Posted by kenny on January 25, 2007 at 24:01:26:
payment should be 599 if your not escrowing
Please, Some creative Ideas and Advice - Posted by Randy
Posted by Randy on January 24, 2007 at 17:11:41:
My parents have their home which is paid for. Market value is 45K. My mom stays home and dad is a trucker. His mid score is 584 and hers is 604. Debt to income ratio is excellent. Dad makes 130K per year and has monthly expenses of about 1200.00. Reason for credit being bad is that they have both cosigned for younger sibbling and Dad has a couple of slows reporting and Mom has a repo that she co-signed. They have fallen in love with a house that they would like to purchase. Asking price is about 74K. They really don’t care to buy anything expensive even though they can afford it. The mortgage banker is saying he can do 9.50% on a 2 year arm with a 40 year amortization, their payment would be 550.84 before
taxes and insurance. Does this sound Right? Also, what should they do with the house they have now? Could it be used as some sort of tax shelter. They can go full doc. Any advise is appreciated.
Re: Please, Some creative Ideas and Advice - Posted by vince
Posted by vince on January 25, 2007 at 09:37:36:
You may be able to up your parents scores by transferring positive tradelines on their credit. or you could do the loan as a non-occupant co-borrower if you have better credit. I sent you an email with my info.