My husband and I are trying to get a mortgage?
We were supposed to be approved for 100% financing and now (three days before closing) the mortgage company has told us we will have to put up a $3300 down payment. We can not use the money we have in the bank because a certain balance is required. We can’t take out a loan because our debt-to-income would be too high. If we pawn the titles to our cars will it show up as debt on our credit report? What about payday advance loans, do they show up?
Is there any way that the mortgage company or bank could find out about these loans?
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If I couldn’t afford the $3,300 down payment, I would not buy the house. I’ve gone through being mortgage poor. I knew going into it things would be tight, but then all the costs I didn’t count on kicked in. A random flat tire, gas prices jumping up etc.
Don’t make the same mistake I made. The only thing that saved me was a lucky break with a much higher paying job. You said you can’t afford a loan due to debt to income ratio. Putting your cars on the line is even worse than a loan. The cost of living will always go up and with the rate the dollar is dropping in value expect the cost of living to increase even faster than normal.
I know getting caught up in buying a house can be intoxicating, but don’t think you can make it all work out. What happens when the electric bill is higher than you thought, maintenance society fees come at the same time property taxes are more that expected and your escrow wont cover it? You lose a car at best and kill your credit score.
Put some earnest money down and delay while you save up for the down payment. Don’t buy the house if you can’t come up with it in that amount of time.
One more thing to keep in mind is that with all the subprime mess (be it real or not) the market is going to continue to favor buyers more and more at least for a little while. You may be able to get a better deal further down the road.
ask a family or friend if 3300 going to be lots of money, are you sure going threw a home loan. whatever you do dont pawn you titles, you could sign you titles to a parent as an example
The reason you need to come up with this money is because your broker may be charging you closing costs. $3300 is not a down payment unless you’re buying a $15,000 house. Take a look at the Good Faith Estimate that you signed at the beginning of the process. Does it say that you need $3300 for a down payment? Probably not, right? Here’s how it works in most cases: Loan to value ratios are generally in 5% adjustments, meaning with a conventional loan, if you don’t qualify for 100% LTV, your down payment would be equal to 5% of the purchase price. 5% is probably a lot more than $3300 I’m guessing. If you’re getting an FHA loan, the minimum down payment would be 3%.
Most loan officers don’t like to surprise their clients 3 days before closing. I’d like to believe your guy isn’t just tacking on extra costs that weren’t previously disclosed to you. It’s not too late to get another offer from another bank either. I’m sure the sellers will extend the purchase agreement. It’s a buyers market; I wouldn’t worry.
Never use a payday advance loan (unless you owe money to the mafia and they will kill you if you don’t pay up). I started researching payday loans bacause I started loaning money (legally). If you read the fine print of a commercial from one of those company’s they will claim the interest rate is around 100% but in reality it can be up to 400%. You can easily get into a trap. I have not talked to a single person that has been happy using a payday advance.
I agree with the earlier answer that you should not be buying the house, yet. Wait for another year or two. I am a homeowner and there can be some very unexpected expenses that come up.