Can you help us get financed? - Posted by Shane Scaife

Posted by Chris on May 26, 2005 at 15:29:36:

If you ever move to akron ohio…send me an email :wink: i’ll get you homes for under 650/mo for 3-4 bdrm

Can you help us get financed? - Posted by Shane Scaife

Posted by Shane Scaife on May 24, 2005 at 12:38:36:

Ok here is a little background.
We live in NJ. I’m 35 and my wife is 31. We have four children under 8 and one with cancer. We live in a small two bedroom apt. I left my full time job to started my business (a carpet cleaning business) in 2003, one month after starting my two years old, son, was diagnosed with leukemia. I quickly went out and got another full time job, at a school, for insurance and I do cleaning on the side (The cleaning is unverifiable). My wife had to leave her job to care for my son full time. So we can only verify the $26,000 I make at the school. But our income is much higher.
I have had bad credit in the past but have paid up most of my past bills and am paying on what is left on the report. I have a credit score of under 595. I am trying to rebuild my credit now. My wife has 0. I was told she has nothing on her report.
We can not keep four kids in a two bed room apt. and three bed rooms run $900 a month or more. We need help!
What should we do to get a home loan with-in 6 month to a year? I was thinking of putting the business in my wife?s name but I don’t know how we would show income. I guess by filing quarterly income tax!? I could be put down as an employee!? We can make much more income with the business than I ever can at the school and was thinking about doing it fulltime again (since the insurance is no longer an issue). But I am worried if we do that we will only be able to show business for one year, even thought it has been open three and would that stop us from getting a home in a year!? In 2003 we only showed an income of $8,000.

We need help! We will do what ever is needs, we will rearrange our lives however is need, to get things back on track. We just don’t know what that is because we don’t know what they are going to look for.

Please help if you can.

Shane Scaife

Re: Can you help us get financed? - Posted by Ryan

Posted by Ryan on May 24, 2005 at 19:39:40:

Hi Shane,

I am a mortgage banker and investor in NJ also. How much do you have to put down? Have you thought about finding a house you could rent to own? You can get in with little money down, and build equity faster than you would paying a mortgage. What area of NJ are you in?

Re: Can you help us get financed? - Posted by Devon Daughety

Posted by Devon Daughety on May 24, 2005 at 19:07:36:

Do you have any money to put down??

Re: Can you help us get financed? - Posted by Michael Steele

Posted by Michael Steele on May 24, 2005 at 17:46:53:

My guess is your not going to the right people. One, you have been in business since ‘03’ which is easy to do. Two, your credit score will get you a house at an ok rate (not like bank rates but it can be done) Three as long as your working on your credit, within a year you can acutally have bank rates if you keep doing what your doing. Waiting 6 mnths to a year is fine if you don’t want to buy a house over next couple mnths. If you do – contact me

Michael Steele