LEXUS_KID

iTrader: (4)

Good luck with the sale smart choice

SADDLE

iTrader: (9)

good luck with everything B, if you do sell the car, don't be a stranger on the site...!

GS FONZy

iTrader: (6)

don't do it. i once did the same thing, sold my 9RR because i was in the market for a house .
all down payments have to be 20% of home value, some 10% but i don't think it's for firt time buyers. even on a $100k loan (not in cali) you will have to put down 20k and sorry to say, but you will not get 20k for your G. maybe selling your car will cover your closing cost, but that is why you negotiate, make the seller pay for that. go get a first time buyers loan and they finance 100%

RI-Lex

iTrader: (4)

go with 80/20 loan, try for 100% finance for sure, that way get rid of the stupid PMI they get you with.

DzaztrBUSE

Not always true. For instance, the city of Chicago has a bond program where not only will they give a great rate (currently 6.4) fixed for 30yrs but will also do it at 100% if need be. You pay MI but its still better than getting a 6.75 on the first and 8-9% on the second. As soon as your equity has risen to where your loan equals to 80% of the value then the MI is dropped. Oh yeah one more small thing, the City of Chicago is is giving a forgivable grant of 4% of the loan amount.

Check wit your banks first. I'll see if there is any programs like that in Jersey. Is thats where youre buying? Stray from brokers. I can offer better rates to borrowers when we bank the loan rather then broker it. PM me if you have any questions. Other than that good luck

LexFather

Good luck dude.

MrG4Life

iTrader: (14)

What... I'm gone for like three days off of CL and come back to hear that your selling your GS. Bea u came out and said straight up that your selling it but then again it's been on your mind lately. I mean don't get me wrong, renting is a start for all of us, but if owning is something that u want then go for it by all means. My reaction earlier was because you did a good amount of mods to the car in a very short period of time and to be selling is a shock. The choices we gotta make in life are sometimes hard ones but if u do sell it, I wish u luck in landing a crib kid.

Emackny

iTrader: (6)

Big B.. First of all, congrats on a wise decision to purchase a home. You cant go wrong. As far as needing money down, if you are a first time home buyer, you may have some options to buy your home with no money down. There is plenty of assistance out there for 1st time home buyers. Its called down payment assistance and you dont have to pay it back in some cases. Im sure there are some qualifications but not hard to meet from what I understand. (Dzaz help me out if Im wrong here) Something you might want to consider. If your dealing with a broker (Be careful, they can be scum), ask them about it. Granted, there are alot of other things to take into consideration like, debt to income ratio and other things like that but I figured that I'd throw that out there. Just an FYI

Oh, and be sure to make the seller pay for closing costs!! That will help you big time.

PM me if you have any questions.

Smitty

iTrader: (1)

Bigbea good luck with the sale bro. I'll ask anyone I know if they're in the market for a GS. I wish I could buy her off of ya but not lookin at a GS till sometime next year. But on another note, after u get the new crib you gonna have a party and invite a brotha?

-Smitty

minla007

dont do it man....keep the gs...you're not going to get much for it anyways, plus you'll still have to get another car to ride in....if you have good credit and a stable job, u'll be able to get 100% financing for your home....i was in the same situation as you...trust me, u'll regret selling the gs....keep the gs

DzaztrBUSE

True, sometimes a down payment assistance program requires the borrower tb be able to document income that supports liabilites. As far as DTI (debt to income) its not really set it stone. If the lender is going off of Fannie Mae guidelines they run a program that is either DU (desktop underwriter) or DO (desktop originator) that will allow a higher ratio.

As far as the downpayment assistance programs, such as Ameridream or Neamiah (sp?), will no longer be. The government wants to stop those programs since its really the seller upping their sales price 3% to grant it to you, then pay the non-for-profit the $500 fee. Check with your state housing department.

I was kinda thinking this. If you need the proceeds from your car as reserves then sell. If you do not then keep it. The difference from no downpayment and 5% down is very minimal. Now 5% down is a stronger file that no money down but if it can be done why not. Rule of thumb: always have at least 6 months PITI (principle, interest, taxes, insurance)
in reserves.

Insedanity

Be careful about the advice you're getting on here B. I always heard people talking like the two above and accepted it as gospel. At 23 my wife (gf at the time) and I bought a home and now, five years later, we're selling it. It was the worst financial move we've ever made. I've already lost at least 15K on it and will lose more before it sells. Bought it at a good price, fixed it up a little bit, and will be lucky to sell it for what we paid.

I realize that what happened to me won't happen to everybody, but I hate it when people make iron-clad-guarantee-type statements like the ones above when they're not completely accurate statements, especially when they're regarding such an important issue as someone's finances/future/life-savings.

L3XOTIC

If its paid off. Id keep it. Honestly....your buying a townhouse....but what are you going to drive around? A $3000 car? Id keep the GS. Its not going to be a MAJOR difference in buying a house. ESPECIALLY cause its paid off!

tuddy

Def get a house..I just moved into my first house last month and im 22. I agree that if your car is paid off don't get rid of it. If you have a union job see what kind of mortgage company if any they have but don't get rid of the car cause you will miss it and then wind up trying to get back in a new one and put yourself in the hole more. Plus with new housing there are alot of hidden fees that they don't tell you bout upfront. Happened with me when I went to go look at new housing.. Either way good luck B

kit cat

iTrader: (6)

if that's the case, I'd love to have your Espelirs

and I couldn't do it...you're brave man. Good luck