Quote:
Originally Posted by bossku69
argh, your right... and I dont like being wrong 
Honestly, the problem is Ive already put so much time, money and effort into trying to save this deal with the house, this was a last ditch effort to save face. I get what your saying, but its hard changing your own mind especially when you have your heart set on something.
My DTI is to high because of the 1099 income and writing off expenses. Using my current W2 it is extremely low, but they will not count that since I didn't start earning as W2 until mid way through.
In all honestly, if I would of known this from the start, I would of not even begun this process. I would of waited until next year so I have one solid year of W2 income, not just a few months.
If I wouldnt of had to spend all this money between selling a car, paying off debts (cards at 0% interest), etc., to lower my DTI even more I would of easily had 10% to put down, but thanks to the guidance of this broker, I believed what she had said and now I am out thousands which I wouldn't of had to be.
Lesson learned, maybe its time to cut my losses and stop the bleeding.
Truthfully tho, even if someone was to lend me $240k repaying them a mere $12k return would be cheaper than the interest on a mortgage for the first year.
Anyway... |
Learning to go slow, think things through is the first step. Don't jump into stuff, seek advice from others before you get involved in something.
The hardest thing to do, even more so than that is to learn when to cut your loses. It is also the smartest business decission that people can make in most cases. You can continue to chase a buck by spending two, and never get what you want or just cut your loses and still keep some of your money, not to mention your time.
Cut your loses. Sign a 1 year lease on an apartment, get out of the deal you are in before you do more damage. I believe you are what, in your mid twenties? It wont kill you to save up and wait another year to buy a house. Next time plan ahead, get the bank all of your documents, get 100% approval, have your 20% to put down, then start looking for something to buy.
btw, no one with 240K cash on hand is going to lend it to you at 5%. You don't realize a lot of things. What if you trash the house, what if the house needs lots of repairs in the next year and you bail and they have to repo it from you. They could lose tons of money. They would want a huge deposit from you, down payment something... and the interest rate would be up around 20% likely. And you still not going to find anyone around here with 240K cash on hand to loan it someone that they don't know.