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Home Loan

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Jump to page : 		Last activity 2014-01-06 4:06 PM
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brrlrcrtx44
Reg. Jun 2013
Posted 2014-01-06 3:30 PM
Subject: RE: Home Loan


Veteran


Posts: 159
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Location: Central TX		Im in TX. When I bought my place with my husband 4 years ago it was 400k. We had to put a 20% down payment down 80,000 to buy the home. We were in the same situation you are in. Things may have changed a little bit but Im not sure.
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thomas paine
Reg. Nov 2011
Posted 2014-01-06 3:46 PM
Subject: RE: Home Loan





100252525
Location: Philly
brrlrcrtx44 - 2014-01-06 3:30 PM

Im in TX. When I bought my place with my husband 4 years ago it was 400k. We had to put a 20% down payment down 80,000 to buy the home. We were in the same situation you are in. Things may have changed a little bit but Im not sure.

all situations are different...there are a ton of "programs" out there that allow the buyer to reduce the amount they have to put down. Like some have said, 3.5% through govt programs and i know someone who is having to only put 1% down even though they have owned several houses in the past, but have recently been renting. since they rented for x amount of time, they are now considered a 1st time home buyer. think there may be several different first time home buyer programs out there - do as much research as possible and go from there. the buyers that are going from their current home (that they own) to a new one are usually the cases where a larger % is required to be put down.
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sassy&tessa
Reg. Jul 2008
Posted 2014-01-06 4:06 PM
Subject: RE: Home Loan



Dr. Ruth


Posts: 9891
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Location: Blissfully happy Giants fan!!!		hhmmm, something doesn't sound right.  Not only have I been through the process of home buying, I have an office right next to our rural home loan program director. 

First question, where is the $10k actually coming from?  Not being able to create a paper trail is my first question raising red flags.

Second, lenders have generally become slighly more lax when it comes to credit scores, but some variables are weird.  If your hubby is a sub-contractor then that means he is getting a 1099.  Self employed technically.  That is probably more where your hang up is coming from.  Lending to those who are self employed or are receiving a 1099 gets more complicated.

Last, the major banks are still requiring 20% down.  There are A LOT of programs that are not!  You need to shop around.

It isn't as hard to get a loan as some may think.  Really, you just need to know that all paperwork under the sun is going to be required.  And you will need it for years back too.  If you are in the mindset that you will need to furnish more paperwork than you care to think about and you realize it is going to feel like a serious invasion of privacy, it isn't that bad. 

I was a first time home buyer 2 years ago.  My credit score was way less than my hubby's (not so much anymore), but I made more.  he actually ended up quitting his job due to a death in the family before we closed our loan.  Our down payment was coming from one place and I transferred it into another account.  PROVING the transfer was ridiculous but I knew it was going to happen. I had EVERY SINGLE paper document I could think of ready to go when we started.  Two full years of MONTHLY bank statements, 401k, insurance, etc ready to go.  2 full years of paycheck stubs and all W-2's. . 3 years of tax returns on us.  Any loan that ever occurred in three years.  Employment verifications and any changes of addresses every occurred in over 5 years.  Anything and everything I could think of that would apply to

And I was working on year 4 and 5 while they were working on those three just in case.

ANyways, that is my take and questions.  Hope that helps!
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