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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
We had zero but we bought a second car immediately after closing so we now have that loan but we're paying that in full in Feb.
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Posted 1/8/10 12:45 PM  |
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LifeIsGood77
LIF Adolescent
Member since 1/09 635 total posts
Name:
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
We had NONE. Since we bought the house we have almost 20K in credit card debt simply by making crummy choices. We are fighting our way out of it now. Man those were good days being debt free....
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| Posted 1/8/10 12:55 PM |
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dapnkap
Our 3 angels
Member since 7/07 4824 total posts
Name:
Karen
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
We had no debt when we bought our home. We paid off my credit card debt before moving in/getting married (which occurred within a month of each other).
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| Posted 1/8/10 1:59 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
We have student loans combined of $230/month, as a previous poster said the payment amounts are really what is considered
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| Posted 1/8/10 2:55 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
Posted by JandJ1224
We have student loans combined of $230/month, as a previous poster said the payment amounts are really what is considered
Exactly- it's not what you owe- but what you pay each month that the bank cares about
And any car loan that is going to be paid off in 12 months or less can be excluded
I really wish the media would chill with making it seem like mortgages are hard to get b/c for most people they really aren't
If you have the income to cover your monthly bills (including the mortgage) plus good credit you are fine
Even if your credit isn't the "best" FHA is still there for you and you cam get a loan with 3.5% down
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| Posted 1/8/10 3:04 PM |
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MST9106
My life:)
Member since 6/06 9589 total posts
Name:
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
Posted by headoverheels
Posted by MST9106
OMG, I don't know if its a norm, but I would NEVER EVER purchase a home with cc debt...loans, maybe but not cc debt. This is one thing that we will NOT have when purchasing a home. My loans are paid off, we have 1 car payment and a little of cc debt left, but it will all be gone before we purchase a home. I don't want to scrape by every month, no way.
Just so you know, we defintely don't scrape by, we actually have some $$ leftover for savings each month 
Maybe YOU don't, but I know plenty that do and I'm saying that *I* wouldn't want to be in that position. Also, wouldn't a person want to pay off their cc debt before they started "saving"?
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| Posted 1/8/10 4:22 PM |
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KittyGags
LIF Adult
Member since 7/09 5614 total posts
Name:
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
We had nothing in CC Debt, and a $486 lease payment.
No student loans.
I can't understand "saving" when you're paying 22% on whatever is on your credit cards, but hey, to each his own...if its 0% (which I don't know exists anymore) then fine.
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| Posted 1/8/10 4:44 PM |
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Waste06
Waste not, want not
Member since 6/06 7219 total posts
Name:
Lois Mom Mommy Mama Ma
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
We just closed on our first home last month. We have a lot of debt and a very good credit rating. We had no problem getting approved for a mortgage.
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| Posted 1/8/10 4:58 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
Posted by KittyGags
We had nothing in CC Debt, and a $486 lease payment.
No student loans.
I can't understand "saving" when you're paying 22% on whatever is on your credit cards, but hey, to each his own...if its 0% (which I don't know exists anymore) then fine.
I have a good amount of credit card debt and I don't pay any where near 22% on any card
I pay so little in interest on some - I most likey wont pay they off before I buy a house...I have 0%, 3%, 6% and the most is 10%
I still have great credit and I know I could get a mortgage now- but I would like to wait till have a certain bill paid off and that will be by May
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| Posted 1/8/10 5:01 PM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
Credit Card: Only what we can afford to pay in a given month - we never carry balances over.
Car: None
Student Loan: Less than $10K.
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| Posted 1/8/10 7:42 PM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
CC: $0
Car Loan: $0
Student Loans 20k - I wish I went to a public graduate school 
We put 20% down and still have a decent amount in savings.
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| Posted 1/8/10 8:14 PM |
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KittyGags
LIF Adult
Member since 7/09 5614 total posts
Name:
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
Posted by Beth
Posted by KittyGags
We had nothing in CC Debt, and a $486 lease payment.
No student loans.
I can't understand "saving" when you're paying 22% on whatever is on your credit cards, but hey, to each his own...if its 0% (which I don't know exists anymore) then fine.
I have a good amount of credit card debt and I don't pay any where near 22% on any card
I pay so little in interest on some - I most likey wont pay they off before I buy a house...I have 0%, 3%, 6% and the most is 10%
I still have great credit and I know I could get a mortgage now- but I would like to wait till have a certain bill paid off and that will be by May
I don't think carrying a balance ruins your credit as long as you pay the minimum payment on time. What I don't understand is paying interest over 1% on anything. Thats typically what you earn in the bank so if you're carrying a balance with anything above 1%, you're technically throwing money out the window. Just my 2 pennies!
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| Posted 1/8/10 8:15 PM |
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
We had at least a car loan and one student loan.
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| Posted 1/8/10 8:34 PM |
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saraH
happy birthday sweet kate!
Member since 5/05 16555 total posts
Name:
I know that God exsists, I held her in my arms...
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
we had not much cc debt, but dh's student loans alone are over 60k.
i still think we did the right thing when we bought our house. there was no way we could pay that off before we bought a house.
even the cc debt we have, its a lot but it didn't keep us from geting our mortgage.
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| Posted 1/8/10 8:40 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
Posted by MST9106
Posted by headoverheels
Posted by MST9106
OMG, I don't know if its a norm, but I would NEVER EVER purchase a home with cc debt...loans, maybe but not cc debt. This is one thing that we will NOT have when purchasing a home. My loans are paid off, we have 1 car payment and a little of cc debt left, but it will all be gone before we purchase a home. I don't want to scrape by every month, no way.
Just so you know, we defintely don't scrape by, we actually have some $$ leftover for savings each month
Maybe YOU don't, but I know plenty that do and I'm saying that *I* wouldn't want to be in that position. Also, wouldn't a person want to pay off their cc debt before they started "saving"?
That's very true. And for us, saving $$ right now is more important because we will need the cash when I go out on maternity leave. After that it's all CC bills 
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| Posted 1/8/10 8:58 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
Posted by KittyGags
I can't understand "saving" when you're paying 22% on whatever is on your credit cards, but hey, to each his own...if its 0% (which I don't know exists anymore) then fine.
Normally I would agree with this, although I don't pay anywhere near 22% on any credit card, but like I mentioned above we need the cash on hand when I go out on maternity leave in March... if it wasn't for that, most of our money would be going to CCs with a small emergency fund in savings.
ETA: Also, for us, it wasn't worth it to keep throwing $$ away in rent when we could be building equity in a home that we own. What we paid in rent was more than our mortgage payments each month! (Not including taxes).
Message edited 1/8/2010 9:01:27 PM.
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| Posted 1/8/10 8:59 PM |
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rileysmama
needing a vacation..!
Member since 10/09 2162 total posts
Name:
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
Posted by Beth
I really wish the media would chill with making it seem like mortgages are hard to get b/c for most people they really aren't
If you have the income to cover your monthly bills (including the mortgage) plus good credit you are fine
Even if your credit isn't the "best" FHA is still there for you and you cam get a loan with 3.5% down
thank you so much for this!! you are right. They make it sound impossible & scary. This was a good reminder that they need to relax
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| Posted 1/8/10 9:04 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
Posted by headoverheels
Posted by MST9106
Posted by headoverheels
Posted by MST9106
OMG, I don't know if its a norm, but I would NEVER EVER purchase a home with cc debt...loans, maybe but not cc debt. This is one thing that we will NOT have when purchasing a home. My loans are paid off, we have 1 car payment and a little of cc debt left, but it will all be gone before we purchase a home. I don't want to scrape by every month, no way.
Just so you know, we defintely don't scrape by, we actually have some $$ leftover for savings each month
Maybe YOU don't, but I know plenty that do and I'm saying that *I* wouldn't want to be in that position. Also, wouldn't a person want to pay off their cc debt before they started "saving"?
That's very true. And for us, saving $$ right now is more important because we will need the cash when I go out on maternity leave. After that it's all CC bills
And I am self employed and not married
I slept better at night with $$$ in the bank....I have it all worked out to be out of debt in a short period of time - I have an end date so I have no issue with paying the little bit of interest I do right now!
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| Posted 1/8/10 9:22 PM |
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snowflake08
Love my boys!!!
Member since 8/07 5148 total posts
Name:
Laura
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
i owe A LOT on my student loans,
our combined credit card debt is about 3000
we do have car lease payments but I didnt count my student loan when adding up "debt" i mean, i know i owe it and pay it, but i think of just credit cards
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| Posted 1/8/10 9:46 PM |
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ChrisDee
My Girls
Member since 11/06 9543 total posts
Name:
Christine
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
We had Zero Debt, we paid everything off and saved up a down payment and then bought a house.
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| Posted 1/8/10 10:38 PM |
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MissJones
I need a nap!
Member since 5/05 22136 total posts
Name:
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
All we had at the time was my school loan (about 30K). But right before we found our apt., we bought a new car under the presumption I was going to commute. So it went to 50K. Oh well. 
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| Posted 1/9/10 11:19 AM |
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Ladyinred
LIF Adolescent
Member since 5/09 544 total posts
Name:
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
Nothing. No debt at all. We paid everything off before we decieded to buy.
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| Posted 1/9/10 11:53 AM |
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jes81276
summer fun!
Member since 3/06 4962 total posts
Name:
Jaime
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
none...we had just finished paying off a car loan, and we paid off any credit card balances we had.
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| Posted 1/9/10 1:06 PM |
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pinkandblue
Our family is complete, maybe
Member since 9/05 32436 total posts
Name:
Stephanie
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
Posted by MST9106
Posted by headoverheels
Posted by MST9106
OMG, I don't know if its a norm, but I would NEVER EVER purchase a home with cc debt...loans, maybe but not cc debt. This is one thing that we will NOT have when purchasing a home. My loans are paid off, we have 1 car payment and a little of cc debt left, but it will all be gone before we purchase a home. I don't want to scrape by every month, no way.
Just so you know, we defintely don't scrape by, we actually have some $$ leftover for savings each month
Maybe YOU don't, but I know plenty that do and I'm saying that *I* wouldn't want to be in that position. Also, wouldn't a person want to pay off their cc debt before they started "saving"?
every situation is different...what works for some may not work for others
that said, we did have some cc debt when we bought our home (and we still do) but we manage 
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| Posted 1/9/10 1:16 PM |
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Newly1
I love my baby boy!
Member since 6/08 2804 total posts
Name:
H
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Re: How much debt (credit card/car/student loans) did you have as you purchased a home?
Credit card- $0
Car-$0
Student Loan-close to $70K
I work per diem to pay down my student loans and now I am officially almost done with my private loans. So now I am down to about $40K
My student loans were never an issue when looking for a mortgage, but they DO make a big difference in what we could comfortably afford. We DID make sure we had a big enough cushion in our savings before we bought our home which also helps. IMO Banks will always tell you you can afford more than you might be comfortable with.
Message edited 1/9/2010 1:59:04 PM.
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| Posted 1/9/10 1:52 PM |
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