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- This is kinda confusing! Have condo about 20k upside ...
This is kinda confusing! Have condo about 20k upside down, looking to buy grandmas house...
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karlaslate
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My credit score is about 700, but I have a high debt to income ratio. My husband has bad credit (charge offs from past marriage). But, my mom is willing to cosign the loan if I need it. I make $5,000 per month and she makes $3000 per month. If we cosign, can my husband be left off so his credit doesn't affect the loan?
Is it possible to sell my condo for $177k and buy the house at $342k minus the real estate agent fees of 6% ($20,520) since we won't be using them, for a cost of $321,480 but still get the loan for the assessed value of $342k and use the difference to pay the difference in my condo loan at closing?
Also, I have $17k available to me (sister's help and cash out old 401k). Is it best to pay down my debt with that money so I have a better debt to income ratio, save it for a downpayment, or use that to pay the difference when I sell my condo?
OR, should I just rent my condo until the market bounces back and I can sell it easier?
I know this is confusing! Sorry! Any advice will be appreciated.
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