So Sallie Mae would not send out any info on the loan to us and the loan officer had to order a supplement. Well she got the figure $350, not the $197 that we were told. DP called SM and they told him that is only when they extend the loan to 20 years. They told him they would NOT do it until the deferment is up (screwed again
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: ) so we do not qualify for the 72K for the duplex at all and we exhausted every avenue. BUT we do qualify for 60K.
So we went house hunting and found this house
1100 sq ft, 3 bed, 1 bath, built in 1949, stone exterior, .25 acre land, fenced (flat) back yard, garage, and utility room. New carpet and paint, looks fabulous. In a great school district and all for the bargain price of $49,900 (and we got a great rate 4.895) We just gave them asking because we didn't want to get in some kind of bidding war. I'm so freaking happy! This is a really good deal because all the other houses in that price wouldn't pass a FHA appraisal and they are old (-1920) pieces of crap. This house has a really neat layout too. I love the fact that there is a hallway, most of the places that I have lived in went room to room.
The kitchen/dining room has so much cabinet space and is huge. It needs to be updated though. I want to paint the cabinets red and put in a black and white checkered floor. I really love the whole retro look. I wish I could afford the vintage inspired appliances. There is also hardwood under the carpet, seller just didn't want to refinish them, we might someday. We close on May 27th.
So I called the loan officer and basically she told us that if we could get rid of the $3800 loan that would cancel out that debt. I was kind of confused because he doesn't have a $3800 debt. Basically she was considering the car loan that he just paid off into the ratio. With that gone we totally qualify
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: So now we CAN get the duplex. I'm soooo freaking happy. Kind of annoyed that she was adding it in all this time even though we produced her with a receipt saying it had been paid in full. She's kind of a airhead a little bit though. Just thinking about all the phone calls we made and all the added stress that could have been avoided....
DP has almost perfect credit, he was totally going to qualify for the loan but we found out that he is a cosigner on someone's student loan. He forgot all about it because he was told that it wasn't approved.
Well we were told no problem as long as it's in deferment for a year. Well it's only in deferment for 8 months. He can put it in forbearance for the additional months that we need it but SM (the student loan co.) won't put it in forbearance until the deferment is up. The bank won't accept that they say that they need it in forbearance and/or deferment before they can process the loan.
They won't consider the rent from the other unit of the duplex as income since he doesn't own the place yet. We were told that either the student loan has to be like $90 or less a month or he needs a cosigner. I highly doubt that since it's a 30K loan This really stinks, you try to do something nice for someone and you get F'd. He can't get off the loan until 24 on time payments have been made.
I have very good job history, no debt, and high income but my credit is not 620 so I don't qualify to be on the loan with him. We really want this place because we already live in it (we don't want to move), it's priced well and it is an income property. This whole situation just stinks!!!
So the options are
So we went house hunting and found this house
1100 sq ft, 3 bed, 1 bath, built in 1949, stone exterior, .25 acre land, fenced (flat) back yard, garage, and utility room. New carpet and paint, looks fabulous. In a great school district and all for the bargain price of $49,900 (and we got a great rate 4.895) We just gave them asking because we didn't want to get in some kind of bidding war. I'm so freaking happy! This is a really good deal because all the other houses in that price wouldn't pass a FHA appraisal and they are old (-1920) pieces of crap. This house has a really neat layout too. I love the fact that there is a hallway, most of the places that I have lived in went room to room.
The kitchen/dining room has so much cabinet space and is huge. It needs to be updated though. I want to paint the cabinets red and put in a black and white checkered floor. I really love the whole retro look. I wish I could afford the vintage inspired appliances. There is also hardwood under the carpet, seller just didn't want to refinish them, we might someday. We close on May 27th.
So I called the loan officer and basically she told us that if we could get rid of the $3800 loan that would cancel out that debt. I was kind of confused because he doesn't have a $3800 debt. Basically she was considering the car loan that he just paid off into the ratio. With that gone we totally qualify
DP has almost perfect credit, he was totally going to qualify for the loan but we found out that he is a cosigner on someone's student loan. He forgot all about it because he was told that it wasn't approved.
Well we were told no problem as long as it's in deferment for a year. Well it's only in deferment for 8 months. He can put it in forbearance for the additional months that we need it but SM (the student loan co.) won't put it in forbearance until the deferment is up. The bank won't accept that they say that they need it in forbearance and/or deferment before they can process the loan.
They won't consider the rent from the other unit of the duplex as income since he doesn't own the place yet. We were told that either the student loan has to be like $90 or less a month or he needs a cosigner. I highly doubt that since it's a 30K loan This really stinks, you try to do something nice for someone and you get F'd. He can't get off the loan until 24 on time payments have been made.
I have very good job history, no debt, and high income but my credit is not 620 so I don't qualify to be on the loan with him. We really want this place because we already live in it (we don't want to move), it's priced well and it is an income property. This whole situation just stinks!!!
So the options are
- Try a different lender
- Get a cosigner
- Try to lower the monthly payments to less than $90
- Try to lower the monthly payments and then prepay 24 months to get name off loan altogether (he can borrow the money from his dad to do this)
- Wait 8 months for it to be done with deferment, put it in forbearance for 12 months then get home loan
- Try to get smaller loan and just buy a house now
