Hi all!! Been a while again since selling the Valiant.....I still lurk around off line though, lol. I will always be apart of this site and still am always checking for deals on A bodies on CL and stuff, lol. Will always have this disease!!
Well, moving on to the topic in the title. My wife and I have been extremely frustrated with trying to get any lender/Realtor to actually sit with us and discuss options. :banghead:
A little about our situation:
We're in a 1 bedroom apartment paying $845mo in rent w/shared utilities of an avg of $60mo =$905mo.
The city utility is avg $125mo.
We both have student loans and pay approx $550mo combined.
We have two car loans totaling $18,440. Car 1= $375mo/ Car 2= $190mo
One credit card w/$10,000 limit w/approx $7000 on balance and going down weekly. Pay $200mo(extra $$ incl)
That is all of our debt. I don't think we're in too bad a shape compared to many our age (mid 30's).
My wife's credit score is in the high 700's and mine is in the 590's (as of July 2015). Mine is low but has come up due to having a bunch of med bills go into collections...hence the high balance on the credit card....paying all those off. The CC bal. was higher but have paid nearly $2000 in extra pmnts to get it down.
Our combined income for 2015 is just under $90,000. My wife's net pay is $1800mo while mine is $3200-3400mo.
We've managed to put money in savings as well. Just not enough for a significant down payment.
The last lender we tried with said that with my wife's cred score and my income we pre qualify for a loan up to $300,000 but that we would have to have a cosigner with my wife and not my signature. He said due to the high balance on the cc, it brought my cred score down. We were trying for down payment assistance and I needed at least a 620 cred score to qualify, so that was a no-go. But that's it, didn't want to explore any other options....just a good luck see you later after that. :burnout:
This is the second time this has happened. No one wants to explore options. I think we qualify for a "first time home owner" but they don't want to discuss it.
Again, it's frustrating as we'd rather be putting the money from paying rent into equity and own our own home. We've lived in this apartment for nearly 7yrs (come July). We do the math it seems every week and we can clearly afford to own a nice home but for some reason, they don't see it.
Sure we qualified for a $300,000 home but we've been looking in the $135,000-$185,000 range so we're not "house broke" all the time. Yes I live in Colorado Springs, so the cost of living is a little higher than some places. Homes are a little more high priced. There are actually homes here in the downtown area that are only 700sq ft on a crappy lot that are listed into the low $100,000's....no joke. :wack:
Call it a rant, call me a cry baby, call me whatever, lol. Just not sure where to go from here and seems hopeless at times. Figured I might get some advice and/or affirmation from some of the awesome members here at FABO who might have some experience at this. Hope all is well with everyone coming into 2016!!:cheers:
Thanks!!!
