Results 1 to 5 of 5

Thread: I want to buy a home!!!!

  1. #1
    Veteran Member
    Joined
    Aug 2002
    Location
    Twin Cities, Minnesota
    Posts
    719
    Thanks
    16
    Thanked 50 Times in 24 Posts

    Default I want to buy a home!!!!

    Hi I have been dancing for a little over a year now and want to save up money for a down payment on a single family home. I know it is a good investment and where I live right now it is very low rates, also not to mention I really want to stop renting! But I do have a few questions regarding money issues. Is it safe to save up forty thousand in my savings account? How would I pay for it? I do pay taxes and through my club we are legally employees. But I just don't want to bring trouble to myself if you know what I mean. How do I do this help!!!

  2. #2
    God/dess Lena's Avatar
    Joined
    Jun 2002
    Location
    On a sweet muddy river.
    Posts
    6,399
    Thanks
    0
    Thanked 78 Times in 43 Posts

    Default Re: I want to buy a home!!!!


    It's safe to save up $, as long as you claim that $ on your taxes. You also want to claim all of your $ on taxes this year because when you try to get financed, they will go by your taxes to see how much money you really make.

    You might want to saveyour money in a money market, instead of your savings account though.

    Lena



  3. #3
    God/dess Emily's Avatar
    Joined
    Feb 2003
    Location
    Las Vegas
    Posts
    11,302
    Thanks
    4
    Thanked 143 Times in 72 Posts

    Default Re: I want to buy a home!!!!

    I'm in the middle of buying a house now. I'm using a no doc loan. If you are reporting all your income and it can be verified through W2s and income tax returns, go the regular route. A mortgage broker can help you here.

    If you do a "no doc" loan, you won't need to show any proof of income. The caveat is that you must come up with around 20% down and you will pay a slightly higher interest rate. But real estate as a primary residence is hardly ever a bad investment, so go for it if you can.

    There is a slightly more intrusive loan called a stated no doc loan, which is what I'm going through. it's where you state your income, but they don't verify it. The lenders just verify your employment. The benefit here is a slightly lower interest rate and you can put less down. I'm still putting 20% down though because you save on mortgage insurance (it's about $100/mo), get a better inerest rate, lower monthly payment, and more equity is always a nice feeling.

    Both these loans require excellent credit.

    P.S. with closing costs and 20% down, I'm going to spend around $45,000 up front on a $185,000 house!! Start saving

  4. #4
    God/dess Lena's Avatar
    Joined
    Jun 2002
    Location
    On a sweet muddy river.
    Posts
    6,399
    Thanks
    0
    Thanked 78 Times in 43 Posts

    Default Re: I want to buy a home!!!!


    Emily,

    My experience was that no doc doesn't really mean no doc. Maybe because I have bad credit, they still wanted to see my tax returns and one company asked for bank statements to verify income.

    Lena



  5. #5
    God/dess Emily's Avatar
    Joined
    Feb 2003
    Location
    Las Vegas
    Posts
    11,302
    Thanks
    4
    Thanked 143 Times in 72 Posts

    Default Re: I want to buy a home!!!!

    There are a couple of typees of loans that get lumped together as "no doc" loans, but there are true no doc loans out there if you have excellent credit....well, aside from the bank statement showing you can make the down payment.

    If you have enough equity in your house, they don't care if you default on the loan because they can foreclose and make a profit, right?

Similar Threads

  1. Buy Cialis Now Want A Big D1ck Buy!!
    By Lysondra in forum Body Business
    Replies: 28
    Last Post: 09-27-2019, 05:09 AM
  2. Replies: 107
    Last Post: 09-26-2008, 08:42 PM
  3. Replies: 4
    Last Post: 03-29-2008, 06:06 AM
  4. Bad time to buy a home?
    By missgvs1 in forum Dollar Den
    Replies: 28
    Last Post: 02-23-2008, 03:33 PM
  5. Replies: 71
    Last Post: 10-05-2006, 11:04 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •