Need ideas for raising money ASAP!! - Page 4

[twins10705]

Originally Posted by Knittin' in the Shade

do you have a lot of credit cards? even if you don't carry debt on the cards, having several cards with high credit limits winds up being a negative on your report, becuase lenders look at it like at any time you *could* use the line of credit on each card and max yourself out.

If the worst thing on your report is that medical charge, then there's something seriously wrong with your score. It shouldn't be that low with just the one deroggatory report. Have you actually requested a copy of your credit report and score from each of the big three reporting services? It sounds like there might be some erroneous stuff on there.

Also, like others have said - you have to factor in taxes and homeonwner's insurance (and PMI) into your mortgage payments. Virtually all lenders make it a requirement that you bundle those payments in each month for it to go into escrow that they'll pay out when the time comes. It protects them in the event that you default on your loan that they aren't stuck with back taxes, or that they wind up with a lawsuit if you don't have homeowner's ins. Depending on what your taxes are, that will add a minimum of $100-200 more to your mortgage payment each month.

Well, it is the only red mark so it appears to be the worst to me. The other ugly stuff is very late payments on most bills last summer...Dh was unemployed and going to school and we found out I was PTL with unplanned babies so I had to quit my job and go on bedrest...so we were late on things the whole summer -- it was the choice eat or pay our bills...I called the companies and tried to explain, but they didn't care they said pay up or we are reporting it. So we got f&*$#d IMO. So maybe that is worse than a "KD" that stays on your record for 7-10 years, but I don't think so.

The VA loan would cover the lender from loss, so I don't think we would have PMI. We could actually afford up to $750 plus utilities so I think shooting for a simple calculation of $600 or less gives us a little bit of a cushion.

[twins10705]

Originally Posted by SleeplessMommy

Will moving shorten your husband's commute?

No, it will stay about the same -- anything much closer than 30 miles away is either way out of our price range or in the ghetto.

[twins10705]

My dh is a painter and a carpenter helper at a home remodeling company. To build a shed, we could most of the supplies for free -- lumber waste from building sites. We already have ladders, weed wacker etc, we have our own fridge, washer and dryer. We are big do-it-yourselfers in general.
I am being optimistic, but I think realistic at the same time. If we run into a situation where we need more than dh is bringing in, we will work it out...we have been in rougher spots -- like try no money and on the street in a New York blizzard in Dec 04. I haven't exactly had a pampered life -- and even if I have to work my butt off constantly exhausted to eek out enough money to just barely cover our astronomical mortgage +taxes +etc -- I will be happy just to say, it is an investment! In the end, my work was actually *for* something -- we have something to our name, something to build a family on...instead of month after month flushing it all down the rental rut toilet...I'm just feeling oppressed I don't care if I have to survive an AZ summer with no A/C -- we need something to call our own, kwim?

[SleeplessMommy]

Since you guys are handy, I would suggest looking for "distressed housing". IE beat up places you can get on the cheap. Look for junk strewn inside, bag paint colors, stinky carpet, and anything else you are sure you can fix. Especially houses with a long time on the market and multiple price drops. Or forclosures.


Or look for an apartment owner who will give free/discounted housing in exchange for rehab work!

[SleeplessMommy]

Here is the HUD website for AZ.

http://www.mcbreo.com/st_azmain.htm

[shelbean91]

VA loans usually won't cover fixer upers, I don't think. Things have to be a certain code for them to back the mortgage. With our FHA loan, it's a federally backed loan and we still have PMI- it's a fixed amount for a fixed # of years. I would assume VA would also require some sort of PMI, though I'm not sure.

[p.s]

Originally Posted by twins10705

to quit my job and go on bedrest...so we were late on things the whole summer -- it was the choice eat or pay our bills...I called the companies and tried to explain, but they didn't care they said pay up or we are reporting it. So we got f&*$#d IMO. So maybe that is worse than a "KD" that stays on your record for 7-10 years, but I don't think so.

But the problem is that when this happens with a mortgage, then instead of just reporting to an agency, he who owns the credit can foreclose.

You asked what I thought (a couple of pages back) with the new info...and having read now several pages of posts and your responses, my honest opinion is to hold off buying. Save more money and get a firm footing on your finances. But this is just how I/we do things. You seem pretty optimistic (and very energetic and determined to make it work), so the bottom line is what you want to do. Good luck!

[twins10705]

Originally Posted by p.s

But the problem is that when this happens with a mortgage, then instead of just reporting to an agency, he who owns the credit can foreclose.

Just to clarify -- we have *never* been late on our rent payments...even before I got married I rented for about 2 years and was never late on rent. By "bills" I mean everything other than the necesities(food, rent, basic utilities)...if we didn't have enough for rent(or a mortgage payment) -- we would do whatever necesary to raise the money: ie: sell our stuff, temp jobs, donate plasma(), calling any family, begging on the street()....I guess I figured having a perfect rental history would give us an edge on buying a house...but I guess not, at least we've never had trouble getting into an apartment.

ETA: we aren't the kind of people to just normally be late on other bills either -- the $59 "KD" that we should have never been charged, never reached us because we moved from CA to FL about 3 weeks after the ER visit...then the other crap should totally fall under "extenuating circumstances" IMO...ummm I accidentally got pregnant, then just as suddenly was unable to work due to PTL(read: contractions 3 minutes apart at 18 w. gestation). The only thing that I can think that could happen is if dh gets seriously injured or killed, yeah me and the babes would probably be screwed -- but we'd be screwed whether in an apartment or a house and that's a worse case senario I'd never bet on.

[twins10705]

Originally Posted by shelbean91

VA loans usually won't cover fixer upers, I don't think. Things have to be a certain code for them to back the mortgage. With our FHA loan, it's a federally backed loan and we still have PMI- it's a fixed amount for a fixed # of years. I would assume VA would also require some sort of PMI, though I'm not sure.

I'll have to look into the PMI -- but it is true that the VA generally won't cover a "fixer-upper" per se(though I'm not sure bad carpet, paint, etc cosmetic stuff would count as a F/U).

[twins10705]

Ahh...ok...you've all given me tons of different perspectives and I'm really grateful...it is so nice to hear from people who have some experience.

So what do you think about us just waiting until Jan/Feb when our lease is about to run out? OR...since winter is prime real estate/rental time...do you think we should sign like a 4 or 6 month lease at that time to wait until deadly hot time(of course we'd also have to move all our stuff in the terrible heat) to maybe get a better price?

By Jan/Feb...we should have about 3 maybe closer to 4k saved up if all goes well. In our price range that *should* cover closing costs(also VA loans aren't subject to all normal closing costs)....does it sound doable? Or how much of a safety net do you think we need?

I started doing the survey/free trial sites yesterday and got credited about $100 so far -- so thanks to whomever suggested that (I'm just hoping they actually pay out now).

[shelbean91]

I've been told around Christmas time is a good time to buy b/c not many people want the hassle of moving around the holidays. I'd start looking around casually and see what you come across.

[twins10705]

Originally Posted by shelbean91

I've been told around Christmas time is a good time to buy b/c not many people want the hassle of moving around the holidays. I'd start looking around casually and see what you come across.

That is a great idea!! thanks