(Closed) 100k Club and getting a Mortgage

posted 5 years ago in Home
Post # 2
Member
1980 posts
Buzzing bee

For my Fiance and I, I had just under 100k in student debt, nearly perfect credit, and we put down juuuuust enough to not have to get the FHA loan. We wanted to avoid the mortage insurance premium and higher interest.  You may be able to work out a similar deal!

But to answer your question, I had no problems with the mortgage.

Post # 3
Member
376 posts
Helper bee
  • Wedding: December 2014

There are other options besides FHA that you can discss with a mortgage broker or financial planner, especially if neither of you have owned in the last 3 years.  We talked to a financial guy recently and he said 5-10% down is readlly accepted and there are programs that can help you avoid mortgage insurance. Good luck on paying down consumer debt…that is our goal this year too! Our wedding gift money is all going to pay down credit cards. Our motto for 2015  is “healthy and wealthy”!

Post # 4
Member
713 posts
Busy bee
  • Wedding: October 2013

Darling Husband and I are closing on a home next week (though the bank has already confirmed we have the loan with them as long as no funny business happens between now and next week). We have about 50K in DH’s school loans left, but tbh, nobody seemed to really care about those loans, even though we were stressed out by them. They seemed to focus more on our job status and if we have real credit card debt, and our credit scores. They also cared about how much money we had in our bank account. 

Honestly, I was more taken aback by how much money is required to buy the home, not counting the downpayment! I always thought, OK if we have x dollars for a downpayment, we could afford x house. Between closing costs, appraisal, inspection, lawyer fees, furniture, renovations, first year’s homeowners insurance, it ends up being so much more! 

Post # 5
Member
18628 posts
Honey Beekeeper
  • Wedding: June 2009

Is your husband working on improving his credit?  They will go off the lower of the two credit scores so his fair credit might affect your ability to get a loan.

Post # 7
Member
212 posts
Helper bee
  • Wedding: September 2015

salejolie:  

I’m a real estate broker in Chicago and my fiancé and I bought our condo in April. We have over $200k in loans but were still able to purchase a condo for $226k with 5% down conventional with LPMI (lender paid mortgage insurance). This means we take a slightly higher interest rate (5%) for no mortgage insurance. It’s very doable with good credit!!! Morgage brokers can review your file and find out the best product for you. You don’t always have to do FHA. PM me if you have any other questions. Good luck and congrats on the home buying process!! 

Post # 8
Member
212 posts
Helper bee
  • Wedding: September 2015

MizzStark1026:  

Just a suggestion on closing costs, you can always ask for a closing cost credit!! This helps a ton! 

Post # 10
Member
713 posts
Busy bee
  • Wedding: October 2013

jaylynn:  Oh we asked 😉 We negotiated down the price of the home over $30,000 from their already reduced asking and a closing credit would have just been asking too much from them. The house was a “steal” for the location and comps.

Post # 11
Member
212 posts
Helper bee
  • Wedding: September 2015

MizzStark1026: 

I congratulate you on 30k below asking! Usually when I request closing costs for my clients, they pay very close to asking. In some cases people would rather finance it over time then to bring more money to the table. Sounds like you got a fantastic deal!! 🙂 

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