Posted on: 30th Jul, 2008 01:50 pm
My situation:
My credit score is 707. However, with my current home my dti is apprx 64%. We want to purchase and move to another state due to family.
My income will not change / job will not change - transferring w/same company.
What will happen to my home in TX? If we can't sell it or rent it out we will offer it back to the bank as a short sell. Which I really don't wan to do - we've worked hard to establish build credit and are on time bill payers. Just never learned the proper way to "spend & save" learned the hard way.
The home we want to purch is $130K, I have 5000 in savings for a down and any possible closing costs. $42K in retirement savings. Can I get a loan? If so who can help me?
My credit score is 707. However, with my current home my dti is apprx 64%. We want to purchase and move to another state due to family.
My income will not change / job will not change - transferring w/same company.
What will happen to my home in TX? If we can't sell it or rent it out we will offer it back to the bank as a short sell. Which I really don't wan to do - we've worked hard to establish build credit and are on time bill payers. Just never learned the proper way to "spend & save" learned the hard way.
The home we want to purch is $130K, I have 5000 in savings for a down and any possible closing costs. $42K in retirement savings. Can I get a loan? If so who can help me?
hi guest.
welcome to the forum.
how much do you earn now? this is a very tricky situation. you have only 5000 as savings but you need to pay 20 percent as down payment and also closing cost. so may have to take a second mortgage also. so can you afford it?
btw if you want to move to another state then you can sell the property in texas and pay off the lender and if there is any deficiency judgment then you are also liable to pay that deficiency judgment.
feel free to ask if you have any further questions.
best of luck,
larry
welcome to the forum.
how much do you earn now? this is a very tricky situation. you have only 5000 as savings but you need to pay 20 percent as down payment and also closing cost. so may have to take a second mortgage also. so can you afford it?
btw if you want to move to another state then you can sell the property in texas and pay off the lender and if there is any deficiency judgment then you are also liable to pay that deficiency judgment.
feel free to ask if you have any further questions.
best of luck,
larry