I have excellent credit but I stay at home with our newborn and 19 month old. I did work until I had my 1st son … 19 months ago.
Hubby works but has horrible credit. We have tried to clean it up over the past 2 years but still have a 5k car repo on it and just dont have the money to pay it all in one lump some right now.
We have a great deal maybe being put onto our table. My mother in law might sell us her small brand new built home we rent right now for 80k when its worth at least 150k. But we can only afford 90k but with the extra 10k we want to landscape and finish the odds and ends they never got to. It’s poss going to be foreclosed on-LONG STORY- but with bad credit is is poss to get a reasonable home loan? If so 90k at what interest rate do u think? Prop taxes are about 1100 per year and we’d also have to add in home ins yearly. Could we get all that under 700 a month u think?
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No bank will give you extra money for lanscaping and odds and ends. If she sells it to you at 80,000 then that is what you will recieve
Doubtful you are going to qualify for a mortgage with the repo balance still sitting on your husband’s credit. Since you don’t work, you can’t use your credit alone (no income).
A $90,000 mortgage ($80,000 for the house, $10,000 for the upgrading) ha a P&I payment of $539. Add in the $100/month for taxes and probably $50 to $75 for homeowners and you are right around your $700. This is assuming a 6% rate based on bad credit (good credit would get you down to a 5.25% rate or thereabouts).
One thing to think about…if the bank repo’s the first house (I read the other question), it is possible that they could sue to place a lien on this house based on the time proximity of the sale and the amount – it makes it look like your mother-in-law is trying to hide assets (fraud).
it all depends on his scores. The biggest problem is if the lenders see this as a bail out they will not do the loan at all. Best bet is FHA with mom in law gifting the equity as well as closing cost. So write the contract at full value and get a pay off from the current lender so the numbers can be inputted properly.
I just got one of these done this past month but they wanted the note current at close. So you may have to bring it current so the sale has a chance at all in closing.
There is no chance for landscaping or any other cash to you at close
I am a mortgage banker in TN
With all the strict guidelines out there now you probably will not get approved because of the repo, it will need to be 3 years old, now if you did get approved you would most likely not get an interest rate below 7% so your payment is not going to be under 700, and the bank isnt going to loan you more, the only thing you could do about that would be for your mother in law to change the asking price to 90,000 and then she give you all the 10k extra but if you get caught doing that it probably will lead to trouble. But if that works out you need to feel thankful your mother in law was willing to do it and dont burn her.
No, you aren’t getting a loan. Since she owes less then 80k on a home that is worth much more you should help her sell it to someone else to avoid the foreclosure. She should be able to sell it without a problem, but the buyer has to have decent income and credit.