I just got off the phone with my CU. They told me I would have to sell my car in order to qualify for $142k home loan. If not, only $102k. Homes in my area are in the mid to high $100. I'm sick now. How in the world am I suppose to sell my car. I need my car in order to get back and forth to work. Please someone please give me some good news or alternatives before I scream! Maybe I should lease. Do they count your student loans if they are in deferrment? I pay almost $500 a month for a car payment. I know its high. Maybe I should find something cheaper. ( ( (
Re: judyputy, momof3, anybody Was this through FHA?? Their back ratios can go as high as 42% and above. There are many programs with different qualifications with back ratios. mom
Re: judyputy, momof3, anybody Honestly, you should be looking at FHA, way more relaxed about ratios, I was quoted 7.0 for FHA. And with your negatives conventional would be very difficult.
Re: judyputy, momof3, anybody I agree with Momof3 (oops, I made a rhyme). Sounds like your CU is trying to cause you long term problems in order to get around a short term situation...which is to get you qualified for a loan. Just as an FYI, if you have credit problems, FHA is a better way, because you still get a comparable rate. Conventional loans take less time for the approval process, which makes it easier on the Loan officer and the processor. This is not necessarily a good thing for the borrower. Contact and FHA lender or tell your CU you would like to have an FHA loan as opposed to a conventional because of your ratios. Take heart. You'll get your home
Re: judyputy, momof3, anybody ooooh Thank you, thank you, thank you. I was just on the website looking for ways to sell my car and find a cheaper one. Boy, the things people put me through. As soon as I reach this last goal of mine, I'm going to take a much needed vacation in my new bath-tub inside my new home. ) I'm going to gather all my documents needed and I'll keep you posted. Bless you all. )
Re: judyputy, momof3, anybody Definately try to look into FHA. I am certainly going that way because of the more lenient back end ratio of 42%. My car payment is $320 a month, but it's a lease. I also have several bills that I am working around. Luckily I am not going for nearly that amount. We are going small. judy
Re: judyputy, momof3, anybody Well what makes it so bad for me is that I'm a single mom. But thanks to everyone on this board, I can stand much stronger than when I first started out. Thanks for the encouragement and good luck wishes. I really appreciate it.
Re: judyputy, momof3, anybody They aren't telling you to get rid of your car. They are telling you to get rid of your car loan. Sell the car, take the remaining equity and buy as much car as you can for cash. Buy the house. Wait 6 months, get another car loan and a more reliable car. Better yet, try to pay cash for your next car.
