Posted by Bruce Lawson on May 25, 2001 at 20:39:34:
Hi Drew,
How do you know that you do not qualify for a mortgage? With one and one half years of steady employment and you already show some positive credit and your D/I is extremely low, you need to go shopping and ask some questions if you get turned down. One thing that will help is keeping a credit card open with a small balance, lenders want to see it reported you have financial responsibility and you are making your payments ontime. To get yourself reconized get a mortgage and pay the higher interest rates at first until you get six months payed then refinance to a lower rate, once you do that first deal it will all be downhill from there. Do Not forget the bank president you should have as your best friend, work on a relationship with the banker and sell yourself to him. I promise if you succeed at that your REI carreer will soar.
Sincerely,
Bruce Lawson
I’m 19, where do I get financing??? - Posted by VaDrew
Posted by VaDrew on May 21, 2001 at 18:20:36:
I am 19 going on 20, and I want to buy my own place, but I dont have enough credit/work history to qualify for enough money to buy in the area I currently work and live. I have about a year and a half of full time work history, and I work in a comissioned sales position where I make $45k-$50k a year. I have about $10k saved, with no outstanding debt, except for a school loan. I can save quite a bit more, but I dont wish to use all of my savings for a downpayment. I have used credit cards since I turned 18, but I paid them off in full every single month on time. Other than that, I havent had any loans, like a car loan or anything except for my school loan.
I want to buy a place by the end of this year/beginning of next year. I am motivated by value, so I can be patient and look for a motivated seller. And I am open to buying a fixer-upper. I live and work in northern virginia right now in an area where property values are rather high. I am planning on buying a 2-3BR townhome and renting out a room or two to friend(s) to help cover the mortgage.
I have been following real estate prices for the past six months or so. The FMV value of what I am looking for will probably fall in the 135K-175K (for a place in very good condition). Obviously I cant qualify for a mortgage that large, but I could handle it either renting out a room or two to a friend(s), or on my own if need be. How do I get financing with as little money down as possible? I am excited and fired up! I am gonna start hunting for a place, but I need to know what I can afford and how to get the financing. I could swing a mortgage of up to $1400 a month on my own or so if need be. Should I consult a mortgage broker? Any help is GREATLY APPRECIATED. Sorry about the long post.
Thanks in advance for any help, Drew