Need help getting a mortgage?

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Hello alle.I of a bad situation where I’m tired of wasting money and pay bewegen.Ich 1200/mo in rent. I want to buy a house. Currently I am looking for a house of 10 years old 2-family for $ 400,000 to kaufen.Untere level has 2 bedrooms, 1 bathroom, where I live werde.Beiden level 4 bedrooms 2 bathrooms , garden, front yard is enclosed parking, a swimming pool with Deck.Ich plan on renting the top two floors of nearly 2k/mo. I can not afford good – but my marital status at the moment too much on Papier.Ort: Eigentümer.27yrs NYCErsten home to the former – the only substantial debt 55kCC 45: 4kCredit Score: filing 6.5K cash: 700Studienkredite: 23kBankverbindung 20kMeine last 3 years tax returns worden.Ich under 35k have completed the online form Lending Tree and received offers from American Quickenloans Federal.Allerdings and is the second part of this application line of the “Real” Anwendung.Bin I lose my time with these companies? there a better way to get a mortgage? what I can to “pad” can do my statistics in order to get the credit? (Additional Income? Bigger Bank Account?, Figures cc debt?) I have extra income, but it is to access the site and risk (about 20k more). I do not want to waste time filling out applications in places where I know I advised the estimated end verwehrt.Jede wird.Dank

4 Comments
  1. Reply
    Tsunami
    January 23, 2011 at 11:13 pm

    try bank loans first they are better and give better stuff but 400,000 ialot for a home oh well its up to you but you have to have a Good renter also. take care.

  2. Reply
    rtfm
    January 24, 2011 at 12:07 am

    With a salary of $ 45-55K, nobody’s going to give you a mortgage for a $ 400K house, especially with only a 5 percent down payment.

    Sorry. Try looking for a house about half that price and you’ll have a much better shot.

  3. Reply
    Colin T
    January 24, 2011 at 12:55 am

    I would suggest asking maybe your parents or someone close to you to help you out on getting the house. If they co-sign with you, you might have a better chance of receiving the loan from the bank. It’s a big step, but it’s a good investment.

    Also if you have a 401k, you could take out money from there to pay for a house without being charged penalty for withdrawing it early.

  4. Reply
    Thor
    January 24, 2011 at 1:49 am

    I know you are asking about a mortgage but that contains an assumption that it is good idea for you to do this.

    Two things bothered me on the face of it.

    First, the pool. Banks don’t like them and having a pool increases your insurance cost a lot. The rates are rather high and higher if you have renters. The liability is huge. And pools are a big cost and a lot of work to maintain and operate. I have heard agents say pools are worth what it costs to fill them in.

    But I do not doubt that a pool sounds like a great idea for a single man. But if you have never had to maintain one, you might want to talk to people and reconsider that.

    Second, you said “wasting money” paying rent. That tells me you have not figured the cost of owning. Your rent goes to taxes, maintenance, and other costs of owning. It is not “wasted”. This says to me you haven’t figured out all the costs of owning, like depreciation of the building.

    You can’t figure you will always get your $ 2k a month in rent. Renters skip out owing rent (harder to do if you live below though). They also can do damage and there will be times it is not rented. Sometimes that is necessary to do repairs. So you can’t count on that full income all the time.

    If you have cash why are you carrying credit card debt and paying that interest? If you have $ 20k for a down payment wouldn’t you be ahead paying off that student loan debt first and eliminating that cost?

    I do not think you have fully considered your costs. And second the mortgage rates for a rental, the rental portion, will be higher since that is “investment” and not your residence. Also that mortgage interest is not deductable on your taxes.

    Unless this is particularly good buy at this time, and you are speculating on home prices, then it is a risky idea. But risk and reward go together.

    From purely a numbers stance you would be better served paying off all your debt instead and then saving again for a down payment. The $ 20k and the cash almost pays off all your debt. Then buying a single family home which is fully tax deductable. That tax deduction shifts the numbers in a big way for home ownership that the rental part doesn’t get.

    And last being a landlord is not a passive investment. It takes work and ability. I hope you have advice on that “job” as well.

    Good Luck.

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