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sonnylax
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Joined: 30 Sep 2003
Posts: 2942
Location: Living in a lollipop and unicorn world
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 Posted: 10/25/04 - 14:47 Post subject:
| alyson98 wrote: | | You can get an 80/20 loan, which is already a second mortgage. |
That is what I did. I only put like 3% down and put the rest into 2 mortgages (80/20).
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elkid
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Joined: 18 Nov 2002
Posts: 8353
Location: hiding out in Philly
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Posted: 10/25/04 - 14:52 Post subject:
| sonnylax wrote: | | Not much help - But if they have that much debt, I doubt they will qualify for a decent mortgage rate (or have anything for a decent down payment). |
Dude, $12K is NOTHING in terms of debt. If that's all they have, they'll easily qualify despite not having a decent down payment.
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sonnylax
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Joined: 30 Sep 2003
Posts: 2942
Location: Living in a lollipop and unicorn world
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Posted: 10/25/04 - 14:55 Post subject:
| elkid wrote: | | Dude, $12K is NOTHING in terms of debt. If that's all they have, they'll easily qualify despite not having a decent down payment. |
Certainly they will qualify for something. (I never claimed they wouldn't.) I just said they won't get a decent mortgage rate with that debt load. Not to mention mediocre credit scores & what appears to be very little down payment.
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Running Brewer
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Joined: 12 Oct 2004
Posts: 3872
Location: Santa Poco
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Posted: 10/25/04 - 14:58 Post subject:
| rolling rock wrote: |
do they still do FHA loans? this is how we got our first house -- very low down payment required for first time home buyers. banks usually hate to get involved with the FHA cuz it's a federal govt red-tape agency but it's the only way we could have gotten into our first home -- but, yikes, that was in the late 80s. |
That is how I bought my first house too. I would say it is worth a look into pug.
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Pug
The Movie Geek
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Joined: 21 Aug 2003
Posts: 8924
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Posted: 10/25/04 - 15:05 Post subject:
| elkid wrote: |
Dude, $12K is NOTHING in terms of debt. If that's all they have, they'll easily qualify despite not having a decent down payment. |
No, no. That's all we have in shared credit card debt because of the wedding.
I have student loans bleeding from various orifices, plus my own too high credit card. Yet, I still fell into the "good" credit score. Barely. And that'll drop into "Fair" when the next month's reporting comes in.
Alyson, you're killing me. Is it true that is illegal?
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marathonrnr262
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Joined: 14 May 2002
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Posted: 10/25/04 - 15:21 Post subject:
http://www.genus.org
A fair, truthlful way to get out of your debt. A bit embarrassing, but if you follow the program, you will be debt free.
Sheldon
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Ms. Jenn
Fresh, Hot & Wild
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Joined: 14 Feb 2004
Posts: 7935
Location: Suite 550
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Posted: 10/25/04 - 15:37 Post subject:
No matter how good your credit is, if you have no collateral, you will not get a loan to pay off your credit card balance (or medical bills). Cars aren't good enough collateral.
Sheldon posted a great site. My first husband and I had $65,000 in credit card debt. When we went to a counseling agency, they negotiated our interests rates down to 0% or 2% and our montly payment was reduced to $450.
Make sure you go to a not for profit counseling agency (they're free) and not one of those services that make you pay $400.
Once you've enrolled in a counseling service you aren't allowed to open any new charge accounts until the old ones are paid off or your agreement is void (your credit card companies will run a bureau every three months to make sure you're complying).
Once your debt is managed, you should be able to save some money per month and look into buying a home. New homes can be bought with very little or nothing down and most offer sweat equity programs where you pay closing costs only (~$2000).
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thegman
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Joined: 23 Sep 2002
Posts: 3088
Location: 12 yards out.
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Posted: 10/25/04 - 15:44 Post subject:
www.clarkhoward.com is a great site for general consumer advice, and has quite a bit on debt reduction and credit.
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runaroundsue
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Joined: 18 Sep 2002
Posts: 6629
Location: supporting GREENer pastures
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Posted: 10/25/04 - 17:08 Post subject:
| Pug wrote: |
The down payment is what's gonna kill us. |
I hear you. We had trouble getting around that too. The down payment must come from your own assets or a gift from a relative. We had to use creative banking to get around that. My husband and I wrote two checks each month, one for the mortgage and one to the bank of Don (a friend that lent money to my FIL and we were paying back my FIL's loan......eventhough FIL gave us a down payment as a wedding gift  )
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airehead
Oompa Loofah
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Joined: 12 Nov 2002
Posts: 18788
Location: Between here and eternity...
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Posted: 10/25/04 - 17:29 Post subject:
Sometimes if you qualify to be a member of a credit union--and some have very easy entrance requirements, they offer decent debt consolidation rates--that although are a little higher than other banks might offer, are still waaayyy lower than your credit card balances.
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Floridaboiler
POTFH
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Joined: 18 May 2002
Posts: 11322
Location: Jacksonville, Florida
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Posted: 10/25/04 - 21:01 Post subject:
Pug,
Another option is to pay attention to the credit card offers that are coming in. I just got one that says transfer your balance and you get a locked in rate of about 3% for life until it is paid off. Once the other cards are consolidated, cut them up!
Good Luck and let me know how you do.
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Pug
The Movie Geek
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Joined: 21 Aug 2003
Posts: 8924
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Posted: 10/26/04 - 08:50 Post subject:
| Floridaboiler wrote: | Pug,
Another option is to pay attention to the credit card offers that are coming in. I just got one that says transfer your balance and you get a locked in rate of about 3% for life until it is paid off. Once the other cards are consolidated, cut them up!
Good Luck and let me know how you do. |
I don't know if we can get a high enough balance to cover what we need, though.
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runaroundsue
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Joined: 18 Sep 2002
Posts: 6629
Location: supporting GREENer pastures
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Posted: 10/26/04 - 09:13 Post subject:
| elkid wrote: |
Dude, $12K is NOTHING in terms of debt. If that's all they have, they'll easily qualify despite not having a decent down payment. |
this is sad, because it's so true. America the nation of debters 
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