Re: Re: Re: Re: Mortgage, How dumb is this idea???? lakpr, That was very Minnesota nice of you. You betch ya I still have about 3 or 4 months of time so I will check it out. Thanx!
Re: Re: Re: Re: Mortgage, How dumb is this idea???? http://consumers.creditnet.com/straighttalk/board/showthread.php?threadid=47474&goto=newpost
Re: Re: Mortgage, How dumb is this idea???? lbrown59, Thank you for the 72 rule info. I was already fully aware of it though. It is great information, I agree completely. Apply it to the above chart and others. You would need a high income for it to fully work. Home prices are and have been beyond this. At what point does it make sense to not wait anymore?
Re: Re: Mortgage, How dumb is this idea???? willtygart, How dumb is this idea? Does it make sense to wait anymore after the 2 year discharge? Homes around here are not slow by any means. It isn't the by the book of ways to go about it. But I don't see why waiting would help, like others have suggested. I still say throw the dice and hope for the best while I still can, but thats me. Any ideas?
Re: Re: Re: Mortgage, How dumb is this idea???? Dont lenders want to see bank statements as to where the down payment money is coming from? Not positive but I think I heard this somewhere, BTW the manufactured house idea is a great one...use your 401k to put the 10% down for a land home package, get a low interest ARM wait 6 months or a year and sell it....probably be less than rent...good luck to you
Re: Re: Re: Mortgage, How dumb is this idea???? ok rolling up my sleeves on this one....if your region is strong in home prices then NOW is the time to invest. The "A" paper rates of today will be a thing of the past in two years and the sub prime rates of today wont look too aweful bad. Here is what I would like to see you do: Find a nice home..already built...a good solid home that you aren't trying to be REAL picky with..this wont be the last home you own. A lil confusion here..on manufactured home YES you can get the equity in there but the rates for these programs suck and manufactured home financing is falling out left and right..lenders are closing their doors to this sort of home and in two years when you try to sell it....what will your borrower do when its hard to get financing for it? A guy in yer situation should do this.....find a loan that will let you go as high as possible on the LTV and make it a FIXED rate unless it is a 7-1 arm....but I really like the 30 year fixed and as a broker youd have to prove to me that there is a REALLY good chance that you will be moving if i am gonna go for an arm. Ok this is the beauty.....home values are going up.....so why pay down principal? Lets do a scenario here: 7% 30 year fixed principal and interest payment is 1131.01 a month..livable no doubt. Take that same loan, same rate, same everything sept make it an INTEREST ONLY LOAN.....991.66... Just saved you some coin....money you can put towards the next home or towards them cards with the high balances.......your equity is going up so why worry about paying down the principal. This isnt as sexy on the 170k loan but on a bunch of the jumbo and super jumbo loans that I do it is an amazing tool. Now hear me out...if yer in a depressed area and are putting less then 10% down this is not a good idea. Just a thought but in my opinion this is what I would do.
Re: Re: Re: Mortgage, How dumb is this idea???? THANK YOU! After going month to month I am at $1095 in rent on a 2 bedroom apartment. From what I have read, manufactured homes don't really have the up value in the future. I am looking at 15 miles west of where I am right now. Around 179k will still get something built in the early 1990's. It is a little outside of the suburbs here. In the area I am sitting at right now 245k does not even touch what you can get 15 miles west. I work in a suburb and was thinking of going 15 miles west on a straight highway. The prices really drop along with the taxes crossing the county line. My 2 year discharge is in December, I have $0 in debt and own 3 cars str8 up. I have opened 9 lines of credit since the BK. 7 are still open. I was thinking of using my girlfiends credit cards and 401k to get some down payment money. I could also touch my 401k but I don't know if it is looked at, stated income maybe. I feel the more I wait the more I see things pass by and will never get into a doable situation. That's just how I look at it. It is only my situation and I would not advise others simular to follow it. It is risky, But I have decided to make a move damn soon. Every day I look at the 10 year note and it keeps going up. When I keep checking mortgage pre-qualify situations the numbers get worse and worse every day. I use to be able to qualify for the 170's now it is the 140's maybe I look at this to negative? Any ideas?
Re: Re: Re: Mortgage, How dumb is this idea???? i thought i just told you....haha yeh call three brokers and let us know what they say..btw, call them all on the same day
Re: Re: Re: Re: Mortgage, How dumb is this idea???? start the process now, less then 2 years bk you should still get stuff but the process may take you over the discharged anniversay so I would get hopping now..the mortgage brokers should have a "what if" program for you and then get the balll rolling
Re: Re: Re: Re: Mortgage, How dumb is this idea???? I am to scared of contacting brokers right at this day. Won't most of them shoot from the hip and just tell me things I want to hear? The unwanted inquirys might get me before the 2 year discharge. Or will they tell me how to handle this without pulling reports? I am clueless as you can tell. Advise is great though!
Re: Re: Re: Re: Mortgage, How dumb is this idea???? oy veh! call me this week sometime, i dont lend in yer state but you need some help and a game plan...check my site for the number and if you get the recording on the toll free...go ahead and call the cell........PLEASE remind me who you are and dont feel bad if i dont remember....its late and the starbux latees are wearing off. night!
Re: Re: Re: Re: Mortgage, How dumb is this idea???? Gotcha, SORRY! I know its free advise you have been great!!!!!!!!!!!!!!!!!
Re: Re: Re: Re: Mortgage, How dumb is this idea???? but, you can call me.....i consult for free all of the time and dont mind.....its that karma thing..dunno how it werks but it always does........ttyl
Re: Re: Re: Re: Mortgage, How dumb is this idea???? I want to take this time into my stupid little thread to give some input here. I have read in the TOS that you are not supposed to promote another site here unless it is creditboards. I think personally in my own dumb little situation maybe this is not a good idea. I have no idea where creditnet draws the line here and I realize it is a tough call. Willtygart has givin me excellent advise and has gone out of his way to do this. I have used every situation possible to use this site to get the best things for my credit situation. It has been credit repair and rebuilding. Although I did not use this site in the early stages it has the backbone for the right advise in most situations. I am at a point right now and I am sure some others are to where they need mortgage help someday. This all falls in line with credit rebuilding and repair. Some of us want results to get prime credit cards and some of us want to be able to qualify for a mortgage some day. Some of us have filed Bankruptcy and some of us have not. I really thank creditnet for being here as a place most of us can go and not be judged for are prior downfalls in life. This is a unique site where we do not get the "You should have paid your bills" crap. Willtygart has givin me such great advise and has shown me ways to go far and beyond my overall goals. I would hate to see censorship of any type and realize we are all over 18 and can always hit the ignore button at any time. I could go on here but it is just one members opinion. I think we are all adults here and can make decent judgments at this time. Can Willtygart still use his site on his signature? Or is there a strict line to cross? What do you think?
Re: Re: Re: Mortgage, How dumb is this idea???? BTW the manufactured house idea is a great one...use your 401k to put the 10% down for a land home package, get a low interest 2*ARM wait 6 months or a year and sell it... davidpyle ================ 2*And pay more fore less house to replace it.
Re: Re: Re: Re: Mortgage, How dumb is this idea???? I hadnt even looked at the TOS that closley to be honest...but I have a strict rule myself that I dont post anywhere unless I am allowed to have that in my sig. I have had ONE place tell me no.......yet they told me that it was ok to openly solicate and say "hey call me tomorrow and I will give you this rate and that fee and we can get it done by so and so date"...I was amazed to say the least. If Creditnet doesnt want me to put the website in my sig...which no one has stated anything about.....I think I might have to leave......not to slight anyone...but thats just how I feel.
Re: Re: Re: Mortgage, How dumb is this idea???? JVick, I'm actually more familiar with Willty than he even knows. I've seen him on other sites beyond this one. I watch all these guys. lol I notice that he's always tried to be helpful and does provide help to people without the expectation of remuneration. He recognizes, unlike many, that help freely given surely brings back reward many fold. The policy is that other sites can be referrenced in a sig line. The line gets crossed when one attempts to actively market a product, service, in exchange for money, in the body of the message. This activity ALWAYS produces a deletion from CNN Steve. HTH.
Re: Re: Re: Mortgage, How dumb is this idea???? Yeh, thanks Butch, and if anyone ever tries to remunerate me.....yer gonna have to tell me yer doing it cause I will have no idea what the heck yer doing..but hey.....it only seems kinky the first time right.
Re: Re: Re: Re: Mortgage, How dumb is this idea???? but the rates for these programs suck and manufactured home financing is falling out left and right..lenders are closing their doors to this sort of home and in two years when you try to sell it....what will your borrower do when its hard to get financing for it? willtygart =============== Congrats willtygart: You just gave the perfect description of artificial depreciation created & controlled by lenders. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
