Mortgage question re: qualifying

[acehistr8]

Met with several builders this weekend about building our dream house. Found a resort 45 minutes west of DC we loved, on a Robert Trent Jones championship course with a Greg Norman course being built and opening in 2005. Helloooooo, high resale value.

Anyway thats background to my mortgage question. Been talking to a buddy of mine who did mortgages for a while, he said normally they look for 2 years of steady income. Well my fiance has been working steadily as an attorney, myself only the last couple months with an 8 month gap. Financially our credit is just OK for both of us , our income more than puts us in line with the front/back ratios (about 18/36) even though we both carry a lot of student loan debt. My feeling is shit millions of people have been unemployed the past couple years, I'm sure more than a few of them bought houses.

 

[Penguinfan]

If you have no charge offs on your credit report and have a down payment you will get a loan, as a matter of fact they will be forming a line to get at you about now.

Penguinfan

 

[freelancc]

if you can put 20% down you will side step most of the snags..

good luck.. building your dream home is an amazing experience.

 

[SixFive]

pay off the loans first then try to get the mortgage. That would be the wise thing to do. Also, I've never had a problem either getting a mortgage or a refinance (like frelancc) said with 20% or more down. I also think it would be wiser to be married before delving into buying a house. Maybe not the answers you want to hear, and I certainly mean no offense to you. GL!

 

[Valuist]

You should talk to a mortgage broker first and get pre-approved so you don't end up wasting your own time, or that of any real estate agent. Also, the qualifying ratios are 28/36, not 18/36. It used to be you could go 20% down and not even need income verification, but most banks have done away w/that due to too many foreclosures.

 

[skulldog]

Ace, A no income verfication is proably what you need as long as your credit score is at least 660 and your not putting 20% down. Lenders do these loans w/as little as 5% down.

Everything today is based on credit scores w/800 being the best and 550 is usually the lowest they will lend on unless your putting alot of $$ down.

I would SIT DOWN w/a competent mortgage broker and lay the cards on the table.

Keep us informed.

GL

 

[NickiD]

They are going to want to see your tax returns for a few years and the better your score the less down payment you will be needed, and the less hassel over your steady employment just don't change jobs now or anytime before closing without checking with your lender - that can cause quite a problem.

Good Luck!

 

[Private Petey]

priceless

priceless

Week long trip to curacao- $3500
High Stakes poker in vegas-$2000
Video camera- $1000
Losing money on horrible baseball picks-$500/week
Care packages to troops- $50/per
Soccer Jerseys- $150/per
Dream House- $300,000

Acehistr8 whining about being unemployed while sucking up the unemployment checks and mooching off his girlfriend- priceless

P Squared, reporting from dreamland, over and out.

 

[acehistr8]

Not to worry, we found a guy through my fiances new firm who specializes in loans to doctors/lawyers and such. No idea they existed but they do. So now we can spend the next few months shopping without worrying about it.

Private Pussy - maybe you better check my record before you go mouthing off about it. Are you going to continue just to be a loud mouth asshole here falsely accusing me of having a bad record, which you seem intent on doing in every thread I post no matter what its about? Uh lets see tonight is the first night all season I posted MLB and last year was 75-70 +2159. I guess if thats bad then I am pretty freaking bad. Or are you going to stop being a pussy and step up to the challenge? My record is posted for all to see, where is yours? I will challenge you in any sport or any combination of sports for any length of time for any stakes - even if you dont want to put any money at stake we will just go head to head for pride. Come on, STEP UP AND BE A MAN SON, it would be fun.

Until you are ready to step up and be a man, I suggest you tell your mommy your done with the intwanet for tonight.

 

[Private Petey]

challenge

challenge

HEY ACE, YOU WANNA PLAY, I'LL PLAY! I MAY NOT HAVE MUCH MONEY, BUT I HAVE MY PRIDE!!!! I TALKED TO MY BOYS AND THEY WILL HELP ME WITH THIS CHALLENGE AND WE WILL ALL CHIP IN FOR A HUNDRED. SO ALL YOU NEED TO KNOW IS THAT THIS CHALLENGE IS FOR 600 BUCKS. I WILL SEND IT TO MADJACK AND YOU DO THE SAME!!!! YOU TELL ME WHAT YOU WANT TO BET ON YOU LOSER. MY CHECK WILL GO OUT IN THE MORNING. ONCE MADJACK CONFIRMS THAT HE GOT BOTH OF OUR CHECKS, THE FUN WILL START, DICKHEAD.

 

[HighRoller]

acehistr8

acehistr8

My profession is a loan officer for a mortgage company...

I would be more than happy to assist you in any questions

you may have...just ask Jack for my email and send me a list.

Many of the answers here are incorrect.

HR !

:thumb:

 

[Private Petey]

snail mail

snail mail

Ok ace, my checks in the mailbox. madjack, let me know when you get it. IT'S ON, BABY! UNLESS ACIE CHICKENS OUT!!!!

Double P

 

[acehistr8]

Private Pinhead - Considering we havent agreed on any of the terms its a bit early to be mailing the checks. Also considering you can't even be trusted to show up at the right hotel when told 100 times which one it was, I want to keep it small enough so when you bail out halfway through I dont care. To keep this within the realm of friendliness, how about $100 and the loser has to carry the winners Avatar for a month. Email me through my page so we can finalize the details. I'm thinking:

- somewhere around 300 picks. Personally, the longer the better.
- you can use whatever lines you want so long as I can verify them if I want, but theres no chance I will chase your plays around.
- bet must be capped at say $200 per play.
- I would agree to use Bestbettor if you wanted, though I already have 50 or so games on there and it may get confusing to keep track of. Your call. Or, I can set up a page for us if you want me too under my site.

 

[Private Petey]

dipsh*t

dipsh*t

HEY ACE, IF I QUIT HALFWAY THROUGH YOU GET ALL THE MONEY YOU IDIOT!!!! WHY WOULD THAT BOTHER YOU?????!!!! US NOT MAKING THE PARTY HAS NOTHING TO DO WITH THIS!! MY MONEY IS ON THE WAY. I DON'T HAVE MUCH FLOW BUT I MANAGED TO SCRAPE TOGETHER 600 BUCKS. YOU SAID THAT THIS CAN BE FOR ANY STAKES AND I DIDN'T THINK THAT 600 DOLLARS WOULD BE TOO MUCH FOR YOU BUT I GUESS I WAS WRONG. IN FACT, I THOUGHT THAT YOU WOULD LAUGH BECAUSE IT WAS ONLY FOR 600 DOLLARS, BUT I GUESS YOUR GIRLFRIEND WON'T GIVE YOU A COUPLE WEEKS ALLOWANCE EARLY. MY MONEY WILL ARRIVE AT MADJACKS HOUSE IN A FEW DAYS, YOU JUST LET ME KNOW IF YOU WANT TO PUSS OUT. THIS WAS YOUR IDEA, DICKHEAD, NOW GO AHEAD AND PUT UP THE DOUGH!!!!!!! YOU TALK ABOUT IN THE NAME OF FRIENDLINESS LETS MAKE IT 100 BUCKS????? F*CK THAT ASSMUNCH, IT'S ON!!!!!

COME ON ACE (IM JUST A GIGOLO) HISTR8, REACH DOWN AND GRAB 'EM, SEND THE MONEY AND GET EMBARRASSED BY THE CREW. AFTER ALL, THIS WAS ALL YOUR IDEA!!!!!!!!!


PP

 

[freelancc]

 

[acehistr8]

Listen up you crybaby piece of shit, Private Peckerhead. EMAIL ME FROM NOW ON YOU ARE ON MY IGNORE LIST FOR A REASON. My record to the contrary, if you think I am such a bad handicapper (even though my record pisses on yours) then take up my challenge, money shouldnt be an issue to you whether it was for $1 or $1,000. Take up my challenge, it will be humiliating enough to either of us to lose to the other, I would think that would be enough motivation.

Bottom line, I have plenty of money to spend. But my money will be going to things that are worth the effort, like entering both the NFL/NCAA contests. While that is worth the money, sadly, your monkeyass isnt worth investing $600 in my friend.

That is all.

 

[Jiminy Cricket]

thats wonderful. take unemplyoment checks then use them to enter football contests. you say your so great then put up the money. :thefinger :moon:

 

[acehistr8]

Dude I dont know who you are but 50 posts you must have been around a while. I have been working since June as an IT contractor making plenty of cash. I wish you guys would keep up, or quit being an a-hole about shit you know nothing about.

 

[acehistr8]

Tell you what Petey, if you really want to spend that much, use it to enter the NFL contest, that way we have a shot at each other and a shot at 15K.

 

[Private Petey]

Or are you going to stop being a pussy and step up to the challenge? My record is posted for all to see, where is yours? I will challenge you in any sport or any combination of sports for any length of time for any stakes - even if you dont want to put any money at stake we will just go head to head for pride. Come on, STEP UP AND BE A MAN SON, it would be fun.

HEY ACE, THIS IS WHAT YOU SAID!!! I TOOK YOU AT YOUR WORD AND SENT THE MONEY!!!!! NOW YOU WANNA WEASEL OUT OF IT???? YOU SAY THAT YOU HAVE PLENTY OF MONEY, SO LET'S SEE IF YOU HAVE A PAIR!!! NOW PICK UP THE PHONE, CALL YOUR GIRLFRIEND, TELL HER YOU NEED 600 DOLLARS SO YOU CAN VISIT THE DENTIST OR SOMETHING, SEND THE MONEY TO MADJACK AND PREPARE TO GET DEMOLISHED BY PP AND THE WRECKING CREW. WHAT DO YOU WANT TO BET ON, I NEED TO DEPLOY MY BOYS AND GET THEM TO START WORKING ON WHATEVER WE'RE BETTING ON. I HOPE YOU DON'T MIND US ALL WORKING TOGETHER.

P Squared