
quote:
Originally posted by cobraracer46:
You definatly need to clean up your credit card debt and sell or pay off your vehicle before you even think about getting a home. Once you are debt free, burn all your credit cards and build up enough savings to cover 3 to 6 mounths of expenses in case somthing bad happens like getting laid off from work. Once you do all that, then you can start thinking about buying a home. One other thing, look into a lender that deos underwriting, meaning some one who is professional enough to look at the details of your life instead of some dumb monkey who simply gives you a loan based on some stupid credit score.
Here we go again. [Roll Eyes] ...a word of "advice" from our friendly neighborhood financial adviser.

There is NOTHING that says you can't have a credit card(s)to qualify for a home loan. In fact, lending institutions LIKE to see a track record of your credt history. DO NOT "burn" your credit cards; you have them, save them for an emergency or somethin'. If you suddenly lost your job(God forbid), they can't be taken away, but you won't be able to get credit without income. I would try and pay them down as much as possible, however, because having a lower income/debt ratio will qualify ya for a bit more. Having credit is GOOD. Keeping low balances on your accounts is even better because it shows responsible spending habits and only IMPROVES your score. With a credit score of 660-700, you're gonna qualify for a loan, no problem...even with your car/crdit card debt. [patriot]
 
Posted by boostin1.8 (Member # 868) on :
 
quote:
Originally posted by RixSikCobra:
quote:
Originally posted by cobraracer46:
You definatly need to clean up your credit card debt and sell or pay off your vehicle before you even think about getting a home. Once you are debt free, burn all your credit cards and build up enough savings to cover 3 to 6 mounths of expenses in case somthing bad happens like getting laid off from work. Once you do all that, then you can start thinking about buying a home. One other thing, look into a lender that deos underwriting, meaning some one who is professional enough to look at the details of your life instead of some dumb monkey who simply gives you a loan based on some stupid credit score.
Here we go again. [Roll Eyes] ...a word of "advice" from our friendly neighborhood financial adviser.

There is NOTHING that says you can't have a credit card(s)to qualify for a home loan. In fact, lending institutions LIKE to see a track record of your credt history. DO NOT "burn" your credit cards; you have them, save them for an emergency or somethin'. If you suddenly lost your job(God forbid), they can't be taken away, but you won't be able to get credit without income. I would try and pay them down as much as possible, however, because having a lower income/debt ratio will qualify ya for a bit more. Having credit is GOOD. Keeping low balances on your accounts is even better because it shows responsible spending habits and only IMPROVES your score. With a credit score of 660-700, you're gonna qualify for a loan, no problem...even with your car/crdit card debt. [patriot]
HA Rick i was thinking the same thing when I saw his name on the post, I didnt even h ave to read the thread yet! lol.
 
Posted by Avengeance (Member # 5163) on :
 
quote:
Originally posted by RixSikCobra:
With a credit score of 660-700, you're gonna qualify for a loan, no problem...even with your car/crdit card debt. [patriot]
Yeah but everyone is missing the important details here... down payment and loan amount. He could have a 800 score but his debt-to-income ratio mixed with loan amount may not mesh. Lenders arent dumb and wont close their eyes to these things. Lets use 350,000 with 100% loan, thats if theres no DP, at 5.625% (which seems to be the good rate right now) his mortgage would be over $2000/mo, and thats not including taxes/insurance/and possible assesments on the house.

Theres a lot more to the equation then just having a good credit score.

I actually feel really bad for people trying to buy their first homes in this market... its damn near impossible. I wish this dude good luck.
 
Posted by SmokinLX (Member # 1684) on :
 
The first step is alway's talking to a lender! He will tell You what You need to do if anything to get a loan at a good intrest rate. If You have decent credit or a good job normally they will lend You more money than You want or need to borrow. You need to figure out where You want to be monthly payment wise with insurance and taxes. Then You can have an idea what price range You will be shopping for Your home in, and that's where a realtor can help You out. There are Many benefit's to owning a home tax wise and You should talk to the person who does Your taxes because it varies for everyone.
 
Posted by racsirx (Member # 1710) on :
 
I wish you luck, but dont worry, I bought my first house with no job, and I still dont have a job, you dont have to pay off your credits, just make sure you owe only half the balance, and your debt to income ratio is low, also see if your lender will let you use stated income, that sometimes helps, and interest only loans are not good for your first home, but work good for investment properties, like a second income like rental houses, also have about $5k-$10K in your checking account at all times until the loan is closed, also I would get a pre-approved loan before you go house shopping, because houses sell fast and sometimes you get out bidded or they sell before you can get the loan.
 
Posted by sharkattack (Member # 645) on :
 
quote:
Originally posted by Avengeance:
quote:
Originally posted by RixSikCobra:
With a credit score of 660-700, you're gonna qualify for a loan, no problem...even with your car/crdit card debt. [patriot]
Yeah but everyone is missing the important details here... down payment and loan amount. He could have a 800 score but his debt-to-income ratio mixed with loan amount may not mesh. Lenders arent dumb and wont close their eyes to these things. Lets use 350,000 with 100% loan, thats if theres no DP, at 5.625% (which seems to be the good rate right now) his mortgage would be over $2000/mo, and thats not including taxes/insurance/and possible assesments on the house.

Theres a lot more to the equation then just having a good credit score.

I actually feel really bad for people trying to buy their first homes in this market... its damn near impossible. I wish this dude good luck.
Yeah figure another 3-4K a year for property taxes. Mine is 6k a year, about 500 bucks a month (included in payment).
 
Posted by Eddie510 (Member # 2354) on :
 
quote:
Originally posted by racsirx:
I wish you luck, but dont worry, I bought my first house with no job, and I still dont have a job, you dont have to pay off your credits, just make sure you owe only half the balance, and your debt to income ratio is low, also see if your lender will let you use stated income, that sometimes helps, and interest only loans are not good for your first home, but work good for investment properties, like a second income like rental houses, also have about $5k-$10K in your checking account at all times until the loan is closed, also I would get a pre-approved loan before you go house shopping, because houses sell fast and sometimes you get out bidded or they sell before you can get the loan.
[patriot] amen [worship]
 
Posted by Mustang Mike (Member # 4057) on :
 
Thanks for all the info guys. We went down to Countrywide Home Loans today to work up some numbers, and see if we even qualify with the debit and down payment we have. I will keep you all posted.
 
Posted by Avengeance (Member # 5163) on :
 
quote:
Originally posted by Mustang Mike:
Thanks for all the info guys. We went down to Countrywide Home Loans today to work up some numbers, and see if we even qualify with the debit and down payment we have. I will keep you all posted.
Good Luck!

Theres nothing better then owning a house!

Also.. if your lender hasnt mentioned it its a good idea to set up an impound account. Basically its an account that you pay into for your taxes and insurance, done through your mortgage payment. SO when that time of year comes around theres no hassle getting your tax/ins paid, its automatically done for you.... and so youre not blindsided by a bill for a couple grand.
 
Posted by Jmir018 (Member # 1414) on :
 
Mustang Mike, Give my friend Erick Cornejo a call.
He's very honest and upfront. he'll tell you straight up if you qualify or not and what to do in either case, etc etc.
His cell# 315-9686, Erick Cornejo.
Tell him Jersey Called you. he's been my best friend for over 7 years and has helped several of coworkers up.


call him even after you get aproved for a loan, his company checks with docens of banks to get you the lowest rates or whatever fits your budged the best.
Good luck.
Jersey
 
Posted by Team SOLO (Member # 722) on :
 
quote:
Originally posted by racsirx:
I wish you luck, but dont worry, I bought my first house with no job, and I still dont have a job, you dont have to pay off your credits, just make sure you owe only half the balance, and your debt to income ratio is low, also see if your lender will let you use stated income, that sometimes helps, and interest only loans are not good for your first home, but work good for investment properties, like a second income like rental houses, also have about $5k-$10K in your checking account at all times until the loan is closed, also I would get a pre-approved loan before you go house shopping, because houses sell fast and sometimes you get out bidded or they sell before you can get the loan.
you left out some key information like:

1. your wife is the bread winner
2. you make loot on buying/selling cars

[Big Grin]
 
Posted by cobraracer46 (Member # 1142) on :
 
quote:
Originally posted by RixSikCobra:
Here we go again. [Roll Eyes] ...a word of "advice" from our friendly neighborhood financial adviser.

There is NOTHING that says you can't have a credit card(s)to qualify for a home loan. In fact, lending institutions LIKE to see a track record of your credt history. DO NOT "burn" your credit cards; you have them, save them for an emergency or somethin'. If you suddenly lost your job(God forbid), they can't be taken away, but you won't be able to get credit without income. I would try and pay them down as much as possible, however, because having a lower income/debt ratio will qualify ya for a bit more. Having credit is GOOD. [patriot] [/QB][/QUOTE]
I'll say it again, burn your credit cards! Fuck debt! Yeah, banks and credit card compaines like consumers to have a credit card balance because that means they (the lending institiutions) are making money off you from the intrest you pay. For those of you who get a hard on over your high credit score, think about this: Your credit score is only based on how much debt you have and how you pay for debt. Your credit score is not based on how much money you have in savings, or the size of your net worth, so if you love debt, then you will have a high credit score. Not surprisingly, I don't give a shit about my credit score since I hate payments,debt and like a large bank account and investments instead of paying interest. Now, even though I can't stand debt, I'm okay with a home morgage because you would be paying rent anyway. Furthermore, if you have no debt and plenty of savings, then yes, you can think about buying a home. By the way, you do not need a credit score to qualify for a good morgage if the lender underights you. In other words, when a lending professional underights a loan and finds that you the home buyer have no debt at all,ble to put a good amount of money down and have a very stable job, then yes you will qualify for a good home loan. Having debt and paying interest on it every mounth just because every one else deos it is fuckin stupid.
 
Posted by Team SOLO (Member # 722) on :
 
cobrafag46 is the same fucking tree hugging loanaphobic bike riding faggot that has yet to put a post worthy of reading on this site.
 
Posted by cobraracer46 (Member # 1142) on :
 
quote:
Originally posted by Team SOLO:
cobrafag46 is the same fucking tree hugging loanaphobic bike riding faggot that has yet to put a post worthy of reading on this site.
As you like to say: Go eat a dick, Fag [Roll Eyes]
 
Posted by Jmir018 (Member # 1414) on :
 
Cobraracer46, i am one of the few who quietly agrees with your point of view every now and then, but I think you take things to the extreme.
Why do u make such an emphasis in "burning" your credit cards?
I agree that if you are planing on owning a home then you should try to have as little debt as possible to make the payments not hurt you as much every month. Credit score is not based on how much debt you have.. It's based on how good of a record you have when it comes down to making monthly payments. This does not mean making the minimum monthly payments, but just keeping track of how responsible you are when it comes down to making payments.
If what you say is true, then how would you explain my credit score of over 800 with no debt at all? I simply don't use my cc unless they are for emergencies and pay them off as soon as I get the bills at the end of the month. Again,... i don't burn them..why would i do that? that would be stupid. instead they are locked away in a safe at home... i only carry one in case of emergencies. i

Once again.. Why look for "someone who is professional enough to look at the details of your life" that does underwriting? that to me would be stupid. I would rather make the most of this stupid system and get a better loan based on my credit score. If you based the loan on your credit score then you'll be able to select from a ton more loan options.
 
Posted by Team SOLO (Member # 722) on :
 
quote:
Originally posted by cobraracer46:
quote:
Originally posted by Team SOLO:
cobrafag46 is the same fucking tree hugging loanaphobic bike riding faggot that has yet to put a post worthy of reading on this site.
As you like to say: Go eat a dick, Fag [Roll Eyes]
Go move to India so that I can outsource blow jobs to you!
 
Posted by Avengeance (Member # 5163) on :
 
quote:
Originally posted by cobraracer46:

I'll say it again, burn your credit cards! Fuck debt! Yeah, banks and credit card compaines like consumers to have a credit card balance because that means they (the lending institiutions) are making money off you from the intrest you pay. For those of you who get a hard on over your high credit score, think about this: Your credit score is only based on how much debt you have and how you pay for debt. Your credit score is not based on how much money you have in savings, or the size of your net worth, so if you love debt, then you will have a high credit score. Not surprisingly, I don't give a shit about my credit score since I hate payments,debt and like a large bank account and investments instead of paying interest. Now, even though I can't stand debt, I'm okay with a home morgage because you would be paying rent anyway. Furthermore, if you have no debt and plenty of savings, then yes, you can think about buying a home. By the way, you do not need a credit score to qualify for a good morgage if the lender underights you. In other words, when a lending professional underights a loan and finds that you the home buyer have no debt at all,ble to put a good amount of money down and have a very stable job, then yes you will qualify for a good home loan. Having debt and paying interest on it every mounth just because every one else deos it is fuckin stupid.
Soooo um.. whats your credit score?

You dont mind making a mortgage payment... yet you dont agree with the whole getting credit process in the first place? Explain to me... how the hell do you get to the point of MAKING a mortgage payment WITHOUT credit in the first place? Pretty smile and a nice personality? Pffffft. [Roll Eyes]

Unless you make a BUNCH of money and have a SHIT TON of cash to put down on a house you WILL need a good credit score to finance a home loan.

Do you own a home? If so how did you get it, what did you put down, what amount did you finance, and what was your credit score?
 
Posted by cobraracer46 (Member # 1142) on :
 
[/qb][/QUOTE]Soooo um.. whats your credit score?

You dont mind making a mortgage payment... yet you dont agree with the whole getting credit process in the first place? Explain to me... how the hell do you get to the point of MAKING a mortgage payment WITHOUT credit in the first place? Pretty smile and a nice personality? Pffffft. [Roll Eyes]

Unless you make a BUNCH of money and have a SHIT TON of cash to put down on a house you WILL need a good credit score to finance a home loan.

Do you own a home? If so how did you get it, what did you put down, what amount did you finance, and what was your credit score? [/QB][/QUOTE]
Like I said before, since a credit score is ONLY based on how much debt a consumer has and if the debt is paid on time over a long period. Your credit score is NOT based on how much money you have in a savings account or in investments or the size of your net worth, so If you are broke and have no cash for anything like a large down payment for an uderwritten loan because you use credit for buying shit you cannot afford so you have a lot of debt and then pay the debt on time, then yes, you will have a "good" credit score. On the other hand, If you have no debt, that means you don't have monthly payments to make. The money that would normally go to the credit cards companies and car dealers, goes into savings and investments. The way I see it, A high credit score is a sign of stupidity. I personally don't give shit what my credit score is. As I explaind in my previous response, no credit score is needed to get an underwritten mogagae. In an underwritten loan, you need to put down alot of money, have absolutly no debt at all, No credit card payments, car payments, no debt, a stable job and a good amount of savings, not "credit" built up. OF course you also need to have a strong income for an underwritten morgage so if you have credit card and car payments stealing money out of your pay check every mounth,you won't have any money to build a good savings account and grow a good investment or two.
 
Posted by Avengeance (Member # 5163) on :
 
You are way off man... way off. You dont have to be in a bunch of debt to have a killer credit score. You dont have to put yourself in a hole with debt to get a killer credit score. Yes, you have to go into debt, pay the stupid finance charges, to prove yourself worthy of a good credit score... but you dont have to drown yourself in debt to get there.

You never answered my question about owning a house... so Ill assume you dont own one. (surprise surprise) I hope you have a good $50K-$100K in the bank ready to drop on a house when you decide to buy.. cause it sounds like you dont/wont have the credit score to get the loan when you need it. Im honestly sitting here feeling sorry for you... your thought process on how credit works, or how to gain it, is flawed.

You see.. I have a 785 credit score (I know thats funny to you), that was only last month, I know cause Im buying my second house and obviously we had to know my score. Ive never been so far in debt that I couldnt make a payment. Matter of fact I had ZERO debt when that score was pulled and I havent used my credit card in more then a year. I purchased things on credit that I COULD afford, JUST to build credit... instead of buying things I couldnt afford. The only things that Ive bought that were long term debt were my first house and cars... normal things. Now the cars are paid off and Im selling my first house with a profit of almost $180K, and I wouldnt had been able to buy that house (at age 22 mind you) if it wasnt for building my credit since I was 18.

I hope you figure it out soon... cause it would suck having to have mom and dad cosign for important things when you decide to but them. That is if you dont have that stockpile of cash I mentioned, for when you decide to buy a house.
 
Posted by SmokinLX (Member # 1684) on :
 
Avengence is rite, credit is a dual edged sword! For some it will be the leverage they use to get ahead in life and other's will bury themselves with it. Usually people who are unorganized and irresponsible with it tend to think that credit work's against You, or they were taught by their parent's that credit was bad. And I am not trying to bash anyone who has put in their opinion's about credit, as everyone has a rite to their opinion. I am a Real Estate agent and get the oportunity to help people make one of the most important purchases in their lives, which also gives Me the advantage to see what work's and what does'nt work for people that by a home and refinance too many times and bury themselves and end up selling with nothing or others who are leveraging their money in real esate and moving their equity from their residence to buying 1,2,or 3 rental homes. I can also respect those who don't want to get into the credit game because they know they don't have the discipline or orginization skill's to use it to their advantage yet. [patriot]
 




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