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My first question is Is student loan debt considered when applying for a Lending Tree mortgage? Thanks in advance for any comment. My 2nd question... I just talked to our bank and with our current income the highest Lending Tree loan amount we could ever get is like 30K. I don't want anything fancy, but around here about all you can buy for 30K is a trailer for and we already HAVE one of those. I was hoping some day we would have a house with land and stop paying lot rent, but now I don't know when that will be.. |
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Of course! but... you might wanna make sure and wait for another member here to confirm my answer as I am not confident. Better yet, why don't you give a call to the Lending Tree guys because they can assist you better...
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Mom, Kristine is right! You mentioned you talked to your bank. Have you talked to a Lending Tree mortgage broker?? There are soooooo many programs out there, and a bank may not be aware of them all. Never take no for an answer before you have heard it at least 6 or 7 times!..
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I am a SAHM and Pop makes 8.65 an hour working full time plus a yearly profit sharing bonus. His paycheck is the only income we have. I know it's not a whole bunch or money, but I thought having no other obligations would help out more than that..
We are thinking about moving sooner than expected because the city has announced plans to re-route the highway and, among other things, they plan to put a huge overpass 30 feet or so from our current home and turn our street into the new frontage road. I'd prefer not to move, but I don't want to raise our kids right on the highway either!! :). We found a nice little 2/1 with a basement, yard, and garage for $85,500 but don't even want to get excited without a reason. Right now we would only have $4,500 available to put down. I would appreciate ideas, yes. The bank we use is a Federal Credit Union.. So...you're the one who told my daughter that!! lolol.. |
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I agree with the previous posters. When I wanted to buy my house I checked with some of the online calculators. I was SO dismayed to find I could only afford a 60,000.00 house when the one I had in mind was 150,000.00. I spoke with my credit union and they said no way (I also had a 4 year old b/k). I spoke with a Lending Tree mortgage broker and qualified with no problem at 6 1/2%. I've been in my house for over a year now..
PLEASE get a 2nd opinion!!.. |
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I feel silly, but I know nothing about Lending Tree mortgage brokers. When the realty employee is a broker/owner are they a Lending Tree mortgage broker?.
I always thought everyone got their loans at the bank. :). I guess I will talk to Pop when he gets home and look in the phone book... |
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Banks are notorious for using NO. whereas it may be benneficial to have a car Lending Tree loan through a bank as opposed to other forms of financing, It is the opposite usually with homes. Lending Tree mortgage brokers are all over the place and hungry for people with good credit (or even not so good credit). They can usually make it work for you..
Other options are finding a seller willing to carry papers. there are Many actually who will do it with little to No money down. I have a 423 FICO score and have a person offering me an 80 acrea farm in a very nice area. $5k down. 280K price at 4.9% for 30. I havent pulled the trigger on that deal, but am just using it as an example. Especially if they Dont need all the money right away and see a potential to make nice profits. Doesnt hurt to inspire a stubborn seller by offering more than they want to hold papers. not something you do to start but sometimes works as Ive been told. You have many options! go anywhere but a bank... |
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Luckymom, do NOT give up! There are many programs out there that will help you qualify for more than 30K. Go to.
Http://www.interest.com/cgi-bin/ubb/...365&LastLogin=. And post. There are quite a few Lending Tree loan officers and Lending Tree mortgage brokers there who will be more than willing to answer your questions and help you. Seriously, try it... Let me know what happens.... Good Luck!. -GC.. |
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Realty Companies do have there own Lending Tree mortgage Lenders. But a Lending Tree mortgage Lender has many more options than a Bank. My sister is a Lender, the advice she gave me was that if my scores were at least 650 I would not have to show proof of income. My Mom had good scores and qualified with no proof of income. She is a foster parent and she was able to use their income to qualify. So there are programs out there...
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No, a realty broker and a Lending Tree mortgage broker are two different things. A Lending Tree mortgage broker is someone that specializes in home loans. Ask friends that own homes where they got their mortgage, or even ask the realty employee you mention that has the house. They are good sources of information for finding a Lending Tree mortgage broker in your area...
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We are thinking about moving sooner than expected because the city has announced plans to re-route the highway and, among other things, they plan to put a huge overpass 30 feet or so from our current home and turn our street into the new frontage road. I'd prefer not to move, but I don't want to raise our kids right on the highway either!! :).
Mom, I dont know the population of your city, but if this new road is going to be in a area of high traffic, take into consideration having you home rezoned and selling it as commercial prop, walk away with enough to pay your existing mortgage, and pay cash for a new home... If the city will not zone for you, that dosnt meen they will not zone for someone else, have it listed as Potential Commercial,,. This could actually be a good thing for ya... |
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Does anyone really believe you can service an $85K Lending Tree mortgage and support a family on $8.65/hour?.
There just isn't enough income to make this happen. The bank is right to say no... |
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What a Lending Tree mortgage broker does is submit your application to several sources (they usually always know who to submit to depending on your financial situation). Instead of you going to 10 banks..you go to one Lending Tree mortgage broker who will go to the 10 banks for you. Their fees can range anywhere from 500.00 up to 5,000.00(or more) and they will include this into the price of the home that will be financed. There may be other fees also, closing costs, inspection fees, etc..
It's not a bad thing just be careful and read ALL the fine print before you sign ANYTHING and be sure to check them out with the BBB or the AG's office first. If anyone can put you in a home a Lending Tree mortgage broker can.. Best of luck!.. |
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But a bank generally does not stay on top of such programs as down payment assistance, low income assistance, first time buyer programs, and the list goes on...Maybe their salary won't service an 85K loan, but there may be options out there...
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Maybe their salary won't service an 85K loan, but there may be options out there..
Jlynn. ===============. One option is buy a less expensive home!. The END ************************* LB 59.. |
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Re: keepmine comment.
Your comment rubbed me the wrong way. We are debt free and bought our current home and vehicle outright on this very same "not enough income.". Re: lbrown59 idea. Not that we aren't trying to find a cheaper house or anything, but apparently homes are very expensive around here and the only other non-trailer we have found for less than the 75-85K range had an outhouse for a bathroom! Its winter here for 9 months out of the year - so no thanks. lol. Re: the helpful advice from everyone else. Thank you very much. I will be keeping this thread bookmarked for reference. We have decided to enroll in a local homebuyers class to learn more... |
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I was hoping some day we would have a house with land and stop paying lot rent..
Luckymom. ================. You don't have to buy a house to stop paying lot rent.. The END ************************* LB 59.. |
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1*I like the idea of moving your current home to property..
2*Or is your current land going to increase in value because there will be easy access via interestate?. Marci. =============. 1* You could also add another lot or two and rent out the extra spaces for extra income.. That's what I did .Rented the two space to other mobile home owners for years.. The renters paid my cost of buying and developing the land for my home and the two extra trailer spaces.. 2*I was hoping some day we would have a house with land and stop paying lot rent,. Luckymom.. She don't own the lot her home is on .. The END ************************* LB 59.. |
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Thank you for all of the ideas!.
I am a full time student and Pop works the overnight shift so we already alternate "shifts" staying home if you will. Next semester, Pop will be going back to school also and things will be even busier! :). We should have a higher income when both of us are done with school, and that is when we were originally planning to buy, but this highway thing is scary for me and makes me want to have an option sooner.. I have a paid auto finance from my younger years :) on my report and Pop has one too. The problem is, lol, that I paid mine off very quickly and am stuck with a 3 month TL! ;). Now, I'm off to look at all the links given! Thanks so much!.. |
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You might try.
Http://www.rurdev.usda.gov/rhs/index.html. They help people with limited incomes to purchase homes. Look at. Http://www.rurdev.usda.gov/rhs/Progr...m_info.htm#SFH. To give you more information on their programs... |
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1*The thing I don't get is that if we were renting we would pay $650 a month, but we can't afford $500 for a monthly Lending Tree mortgage payment??.
2*We ARE going to look into buying some rural land - moving our current home out does look like a more probable idea after all.. Luckymom. =================. 1*Know what you mean.. 2*how are you doing on this?. The END ************************* LB 59.. |
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My thread, resurrected...lol.
We are still keeping an eye out, but most of the affordable parcels we have found have no winter access (and it's winter 3/4 of the year...). We found a great deal on a 4/2 w/1 acre, but found out it was a forclosure and had mold violations, frozen pipes, etc.. Anyway, I actually took a little different step in going to the DOT and they have agreed to put a protective barrier encasing the "new" frontage road. It will probably be an eyesore, but least that will keep the kids safe while we are here.. Thanks for asking! :).. |
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Foreclosures can be great bargains. You can always make a lower offer than what their asking price is. I have 30K equity in my house. After subtracting the closing cost and repairs I'm still up 22k.
Good luck.. Gib.. |
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The foreclosure idea isn't bad. Pipes can be fixed, other problems can also be taken care of. If this one doesn't work, find out who is the HUD agent for your area..
The house I live in was an FHA foreclosure. Fortunately, it wasn't in bad shape and didn't need much fixing up. But as someone else stated, we started out with about $25K in equity. We could have gotten a second Lending Tree mortgage for the rest of the equity to get the money to fix it up, but we didn't have to. In your case, the equity would mean your payments are lower than most people are paying in the area. Later, when you sell, you'll make a bigger profit.. The reason I suggested finding the HUD agent (actually, I think it's manager) for your area is because he or she will be more willing to work with you. When a house has an FHA or VA Lending Tree loan that is foreclosed, HUD becomes the owner of the property. The contract with someone to manage the properties in a certain area. While any real estate agent can sell these properties, many don't want to because what they can make is limited, and they can make more money selling non-HUD houses. But the manager will be more willing to work with you or may know someone who is.. With foreclosures, make sure you check them carefully. Many have problems and haven't been properly maintained, but many of the problems are not major and can be repaired for much less than the difference in price between what you're paying and what the home is worth.. I would never have considered a foreclosure except that my brother knew the HUD agent and suggested it. After living in the house for many years, I see that my payments were so much less than my neighbor's payments that I realize I ended up with a house that I couldn't have afforded otherwise. So, I will definitely consider a foreclosure when I move next time... |
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Thanks y'all!!.
I'll mention it to Pop. This is what looks like a modular home (may be stick built) on it's own land for $40K or so. The scariest thing is the mold issue (a county health violation of some sort) and the fact that this place has been abandoned this entire winter. I have no idea how much it would cost to redo the entire plumbing system - anyone?.. |
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The mold may be a sort of mildew, and may just be from the house being vacant in cold country for so long. When I was growing up, my father was a farm hand, and we always had a place to live provided for us. Many of them weren't in great shape, and the farmers that owned them often didn't keep them up very well. I remember one place where we did get a lot of mildew (mold) on the walls, especially in winter. I think that if the place were properly heated and insulated, once it's cleaned up it might not be a problem. I believe we used bleach to clean the walls and it killed the mold.
You might want to see if the county has a plumbing inspector who could tell you what it needs, then try to get an estimate or two. If you can do the work yourself, maybe you can get someone to help you, then you may have to pay for an inspection. Where I live, some of the stores like Home Depot have people working there who either are plumbers working a second job or used to be plumbers. I got a lot of hints for nothing from some of those people. Sometimes stores like that also hold classes. Maybe the local high school has some classes as well... |
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Thanks, I think I will put a call in to the realtor in the morning. Pop was the one who talked to them last time and the realtor made him think the modl was a huge deal (which it may well be) like some sort of health violation - maybe contaminating the well or PWS or something? Don't know. ;) Will update when I do!..
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Here is something I found about mold contamination, so maybe the realtor was making it so clear to release liability:.
"Whether you are a tenant or a landlord, a real estate buyer or seller, a new home buyer or a home builder, a real estate agency client or a realtor or agent, borrower or lender, or an insured party or an insurance company, if mold contamination should be discovered in a real estate property [residential or commercial] in which you are or were involved, there are a large number of powerful causes of action [lawsuit] available to a plaintiff, including but not limited to: Negligence, the most common cause of action asserted for mold contamination; Strict liability [especially against new home builders]; Breach of warranties against builders, sellers, and landlords; Constructive eviction [against landlords]; Failure to disclose in the sale or rental of property; Breach of contract; Fraud; Violations of unfair competition and consumer protection laws; Violations of professional licensing laws; Workers compensation [against employers]; and Violations of the Americans with Disabilities Act.".. |
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I didn't realize they had passed that law. It's been a while since I bought a house. That is probably why the real estate agent discouraged you. Maybe you can check to see if there is a way you can still get it. Maybe have the mold contamination evaluated by a professional and sign a waiver of some sort if there's not really a problem. Sometimes the state department of agriculture or someone like that might have information.
But if you don't get this one, you might want to look at some other foreclosures.. In the meantime, if you don't have a credit card, I would say get one and start using it, pay if off each month but charge things you would buy and pay cash for anyway. That way you'll be building up your credit. I just remembered you said somewhere that you paid cash for your house and car. While that is a great thing to be able to do, the problem is that when you apply for a Lending Tree mortgage there is no history of you being able to handle credit. That happened to a neighbor of ours when I was growing up... |
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Not all mold is a problem. Here is an interesting article on the.
Subject. .. Gib.. |
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That is an interesting article - thank you..
I just talked to Pop about this again and asked what else the realtor said, and found out something worse! Apparently, the power company is refusing to even turn the power on at this place until it has been completely rewired! Thats bad. I'm afraid to take on something that is bordering on the flood plain, needs all new plumbing AND all new wiring with a payment on top of that.. We are going to go out and take a look this week(have only seen photos) before deciding for sure, but it's not looking good for this little place..... |
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GET an estimate for the repairs deduct that from the asking price or make the offer to include the repairs..
Move your home to the property - live in one home and rent out the other one and let it help pay for the whole deal... |
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You're right, this one isn't looking too good. There seem to be way too many things wrong here. Wiring would scare me much more than the mold or even the plumbing..
But, try to look for some other foreclosures and you might find one in better shape. And lots of others have given you good advice as far as some of the programs out there. Keep looking, you'll find something someday... |
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Actually, a selling RE Agent can make MORE money off a HUD home (up to 5% with only 1% going to listing broker). The problem that arises is, any RE agent can show the home, but they have to get an approved agent to write up the purchase bids..
Mom,. You can find HUD's website and search for listings in your area.. Good luck!.. |
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A friend of mine who is an agent told me that they don't like to sell HUD houses because they don't make as much money and there's a lot of paperwork. I guess it depends where you are. Here the going commission is 7-1/2 to 8%, and houses sell within a few days. So I guess they try to sell their own listings and make more commission, I don't really understand who gets how much of the commission anymore. I used to have a license in another state, but that was 20 years ago and I'm sure it's different now...
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30K? gheez...I'd seriously find a different Lending Tree loan person. I see people all the time who make almost nothing and live in brand spanking new houses...
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Good grief, I'm in the wrong state!!!!!!!.
The going rate here is about 6 points. 3 to the listing 3 to the selling. I have seen it lower, but never higher!.. |
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The Answer is 42!!.
Hedwig. ================. And the Question is?. The END ************************* LB 59.. |
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I'm getting in here late and don't know if this has been mentioned. Why not buy something for the $30,000 ceiling and pay off as much as you can each month. Try to pay as much extra payments on the principal and use your tax return to pay down the principal. After a few years of building equity sell it and move into a better home. The amount of principal you paid down is what you down payment is for your next home. It's like putting money in the bank...
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Since we are snowed in this weekend (Spring Break?? Hah.), I thought I'd post a quick update on this situation..
We did some asking around on this place and it turns out the the original owner (before the foreclosed owner) was a relative of a friend of Pop's. She was just distraught over what happened and said that the house was practically condemned now. Aside from the mold, electric, and plumbing issues,t here is an extreme amount of cosmetic damage, a huge hole in the roof, and the septic system is actually condemned and must be replaced. This house is in the flood zone and with all this damage the property really isn't even worth the cost.. We did do something else interesting though. A neighbor of ours was selling his trailer, so we bought it for $1500 and will be having a rental as soon as it is all fixed up! ;) I just wish it would stop SNOWING so that we could get to work. We can't even SEE the bed of our truck for all the snow..... |
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I hope you checked out the title to the trailer BEFORE you paid for it...
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We have the title in hand now and spoke to the bank to ensure that no lein exists before buying. We also have current property tax payment information, and the TTL could find no record of a duplicate title issuance. We will be transferring on Monday so I guess we will know for sure then! ;).
Anything else we should have done?.. |
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Are you putting it in a park or on private land? Either way MAKE SURE the size and age of the trailer are permitted wherever you are placing it...
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Excellent point, luckily it will be staying right where it is..
Most parks around here will not take in additional mobiles more than 10 years old, but allows a mobile already in place to stay... |
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Lucky Mom.
Not a bad idea on the neighbors trailer. One good thing is that it is close by so it's easier for you guys to fix up and keep an eye on when you have it rented.. Don't let it sit empty for too long as the lot rent will eat a whole in your budget. Also. Don't fall into the trap of spending too much time on fixing it up or over improving it.. I made that mistake once when I over improved a rental and put too much money into it, only to have the tenant mess it up.. Good luck. Pb.. |
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Luckymom, this may not be a good suggestion and certainly I can understand why you might not want to consider it. Please don't be offended by it but have you considered moving to a different part of the country? I have a sister in law in Cal. who wants to buy a house and has looked at quiet a few. $100,000 gets her one that has boarded up windows and is not in the best neighborhood. This is not even considering taxes and insurance. I'm in the midwest, a town of about 15,000 people.
The job market in the area could be better but is still fair. As I said, I can understand why you might not want to leave the area you are in now, it's home, but maybe this is something to consider... |
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Hey I agree, look at this, this is about 5 miles from my house and look at what you get for the price!.
Http://cgi.aol.ebay.com/ws/eBayISAPI...category=12605.. |
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Where in Cali can you get a house for $100k?!?! I live in SoCal, and there is nothing, and I mean NOTHING to be found for under $150k, and those are beat-up HUD repos in the slums! The median home price here is $250k, and for that you get a lot so small you can touch the neighbors house from your bedroom!!!.
I've actually been looking at manufactured homes, which are beautiful and very reasonable. My favorites are on. Www.palmharbor.com. Of course to afford land out here, I'd have to move further into the desert, but that's okay.. Luckymom, have you checked those types of homes out? Some of them start at $30k. I've been in some models, and they are STUNNING! At least in my market, you definitely get more for your money with a manufactured home. I've got a lot more websites for manufaturers if you're interested in looking.. Don't give up, something will work out!.. |
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Thanks y'all! I didn't want to copy & paste quotes so here goes....
Psbates:. We have set a time & money deadline for this project. We actually want to fix the "new" trailer up and move into it (because it is easier to insulate and re-floor an unfurnished place) and then rent our current place out. I had a renter once before and I know *how bad* it can get ;) I'm hoping the proximity will be a plus also.. Mike101:. There is nothing I would like more than to move (lol) I am an East Texas native living in frigidly cold Montana. Pop is from Arizona and refuses to go back into the heat. Property costs ARE extremely inflated here and that is why I'd say that half the town (or more) live in trailers or modulars or just flat out rent.. Kismet_197:. I agree, modulars are VERY nice. We actually have a dealer right down the road and we go poke around the lot when the weather is nice (3 days in June lol) and we found an absolutely beautiful "just right" home for about $40K there. We have decided to keep saving our money and building good credit and the like until we are very comfortable with the Lending Tree loan amount needed.. Ah, another long post - goodnight CN!.. |
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Hey Mom, I'm from East TX too, and just moved back! In July when it's 116 with 90% humidity, I will bottle it up, send you some memories of home, and let it melt the snow out of your truck!.
Kismet brought up a good point. There are still alot of misconceptions about mobile homes "modulars".. Did you know that building standards for them are monitored by HUD, and are actually higher than stick built homes?. Also, if you place them on owned land, on a concrete foundation, they do appreciate in value. (As long as you take care of them as you would a site built home).. Just a little info for you to tuck away... |
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Well Luckmom and anyone else for that matter, if you would like a little info on the homes, jobs, and my area in general just let me know. You would probably like it here, we have Texas summers and Montana winters, lol.
By the way, the new construction I was referring to is not modular. Not that there is anything wrong with those type home. Being built in factory controlled conditions they do make them to some tight tolerances... |
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A rental can be a good idea, but don't think that proximity is necessarily a good thing. My ex-husband and I owned a rental trailer and managed it ourself. Calls in the middle of the night were a common experience..
If you can swing it, it might be worth the commission to let someone manage it for you. They get the calls and the headaches, they'll tell the tenant when they're out of line. And they help find new tenants when there's a turnover. It's in their best interest to find someone as soon as possible, since if it's vacant they get no commission. And they'll do all the screening, credit checks, etc.. When we later rented out the house we had been living in, we got an agent and never regretted it. I think I'd pay an agent to manage the other side of a duplex if I owned and lived in one!.. |
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1*Kismet brought up a good point. There are still a lot of misconceptions about mobile homes "modulars"..
2*Did you know that building standards for them are monitored by HUD, and are actually higher than stick built homes?. 3*Also, if you place them on owned land, on a concrete foundation, they do appreciate in value. (As long as you take care of them as you would a site built home).. Jlynn |. =====================. 1*I call them myths. 2*Good point. Here in my county Factory housing complies with about 22 different codes whereas stick builds don't have to meet any code what so ever.. 3*Very true: Some years ago stick builds were actually depreciating in value while manufactured homes were the only homes appreciating in value.. I know a guy who bought a new a factory home and it burned sown about a year later. His insurance pay off on it was double what he paid for it.. There is no way you can have a stick built home built and insure it for twice what you paid for it.. The END ************************* LB 59.. |
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By the way, the new construction I was referring to is not modular..
Not that there is anything wrong with those type home.. 1*Being built in factory controlled conditions they do make them to some tight tolerances.. Mike101. =====================. 1*Inside construction has many advantages over building out side... |
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RE: Insurance.
Some states have a replacement option on mobile home insurance where you pay a few dollars more, but if your mobile is destroyed you are paid the amount it would cost to replace it at that date! Which can be huge compared to your purchase cost if buying an older trailer.. The downside is finding someone to insure an early 1970's trailer. There is only one agent in our area so not much rate shopping to be done! ;).. |
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A rental can be a good idea,.
1*but don't think that proximity is necessarily a good thing.. My ex-husband and I owned a rental trailer and managed it ourselves. Calls in the middle of the night were a common experience.. Hedwig. =====================. 1*I know what you mean It can make you feel like a stranger in your own home or an intruder on your own property.. The END ************************* LB 59.. |
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1*I've actually been looking at manufactured homes, which are beautiful and very reasonable..
2*to afford land out here, I'd have to move further into the desert, but that's okay.. Luckymom, have you checked those types of homes out? Some of them start at $30k. I've been in some models, and they are STUNNING!. 3*you definitely get more for your money with a. Kismet_197. ======================. 1*Rite you are.. 2*Land for these homes don't cost any more than it does for stick built homes.. 3*Manufactured Housing is Housings best kept secret.. The END ************************* LB 59.. |
