| Posted By |
Message |
jennielee15
Let's try this again....
Member since 7/11 2269 total posts
Name:
Jennie
|
dream house
So currently DH and I live in a house which he owns in Nassau County. We don't exactly care for the area and the house is really just not suitable for a family. We recently found a house we love. It is perfect! 3 bedrooms, 3 bath, on the water, with a private office attached. I am planning on opening a private practice and need an office. So.....here's the problem. We are totally under water on the current house. Owe way more than it's worth so selling is hard. DH is overextended with keeping the house so we most likely wouldn't be approved for a mortgage. I have the worst credit right now and won't have a chance at a mortgage until a year from now due to some student loan debt which is ruined!!! Anyhow does anyone have any ideas on how to finance the house? are there any programs for people with poor credit? Thanks in advance!!!
Oh and the house is in our budget if we were able to get a mortgage.....
|
Posted 2/24/12 12:26 PM  |
| |
|
andreat
LIF Infant
Member since 10/06 155 total posts
Name:
|
Re: dream house
Would you be able to purchase your dream house with just your income?
Then can you start foreclosure procedures on your DH's home? Or even would the rent exceed the monthly payment on the loan?
|
| Posted 2/24/12 1:47 PM |
| |
|
jennielee15
Let's try this again....
Member since 7/11 2269 total posts
Name:
Jennie
|
Re: dream house
Forclosure isn't necessary, we are fine with the mortgage payment and could afford to pay the new house with both incomes. The only issue is getting a mortgage. I have a lot of bills and am currently going through some credit issues which will not allow me to get a loan. I know this is a long shot, but if anyone has any ideas.....
|
| Posted 2/24/12 1:50 PM |
| |
|
|
|
Re: dream house
I know this is not the answer you are looking for, and maybe I am misreading your post, but a lot of what you wrote screams to me that as a couple, you both are not finanically ready for this "dream house".
IMO, you should probably continue to bide your time.
There will ALWAYS be a dream house for you, when the time is right.
Being married to someone who is self-employed, who brought in no money for a YEAR after we bought our home (which is far from our dream btw), I wouldn't take on this responsibility with not even having a business set up (the private practice you mention in your post above).
If you think the bank is not going to approve you for a mortgage at this time in your life, it is probably a blessing in disguise IMHO.
I also am friendly with a real estate agent through my job who has told me flat out she would not consider working with someone in the situation you mention so that's something else to think about as well.
|
| Posted 2/24/12 3:11 PM |
| |
|
jennielee15
Let's try this again....
Member since 7/11 2269 total posts
Name:
Jennie
|
Re: dream house
Posted by mzsocialworker1
I know this is not the answer you are looking for, and maybe I am misreading your post, but a lot of what you wrote screams to me that as a couple, you both are not finanically ready for this "dream house".
IMO, you should probably continue to bide your time.
There will ALWAYS be a dream house for you, when the time is right.
Being married to someone who is self-employed, who brought in no money for a YEAR after we bought our home (which is far from our dream btw), I wouldn't take on this responsibility with not even having a business set up (the private practice you mention in your post above).
If you think the bank is not going to approve you for a mortgage at this time in your life, it is probably a blessing in disguise IMHO.
I also am friendly with a real estate agent through my job who has told me flat out she would not consider working with someone in the situation you mention so that's something else to think about as well.
Thank you for your honesty. If it wasn't for my student loans and being upside down with the current house we would be considered well off. I am a fellow social worker and make a decent salary, with the hope to have a private practice some day down the road. The house we are looking at is less money then the one we have so if there was a way to either rent out the current house or sell it for what we owe on it then we would actually be better off by buying this new home. When I say dream house I don't mean it is beyond our means, I just mean that it has everything that I would look for in a home. We have alot to do to the current house in order for it to fit our needs for a future family, so really this isn't so out of reach....sorry if my original post made it sound worse.
|
| Posted 2/24/12 3:22 PM |
| |
|
|
|
Re: dream house
I get it, trust me. 
DH and I are in a similar situation.
We are hoping that in a few years, we can sell our home if only to break even on what we owe the bank.
It is absolutely a frustrating spot to be in.
We bought right before the market dropped.....in hindsight though we probably would've never gotten approved for a mortgage when the market dipped, with DH's business loss a couple years ago, so who knows?!
Our thoughts are that hopefully down the road, we can sell and take over the mortgage in DH's parents home, which is the type of home we are looking for (large mother-daughter) in a very desirable neighborhood in Nassau.
You can also cross-post this onto the HOME board. I know the real estate peeps that are vendors on here are very helpful and honest.
|
| Posted 2/24/12 3:39 PM |
| |
|
Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
|
Re: dream house
Just to give a bit more insight, we are refinancing our home. We bought in may. Our appraisal for the refi is 50K less than when we bought it. Technically we are upside down too. So if you go to sell, just be prepared your house is worth much less than you thought.
|
| Posted 2/24/12 4:40 PM |
| |
|
jennielee15
Let's try this again....
Member since 7/11 2269 total posts
Name:
Jennie
|
Re: dream house
Posted by Melmel821
Just to give a bit more insight, we are refinancing our home. We bought in may. Our appraisal for the refi is 50K less than when we bought it. Technically we are upside down too. So if you go to sell, just be prepared your house is worth much less than you thought.
Yeah it is definitely worth less than we owe. That is why we are looking to rent it out.
|
| Posted 2/24/12 4:54 PM |
| |
|
Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
|
Re: dream house
in 2005 we were able to consider 75% of our rental income towards income and having 2 mortgages. We needed a lease though.
It's a stinky position to be in, but, personally, I think you are better off staying put, getting in financial order (paying down mortgage/saving for new down payment) and looking for houses when you are ready.
|
| Posted 2/24/12 8:04 PM |
| |
|
