Posted by Joey on December 29, 2000 at 11:47:29:
How do you make 80k for three years and only have 3k to put down. I would seriously assess your finanicial statement before purchasing
Need Mortgage Loan - Posted by Joe Parolisi
Posted by Joe Parolisi on December 26, 2000 at 12:39:16:
I am in need of a loan to purchase a home in the Merrimack Valley area of MA. The amount I’m seeking is apprx. $180K. I currently have 3K to put down.My problem is a 1998 bankruptcy that was discharged 4/4/98, due to my divorce, and some minor blemishes. I reaffirmed most of my credit obligations, and have several “pays as agreed” accounts.I also have an outstanding track record with a local credit union. For 4 out of the last 5 years I averaged 80K in income as a sales rep for a hi-tech company, with 1999 being an aboration.
I’ve lived in the area all my life, and have roots in the community, and children in the schools. I just need a chance to receive a loan to once again own my home. Please contact me with any interest…
Sincerely,
Joe P
Re: Need Mortgage Loan - Posted by Tim
Posted by Tim on December 26, 2000 at 16:30:57:
It doesn’t sound like a problem getting the loan but your down payment. If you can’t come up with more down and the seller won’t be a little creative. Take a look at the groups that “gift” you a down payment. There are a ton of them, they have rules you have to follow but they’re great. There so good we have our attorney looking into setting up one of these companies ourselves.
-T
Re: Need Mortgage Loan - Posted by Terry (IN)
Posted by Terry (IN) on December 28, 2000 at 08:14:25:
Tim,
How do I go about locating these groups that “gift” down payments. Seems like most of the folks that I talk to about buying my homes, don’t have enough down payment. Most have sufficient income to make the mortgage payments, just haven’t saved the down payment.
Thanks in advance,
Terry(IN)
Re: Need Mortgage Loan - Posted by Tim
Posted by Tim on December 28, 2000 at 18:34:09:
There are several of these “gift” programs in UT. We’re considering setting one up ourselves. I don’t known if we’ll be able to leave the state or not, haven’t got that far yet.
In the meantime talk to mortgage brokers and realtors in your area. The only other ways you seller may incur a tax liability, which you could offer to pay for if there’s enough room in your numbers.
-T