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Started By
Message
re: Three derogatories are keeping me from buying a house
Posted on 2/14/23 at 2:36 pm to DiamondDog
Posted on 2/14/23 at 2:36 pm to DiamondDog
quote:
Buying a house is more of a financial commitment than people realize on the surface.
Maintenance, improvement, and fixing things are expensive.
I bought my house two years ago. It'd blow your mind at the cost. $5K in roof repairs, $2K in blown insulation, $1,000 in pump outs, $2500 in termite and pest control, $4K in painting supplies, $600 bee adventure (behind my brick veneer). $625 heating element that had to be replaced. $10,000 in lawn equipment. $4500 landscaping.
Now I am having to put on a new roof...$26K.
how big is your yard? I don't think I could spend 10,000 on lawn care equipment if I tried.
and as for the new roof, ask your insurance to pay for it. they covered ours several years ago.
2
Posted on 2/14/23 at 8:26 pm to Bunsbert Montcroff
I think he’s just run into an incredibly bad run of luck. Although I built my house, it’s been 16 years and I haven’t put that much in it over that entire period. Some new appliances and a new HVAC system are my only major items. Sure, there will be ongoing maintenance bills, but typically not what that poster has experienced.
Posted on 2/14/23 at 10:36 pm to Bunsbert Montcroff
quote:
and as for the new roof, ask your insurance to pay for it. they covered ours several years ago.
Trying that now.
I have 1.5 acres. $8500 zero turn ExMark, $300 weedeater, $300 pushmower, $700 pressure washer, $250 edger, and $300 blower.
Stuff costs.
The roof has been a hassle since Day 1. Had it inspected prior but post-Laura, everything has been a problem.
I still have new floors to put in ($16,000), HVAC Trane System ($20K) and drainage work ($8,000), painting ($6500) and hurricane rated windows ($10,000).
Is what it is I suppose.
This post was edited on 2/14/23 at 10:39 pm
Posted on 2/15/23 at 10:30 am to St Jean The Baptiste
Pay off that $3500 in old debt. Then save up a good bit more than your down payment. Your 3% down payment doesn’t include thousands in other closing related expenses….home inspections, title company fees, first year of insurance, lender fees, appraisal, etc
You need some cushion in savings for all the unexpected costs of homeownership. shite breaks and needs maintenance all the time, especially if you’re buying an older home.
You need some cushion in savings for all the unexpected costs of homeownership. shite breaks and needs maintenance all the time, especially if you’re buying an older home.
Posted on 2/15/23 at 3:29 pm to St Jean The Baptiste
quote:
I can always refinance later.
Dude, do you understand that you pay closing costs, including title insurance, each time you refi? "No cost refi" just means they roll the cost into the loan. In Texas, you can only refi once every 12 months.
While I'm sure the last house I refied was more expensive than what you were looking at, but title insurance alone was a $4k+ expense for a house that *I built.*
You, sir, are not prepared. Please rent for the next 18 months and stop looking to buy. We're near a peak in the real estate market, rates are awful, what are you thinking? Are you trying to get laid by being able to say, "The bank owns my house?"
Posted on 2/18/23 at 7:56 am to DiamondDog
I’m not sure why I have four downvotes after saying I have an approval.
Did all of the posters in this forum want to see me fail? If so, I shouldn’t be posting here.
Did all of the posters in this forum want to see me fail? If so, I shouldn’t be posting here.
Posted on 2/18/23 at 8:27 am to St Jean The Baptiste
I think you need to understand the difference between "wanting you to fail" and people seeing a cliff, telling you to slow down and not cheering as you plunge into a canyon.
Buy hey, be insecure and debt up to your eyeballs. Doesn't matter one Iota to anyone on this board.
Buy hey, be insecure and debt up to your eyeballs. Doesn't matter one Iota to anyone on this board.
Posted on 2/18/23 at 8:33 am to St Jean The Baptiste
There is a difference in getting pre-qualified and the underwriters actually clearing your loan. ETA people are hating bc you have $3500 in bills and for some reason haven't paid them off and are considering buying a house
This post was edited on 2/18/23 at 8:36 am
Posted on 2/18/23 at 2:25 pm to St Jean The Baptiste
We’re trying to prevent you from failing.
If you’re having a tough time clearing up $3500 in old debt, then have to save up for an $8500 down payment…you’re not ready. Don’t buy a house and immediately be living paycheck to paycheck. That $8500 FHA down payment is likely going to be closer to $15k once you add in closing fees, title insurance, first year of homeowners and flood insurance, and all the other miscellaneous expenses. Then how old is the house? You need some extra cash set aside for maintenance…both the routine and the unexpected costs. Ain’t no more calling the landlord when the AC or water heater craps out
If you’re having a tough time clearing up $3500 in old debt, then have to save up for an $8500 down payment…you’re not ready. Don’t buy a house and immediately be living paycheck to paycheck. That $8500 FHA down payment is likely going to be closer to $15k once you add in closing fees, title insurance, first year of homeowners and flood insurance, and all the other miscellaneous expenses. Then how old is the house? You need some extra cash set aside for maintenance…both the routine and the unexpected costs. Ain’t no more calling the landlord when the AC or water heater craps out
Posted on 2/21/23 at 12:04 am to St Jean The Baptiste
quote:
I’m trying, Ringo. I’m trying real hard.
Pulp Fiction props.
You’re getting yourself on the right track. Keep up the good work… just don’t rush it. I don’t sense that people are pulling against you. I just think they’re getting a sense that you may be heading for a pitfall if you don’t get those collections settled and build a cash reserve before you buy a house.
Good luck.
Posted on 2/21/23 at 9:33 am to St Jean The Baptiste
quote:
I have three derogatory hits that are keeping me from buying a home. Should I hire Lexington Law Firm to try to remove these negative entries, or should I just pay them? I don’t have a problem paying them off, but will it even help remove the derogatory hits if I do?
I would dispute them with the credit agencies. Make the people responsible for the remarks provide documentation. You'd be surprised how many that can't.
If they can't justify the debt then it will get removed.
Posted on 2/21/23 at 11:32 am to armsdealer
Send a Cease and Desist letter to any collection agency on your credit report. It's simple and they go away. The original creditor will send it to another collection agency and you then repeat the Cease and Desist
Also,the 7 year drop off is from the last payment you made on the account. So if it's a derogatory that is about to fall off after 7 years and you make a payment to them, that resets the 7 year reporting.
Also,the 7 year drop off is from the last payment you made on the account. So if it's a derogatory that is about to fall off after 7 years and you make a payment to them, that resets the 7 year reporting.
Posted on 3/5/23 at 8:05 am to Tiger Prawn
quote:
We’re trying to prevent you from failing. If you’re having a tough time clearing up $3500 in old debt, then have to save up for an $8500 down payment…you’re not ready. Don’t buy a house and immediately be living paycheck to paycheck. That $8500 FHA down payment is likely going to be closer to $15k once you add in closing fees, title insurance, first year of homeowners and flood insurance, and all the other miscellaneous expenses. Then how old is the house? You need some extra cash set aside for maintenance…both the routine and the unexpected costs. Ain’t no more calling the landlord when the AC or water heater craps out
To the OP, please take his advice. You are going to wind up in a worse situation than you are currently. Home prices are going to come down to match the high rates. Just wait, and work on your financial discipline. At one time in my life I was deep in debt and it totally affected my wellness, my personality, my relationships, etc. One unexpected expense happened after the other.
Are you ready to pay sky high insurance for the house? Rent for another year. I would not buy a house right now if I was on a strict budget.
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