For my Wife - Posted by warner

Posted by Brandi_TX on May 20, 1999 at 11:45:00:


You seem to be exactly where my husband and I are. We also have high debt, but excellent credit, and my husband also has VA benefits.

Here is what we did last week. We found a house that the PITI payments will actually be less than our rent. We have got it under contract and will close on it the end of July. We are using his VA to get the loan. In addition there is a Downpayment Assistance Bond available in my area. That will grant 4% of the loan amount to us for closing costs and prepaids. Being a VA loan, the seller is required to pay for certain items, that makes the bond $ go a little further. When it is all said and done, we will live in our 1st home, paying less than we do now in rent, AND it will all happen with around $400 out of our pocket.

My advice to you is to get your Certificate of Eligibility (if you haven’t all ready), check with EVERY mortgage company to see if there is a bond program available. (These bonds are not available at every mtg co. The one here is only available at one place. A place that only deals in “A” paper.)

Find a house that is not necessarily your dream home, but will work for now. DO THE DEAL. No one is saying it happen tomorrow… look for it, and it will come.

Good luck, keep us posted.


For my Wife - Posted by warner

Posted by warner on May 20, 1999 at 11:03:21:

I’m a newbie to creol, but this is one fantastic site. i’m also new to real estate. i received info last night in the chat room about books to buy and where to look for info on financing for my first home. here is my situation.

25k in credit card debt (acquired in college)
very good credit
no savings other than job retiement savings

good credit

Re: For my Wife - Posted by CarolFL

Posted by CarolFL on May 20, 1999 at 17:08:54:

Brandi’s advice sounded great to me, and you may well get others… I hope so.
I will tell you that my 18 yr old single-mom-parttime-student-and-parttime-day-care worker daughter is out looking for a duplex or tri-plex so that she can work some sort of “creative” deal for a place to live for herself and her 7 month old son.

She is convinced (by whom? I wonder!) that if she will keep at it she will find a deal good enough so that the rent from the other unit/s will pay all/most of the PITI.

She has no money, no credit. But she has direction, and is trying to acquire knowledge. A pretty good start.

Good luck and keep us posted.
BTW, what kind of cash flow will there be on the rental?