topic Re: House Loans and Down Payments in Home loans https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/13014#M342 I’m not arguing that you are wrong. I have a 71% DTI and got approved for a home. If you can prove you are responsible there is always a way. If you can’t prove you are responsible then odds are you are not responsible. If you are not responsible it is wrong to apply for a loan. A lender doesn’t deserve to get ripped off any more than anyone else. Knowledge is power. If you don’t understand finances then taking out a huge loan is not in your interest nor is it in the lenders interest. A good lender will not loan to someone who can’t “put their money where their mouth is”. Only a shark will and that’s not good for anyone either. My score is low and my DTI is large. However, I have enough documentation to show responsibility and got approved at a great rate. My lender is comfortable lending to me because I can show that other sources that require payment can rely on me. Win-win. I wouldn’t have gotten the loan or bought the home if I felt I couldn’t afford it. Fri, 15 Feb 2019 21:15:54 GMT Keith 2019-02-15T21:15:54Z House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/house-loans-and-down-payments/01/5457#M308 How do I get approved for a house loan if I have a very low credit score and quite a bit of debt? Thu, 16 Aug 2018 05:25:44 GMT https://ttlc.intuit.com/community/home-loans/discussion/house-loans-and-down-payments/01/5457#M308 Crysi329 2018-08-16T05:25:44Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/5504#M309 <P>Basically, so long as your debt to income ratio is 70:100 or higher, nobody will loan you money. You need to do two things:</P><P>- Lower your debt. Stop using credit cards and get them paid off as fast as possible.</P><P>- You'll need to prove that you can make mortgage payments. You do that by putting money every month without fail, into savings. The amount you deposit each month needs to be 'at least' the amount of what you think your mortgage payment will be. You'll need a two year history of this that will need to be consistent.</P><P>&nbsp;</P><P>This does two things. First, it gives you the minimum 15% down payment you will need. (down payment requirement can be as high as 30%, depending on your credit score at the time you apply for the loan.) Second, with a consistent history of putting say, $1000 a month in the bank, it indicates that you most likely can afford the $800 month mortgage payments, and that most likely, you will make those payments without default.</P> Sat, 18 Aug 2018 15:51:38 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/5504#M309 Carl 2018-08-18T15:51:38Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8097#M310 <P>This sounds like personal technicque, but not a bank or mortgage company metric whatsoever. &nbsp;</P> Wed, 12 Dec 2018 17:47:09 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8097#M310 Robmunich 2018-12-12T17:47:09Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8116#M311 <P>Lenders don't care how much debt you already have.&nbsp; They are concerned about your ability to repay a loan.&nbsp; People with low credit ascores can still get a loan to purchase a house.&nbsp; There are FHA loans specifically designed to do this with a minimum down payment.&nbsp; Your ability to get one of these loans depends upon your ability to repay the loan and to service all your other recurring obligations at the same time.</P> Thu, 13 Dec 2018 14:34:24 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8116#M311 DaveT315 2018-12-13T14:34:24Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8554#M312 You need a credit card to improve your credit score, Carl. It does not help when you close your credit card accounts. Wed, 02 Jan 2019 00:20:03 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8554#M312 Article 2019-01-02T00:20:03Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8573#M313 <P>In all fairness to Carl, he said to stop using the credit cards.&nbsp; He did not say to close them.</P> Wed, 02 Jan 2019 20:39:46 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8573#M313 DaveT315 2019-01-02T20:39:46Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8581#M314 Dave, when you do not use your card i.e when you stop using your card and pay only the monthly due. You will pay off the credit card balance. So, “stop using your card” is also as same as close your credit card. Unless, one keeps the credit balance at around 80% i.e spend about 20% of the credit limit. Wed, 02 Jan 2019 21:56:47 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8581#M314 Article 2019-01-02T21:56:47Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8597#M315 <P>Hey, when you're trying to get out of&nbsp;a debt hole&nbsp;or fix your credit, the absolute first thing you *must* do is...</P><P>STOP DIGGING!</P><P>That doesn't mean you throw the shovel away.</P> Thu, 03 Jan 2019 03:13:47 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8597#M315 Carl 2019-01-03T03:13:47Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8600#M316 <P>In response to Article, it's your payment history that has more impact on the credit score. Not the charging history so much.</P> Thu, 03 Jan 2019 03:27:02 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8600#M316 Carl 2019-01-03T03:27:02Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8603#M317 Right, Carl. It’s your payment history and not the charge. So, there will not be any payment due if you do not owe even 0.01% of your credit line to pay for. Thu, 03 Jan 2019 03:36:15 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8603#M317 Article 2019-01-03T03:36:15Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8605#M318 Right! You can close some accounts and leave a few open. If you pay off all. Then you will have frozen your payment history. Thu, 03 Jan 2019 03:38:33 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8605#M318 Article 2019-01-03T03:38:33Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8680#M319 <P>Not quite correct.&nbsp; If you pay off a balance then close a credit card account, the available credit for that card no longer contributes to your utilization rate.&nbsp; Closing the account may make your credit score drop if&nbsp;closing the account increases your utilization rate for the credit cards that are still open.&nbsp; Closing a paid off account is usually not a good idea.&nbsp; Better to keep a zero balance for a credit card that is just used once or twice a year to keep the account active.</P> Sat, 05 Jan 2019 01:58:46 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8680#M319 DaveT315 2019-01-05T01:58:46Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8683#M320 <P>Hi Dave,</P><P>&nbsp;We just have different views and outlooks on credit is all, and I'm okay with it. For me, I used to have a lot of debt in the form of credit cards, signature loans, car loans, and more. (I'm not including the three mortgages I have on three of the four properties I own).&nbsp; One day, I came to a realization that while the wife and I were making good money,&nbsp;We wern't getting to keep hardly any of it, yet I was paying taxes on it. It just didn't make sense to me.</P><P>So I had a "heart to heart" with the wife and we cut up all the credit cards. All of them. Every single one. That was just over 10 years ago. With the exception of 3 mortgages (I have one rental property I paid off about 2-3 years ago) we have no debt. We've never been happier and now we are no longer a slave to all those&nbsp;lenders. The "relief" that has overcome us is indescribable and impossible to put into words. Yes, I've still got those three remaining mortgages. But 95% of the rental income from the paid off rental is going towards paying off another.</P><P>Even as it stands now, if we want something, we pay cash for it or go without.&nbsp;Just four&nbsp;years ago my wife's 1999 Nissan Quest with just over 300K miles on it finally "bit the dust" and was way, way, way beyond anything close to what I would call "economical repair". So it was nice to walk into the Nissan dealership in Feb 2014, buy a brand spanking new 2013 Rogue with only 6 miles on the odometer, write a check for the full amount we negotiated&nbsp;and be done with it. Now we're not anything close to "rich" making roughly 50-60K a year between the two of us. But we've basically "changed the family tree". When we die, we will not be leaving a lot of debt behind for my kids to have to deal with. But on the other side of that coin what they inherit won't make them rich either. They'll have to do like we did (and they are doing it) and earn their wealth by working smarter, more so than just working harder.</P><P>As it stands now, it's looking like I'll have the other three&nbsp; mortgages paid off in 7 years, give or take. So am I bragging here? You bet! Why? Because I can! Why else? Do I care the neighbors think I'm cheap? Not a bit! I no longer concern myself with keeping up with the Jones'. In a few years, we'll have the Jones shaking their heads in&nbsp;a stupor while wondering how we did it on our meager income, and wanting to be like us.</P><P>&nbsp;</P> Sat, 05 Jan 2019 02:51:09 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8683#M320 Carl 2019-01-05T02:51:09Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8689#M321 <P>Carl,</P><P>Congratualtions on being nearly debt free.&nbsp; We don't really have different views on credit.&nbsp; Even with our different personal financial management practices, our credit scores are still calculated the same way.&nbsp;&nbsp;I don't subscribe to the Dave Ramsey approach to credit use but his debt free goal is one everyone should aspire too.&nbsp; Unlike Dave Ramsey, I believe in using credit.&nbsp; I&nbsp;am not a pay cash for everything guy but instead purchase everything on a cash-back-reward credit card then pay off the credit card balance in full each month.&nbsp; My FICO is 800+ even with six active credit cards and 11 mortgages.&nbsp; Even when I am totally debt free in seven years, I will still use credit cards, I will still finance my next car with a zero-interest loan, I will still finance the next property I purchase.&nbsp; I&nbsp;will continue to use credit responsibly and, like you, my heirs will not inherit a debt laden estate.&nbsp; Even if I pass away today, my estate plan includes a detailed pathway to satisying all my debt.</P> Sat, 05 Jan 2019 13:16:30 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8689#M321 DaveT315 2019-01-05T13:16:30Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8690#M322 <P><STRONG><EM>&nbsp;I&nbsp;will continue to use credit responsibly </EM></STRONG></P><P>That is the key! For most, of which I was one, by the time you realize you've been irresponsible with credit, you're already in pretty deep and it's difficult to find that line between responsible and irresponsible use to get back to the right side of that line. So the line has to be redefined. To redefine it for me, the only way was to get rid of all the credit and outstanding debt I possibly could. Once that was done I discovered I really didn't need any "new" credit.</P><P>I keep a 4-figure balance in the emergency account and have a check/debit/credit card for that. But mine is one of those cards that if you don't use it for 6 months, they deactivate it. Now I make periodic and consistent contributions to the emergency account, and I'll use that card as a credit card about once a month, to do something cheap and simple, like fill up the gas tank, or maybe to buy birthday presents for someone having a birthday that month. But while I may use it as a credit card, that card would not work and would be declined if the money wasn't in the account it's tied to. Now I don't know "how" it works, but I do know that card number shows up on my credit report. Of course, it's always got a "perfect" payment history with a zero balance due. I don't know why it's there, but I don't care really.</P><P>The nice thing is, if I really "needed" money today and didn't have enough in the emergency fund, I could walk into my credit union and walk out a few hours later with whatever it was I needed to borrow - within realistic limits of course.</P><P>For example, if I needed a new roof on my house which would cost about $20K, I don't have that much cash. But I know I could have it by the end of the business day. But like you said, the key to using credit is using it responsibly. Is credit bad? Only if used irresponsibly and the borrower makes it bad. But when used responsibly it can be a real life saver in times of need, and contributes to that "financial peace" with the comfort of knowing if you need it, then you got it.</P> Sat, 05 Jan 2019 14:12:32 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8690#M322 Carl 2019-01-05T14:12:32Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/9168#M323 Question if I'm putting an amount in the bank greater than what I would be planning on paying for a mortgage where do I live, unless I am mistaken monthly rent generally accounts for at least 1/3 of the average Americans income. So if I am paying say 875 for rent couldn't I put just an additional 400 in the bank for to show an ability to pay a 1200 a month mortgage? Thu, 17 Jan 2019 18:34:15 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/9168#M323 kelynaw 2019-01-17T18:34:15Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/9170#M324 <P>That generally works just fine. All you do is provide a copy of the current rental contract along with your mortgage application for what would be your primary residence if the loan is approved. The only real thing that would matter to the lender is how much time you have remaining on the current lease, and/or what the early out options/costs are to break the lease early to move into your new residence. The early out options don't really matter all that much though.</P> Thu, 17 Jan 2019 18:39:50 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/9170#M324 Carl 2019-01-17T18:39:50Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/9451#M325 Listen the banks care about 4 things, 1st how long have you been at your job or in the same career field, typically they need a 2 year minimum. 2nd they want to know how much money you make gross yearly. 3rd how much all your bills total monthly, thats all the minimums added up. The minimum due not what you may send in case you send extra on your bills which is a good thing. 4th of course your credit scores from Equifax, Experian and transunion. They will take the middle score of the 3 and use that as your basis. Which FHA or VA or Fani Mae or who ever programs have different score minimums. They will look at your history and any missed payments mostly in the last 2 years. More to follow out of space Wed, 23 Jan 2019 19:37:06 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/9451#M325 Exlacop 2019-01-23T19:37:06Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/9521#M326 <P>There are so many factors to consider. Let me give my scenario. Three years ago my CS was 564 and I had a moderate amount of debt. First thing I did was make a plan. Where did I want to be financially one, two, five years from that point. I also factored in where I wanted to be physically and mentally. I was not happy with the job I had at that time and knew that I had to make that number one priority within my plan. I was making good money but not happy. I was commuting over 2 hours a day to and from work. So I said what the heck and changed my career path. Pick a career that will at the least have you wake up and not dread going to work. It now takes me 25 minutes each day to go to work and back ( about $50 a week in gas ). My new job pays less but their benefits are much better ( about $80 a month ). I get more exercise in my new job and I am happier.&nbsp;</P><P>&nbsp;</P><P>Now let's touch on your CS. Once I got the first phase of my plan in motion the second was all about numbers. I started by getting a small personal loan. Just enough to pay my credit cards down to zero. I kept my balances at zero for about two months ( remember most creditors look at your revolving credit ). With that one loan my CS jumped to 648. Now I had credit card companies wanting to give me credit. You have to realize that at this point my CS had gone up almost a 100 points. At that point I realized that your utilization of credit and the percent was more important to the creditors than how many inquiries you have. So I took advantage of those offers knowing that my score would drop but at the same time my utilization would drop. The higher your credit limit, the more you can put on credit and be at an acceptable limit ( 15%&nbsp; of $3500 CL= $525 ). Guess what. It worked. I now make only $32000 a year with a CL of $30000. ON TIME PAYMENTS IS/ARE A MUST.&nbsp;</P><P>&nbsp;</P><P>So here we are now. It took me three years to get to this point. I finally closed on a house.&nbsp;</P><P>&nbsp;</P><P>To Crysi329,</P><P>Hang in there. I know you will own a house/home one day. Sooner than later.&nbsp;</P> Thu, 24 Jan 2019 21:32:30 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/9521#M326 whm 2019-01-24T21:32:30Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/9530#M327 <P><LI-USER uid="13679"></LI-USER>&nbsp;Have you downloaded the Turbo app to keep track of your Credit Score and Debt to Income ratio? These are very important metrics to track on your quest to getting approved for a home loan. You got this!</P> Thu, 24 Jan 2019 23:00:24 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/9530#M327 Susie_Rath 2019-01-24T23:00:24Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10058#M328 Honestly how could you possibly put that amount into savings every month if you're already paying 1000$ a month for rent<BR /> Tue, 29 Jan 2019 21:43:37 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10058#M328 Alanamb 2019-01-29T21:43:37Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10288#M329 I have a very low score, but I can always afford my place of living. I have 3 kids so life gets the best of my income. Thu, 31 Jan 2019 08:44:21 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10288#M329 Eva51495 2019-01-31T08:44:21Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10390#M330 I interested in get a loan Thu, 31 Jan 2019 20:35:24 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10390#M330 ALICEK1986 2019-01-31T20:35:24Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10492#M331 <P>I just did this same thing.&nbsp; I started with a 417 credit score.&nbsp; I now have a 706 and just bought a house in August.&nbsp; The whole process took about 18 months.&nbsp; I started with a secured card which I used less than 10% of the available credit monthly (ie. reloaded my starbucks card).&nbsp; I paid the bill before the statement arrived so that there was always on-time payments but never carried over a balance and never paid interest.&nbsp; I disputed every little thing on my credit history, and hey, a few things were removed.&nbsp; It doesn't hurt to try.&nbsp; I paid off a few pesky delinquent bills but I also racked up some student loans.&nbsp; Once my wife and I had enough reported gross income, we paid off our car loan and applied for an FHA 3.5% down loan.&nbsp; We were approved for a brand new 280k house.&nbsp; Credit doesn't have to be scary.&nbsp; There are many resources like nerd wallet that can help you get on track fast.</P> Fri, 01 Feb 2019 08:35:22 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10492#M331 DjRustik 2019-02-01T08:35:22Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10682#M332 <P>it is the having the &nbsp;available credit card limit that marginally helps your credit score, not the use of the card. &nbsp;Stopping use of your credit cards is in no way equivalent to closing your card account for credit scoring. &nbsp;Want to improve your credit score stop building your credit card balances, pay them on time and reduce the balances owed. &nbsp;not only improves your credit score but will allow you to start saving.</P> Sat, 02 Feb 2019 17:01:46 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10682#M332 JB 2019-02-02T17:01:46Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10686#M333 <P>not true, if you charge x dollars and pay in full the balance every month, you build a payment history. &nbsp;you do not need to carry a balance on the card to register the payment history in your credit score. this really is not a top factor in your score, it is a mid-tier factor, your utility bills, car payments, etc alone give you a payment history, keep them on time. &nbsp;Being able to show credit availability ie unused credit on your open cards helps, so ok to keep accounts open, stop using the cards if you are unable to be disciplined at paying the balances, and not use at all. &nbsp;If having credit cards is too tempting to not use, you are always better off just closing them, the lack of payment history will be better than the poor payment history any day &nbsp;<span class="lia-unicode-emoji" title=":slightly_smiling_face:">🙂</span></P> Sat, 02 Feb 2019 17:09:59 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10686#M333 JB 2019-02-02T17:09:59Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10820#M334 <P>home improvement&nbsp;</P> Sun, 03 Feb 2019 15:55:04 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10820#M334 reendee621 2019-02-03T15:55:04Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/11186#M335 *credit score north of 800 waves hand* Here’s how I got there and what you need to do.<BR /><BR />1. CUT UP YOUR CREDIT CARDS. This does not mean close the account - in fact, don’t do that. Just feed the card to a shredder, take them off your online stores, and pay those bad boys off. You might benefit from getting a debt consolidation loan to do so, as interest is usually less and it becomes installment debt rather than revolving debt. Don’t close the accounts, though - the average age of all your accounts plays into your credit score. The older the accounts you have, the better you look.<BR />2. How do you stay out of the credit cards? Build yourself an emergency fund in addition to the down payment fund. This should be a liquid fund that is used only for things like your water heater exploding or losing your job. $1000 is a good place to start but it isn’t always enough.<BR />3. Take a good look at your credit report. You can get one free per year from each of the three reporting agencies. Any black marks? Are they real and do you know what they are? If so, settle them. If not, dispute them.<BR />4. Make a budget and figure out where the money goes and where you can cut back. The goal here is to spend less than you earn, or IOW live within your means.<BR />5. Figure out how much house you need and how much down payment you need to get that house. FHA loans are typically just 3.5% of the purchase price, but the seller/complex has to be approved as an FHA housing provider (your real estate agent can tell you if they are). Then, adjust your budget so that you’re putting aside enough to meet the five-year goal.<BR />6. What does your credit have to look like to land a decent mortgage? Try to get your credit score to 680 or better - preferably 700+ - and your debt-to-income ratio to no more than 35%, meaning that your monthly debt should be no more than 35% of your gross monthly income. You will pay more for a mortgage if you do not meet BOTH criteria. Tue, 05 Feb 2019 18:34:33 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/11186#M335 twinside 2019-02-05T18:34:33Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12007#M336 House loan Sun, 10 Feb 2019 18:42:29 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12007#M336 Fadams1001 2019-02-10T18:42:29Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12009#M337 Thanks Sun, 10 Feb 2019 18:46:08 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12009#M337 Fadams1001 2019-02-10T18:46:08Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12052#M338 Needing affordable place to live. Sun, 10 Feb 2019 22:10:42 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12052#M338 SimsShavawn 2019-02-10T22:10:42Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12058#M339 Call me and I'll get you pre qualified. I am a loan officer as well as a real estate agent. I have been in lending for 14 years and we offer a range variety of programs from stated programs to your traditional full doc conforming loans. We also have loans that require NO FICO score as well. Look forward to speaking with you. Have a great day!<BR /><BR />Steven Rawley<BR />[phone number removed]<BR />NMLS#888290 Sun, 10 Feb 2019 22:32:34 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12058#M339 Srawley148 2019-02-10T22:32:34Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12392#M340 Hey I'am new to this group I just found out my credit score its very low I never had a credit card before. I have one open loan my main focus is to get my credit score up how can I do that? Tue, 12 Feb 2019 18:07:42 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12392#M340 Chloier 2019-02-12T18:07:42Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12824#M341 <P>Hello I interested in your loan programs. Could you please contact me. My number is [phone number removed]. Please don't call from a block or unknown number cause I won't answer. If you perfer we could communicate via email first. My email address is [email address removed]&nbsp;</P><P>Thanks so much.</P> Fri, 15 Feb 2019 00:33:04 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12824#M341 Yamila 2019-02-15T00:33:04Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/13014#M342 I’m not arguing that you are wrong. I have a 71% DTI and got approved for a home. If you can prove you are responsible there is always a way. If you can’t prove you are responsible then odds are you are not responsible. If you are not responsible it is wrong to apply for a loan. A lender doesn’t deserve to get ripped off any more than anyone else. Knowledge is power. If you don’t understand finances then taking out a huge loan is not in your interest nor is it in the lenders interest. A good lender will not loan to someone who can’t “put their money where their mouth is”. Only a shark will and that’s not good for anyone either. My score is low and my DTI is large. However, I have enough documentation to show responsibility and got approved at a great rate. My lender is comfortable lending to me because I can show that other sources that require payment can rely on me. Win-win. I wouldn’t have gotten the loan or bought the home if I felt I couldn’t afford it. Fri, 15 Feb 2019 21:15:54 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/13014#M342 Keith 2019-02-15T21:15:54Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/15031#M343 <P>I have a low credit score can I use my VA loan which I have a zero down</P> Wed, 20 Feb 2019 20:11:40 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/15031#M343 Nana 2019-02-20T20:11:40Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/15036#M344 It depends. VA told me that I personally needed a 620 credit score which I already head. They were able to help repair my credit and bump it up another 20 points to 640 to get me an even better deal. Talk with VA. Stay local. Do not do deals with VA if the person on the other end of the line is out of state. 2 reasons. 1: It helps prevent fraud. 2: it’s easier to work local and gives you better odds of closing on the home you want. VA has programs for credit repair to help get your score up if it is too low. They WANT to loan you the money so you can trust the advice they are giving is good. Contact VA and they will guide you. They will need to do a credit check in order to find out where your score is at and get you prequalified. Circumstances depending this check can be soft or hard.<BR />Note: WHEN and only when your score is at an appropriate level shop around. You will have a 30-45 day window where you can do hard check after hard check without destroying your score. Credit agencies understand you are shopping around. Trust VA and (hopefully you have a great realtor you can trust too). They will guide you through the process. Understand what you are paying TOTAL. After mortgage, insurance, trash, water, electric, etc... can you afford it? Wed, 20 Feb 2019 20:27:54 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/15036#M344 Keith 2019-02-20T20:27:54Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/16822#M345 Hello Carl how are you, I have a question, I have never had a credit card and my credit says Excellent. I seem paying for a car never missed a payment always paid bettebefore time since day one. I am trying to get into a house. I have student loans that are beginning consolidated. What can I do, too get in that house? I can pay a 800 mortgage. Tue, 26 Feb 2019 05:15:21 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/16822#M345 Danna_Wintere-1986 2019-02-26T05:15:21Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/17808#M346 Greetings everyone!<BR /><BR />I'm not sure if this has been covered, but Article and Carl make great points. I would like to clarify this for anyone trying to save/boost their credit to get that down payment, loan, or any financial endeavor.<BR /><BR />So, closing credit accounts can slightly, negatively impact your credit score for a short period of time. However, only stopping to use a credit line (while making payments), without closing it, will actually reduce your debt and effectively improve the credit score.<BR /><BR />Why is this? There are a few reasons, but the main, and most impactful is that the credit score is affected by the ratio between available credit and used credit. ie. A card has a credit line of $1,000 and a balance of $500. Assuming this is someone's only card, they have a 50% consumption rate: they are using half the credit provided to them. Someone who shows a history of maxing out credit or having a rate of 100%, 1:1 available credit to used credit, will have an unfavorable impact on their overall score. Now, this is only one components; it is completely possible for someone to use a large amount of their credit consistently but if they're doing other positive things like paying regularly, they may not notice any negative effects because of the offset of the positive.<BR /><BR />Hope that was helpful! With that said, if someone has debt on their credit lines, ending use (not accruing additional debt) and continuing to pay them down will give this individual a lower percentage of use and therefore reflect better on their credit history and report.<BR /><BR />Lastly, for someone not worrying about that credit score mumbo jumbo, but they just want to save money! This process helps them as well because with credit comes paid interest. So, the sooner that debt gets paid down, the less interest will be paid and the more one can save. In addition, once in the position to do so, use as much credit as you like and if the balance is paid off before the interest is scheduled to kick in you will not have to worry about credit taking more of your money and still get the benefits of owning a card (card points, miles, longer credit history, growing credit score, etc.).<BR /><BR />Actually, very last thing I would like to add in is that the longer your credit history has a positive impact on credit scoring; just as being over 21 or 25 could give you a better rate on a rental vehicle. When you completely close a line of credit it no longer is involved in the length of the ongoing open history. Let's say you have to lines of credit, one 10 years old and the other two. If you decided to close the original line (10 years old), you would be left with only two years of open credit history. Due to longer history giving a positive impact, shortening the history effectively has a negative impact.<BR /><BR />Moral of the story, if you are trying to save and build credit, responsible credit use is a great start! But for some that may mean leaving those credit lines open, paying them down, and not using them until they are payed down. For others it may mean using them all the time and making sure that "Credit Utilization" rate is not too high.<BR /><BR />I sure hope this was was helpful.....and not too long.<BR /><BR />Best Sun, 03 Mar 2019 07:48:09 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/17808#M346 Grade A Investor 2019-03-03T07:48:09Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/19264#M347 I have a Low credit score I'm trying to find out how to get approved for a house loan Tue, 12 Mar 2019 04:16:00 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/19264#M347 8201973 2019-03-12T04:16:00Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/19308#M348 I definitely understand! Being approved for a mortgage can be trialsome with low credit. With low credit scores, you may what to try for a FHA loan which is provided by the federal government. Though even for that loan, a minimum of 620 Is required. Keep in mind that the credit score that mortgage lenders see is often quite lower than one you may see from your regular FICO score.<BR /><BR />Now with all of that said, yes, getting a mortgage may prove difficult. But there are other ways to step into that home that you want without a mortgage. These may call for you or your real estate agent proposing these financing ideas to the seller, if the home is not currently marketed in this format. The following are only a couple of ways that make it possible to get into a home without a mortgage and with lower credit:<BR /><BR />1) Search for Lease Option Homes. These are homes where the seller is leasing the residence to you in the hopes of you eventually buying the property. In this case, you pay monthly rent plus a bit more; that extra cost often gets added to the down payment amount, if you chose the purchase the home. If a seller is not offering this, you can always propose the idea. Pros: you get into a home, build credit while paying monthly, get amounts put towards a down payment, and will eventually be able to purchase the home with a mortgage if you are finding the right price for you. Cons: monthly cost is a fair amount higher than a mortgage, and if you decide not to buy or to move, you don't get any money back (unless agreed otherwise). There is definitely a lit to say about this option alone so feel free to ask questions.<BR /><BR />2) Sone seller, typically ones who are trying to sell quickly, will allow you to assume their mortgage. In this case you move in without opening a new mortgage. You just pick up the payments in their mortgage. This is usually only viable for the seller if by selling they would not make a profit and they are better off having the property off. With this option, when you begin making payments on their mortgage, you can even request that the mortgage be signed over to you since you are now assuming their payments. Most sellers who are in a tight place will be happy to do this. Pros: paying a mortgage that would be cheaper than a new mortgage. Cons: takes work to find or spot these types of sellers and it's possible that a seller may not want to hand the deed over at the start. Definitely a lot more regarding this option as well!<BR /><BR />There are plenty more options to explore. Main point is that a mortgage is going to be difficult to obtain from a lender with certain scores but it's not the end because there are many options that don't necessarily involve a mortgage that could be viable. I definitely recommend you look into alternative, creative options that might best suit you. Worst option is that you wait a year, focus strongly on building your credit, and reevaluate your credit and ability to obtain a mortgage then.<BR /><BR />88201973 I really hope this helps! Tue, 12 Mar 2019 13:37:27 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/19308#M348 Grade A Investor 2019-03-12T13:37:27Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/20482#M349 He didn’t say close the credit card accounts. He said stop using them to pay for things &amp; keep making your payments to pay them down &amp; decrease your debt to income ratio. Mon, 25 Mar 2019 19:12:25 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/20482#M349 Brittylouise 2019-03-25T19:12:25Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/22001#M350 Bloody well done mate! I too am debt free and looking forward to the end of this year so that I can walk into a home builder buy my home with zero mortgage owed. Simple but comfortably living at 44 is something I have subscribed too now. Much of this generations issue from my pov is that they've been indoctrined into "you aren't successful, unless you are drowning in debt." Best of luck to you and the missus and enjoy the financial freedom you strove for! Cheers mate! Fri, 05 Apr 2019 11:26:04 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/22001#M350 1LuckyGirl1975 2019-04-05T11:26:04Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/22997#M351 Look into FHA loans to help you get in a home. If you are paying more for rent than you would your mortgage. You can qualify if you are in the high 500s... Thu, 11 Apr 2019 23:04:21 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/22997#M351 Dafyoni 2019-04-11T23:04:21Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/23040#M352 How do i get pre approved for a home loan Fri, 12 Apr 2019 03:41:01 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/23040#M352 Jrreal 2019-04-12T03:41:01Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/23093#M353 How can I gee a house with my credit low Fri, 12 Apr 2019 15:21:15 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/23093#M353 CarolGraddy48 2019-04-12T15:21:15Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/23662#M354 <P>This might be difficult to hear, but if you have a “very” low credit score and high debt, you are not ready to own a home. Homes cost more than the monthly payment. You will have to budget for maintenance and repairs or you will soon be living in a dump, and your high debt is evidence that you don’t have a habit of budgeting at all. So step 1 is learn to spend less than you earn, step 2 stop borrowing, step 3 pay off all existing debt, step 4 save up to at least 5% of the purchase price of the home you want to buy (but 20% is best, if you can).</P><P>&nbsp;</P><P>If you’re currently straining under a lot of debt, and you have bad credit, these steps will seem impossible. I would suggest something I did many years ago, which is a life reset. For me, it lasted about a year and a half - your situation may vary. It’s not fun, but the point is that if you’re disciplined, it is temporary and you will be glad you did it in the end. To reset, sell everything you have except the absolute bare necessities. If you’re young and single, this is easier, but a family CAN do it. I mean, no TV, cheap prepaid phone you barely use, go to the library for internet use, never eat at restaurants or fast food, and keep your groceries simple and cheap, sell your car and buy a cheap ugly one that runs good, cancel everything like Netflix, you don’t get to go out to clubs, concerts, etc., find free things to do for fun. Don’t spend money. If you can find a cheaper place to live, do it. If your living space is something you don’t enjoy, that’s actually good (as long as it’s not unsafe, of course), because if you hate it, you’ll be more motivated to hustle to get out of it. Now, live as cheaply as possible, find ways to increase your income, work extra jobs or overtime... HUSTLE. You have ONE mission: Get out of debt. Everything else is a distraction. Then save your down payment, and don’t forget to also save for closing costs, which you can estimate using the calculator on <A href="http://www.smartasset.com" target="_blank">www.smartasset.com</A>. The good news is that by the time you do all of this, your credit score will be much better. You will think you have no life, but it’s temporary, and if you’ll endure this pain now, the future will be better. If you don’t, you will struggle under the debt cycle your whole life, and that would be worse. Learn all you can about budgeting and money management.</P><P>&nbsp;</P><P>If you move into a barely tolerable, cheap living arrangement, you might consider shortening the amount of time you have to spend there by considering a temporary home purchase (less home than what you ultimately want, but better than a depressing rental or living with your parents). You can usually buy a condo or townhome for far less than a house, so the down payment is less. So live in a barely tolerable arrangement until you can save enough for a cheap condo, but make sure it is one that will hold its value and hopefully increase while you live there. Now you’ve improved your living conditions while you continue to live cheaply and keep on pursuing your ultimate goal. Do resist the urge to furnish and decorate the condo. It’s still just a stop on the way. Just take care of it so you can sell it or rent it out when you’re done.</P><P>&nbsp;</P><P>Good luck! I know you can do this! Anything is possible if you’re willing to try hard enough.</P> Mon, 15 Apr 2019 04:27:52 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/23662#M354 Ellaminnowpea 2019-04-15T04:27:52Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/23936#M355 I say you dont need the house yet. First get a 1,000 dollars as an Emergency fund then tackle your debts. Once that's done save up for a down payment on a house that you can afford. Tue, 16 Apr 2019 16:37:45 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/23936#M355 Cait 2019-04-16T16:37:45Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/25340#M356 <P>it seems wrong what you're saying about the consistent monthly amount to a saving account. If you rent an apartment you ALREADY pay for rent, so when you take a mortgage you start to pay this amount for a mortgage.&nbsp; That means if you were paying $1000 rent and consistently putting $1000 on your saving account, you can afford not $800 month mortgage payment, but at least 2 times more.&nbsp;</P> Sat, 18 May 2019 23:35:54 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/25340#M356 vdoc 2019-05-18T23:35:54Z YRe: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/yre-house-loans-and-down-payments/01/146851#M367 He wasn't saying that you should add 1000 dollars to your preexisting rent, he was saying to act like your rent was 1000. Then you take what you pay, say.. 700, and minus 1000. That's 300. To the negative, but a savings of 300. 300 a month adds up. Anything adds up if you are saving into a high yield savings account. Most are over 2% now.<BR /><BR />I feel, as most savers would feel, is that he wasn't trying to put a price tag on exactly how much to save for a down payment, but that you do save.<BR /><BR />If your rent is 700... start with 10%. Your rent is now 770. That extra 70 goes into a high yield savings account. Did it hurt? Not too much I bet. Try 20%. 140 extra per month earning interest. Maybe less taco bell? How low can you go when you want to really save? When you really want that home?<BR /><BR />Small savings add up to a lot over time. I live in an apartment that you would never want to visit. Bad neighborhood, rowdy neighbors, etc.. but I'm close to buying my first home with cash. And not a cheap one. It hasn't been easy, but I can see the finish line and it's thanks to people who told me to eat ramen noodles and stop going to see movies. Things of that accord. I am frugal now. I don't think it is going to ever change. I have money making me money and still live poor. Sat, 01 Jun 2019 07:35:58 GMT https://ttlc.intuit.com/community/home-loans/discussion/yre-house-loans-and-down-payments/01/146851#M367 Polikyt 2019-06-01T07:35:58Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/951861#M468 <P>Carl,</P><P>I love your testimony of paying off debt. You do have a lot to be proud of. You have definitely earned bragging rights!! Congrats to you and your family.&nbsp;</P> Thu, 07 Nov 2019 13:17:11 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/951861#M468 JR33 2019-11-07T13:17:11Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/954303#M475 <P>What job pays enough that you can honestly say putting away $1000 a month is even practical?? If you are not a CEO and making “at least” 80K a year there is no way. The average 2 income household can make that much but 1 person is nearly impossible. Please if you do point me in that direction even with my degree and experience I am no where near meeting that goal.&nbsp;</P> Thu, 14 Nov 2019 02:41:00 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/954303#M475 Newyorkb19 2019-11-14T02:41:00Z Re: YRe: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-yre-house-loans-and-down-payments/01/954331#M476 <P>You do know that the banks that now give you that " high 2% yield " takes your money and invests it</P><P>into stocks, bonds and/or mutual funds that average 5-7%. They are basically using your money to buy</P><P>a pie and only giving you a third of it. As far as the extra money you might have every month, diversify.</P><P>Put a third of it into a safe haven like a savings account. Use another third to put into T-bills or mutual&nbsp;</P><P>funds that will give you a higher yield but slightly more risky.&nbsp; Use the last third and go for broke. Nothing&nbsp;</P><P>ventured, nothing gained. As far as a down payment for your home. There are a lot of programs out there</P><P>that offer loans with only 3% down.&nbsp; At the end of the day, You have to decide what you are willing&nbsp;</P><P>to live with or without to achieve your goal. Last thought. I've said this before. Have a well thought,</P><P>realistic plan.&nbsp;</P> Thu, 14 Nov 2019 04:11:17 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-yre-house-loans-and-down-payments/01/954331#M476 whm 2019-11-14T04:11:17Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/988350#M517 <P>I like many have struggle with debt, but the problem for me was not me, but a sibling. At 18 I had 4 credit cards paid them off each month and was on my way to purchasing a house at an early age, but then..... my credit as stolen by my sibling who knew everything about me including my ssn. I sat on it for 11 years b4 everything had finally dropped to only turn around and she done it AGAIN. When I found out hat had happened the 2nd time I was Also going thru a divorce. I needed my credit but had nothing, but a 450 for a score. That was 4 years ago. I actively corresponded with all credit bureaus, finally had all of her charges removed from my credit and started from scratch. It’s been tough, but I’m finally on a path to purchase my 1st home. My score isn’t perfect 708, but I’ve done with 1 $500 credit limit card. Charge and pay off each month. No interest, no late fees, no insufficient payments, and no inquiries. Charge and pay in full. That’s my story. good luck</P> Fri, 17 Jan 2020 22:04:52 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/988350#M517 Missu614 2020-01-17T22:04:52Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1071677#M569 <P>If I was trying to buy a farm/ranch how would I get the loan with my credit score at 637 and 599 in dept. I have never bought anything on time and I keep getting turned down for credit cards. Even the secured card what can I do. It just said based on your credit score at this time we can't give you one. I'm Disabled and get minimum of 800 a month but it's steady income. I work part time as a Manager and have been here since 2013 and have been trying to get a Farm/Ranch.&nbsp; Who will help me complete my dream.....</P> Mon, 03 Feb 2020 11:20:45 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1071677#M569 babiesink 2020-02-03T11:20:45Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1071914#M570 <P>You can do something called manual under writing. That will allow you to get a ranch/farm without the use of a credit score. However, what worries me is your income depending on what you are buying that may not be enough.</P> Mon, 03 Feb 2020 13:34:48 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1071914#M570 Cait 2020-02-03T13:34:48Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1183922#M674 <P>Congratulations&nbsp;<LI-USER uid="9621"></LI-USER>! I love reading posts like yours. I am working towards having a post like that in the next 3-5 years, if not sooner.</P> Wed, 19 Feb 2020 03:14:22 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1183922#M674 SowNFaith20 2020-02-19T03:14:22Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1191275#M676 Thu, 20 Feb 2020 04:28:04 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1191275#M676 Icecapades1969 2020-02-20T04:28:04Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1261483#M734 <P>You don’t...&nbsp;</P> Tue, 03 Mar 2020 13:40:09 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1261483#M734 BAC130 2020-03-03T13:40:09Z Re: House Loans and Down Payments https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1631929#M930 <P>How do I get approved for a house loan with very low credit score and high debt to income ratio.</P> Sat, 13 Jun 2020 14:04:58 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1631929#M930 SKRoberts1934 2020-06-13T14:04:58Z
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<channel>
<title>
topic Re: House Loans and Down Payments in Home loans
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/13014#M342
</link>
<description>
I’m not arguing that you are wrong. I have a 71% DTI and got approved for a home. If you can prove you are responsible there is always a way. If you can’t prove you are responsible then odds are you are not responsible. If you are not responsible it is wrong to apply for a loan. A lender doesn’t deserve to get ripped off any more than anyone else. Knowledge is power. If you don’t understand finances then taking out a huge loan is not in your interest nor is it in the lenders interest. A good lender will not loan to someone who can’t “put their money where their mouth is”. Only a shark will and that’s not good for anyone either. My score is low and my DTI is large. However, I have enough documentation to show responsibility and got approved at a great rate. My lender is comfortable lending to me because I can show that other sources that require payment can rely on me. Win-win. I wouldn’t have gotten the loan or bought the home if I felt I couldn’t afford it.
</description>
<pubDate>Fri, 15 Feb 2019 21:15:54 GMT</pubDate>
<dc:creator>Keith</dc:creator>
<dc:date>2019-02-15T21:15:54Z</dc:date>
<item>
<title>House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/house-loans-and-down-payments/01/5457#M308
</link>
<description>
How do I get approved for a house loan if I have a very low credit score and quite a bit of debt?
</description>
<pubDate>Thu, 16 Aug 2018 05:25:44 GMT</pubDate>
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https://ttlc.intuit.com/community/home-loans/discussion/house-loans-and-down-payments/01/5457#M308
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<dc:creator>Crysi329</dc:creator>
<dc:date>2018-08-16T05:25:44Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/5504#M309
</link>
<description>
<P>Basically, so long as your debt to income ratio is 70:100 or higher, nobody will loan you money. You need to do two things:</P><P>- Lower your debt. Stop using credit cards and get them paid off as fast as possible.</P><P>- You'll need to prove that you can make mortgage payments. You do that by putting money every month without fail, into savings. The amount you deposit each month needs to be 'at least' the amount of what you think your mortgage payment will be. You'll need a two year history of this that will need to be consistent.</P><P>&nbsp;</P><P>This does two things. First, it gives you the minimum 15% down payment you will need. (down payment requirement can be as high as 30%, depending on your credit score at the time you apply for the loan.) Second, with a consistent history of putting say, $1000 a month in the bank, it indicates that you most likely can afford the $800 month mortgage payments, and that most likely, you will make those payments without default.</P>
</description>
<pubDate>Sat, 18 Aug 2018 15:51:38 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/5504#M309
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<dc:creator>Carl</dc:creator>
<dc:date>2018-08-18T15:51:38Z</dc:date>
</item>
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<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8097#M310
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<description>
<P>This sounds like personal technicque, but not a bank or mortgage company metric whatsoever. &nbsp;</P>
</description>
<pubDate>Wed, 12 Dec 2018 17:47:09 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8097#M310
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<dc:creator>Robmunich</dc:creator>
<dc:date>2018-12-12T17:47:09Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8116#M311
</link>
<description>
<P>Lenders don't care how much debt you already have.&nbsp; They are concerned about your ability to repay a loan.&nbsp; People with low credit ascores can still get a loan to purchase a house.&nbsp; There are FHA loans specifically designed to do this with a minimum down payment.&nbsp; Your ability to get one of these loans depends upon your ability to repay the loan and to service all your other recurring obligations at the same time.</P>
</description>
<pubDate>Thu, 13 Dec 2018 14:34:24 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8116#M311
</guid>
<dc:creator>DaveT315</dc:creator>
<dc:date>2018-12-13T14:34:24Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8554#M312
</link>
<description>
You need a credit card to improve your credit score, Carl. It does not help when you close your credit card accounts.
</description>
<pubDate>Wed, 02 Jan 2019 00:20:03 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8554#M312
</guid>
<dc:creator>Article</dc:creator>
<dc:date>2019-01-02T00:20:03Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8573#M313
</link>
<description>
<P>In all fairness to Carl, he said to stop using the credit cards.&nbsp; He did not say to close them.</P>
</description>
<pubDate>Wed, 02 Jan 2019 20:39:46 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8573#M313
</guid>
<dc:creator>DaveT315</dc:creator>
<dc:date>2019-01-02T20:39:46Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8581#M314
</link>
<description>
Dave, when you do not use your card i.e when you stop using your card and pay only the monthly due. You will pay off the credit card balance. So, “stop using your card” is also as same as close your credit card. Unless, one keeps the credit balance at around 80% i.e spend about 20% of the credit limit.
</description>
<pubDate>Wed, 02 Jan 2019 21:56:47 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8581#M314
</guid>
<dc:creator>Article</dc:creator>
<dc:date>2019-01-02T21:56:47Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8597#M315
</link>
<description>
<P>Hey, when you're trying to get out of&nbsp;a debt hole&nbsp;or fix your credit, the absolute first thing you *must* do is...</P><P>STOP DIGGING!</P><P>That doesn't mean you throw the shovel away.</P>
</description>
<pubDate>Thu, 03 Jan 2019 03:13:47 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8597#M315
</guid>
<dc:creator>Carl</dc:creator>
<dc:date>2019-01-03T03:13:47Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8600#M316
</link>
<description>
<P>In response to Article, it's your payment history that has more impact on the credit score. Not the charging history so much.</P>
</description>
<pubDate>Thu, 03 Jan 2019 03:27:02 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8600#M316
</guid>
<dc:creator>Carl</dc:creator>
<dc:date>2019-01-03T03:27:02Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8603#M317
</link>
<description>
Right, Carl. It’s your payment history and not the charge. So, there will not be any payment due if you do not owe even 0.01% of your credit line to pay for.
</description>
<pubDate>Thu, 03 Jan 2019 03:36:15 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8603#M317
</guid>
<dc:creator>Article</dc:creator>
<dc:date>2019-01-03T03:36:15Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8605#M318
</link>
<description>
Right! You can close some accounts and leave a few open. If you pay off all. Then you will have frozen your payment history.
</description>
<pubDate>Thu, 03 Jan 2019 03:38:33 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8605#M318
</guid>
<dc:creator>Article</dc:creator>
<dc:date>2019-01-03T03:38:33Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8680#M319
</link>
<description>
<P>Not quite correct.&nbsp; If you pay off a balance then close a credit card account, the available credit for that card no longer contributes to your utilization rate.&nbsp; Closing the account may make your credit score drop if&nbsp;closing the account increases your utilization rate for the credit cards that are still open.&nbsp; Closing a paid off account is usually not a good idea.&nbsp; Better to keep a zero balance for a credit card that is just used once or twice a year to keep the account active.</P>
</description>
<pubDate>Sat, 05 Jan 2019 01:58:46 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8680#M319
</guid>
<dc:creator>DaveT315</dc:creator>
<dc:date>2019-01-05T01:58:46Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8683#M320
</link>
<description>
<P>Hi Dave,</P><P>&nbsp;We just have different views and outlooks on credit is all, and I'm okay with it. For me, I used to have a lot of debt in the form of credit cards, signature loans, car loans, and more. (I'm not including the three mortgages I have on three of the four properties I own).&nbsp; One day, I came to a realization that while the wife and I were making good money,&nbsp;We wern't getting to keep hardly any of it, yet I was paying taxes on it. It just didn't make sense to me.</P><P>So I had a "heart to heart" with the wife and we cut up all the credit cards. All of them. Every single one. That was just over 10 years ago. With the exception of 3 mortgages (I have one rental property I paid off about 2-3 years ago) we have no debt. We've never been happier and now we are no longer a slave to all those&nbsp;lenders. The "relief" that has overcome us is indescribable and impossible to put into words. Yes, I've still got those three remaining mortgages. But 95% of the rental income from the paid off rental is going towards paying off another.</P><P>Even as it stands now, if we want something, we pay cash for it or go without.&nbsp;Just four&nbsp;years ago my wife's 1999 Nissan Quest with just over 300K miles on it finally "bit the dust" and was way, way, way beyond anything close to what I would call "economical repair". So it was nice to walk into the Nissan dealership in Feb 2014, buy a brand spanking new 2013 Rogue with only 6 miles on the odometer, write a check for the full amount we negotiated&nbsp;and be done with it. Now we're not anything close to "rich" making roughly 50-60K a year between the two of us. But we've basically "changed the family tree". When we die, we will not be leaving a lot of debt behind for my kids to have to deal with. But on the other side of that coin what they inherit won't make them rich either. They'll have to do like we did (and they are doing it) and earn their wealth by working smarter, more so than just working harder.</P><P>As it stands now, it's looking like I'll have the other three&nbsp; mortgages paid off in 7 years, give or take. So am I bragging here? You bet! Why? Because I can! Why else? Do I care the neighbors think I'm cheap? Not a bit! I no longer concern myself with keeping up with the Jones'. In a few years, we'll have the Jones shaking their heads in&nbsp;a stupor while wondering how we did it on our meager income, and wanting to be like us.</P><P>&nbsp;</P>
</description>
<pubDate>Sat, 05 Jan 2019 02:51:09 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8683#M320
</guid>
<dc:creator>Carl</dc:creator>
<dc:date>2019-01-05T02:51:09Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8689#M321
</link>
<description>
<P>Carl,</P><P>Congratualtions on being nearly debt free.&nbsp; We don't really have different views on credit.&nbsp; Even with our different personal financial management practices, our credit scores are still calculated the same way.&nbsp;&nbsp;I don't subscribe to the Dave Ramsey approach to credit use but his debt free goal is one everyone should aspire too.&nbsp; Unlike Dave Ramsey, I believe in using credit.&nbsp; I&nbsp;am not a pay cash for everything guy but instead purchase everything on a cash-back-reward credit card then pay off the credit card balance in full each month.&nbsp; My FICO is 800+ even with six active credit cards and 11 mortgages.&nbsp; Even when I am totally debt free in seven years, I will still use credit cards, I will still finance my next car with a zero-interest loan, I will still finance the next property I purchase.&nbsp; I&nbsp;will continue to use credit responsibly and, like you, my heirs will not inherit a debt laden estate.&nbsp; Even if I pass away today, my estate plan includes a detailed pathway to satisying all my debt.</P>
</description>
<pubDate>Sat, 05 Jan 2019 13:16:30 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8689#M321
</guid>
<dc:creator>DaveT315</dc:creator>
<dc:date>2019-01-05T13:16:30Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8690#M322
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<description>
<P><STRONG><EM>&nbsp;I&nbsp;will continue to use credit responsibly </EM></STRONG></P><P>That is the key! For most, of which I was one, by the time you realize you've been irresponsible with credit, you're already in pretty deep and it's difficult to find that line between responsible and irresponsible use to get back to the right side of that line. So the line has to be redefined. To redefine it for me, the only way was to get rid of all the credit and outstanding debt I possibly could. Once that was done I discovered I really didn't need any "new" credit.</P><P>I keep a 4-figure balance in the emergency account and have a check/debit/credit card for that. But mine is one of those cards that if you don't use it for 6 months, they deactivate it. Now I make periodic and consistent contributions to the emergency account, and I'll use that card as a credit card about once a month, to do something cheap and simple, like fill up the gas tank, or maybe to buy birthday presents for someone having a birthday that month. But while I may use it as a credit card, that card would not work and would be declined if the money wasn't in the account it's tied to. Now I don't know "how" it works, but I do know that card number shows up on my credit report. Of course, it's always got a "perfect" payment history with a zero balance due. I don't know why it's there, but I don't care really.</P><P>The nice thing is, if I really "needed" money today and didn't have enough in the emergency fund, I could walk into my credit union and walk out a few hours later with whatever it was I needed to borrow - within realistic limits of course.</P><P>For example, if I needed a new roof on my house which would cost about $20K, I don't have that much cash. But I know I could have it by the end of the business day. But like you said, the key to using credit is using it responsibly. Is credit bad? Only if used irresponsibly and the borrower makes it bad. But when used responsibly it can be a real life saver in times of need, and contributes to that "financial peace" with the comfort of knowing if you need it, then you got it.</P>
</description>
<pubDate>Sat, 05 Jan 2019 14:12:32 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/8690#M322
</guid>
<dc:creator>Carl</dc:creator>
<dc:date>2019-01-05T14:12:32Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/9168#M323
</link>
<description>
Question if I'm putting an amount in the bank greater than what I would be planning on paying for a mortgage where do I live, unless I am mistaken monthly rent generally accounts for at least 1/3 of the average Americans income. So if I am paying say 875 for rent couldn't I put just an additional 400 in the bank for to show an ability to pay a 1200 a month mortgage?
</description>
<pubDate>Thu, 17 Jan 2019 18:34:15 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/9168#M323
</guid>
<dc:creator>kelynaw</dc:creator>
<dc:date>2019-01-17T18:34:15Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/9170#M324
</link>
<description>
<P>That generally works just fine. All you do is provide a copy of the current rental contract along with your mortgage application for what would be your primary residence if the loan is approved. The only real thing that would matter to the lender is how much time you have remaining on the current lease, and/or what the early out options/costs are to break the lease early to move into your new residence. The early out options don't really matter all that much though.</P>
</description>
<pubDate>Thu, 17 Jan 2019 18:39:50 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/9170#M324
</guid>
<dc:creator>Carl</dc:creator>
<dc:date>2019-01-17T18:39:50Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/9451#M325
</link>
<description>
Listen the banks care about 4 things, 1st how long have you been at your job or in the same career field, typically they need a 2 year minimum. 2nd they want to know how much money you make gross yearly. 3rd how much all your bills total monthly, thats all the minimums added up. The minimum due not what you may send in case you send extra on your bills which is a good thing. 4th of course your credit scores from Equifax, Experian and transunion. They will take the middle score of the 3 and use that as your basis. Which FHA or VA or Fani Mae or who ever programs have different score minimums. They will look at your history and any missed payments mostly in the last 2 years. More to follow out of space
</description>
<pubDate>Wed, 23 Jan 2019 19:37:06 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/9451#M325
</guid>
<dc:creator>Exlacop</dc:creator>
<dc:date>2019-01-23T19:37:06Z</dc:date>
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<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/9521#M326
</link>
<description>
<P>There are so many factors to consider. Let me give my scenario. Three years ago my CS was 564 and I had a moderate amount of debt. First thing I did was make a plan. Where did I want to be financially one, two, five years from that point. I also factored in where I wanted to be physically and mentally. I was not happy with the job I had at that time and knew that I had to make that number one priority within my plan. I was making good money but not happy. I was commuting over 2 hours a day to and from work. So I said what the heck and changed my career path. Pick a career that will at the least have you wake up and not dread going to work. It now takes me 25 minutes each day to go to work and back ( about $50 a week in gas ). My new job pays less but their benefits are much better ( about $80 a month ). I get more exercise in my new job and I am happier.&nbsp;</P><P>&nbsp;</P><P>Now let's touch on your CS. Once I got the first phase of my plan in motion the second was all about numbers. I started by getting a small personal loan. Just enough to pay my credit cards down to zero. I kept my balances at zero for about two months ( remember most creditors look at your revolving credit ). With that one loan my CS jumped to 648. Now I had credit card companies wanting to give me credit. You have to realize that at this point my CS had gone up almost a 100 points. At that point I realized that your utilization of credit and the percent was more important to the creditors than how many inquiries you have. So I took advantage of those offers knowing that my score would drop but at the same time my utilization would drop. The higher your credit limit, the more you can put on credit and be at an acceptable limit ( 15%&nbsp; of $3500 CL= $525 ). Guess what. It worked. I now make only $32000 a year with a CL of $30000. ON TIME PAYMENTS IS/ARE A MUST.&nbsp;</P><P>&nbsp;</P><P>So here we are now. It took me three years to get to this point. I finally closed on a house.&nbsp;</P><P>&nbsp;</P><P>To Crysi329,</P><P>Hang in there. I know you will own a house/home one day. Sooner than later.&nbsp;</P>
</description>
<pubDate>Thu, 24 Jan 2019 21:32:30 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/9521#M326
</guid>
<dc:creator>whm</dc:creator>
<dc:date>2019-01-24T21:32:30Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/9530#M327
</link>
<description>
<P><LI-USER uid="13679"></LI-USER>&nbsp;Have you downloaded the Turbo app to keep track of your Credit Score and Debt to Income ratio? These are very important metrics to track on your quest to getting approved for a home loan. You got this!</P>
</description>
<pubDate>Thu, 24 Jan 2019 23:00:24 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/9530#M327
</guid>
<dc:creator>Susie_Rath</dc:creator>
<dc:date>2019-01-24T23:00:24Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10058#M328
</link>
<description>
Honestly how could you possibly put that amount into savings every month if you're already paying 1000$ a month for rent<BR />
</description>
<pubDate>Tue, 29 Jan 2019 21:43:37 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10058#M328
</guid>
<dc:creator>Alanamb</dc:creator>
<dc:date>2019-01-29T21:43:37Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10288#M329
</link>
<description>
I have a very low score, but I can always afford my place of living. I have 3 kids so life gets the best of my income.
</description>
<pubDate>Thu, 31 Jan 2019 08:44:21 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10288#M329
</guid>
<dc:creator>Eva51495</dc:creator>
<dc:date>2019-01-31T08:44:21Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10390#M330
</link>
<description>I interested in get a loan</description>
<pubDate>Thu, 31 Jan 2019 20:35:24 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10390#M330
</guid>
<dc:creator>ALICEK1986</dc:creator>
<dc:date>2019-01-31T20:35:24Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10492#M331
</link>
<description>
<P>I just did this same thing.&nbsp; I started with a 417 credit score.&nbsp; I now have a 706 and just bought a house in August.&nbsp; The whole process took about 18 months.&nbsp; I started with a secured card which I used less than 10% of the available credit monthly (ie. reloaded my starbucks card).&nbsp; I paid the bill before the statement arrived so that there was always on-time payments but never carried over a balance and never paid interest.&nbsp; I disputed every little thing on my credit history, and hey, a few things were removed.&nbsp; It doesn't hurt to try.&nbsp; I paid off a few pesky delinquent bills but I also racked up some student loans.&nbsp; Once my wife and I had enough reported gross income, we paid off our car loan and applied for an FHA 3.5% down loan.&nbsp; We were approved for a brand new 280k house.&nbsp; Credit doesn't have to be scary.&nbsp; There are many resources like nerd wallet that can help you get on track fast.</P>
</description>
<pubDate>Fri, 01 Feb 2019 08:35:22 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10492#M331
</guid>
<dc:creator>DjRustik</dc:creator>
<dc:date>2019-02-01T08:35:22Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10682#M332
</link>
<description>
<P>it is the having the &nbsp;available credit card limit that marginally helps your credit score, not the use of the card. &nbsp;Stopping use of your credit cards is in no way equivalent to closing your card account for credit scoring. &nbsp;Want to improve your credit score stop building your credit card balances, pay them on time and reduce the balances owed. &nbsp;not only improves your credit score but will allow you to start saving.</P>
</description>
<pubDate>Sat, 02 Feb 2019 17:01:46 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10682#M332
</guid>
<dc:creator>JB</dc:creator>
<dc:date>2019-02-02T17:01:46Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10686#M333
</link>
<description>
<P>not true, if you charge x dollars and pay in full the balance every month, you build a payment history. &nbsp;you do not need to carry a balance on the card to register the payment history in your credit score. this really is not a top factor in your score, it is a mid-tier factor, your utility bills, car payments, etc alone give you a payment history, keep them on time. &nbsp;Being able to show credit availability ie unused credit on your open cards helps, so ok to keep accounts open, stop using the cards if you are unable to be disciplined at paying the balances, and not use at all. &nbsp;If having credit cards is too tempting to not use, you are always better off just closing them, the lack of payment history will be better than the poor payment history any day &nbsp;<span class="lia-unicode-emoji" title=":slightly_smiling_face:">🙂</span></P>
</description>
<pubDate>Sat, 02 Feb 2019 17:09:59 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10686#M333
</guid>
<dc:creator>JB</dc:creator>
<dc:date>2019-02-02T17:09:59Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10820#M334
</link>
<description><P>home improvement&nbsp;</P></description>
<pubDate>Sun, 03 Feb 2019 15:55:04 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/10820#M334
</guid>
<dc:creator>reendee621</dc:creator>
<dc:date>2019-02-03T15:55:04Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/11186#M335
</link>
<description>
*credit score north of 800 waves hand* Here’s how I got there and what you need to do.<BR /><BR />1. CUT UP YOUR CREDIT CARDS. This does not mean close the account - in fact, don’t do that. Just feed the card to a shredder, take them off your online stores, and pay those bad boys off. You might benefit from getting a debt consolidation loan to do so, as interest is usually less and it becomes installment debt rather than revolving debt. Don’t close the accounts, though - the average age of all your accounts plays into your credit score. The older the accounts you have, the better you look.<BR />2. How do you stay out of the credit cards? Build yourself an emergency fund in addition to the down payment fund. This should be a liquid fund that is used only for things like your water heater exploding or losing your job. $1000 is a good place to start but it isn’t always enough.<BR />3. Take a good look at your credit report. You can get one free per year from each of the three reporting agencies. Any black marks? Are they real and do you know what they are? If so, settle them. If not, dispute them.<BR />4. Make a budget and figure out where the money goes and where you can cut back. The goal here is to spend less than you earn, or IOW live within your means.<BR />5. Figure out how much house you need and how much down payment you need to get that house. FHA loans are typically just 3.5% of the purchase price, but the seller/complex has to be approved as an FHA housing provider (your real estate agent can tell you if they are). Then, adjust your budget so that you’re putting aside enough to meet the five-year goal.<BR />6. What does your credit have to look like to land a decent mortgage? Try to get your credit score to 680 or better - preferably 700+ - and your debt-to-income ratio to no more than 35%, meaning that your monthly debt should be no more than 35% of your gross monthly income. You will pay more for a mortgage if you do not meet BOTH criteria.
</description>
<pubDate>Tue, 05 Feb 2019 18:34:33 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/11186#M335
</guid>
<dc:creator>twinside</dc:creator>
<dc:date>2019-02-05T18:34:33Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12007#M336
</link>
<description>House loan</description>
<pubDate>Sun, 10 Feb 2019 18:42:29 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12007#M336
</guid>
<dc:creator>Fadams1001</dc:creator>
<dc:date>2019-02-10T18:42:29Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12009#M337
</link>
<description>Thanks</description>
<pubDate>Sun, 10 Feb 2019 18:46:08 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12009#M337
</guid>
<dc:creator>Fadams1001</dc:creator>
<dc:date>2019-02-10T18:46:08Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12052#M338
</link>
<description>Needing affordable place to live.</description>
<pubDate>Sun, 10 Feb 2019 22:10:42 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12052#M338
</guid>
<dc:creator>SimsShavawn</dc:creator>
<dc:date>2019-02-10T22:10:42Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12058#M339
</link>
<description>
Call me and I'll get you pre qualified. I am a loan officer as well as a real estate agent. I have been in lending for 14 years and we offer a range variety of programs from stated programs to your traditional full doc conforming loans. We also have loans that require NO FICO score as well. Look forward to speaking with you. Have a great day!<BR /><BR />Steven Rawley<BR />[phone number removed]<BR />NMLS#888290
</description>
<pubDate>Sun, 10 Feb 2019 22:32:34 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12058#M339
</guid>
<dc:creator>Srawley148</dc:creator>
<dc:date>2019-02-10T22:32:34Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12392#M340
</link>
<description>
Hey I'am new to this group I just found out my credit score its very low I never had a credit card before. I have one open loan my main focus is to get my credit score up how can I do that?
</description>
<pubDate>Tue, 12 Feb 2019 18:07:42 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12392#M340
</guid>
<dc:creator>Chloier</dc:creator>
<dc:date>2019-02-12T18:07:42Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12824#M341
</link>
<description>
<P>Hello I interested in your loan programs. Could you please contact me. My number is [phone number removed]. Please don't call from a block or unknown number cause I won't answer. If you perfer we could communicate via email first. My email address is [email address removed]&nbsp;</P><P>Thanks so much.</P>
</description>
<pubDate>Fri, 15 Feb 2019 00:33:04 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/12824#M341
</guid>
<dc:creator>Yamila</dc:creator>
<dc:date>2019-02-15T00:33:04Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/13014#M342
</link>
<description>
I’m not arguing that you are wrong. I have a 71% DTI and got approved for a home. If you can prove you are responsible there is always a way. If you can’t prove you are responsible then odds are you are not responsible. If you are not responsible it is wrong to apply for a loan. A lender doesn’t deserve to get ripped off any more than anyone else. Knowledge is power. If you don’t understand finances then taking out a huge loan is not in your interest nor is it in the lenders interest. A good lender will not loan to someone who can’t “put their money where their mouth is”. Only a shark will and that’s not good for anyone either. My score is low and my DTI is large. However, I have enough documentation to show responsibility and got approved at a great rate. My lender is comfortable lending to me because I can show that other sources that require payment can rely on me. Win-win. I wouldn’t have gotten the loan or bought the home if I felt I couldn’t afford it.
</description>
<pubDate>Fri, 15 Feb 2019 21:15:54 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/13014#M342
</guid>
<dc:creator>Keith</dc:creator>
<dc:date>2019-02-15T21:15:54Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/15031#M343
</link>
<description>
<P>I have a low credit score can I use my VA loan which I have a zero down</P>
</description>
<pubDate>Wed, 20 Feb 2019 20:11:40 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/15031#M343
</guid>
<dc:creator>Nana</dc:creator>
<dc:date>2019-02-20T20:11:40Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/15036#M344
</link>
<description>
It depends. VA told me that I personally needed a 620 credit score which I already head. They were able to help repair my credit and bump it up another 20 points to 640 to get me an even better deal. Talk with VA. Stay local. Do not do deals with VA if the person on the other end of the line is out of state. 2 reasons. 1: It helps prevent fraud. 2: it’s easier to work local and gives you better odds of closing on the home you want. VA has programs for credit repair to help get your score up if it is too low. They WANT to loan you the money so you can trust the advice they are giving is good. Contact VA and they will guide you. They will need to do a credit check in order to find out where your score is at and get you prequalified. Circumstances depending this check can be soft or hard.<BR />Note: WHEN and only when your score is at an appropriate level shop around. You will have a 30-45 day window where you can do hard check after hard check without destroying your score. Credit agencies understand you are shopping around. Trust VA and (hopefully you have a great realtor you can trust too). They will guide you through the process. Understand what you are paying TOTAL. After mortgage, insurance, trash, water, electric, etc... can you afford it?
</description>
<pubDate>Wed, 20 Feb 2019 20:27:54 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/15036#M344
</guid>
<dc:creator>Keith</dc:creator>
<dc:date>2019-02-20T20:27:54Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/16822#M345
</link>
<description>
Hello Carl how are you, I have a question, I have never had a credit card and my credit says Excellent. I seem paying for a car never missed a payment always paid bettebefore time since day one. I am trying to get into a house. I have student loans that are beginning consolidated. What can I do, too get in that house? I can pay a 800 mortgage.
</description>
<pubDate>Tue, 26 Feb 2019 05:15:21 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/16822#M345
</guid>
<dc:creator>Danna_Wintere-1986</dc:creator>
<dc:date>2019-02-26T05:15:21Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/17808#M346
</link>
<description>
Greetings everyone!<BR /><BR />I'm not sure if this has been covered, but Article and Carl make great points. I would like to clarify this for anyone trying to save/boost their credit to get that down payment, loan, or any financial endeavor.<BR /><BR />So, closing credit accounts can slightly, negatively impact your credit score for a short period of time. However, only stopping to use a credit line (while making payments), without closing it, will actually reduce your debt and effectively improve the credit score.<BR /><BR />Why is this? There are a few reasons, but the main, and most impactful is that the credit score is affected by the ratio between available credit and used credit. ie. A card has a credit line of $1,000 and a balance of $500. Assuming this is someone's only card, they have a 50% consumption rate: they are using half the credit provided to them. Someone who shows a history of maxing out credit or having a rate of 100%, 1:1 available credit to used credit, will have an unfavorable impact on their overall score. Now, this is only one components; it is completely possible for someone to use a large amount of their credit consistently but if they're doing other positive things like paying regularly, they may not notice any negative effects because of the offset of the positive.<BR /><BR />Hope that was helpful! With that said, if someone has debt on their credit lines, ending use (not accruing additional debt) and continuing to pay them down will give this individual a lower percentage of use and therefore reflect better on their credit history and report.<BR /><BR />Lastly, for someone not worrying about that credit score mumbo jumbo, but they just want to save money! This process helps them as well because with credit comes paid interest. So, the sooner that debt gets paid down, the less interest will be paid and the more one can save. In addition, once in the position to do so, use as much credit as you like and if the balance is paid off before the interest is scheduled to kick in you will not have to worry about credit taking more of your money and still get the benefits of owning a card (card points, miles, longer credit history, growing credit score, etc.).<BR /><BR />Actually, very last thing I would like to add in is that the longer your credit history has a positive impact on credit scoring; just as being over 21 or 25 could give you a better rate on a rental vehicle. When you completely close a line of credit it no longer is involved in the length of the ongoing open history. Let's say you have to lines of credit, one 10 years old and the other two. If you decided to close the original line (10 years old), you would be left with only two years of open credit history. Due to longer history giving a positive impact, shortening the history effectively has a negative impact.<BR /><BR />Moral of the story, if you are trying to save and build credit, responsible credit use is a great start! But for some that may mean leaving those credit lines open, paying them down, and not using them until they are payed down. For others it may mean using them all the time and making sure that "Credit Utilization" rate is not too high.<BR /><BR />I sure hope this was was helpful.....and not too long.<BR /><BR />Best
</description>
<pubDate>Sun, 03 Mar 2019 07:48:09 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/17808#M346
</guid>
<dc:creator>Grade A Investor</dc:creator>
<dc:date>2019-03-03T07:48:09Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/19264#M347
</link>
<description>
I have a Low credit score I'm trying to find out how to get approved for a house loan
</description>
<pubDate>Tue, 12 Mar 2019 04:16:00 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/19264#M347
</guid>
<dc:creator>8201973</dc:creator>
<dc:date>2019-03-12T04:16:00Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/19308#M348
</link>
<description>
I definitely understand! Being approved for a mortgage can be trialsome with low credit. With low credit scores, you may what to try for a FHA loan which is provided by the federal government. Though even for that loan, a minimum of 620 Is required. Keep in mind that the credit score that mortgage lenders see is often quite lower than one you may see from your regular FICO score.<BR /><BR />Now with all of that said, yes, getting a mortgage may prove difficult. But there are other ways to step into that home that you want without a mortgage. These may call for you or your real estate agent proposing these financing ideas to the seller, if the home is not currently marketed in this format. The following are only a couple of ways that make it possible to get into a home without a mortgage and with lower credit:<BR /><BR />1) Search for Lease Option Homes. These are homes where the seller is leasing the residence to you in the hopes of you eventually buying the property. In this case, you pay monthly rent plus a bit more; that extra cost often gets added to the down payment amount, if you chose the purchase the home. If a seller is not offering this, you can always propose the idea. Pros: you get into a home, build credit while paying monthly, get amounts put towards a down payment, and will eventually be able to purchase the home with a mortgage if you are finding the right price for you. Cons: monthly cost is a fair amount higher than a mortgage, and if you decide not to buy or to move, you don't get any money back (unless agreed otherwise). There is definitely a lit to say about this option alone so feel free to ask questions.<BR /><BR />2) Sone seller, typically ones who are trying to sell quickly, will allow you to assume their mortgage. In this case you move in without opening a new mortgage. You just pick up the payments in their mortgage. This is usually only viable for the seller if by selling they would not make a profit and they are better off having the property off. With this option, when you begin making payments on their mortgage, you can even request that the mortgage be signed over to you since you are now assuming their payments. Most sellers who are in a tight place will be happy to do this. Pros: paying a mortgage that would be cheaper than a new mortgage. Cons: takes work to find or spot these types of sellers and it's possible that a seller may not want to hand the deed over at the start. Definitely a lot more regarding this option as well!<BR /><BR />There are plenty more options to explore. Main point is that a mortgage is going to be difficult to obtain from a lender with certain scores but it's not the end because there are many options that don't necessarily involve a mortgage that could be viable. I definitely recommend you look into alternative, creative options that might best suit you. Worst option is that you wait a year, focus strongly on building your credit, and reevaluate your credit and ability to obtain a mortgage then.<BR /><BR />88201973 I really hope this helps!
</description>
<pubDate>Tue, 12 Mar 2019 13:37:27 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/19308#M348
</guid>
<dc:creator>Grade A Investor</dc:creator>
<dc:date>2019-03-12T13:37:27Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/20482#M349
</link>
<description>
He didn’t say close the credit card accounts. He said stop using them to pay for things &amp; keep making your payments to pay them down &amp; decrease your debt to income ratio.
</description>
<pubDate>Mon, 25 Mar 2019 19:12:25 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/20482#M349
</guid>
<dc:creator>Brittylouise</dc:creator>
<dc:date>2019-03-25T19:12:25Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/22001#M350
</link>
<description>
Bloody well done mate! I too am debt free and looking forward to the end of this year so that I can walk into a home builder buy my home with zero mortgage owed. Simple but comfortably living at 44 is something I have subscribed too now. Much of this generations issue from my pov is that they've been indoctrined into "you aren't successful, unless you are drowning in debt." Best of luck to you and the missus and enjoy the financial freedom you strove for! Cheers mate!
</description>
<pubDate>Fri, 05 Apr 2019 11:26:04 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/22001#M350
</guid>
<dc:creator>1LuckyGirl1975</dc:creator>
<dc:date>2019-04-05T11:26:04Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/22997#M351
</link>
<description>
Look into FHA loans to help you get in a home. If you are paying more for rent than you would your mortgage. You can qualify if you are in the high 500s...
</description>
<pubDate>Thu, 11 Apr 2019 23:04:21 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/22997#M351
</guid>
<dc:creator>Dafyoni</dc:creator>
<dc:date>2019-04-11T23:04:21Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/23040#M352
</link>
<description>How do i get pre approved for a home loan</description>
<pubDate>Fri, 12 Apr 2019 03:41:01 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/23040#M352
</guid>
<dc:creator>Jrreal</dc:creator>
<dc:date>2019-04-12T03:41:01Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/23093#M353
</link>
<description>How can I gee a house with my credit low</description>
<pubDate>Fri, 12 Apr 2019 15:21:15 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/23093#M353
</guid>
<dc:creator>CarolGraddy48</dc:creator>
<dc:date>2019-04-12T15:21:15Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/23662#M354
</link>
<description>
<P>This might be difficult to hear, but if you have a “very” low credit score and high debt, you are not ready to own a home. Homes cost more than the monthly payment. You will have to budget for maintenance and repairs or you will soon be living in a dump, and your high debt is evidence that you don’t have a habit of budgeting at all. So step 1 is learn to spend less than you earn, step 2 stop borrowing, step 3 pay off all existing debt, step 4 save up to at least 5% of the purchase price of the home you want to buy (but 20% is best, if you can).</P><P>&nbsp;</P><P>If you’re currently straining under a lot of debt, and you have bad credit, these steps will seem impossible. I would suggest something I did many years ago, which is a life reset. For me, it lasted about a year and a half - your situation may vary. It’s not fun, but the point is that if you’re disciplined, it is temporary and you will be glad you did it in the end. To reset, sell everything you have except the absolute bare necessities. If you’re young and single, this is easier, but a family CAN do it. I mean, no TV, cheap prepaid phone you barely use, go to the library for internet use, never eat at restaurants or fast food, and keep your groceries simple and cheap, sell your car and buy a cheap ugly one that runs good, cancel everything like Netflix, you don’t get to go out to clubs, concerts, etc., find free things to do for fun. Don’t spend money. If you can find a cheaper place to live, do it. If your living space is something you don’t enjoy, that’s actually good (as long as it’s not unsafe, of course), because if you hate it, you’ll be more motivated to hustle to get out of it. Now, live as cheaply as possible, find ways to increase your income, work extra jobs or overtime... HUSTLE. You have ONE mission: Get out of debt. Everything else is a distraction. Then save your down payment, and don’t forget to also save for closing costs, which you can estimate using the calculator on <A href="http://www.smartasset.com" target="_blank">www.smartasset.com</A>. The good news is that by the time you do all of this, your credit score will be much better. You will think you have no life, but it’s temporary, and if you’ll endure this pain now, the future will be better. If you don’t, you will struggle under the debt cycle your whole life, and that would be worse. Learn all you can about budgeting and money management.</P><P>&nbsp;</P><P>If you move into a barely tolerable, cheap living arrangement, you might consider shortening the amount of time you have to spend there by considering a temporary home purchase (less home than what you ultimately want, but better than a depressing rental or living with your parents). You can usually buy a condo or townhome for far less than a house, so the down payment is less. So live in a barely tolerable arrangement until you can save enough for a cheap condo, but make sure it is one that will hold its value and hopefully increase while you live there. Now you’ve improved your living conditions while you continue to live cheaply and keep on pursuing your ultimate goal. Do resist the urge to furnish and decorate the condo. It’s still just a stop on the way. Just take care of it so you can sell it or rent it out when you’re done.</P><P>&nbsp;</P><P>Good luck! I know you can do this! Anything is possible if you’re willing to try hard enough.</P>
</description>
<pubDate>Mon, 15 Apr 2019 04:27:52 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/23662#M354
</guid>
<dc:creator>Ellaminnowpea</dc:creator>
<dc:date>2019-04-15T04:27:52Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/23936#M355
</link>
<description>
I say you dont need the house yet. First get a 1,000 dollars as an Emergency fund then tackle your debts. Once that's done save up for a down payment on a house that you can afford.
</description>
<pubDate>Tue, 16 Apr 2019 16:37:45 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/23936#M355
</guid>
<dc:creator>Cait</dc:creator>
<dc:date>2019-04-16T16:37:45Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/25340#M356
</link>
<description>
<P>it seems wrong what you're saying about the consistent monthly amount to a saving account. If you rent an apartment you ALREADY pay for rent, so when you take a mortgage you start to pay this amount for a mortgage.&nbsp; That means if you were paying $1000 rent and consistently putting $1000 on your saving account, you can afford not $800 month mortgage payment, but at least 2 times more.&nbsp;</P>
</description>
<pubDate>Sat, 18 May 2019 23:35:54 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/25340#M356
</guid>
<dc:creator>vdoc</dc:creator>
<dc:date>2019-05-18T23:35:54Z</dc:date>
</item>
<item>
<title>YRe: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/yre-house-loans-and-down-payments/01/146851#M367
</link>
<description>
He wasn't saying that you should add 1000 dollars to your preexisting rent, he was saying to act like your rent was 1000. Then you take what you pay, say.. 700, and minus 1000. That's 300. To the negative, but a savings of 300. 300 a month adds up. Anything adds up if you are saving into a high yield savings account. Most are over 2% now.<BR /><BR />I feel, as most savers would feel, is that he wasn't trying to put a price tag on exactly how much to save for a down payment, but that you do save.<BR /><BR />If your rent is 700... start with 10%. Your rent is now 770. That extra 70 goes into a high yield savings account. Did it hurt? Not too much I bet. Try 20%. 140 extra per month earning interest. Maybe less taco bell? How low can you go when you want to really save? When you really want that home?<BR /><BR />Small savings add up to a lot over time. I live in an apartment that you would never want to visit. Bad neighborhood, rowdy neighbors, etc.. but I'm close to buying my first home with cash. And not a cheap one. It hasn't been easy, but I can see the finish line and it's thanks to people who told me to eat ramen noodles and stop going to see movies. Things of that accord. I am frugal now. I don't think it is going to ever change. I have money making me money and still live poor.
</description>
<pubDate>Sat, 01 Jun 2019 07:35:58 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/yre-house-loans-and-down-payments/01/146851#M367
</guid>
<dc:creator>Polikyt</dc:creator>
<dc:date>2019-06-01T07:35:58Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/951861#M468
</link>
<description>
<P>Carl,</P><P>I love your testimony of paying off debt. You do have a lot to be proud of. You have definitely earned bragging rights!! Congrats to you and your family.&nbsp;</P>
</description>
<pubDate>Thu, 07 Nov 2019 13:17:11 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/951861#M468
</guid>
<dc:creator>JR33</dc:creator>
<dc:date>2019-11-07T13:17:11Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/954303#M475
</link>
<description>
<P>What job pays enough that you can honestly say putting away $1000 a month is even practical?? If you are not a CEO and making “at least” 80K a year there is no way. The average 2 income household can make that much but 1 person is nearly impossible. Please if you do point me in that direction even with my degree and experience I am no where near meeting that goal.&nbsp;</P>
</description>
<pubDate>Thu, 14 Nov 2019 02:41:00 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/954303#M475
</guid>
<dc:creator>Newyorkb19</dc:creator>
<dc:date>2019-11-14T02:41:00Z</dc:date>
</item>
<item>
<title>Re: YRe: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-yre-house-loans-and-down-payments/01/954331#M476
</link>
<description>
<P>You do know that the banks that now give you that " high 2% yield " takes your money and invests it</P><P>into stocks, bonds and/or mutual funds that average 5-7%. They are basically using your money to buy</P><P>a pie and only giving you a third of it. As far as the extra money you might have every month, diversify.</P><P>Put a third of it into a safe haven like a savings account. Use another third to put into T-bills or mutual&nbsp;</P><P>funds that will give you a higher yield but slightly more risky.&nbsp; Use the last third and go for broke. Nothing&nbsp;</P><P>ventured, nothing gained. As far as a down payment for your home. There are a lot of programs out there</P><P>that offer loans with only 3% down.&nbsp; At the end of the day, You have to decide what you are willing&nbsp;</P><P>to live with or without to achieve your goal. Last thought. I've said this before. Have a well thought,</P><P>realistic plan.&nbsp;</P>
</description>
<pubDate>Thu, 14 Nov 2019 04:11:17 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-yre-house-loans-and-down-payments/01/954331#M476
</guid>
<dc:creator>whm</dc:creator>
<dc:date>2019-11-14T04:11:17Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/988350#M517
</link>
<description>
<P>I like many have struggle with debt, but the problem for me was not me, but a sibling. At 18 I had 4 credit cards paid them off each month and was on my way to purchasing a house at an early age, but then..... my credit as stolen by my sibling who knew everything about me including my ssn. I sat on it for 11 years b4 everything had finally dropped to only turn around and she done it AGAIN. When I found out hat had happened the 2nd time I was Also going thru a divorce. I needed my credit but had nothing, but a 450 for a score. That was 4 years ago. I actively corresponded with all credit bureaus, finally had all of her charges removed from my credit and started from scratch. It’s been tough, but I’m finally on a path to purchase my 1st home. My score isn’t perfect 708, but I’ve done with 1 $500 credit limit card. Charge and pay off each month. No interest, no late fees, no insufficient payments, and no inquiries. Charge and pay in full. That’s my story. good luck</P>
</description>
<pubDate>Fri, 17 Jan 2020 22:04:52 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/988350#M517
</guid>
<dc:creator>Missu614</dc:creator>
<dc:date>2020-01-17T22:04:52Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1071677#M569
</link>
<description>
<P>If I was trying to buy a farm/ranch how would I get the loan with my credit score at 637 and 599 in dept. I have never bought anything on time and I keep getting turned down for credit cards. Even the secured card what can I do. It just said based on your credit score at this time we can't give you one. I'm Disabled and get minimum of 800 a month but it's steady income. I work part time as a Manager and have been here since 2013 and have been trying to get a Farm/Ranch.&nbsp; Who will help me complete my dream.....</P>
</description>
<pubDate>Mon, 03 Feb 2020 11:20:45 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1071677#M569
</guid>
<dc:creator>babiesink</dc:creator>
<dc:date>2020-02-03T11:20:45Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1071914#M570
</link>
<description>
<P>You can do something called manual under writing. That will allow you to get a ranch/farm without the use of a credit score. However, what worries me is your income depending on what you are buying that may not be enough.</P>
</description>
<pubDate>Mon, 03 Feb 2020 13:34:48 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1071914#M570
</guid>
<dc:creator>Cait</dc:creator>
<dc:date>2020-02-03T13:34:48Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1183922#M674
</link>
<description>
<P>Congratulations&nbsp;<LI-USER uid="9621"></LI-USER>! I love reading posts like yours. I am working towards having a post like that in the next 3-5 years, if not sooner.</P>
</description>
<pubDate>Wed, 19 Feb 2020 03:14:22 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1183922#M674
</guid>
<dc:creator>SowNFaith20</dc:creator>
<dc:date>2020-02-19T03:14:22Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1191275#M676
</link>
<description/>
<pubDate>Thu, 20 Feb 2020 04:28:04 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1191275#M676
</guid>
<dc:creator>Icecapades1969</dc:creator>
<dc:date>2020-02-20T04:28:04Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1261483#M734
</link>
<description><P>You don’t...&nbsp;</P></description>
<pubDate>Tue, 03 Mar 2020 13:40:09 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1261483#M734
</guid>
<dc:creator>BAC130</dc:creator>
<dc:date>2020-03-03T13:40:09Z</dc:date>
</item>
<item>
<title>Re: House Loans and Down Payments</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1631929#M930
</link>
<description>
<P>How do I get approved for a house loan with very low credit score and high debt to income ratio.</P>
</description>
<pubDate>Sat, 13 Jun 2020 14:04:58 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-house-loans-and-down-payments/01/1631929#M930
</guid>
<dc:creator>SKRoberts1934</dc:creator>
<dc:date>2020-06-13T14:04:58Z</dc:date>
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