Skip to main content

Buy a home or keep renting?

My wife and I are interested in buying a home but she will likely need to be the only borrower on the mortgage as my credit situation is pretty poor with a score under 500, recent bankruptcy etc… She has a FICO of about 630. I’m just finding out that it is pretty much impossible for her to be the sole borrower and be able to include my income with hers. Her gross pay is about $3,900 monthly. We live in MA so a low budget home is going to run us around 250,000. I have learned about the Homeready mortgage option as pretty much the only option that would allow my income to be considered to lower the DTI which would help some but not sure it would get us a $250,000 mortgage. Together our net monthly is about $9000. I would expect my credit situation to turn around in 7-9 years but we would prefer not to keep renting for that long. Does anyone know any other mortgage options that would consider my income as household income but allow me to be a non-borrower? Does homeready allow closing costs to be rolled into the loan? If so, we were figuring 3.5% down (about $9000). Moving costs would be negligible as there will be no need to hire anyone. We don’t have a ton of money in savings, we aren’t trying to buy a dream home just an alternative to renting.

submitted by /u/AA246
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/pekv62/buy_a_home_or_keep_renting/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear
1 comment
Read more

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more