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I have just graduated and been accepted a job position that will begin Jan 5th, 2009. I am getting married in May so we want to start the house hunting process soon. I thought about getting on LendingTree.com to see what kind of loans we could qualify for.
Like I said, I have a start date and I know what my starting pay will be, is it too early to search for a loan on lending tree?
Thanks!

smithsussane · Posted: Wed Dec 10, 2008 7:11 pm Post subject:

Hi kt!

Welcome to forums!

Keeping the market situation in mind, I think you will have to pay a substantial amount of down payment to get the loan. However, you can go for a joint mortgage. In case of joint mortgage, the lender will take into consideration your partner's income and credit score. Thus. it will be easier for you to get a mortgage.

Feel free to ask if you have further queries.

Sussane

elisahoyos

Hi KT,

I was looking over your information and I had some questions for you.

I work with a company that is a 5 star rated lender with LendingTree.com If you need information please contact me. I would be happy to guide you in the right direction. I specialize in loans for 1st time homebuyers and for low to no down payment programs (Yes they ARE still out there and NO they are not 100% financing programs) You can either contact me back via this forum or you can call me at 888-694-2323. It's not too early to start getting ready for your purchase.
Respectfully,

Elisa H.

Guest

thanks for responses!
We thought about talking to a realtor in January after the holidays that my parents worked with before, but I wanted to have an idea of what we could afford before we went in.
We will probably have to put the loan in my name only because my fiance has a Chapter 7 in his past. I will be making a larger income anyways so that should not be a problem.
I have a $3500 CC balance that can be paid down as soon as I began working and a $1700 car balance that I pay $130 a month. That is the only installment and revolving debt that I have. I do have a few other credit cards that have zero balances. I have never been late with a payment and have no other negative credit on my credit report.
My promised pay is about $3750 a month.
Im kind of shooting in the dark with what we can afford.
Any help will be greatly appreciated!
Thanks,
Katie

jameshogg · Posted: Thu Dec 11, 2008 9:17 pm Post subject:

Hi kt,

You have mentioned that your parents have dealt with the realtor earlier and I hope the realtor has given satisfactory service to your parents. In that case it will be a good option to work with them.

You can also speak to the lenders of this community and seek a no obligation free mortgage consultation from them. Let's hope it will help you.

Thanks

parmoney · Joined: 05 Dec 2008 Posts: 37 11.32 Dollars($)

Do you have any student loans?

gmakerley · Posted: Mon Dec 15, 2008 2:09 pm Post subject:

elisahoyos, please refrain from blatant advertising in your posts. please read the guidelines and you will notice that it is contrary to the tenor of our discussions here that loan officers use phone numbers and outright requests for potential borrowers to contact them.

kt1128...you would seem to be in terrific shape to begin the process of searching for a property and a mortgage to go with it. i am not personally intimate with how lending tree works, so cannot comment on your questions, but i can tell you that the likelihood is that you'll be successful in your efforts, depending on your credit score. of course, based on your statements about your credit standing, that score should be outstanding.

look into state-specific programs (contact your state housing agency) to see if there are programs for first-time homebuyers. your realtor ought to be able to direct you from that standpoint also. my suspicion is that lending tree may not be a good place to search for that sort of information.

i would ask that you not reward our posting loan officer for her posting that is contrary to forum guidelines, but of course, who you do business with is strictly your choice.

i believe you are correct in assuming that the loan will need to be yours alone. at the same time, i would suggest that you check your fiance's credit, to see where he stands now; and if he needs re-establishment, he ought to go find a credit union that will grant a secured credit card with a reasonable interest rate and fee structure.

contrary to sussane's assumption that you'll need a substantial amount of money for down payment, i believe you'll be able to look at the 3% down payment (fha, for example) scenarios and be successful there.

elisahoyos · Posted: Tue Dec 16, 2008 1:10 pm Post subject: apology

Dear Mr. Akerely,
I apologize for any confusion, I was not aware that giving information was forbidden in the forum. All I was trying to do was help out KT.

All the information I posted is correct however and what I was trying to avoid was to have ms. KT post private financial information in a public forum. That is information that I consider to be highly sensitive and is better discussed directly.

So once again I apologize for any wrongdoing on my part and I ask that you do not bad mouth me or wish me ill will by suggesting that people do not contact me.

(and may I note that you too have listed your name, company's name and phone number in your post)

gmakerley · Posted: Tue Dec 16, 2008 1:58 pm Post subject:

elisa, i don't mean to cast aspersions on you; nor do i wish you any ill will.

i recognize the innocence in which you posted your information, and appreciate your willingness to try to understand the posting procedures on here.

you're right - my contact information is here - this is allowed as it is part of the signature. if you go into your profile information, you will note that you have the opportunity to also add your email address, your picture, etc. if you choose.

i'm sure you'll be helpful to our posters -your post wasn't, as you noted, incorrect (and we do get those). we simply hope to keep this community solicitation-free. we do have one notorious offender, and that may have caused me to react a bit stronger than otherwise. forgive me if you think i was too heavy-handed in my rebuke. i meant no harm - really my desire was to point out the rules so you can fit in more easily with all of the rest of us.

welcome to the community - hopefully your expertise will be helpful to many, especially in your area. we all know that texas has some unusual rules in the mortgage area, so anyone who can add to our posters' understanding will be quite beneficial.

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