It's not the end of the world...sigh...but I can't get a mortgage for him!

Discussion in 'The Watercooler' started by DDD, Oct 22, 2012.

  1. DDD

    DDD Well-Known Member

    I am feeling sick and defeated..SIGH! I have "made my case" with two mortgage companies and neither will approve easy child/difficult child for the mortgage he needs to buy the house. I can not ask anyone in the family to sign on and, sadly, husband and I are not in a position to do so.

    Does it make sense? You want to buy a house for $55,000 and you can put down $30 or $35 grand BUT you can't get approved for a $20,000 mortgage??? Why? Because you have been disabled and therefore you have not build a strong credit history. He has a credit score of 630 which is TEN points below the minimum. I am bummed. He will be more than bummed when he calls tonight to "hear" the final verdict. (PS: there are three credit scores and one is almost 700 but the other is 575).

    Really? Who to H would not feel safe holding a $20,000 mortgage on a home that last sold for $110,000 grand? I feel old, vulnerable and sick. Alot of work has gone into this and now I feel like a deflated balloon. Whine. Whine.

    I've dealt with horrible things in the past so I "know" this is not the end of the world. Cripes, he almost died years ago. No comparison. on the other hand, tonight I feel defeated. I'm going to bed. DDD
     
  2. AnnieO

    AnnieO Shooting from the Hip

    :hugs: I wish I had wisdom, but...
     
  3. klmno

    klmno Active Member

    Get some sleep- I don't have the experience you do in real estate but have bought 3 houses at different times in the past. My experience as a typical buyer left me completely convinced that those "great deals" that stem from a previously foreclosed-on property were only there for realtors, investors, or others who had more than my middle-class income. After you get some rest, maybe you can explore other options- when is his deadline next year for investing this money?
     
  4. lmf64

    lmf64 New Member

    have you tried the online mortgage companies?
     
  5. buddy

    buddy New Member

    That's crazy with a down payment like that. I'll never understand. I have a feeling it will work out when it's meant to though. Lord knows you deserve a break on this!
     
  6. DDD

    DDD Well-Known Member

    I just tried on the online, lol. This house is designed and laid out so you could rent a third of the house and still have your privacy and plenty of space...it's over 1800 sq. ft. for goodness sake. Is it perfect? Well, lol, husband and I wouldn't want to buy it BUT you could actually live in this home and not need a car..at all. Within three or four blocks you have seven restaurants, two major grocery chains plus Walmart, a liquor store, two pool places (not too grungy), two gas providers that are low end AND the blankin/ social security office. Really you could live with-o any car expense
    although, easy child/difficult child is eager to buy a car of course.

    I'm tempted to submit a new offer all cash and as is for ten grand under the contract price. If it were "me" I would do that. on the other hand, my kid does have a Traumatic Brain Injury (TBI) and I'm not sure he would "get it". He's a bit spoiled (understatement) and has never lived without all a/c etc. working. He's suppose to call between 8 and 8:30. LOL, I honestly forgot my cell at work because I was so cranked getting ready for the mortgage dude. Yikes, I need to go to bed. Thanks. DDD
     
  7. klmno

    klmno Active Member

    Great! I'll send E down there to rent the other part. He can work at the grocery store, walmart, or gas place. Done deal! He'll be there by mid-Feb....if not before.
     
  8. Jody

    Jody Active Member

    How about a nice mobile home? He could afford lot rent if he bought the mobile home outright. He could get something really nice.
     
  9. DammitJanet

    DammitJanet Well-Known Member Staff Member

    DDD, that really makes no sense. I had horrible credit, put less down in comparison on a car and was approved for the loan back when I got my back pay. In other words, I only put about 45% down on the car. That was including taxes and tags. I still had to pay four years at 18% interest rate. Yeah that was way high.

    Your grandson has over 50 percent to put down which would make his payment under probably 200 a month if he got even a 20 year loan. Heck probably a 15 year loan! 630 is a darned decent credit score in this day and age really. Especially for someone who hasnt worked. In all honesty I would put that back pay into a special needs trust until he can find a home and then have him do something to build that credit score fast. I know you put him on your credit cards but also get him a secured credit card through a bank and have him buy his stuff every month and pay it off every month on time. That will build his credit fast. Then he should get other offers for new credit cards. Open them and cut them up so he cant use them. That should also build his credit. He just needs to get it up there. Check his credit report to see if anything is on there that shouldnt be. If he has any medical bills that you can get paid with his medicaid or medicare...have them back date a card and send it to the creditors to get those bills off his accounts and contest them on his credit reports. I found on my credit report they still listed medical bills that were paid. I had to contest those to get them off.

    If all else fails, go the mobile home route. Like I said, Wind Zone 2 is aloud in your area.
     
  10. DDD

    DDD Well-Known Member

    Tenacity is my middle name........or, lol, maybe my first. I have come up with one last plan. No I don't think it will work but WTH. Fingers crossed. DDD
     
  11. Hound dog

    Hound dog Nana's are Beautiful

    Mobile home is an option.

    I would only be leery of how long it would last him due to his age. A stick built home would last a lifetime as long as he kept up with it. A mobile home doesn't have that long a life, or they didn't use to have.
     
  12. busywend

    busywend Well-Known Member Staff Member

    If it is only $20k couldnt he get a different type of loan? Not a mortgage?
     
  13. InsaneCdn

    InsaneCdn Well-Known Member

    Next stupid idea...
    Can YOU get a mortgage on that? If so, he pays you rent on your "share" of the house, equivalent to the mortage payment (including taxes etc.). Life-insure the mortgage, so when either you or husband dies, the mortgage is paid out - no impact on difficult child. (assumes joint tenancy)
     
  14. Fran

    Fran Former Site Owner

    I can understand that sinking feeling when you have a plan that may work for complicated difficult child's and someone stops it over technicality. It feels like despair. You are just trying to "settle" difficult child. Good luck.
     
  15. DDD

    DDD Well-Known Member

    The Realtor we are using is similar to husband...soft spoken, easy going, nice guy salesman. My last plan is the plan of a woman who supported five people for years on commision only. I'm in "close the sale" mode. The Realtor is in "WHAT?" mode. We'll see. LOL!

    At least I will know that I gave my best shot. on the other hand :) it was easier in my 30's than in my 70's. ROFL! DDD
     
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