Anyone qualified for a mortgage lately??

833 Views 20 Replies 12 Participants Last post by TedH71, Nov 29, 2008

jill.costello

Discussion Starter · Nov 28, 2008

I'll admit, I'm really bad at keeping up with the credit-crisis news. I don't know much about who's bailing out who, who bought who, and who's about to fold, etc.

But I really want to buy a place in the next 3-4 months, and don't even want to start hoping for a miracle if I'm nuts!

Is anybody still giving small mortgages (under $200k) to poor folks with iffy credit??? My credit isn't awful; I don't have any bankruptcy and I only have 1-2 late pays in the last 6 months, but I have a couple OLD charge-offs from way back, and a higher-than-recommended debt-credit ratio.

What I DO have going for me is that my latest mortgage was on-time, everytime for 2 years and is now paid-in-full.(sold the place for profit)

I also have my Veteran's Home Loan Guarantee Certificate; meaning the VA will guarantee the first 25% or $50,000. of a mortgage for me. (IF I qualify for that said mortgage)

I am downsizing, so just looking for a little place on 3-4 acres in the $80,000-$130,000 range (my last mortgage was for $110,000.00 and I have the same income as then).

Am I crazy? Are they only lending to people with 750+ credit now?? Or is there still a niche somewhere that still gives "sub-prime" loans???

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jill.costello

Discussion Starter · #2 · Nov 28, 2008

Oh, I just checked my credit score; it is 601. I know that's not great, but it isn't the most horrid, either....

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jill.costello

Discussion Starter · #6 · Nov 28, 2008

I just did some detailed investigating, and it turns out my old charge-offs will be removed 1/09, 2/09, and 4/09 (the 7-yrs will be over on those dates)

So, I'd better just cool my jets for a few more months; keep paying down my existing debt, and BE ON TIME, as I have been diligently doing.

Also, I just found out I get a 5.8% raise Jan 1st, also, so fingers crossed, it looks like 2009 will be my year!

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jill.costello

Discussion Starter · #12 · Nov 28, 2008

<sigh> Guess I'll keep looking for a rental; it's just so hard to find one with enough acres to house the critters. And I HATE the idea of all that money soent on rent not going into equity (well, MY equity!!)

Lots of homes with land available, just not many owners/landlords willing to let me pound some t-post yards for the goats and a tape fence for the horses.

Anyone have success using those rental-locator services?? I talked to one on the phone today, and he assured me he coulf find me a farm-animal-frindly farmette for my price range, but of course, there's a $175.00 fee for the service...

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jill.costello

Discussion Starter · #16 · Nov 29, 2008

I'm on the Eastern Shore of Maryland, east across the Chesapeake. There are still areas around this side of the bay that you can find what I'm looking for in my price range; mostly on the southern end of the penninsula, or even further east near the Delaware line. I'm actually looking in Delaware more-so than Maryland because they have no taxes there on tangibles and the property tax is really low, also.

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jill.costello

Discussion Starter · #19 · Nov 29, 2008

TedH71 said:
Jill,

Thought you used to live in East Texas? Sold the land/house?

Yup, we sure did! Made a profit, too! (only covered the cost of the cross-country move, though...

) Just moved out here in May and are renting a farm across from my parent's place. Problem is, the standard of living/cost of things out here is SO much higher than Texas was that we are struggling with the rent/utilities/grocery/hay bills.

Which is why I just re-homed 3 of my best horses and am getting out of the breeding business altogether

for at least a couple of years.

So, now all I have is 4 "keeper" horses, 2 young sale horses, 3 goats, 4 dogs, and 7 chickens. Still quite a crew, I know, but hopefully the 2 sale horses will sell before spring and then I will be at less than 50% of what my hay/grain/shoer/vaccine/vet bills were in the past (thank goodness!!!!!)

Also won't have to worry about putting funds aside for spring breeding and all the vet visits/extras that go along with that.

I haven't actually worked out the exact dollar amounts, but if I can reduce my animal-related expenses by 60%, and reduce my rent from the $1200./mo I pay now down to about $775. or so, (and by living in a smaller home, pay less in heating/cooling), then by rights I *should* be able to put about $800.00/month away into some type of fund or savings for a future down payment.

If I had $20,000. socked away at the end of 2 years, and my credit improves the way I anticipate, then I should be well set-up to buy the RIGHT property in 2011 ......of course, life always seems to get in the way.....

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jill.costello

Discussion Starter · #20 · Nov 29, 2008

pickapeppa said:
Is that the area where the wild ponies come up to you on the beach? We were a hair away from visiting there a few years back. Next time we're out that way (have family near Baltimore), we'll head down that side of MD to see what's out there.

You are quite right! That's down on the southern end of the penninsula, The Chincoteague ponies!

There is still beautiful, rolling farmland available in the areas I described. Sortof east of Denton,MD into Delaware (not too close to Dover; that's a bit pricey now), but south of Denton area into Cambridge,MD and further down into Salisbury,MD and Pokomoke City,MD.

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