Comments on: How to go about buying this house?

By: admin

admin — Fri, 30 Jul 2010 15:02:38 +0000

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By: chatsplas

chatsplas — Thu, 29 Jul 2010 22:29:36 +0000

This is a dream, and dreams are good. But if you want to make it come true, you have to plan and act for your future.

You two need to take charge of your lives in a positive way. This means BUILDING your credit the same way you ruined it, one payment, one month at a time. Pay all bills in full and on time. Don’t run up credit card bills, pay 3-5 times minimums on any existing credit card bills. SAVE for your futures, saving money every week for a down payment..

Rule of Thumb: You can buy a home costing 2 times annual income, NOT more than 3 times annual income. But to get a mortgage, you need a down payment (3.5-5% MINIMUM), good credit, stable employment, sufficient income, adequate down payment and low debt load.

By: Ghost of Zeuz

Ghost of Zeuz — Thu, 29 Jul 2010 22:29:36 +0000

Under 18 – you can’t buy it unless you are an "emancipated minor"
FH with a score of 572 – couldn’t qualify for a loan to buy bubble gum

By: Dash

Dash — Thu, 29 Jul 2010 22:29:36 +0000

527 would not get him a $100 loan to buy groceries. You need to grow up. Do some research.
750 is a good score. You have no score.

By: Iowagirl

Iowagirl — Thu, 29 Jul 2010 22:29:36 +0000

Sorry to say but it’s not looking good for you. Ever since the economy took its downward spiral and the real estate market changed having no down payment won’t cut it. Lenders have raised their standards and your surely don’t meet those standards. At 572 is a horrible score, your under 18, you have no savings, and you think that the house is terribly over priced. I don’t think it will happen…

oh, and btw I don’t think you will ever get that house for half the price, the most you should ever expect to get off a house is 10,000- 20,000 and that is being generous for that price range.

By: Doll V

Doll V — Thu, 29 Jul 2010 22:29:36 +0000

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By: reenzz

reenzz — Thu, 29 Jul 2010 22:29:35 +0000

Sorry..but with a 572 score..no lender will touch him. You will also need a down payment of at least $12,000.00….plus extra money (around $2,000.00) for closing costs.