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This is my situation
700 credit score
income -64000
car laon 244-5yrs
school loan 96-per month
cc 1- 160-per month
cc-2 126-per month
cc3-300-per month
savings 25000.
l am trying to pay off some of my debts to bring my dti down in other to qualify for a loan of 300 to 350 . What is the best way to go about this interms of paying the debts.

eric1 · Posted: Wed Jun 17, 2009 5:42 pm Post subject:

I just put your numbers into my spreadsheet. The reality is that $300k is too much for you at this point. You are going to have to borrow from someone to pay off those debts to qualify. You are going to use up all of your savings between down payment and closing costs. This leaves you no room for a set back such as a loss of employment for a short time, etc etc

My recommendation is to find something that is less than $200k. Preferably in the $100k range until your situation changes.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

john34

Welcoem to the forum

If you lookign to buy under the fear that the house prices will go up, the you can waiti a little longer and use that time to pay your debt and credit card

The house prices are not going back up soon, as you can see in this forum, lot fo poepl are aksing question about foreclosure, quit claim deed, deed in lieu or short sale.

Prices will probably go down little more before they can stabilize

Good lucka and feel free to ask

Do nto hurry

brian3 · Joined: 09 Jun 2009 Posts: 80 21.31 Dollars($)

I agree with Eric, your range is closer to $200,000 with all that debt. Even without that debt your current ratios at $300,000 would be 32% and thats without taxes and insurance. ....thats high to start with and will be difficult to approve when the other expenses are added. good luck

sunshineva · Joined: 15 Jun 2009 Posts: 78 6.76 Dollars($)

Hello,
You didn't list your amount of credit card debt but I'd strongly consider taking some of that $25000 in savings to pay down the credit card debt. What little interest you earn on savings is being obliterated by what you're paying on credit card debt.

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what should l do to qualify