rekkids

lots o' questions! FUN!

mortgages are AWESOME!
ok, ok here's the basic rundown.

we have a relatively new business. We've actually been doing business for a year, but just started working under our own business lincense as a single person LLC. It's a horse-related business and doing fabulous. My husband has had a steady job for about 3.5 years and also doing GREAT.
I have awesome credit, he has not so awesome credit.
We want to buy a property that is 60 acres with a totally adequate house for us and almost everything we'd need to relocate our horse-related business.

We've decided that our budget (amount we'd need to borrow)is somewhere around $500,000 - we've been pre-approved/ qualified for a mortgage of that amount.

This is my first time dealing with something like this and so a lot of questions are coming up because apparently its a kind of complicated and special situation.

I am applying alone without a co-borrower because my husband is pretty convinced that his crappy credit (from about 5 years ago that is still repairing itself) will really screw up our chances for this (as it did when we were buying our truck).

However there is that whole problem of me not really having great documented income. The income that I do have fluctuates as clients come and go and horses finish training and come into training, but it is always enough to pay our estimated mortgage payment on $500,000.
Of course my husbands income helps too, but I know that lenders can't consider that because he's not a co-borrower.

So I'm sort of confused on the types of documented income vs. stated, vs. no doc.
What will I need? Which one is best? and how do the types affect the APR and types of mortgages we can get?

Also, I have been told that there are only certain types of mortgages that we can get for a property of that size - 60 acres. How does this affect us?

Then there is closing costs. We have the money for the down payment, but that basically wipes us out unless we deplete everything that we know we'll need to operate and live and settle in for a few months. I was told that that can be wrapped up in the mortgage by sort of saying that the price is higher - so how do we best express that to the owner/realtor so that they understand that our offer is actually $xxx,xxx but we're going to pay them more and then I guess recoup the closing costs so that we can pay them? totally confused.......




i know that's alot for you guys to read and help me with, and i know it sounds like I'm totally clueless, but I am. I have a few people helping me, but I am horrible on the phone and need someone to explain it to me who has nothing to gain.
It seems like there are so many options out there that there has to be something that will get us this property (which I am head over heels in love with as is my husband).......right?
but being so many types (interest only, jumbo, combo etc. etc. ow my head!) I am just getting more and more confused!!!!!

anyways I'll take any help you can give me!!!

(x-posted)
my plate!

(no subject)

Cross-posted to my_first_home and starterhomehope.

Does anyone have any ideas for how to paint DryLok™ behind an oil tank? Do they make a special 90o paintbrush for this purpose?

My basement used to flood during every rainstorm. I painted the walls with DryLok™ and all is generally well. However, on days with very heavy rains, or days when it rains on top of ice so the water has no place to go (like today), my basement still gets about half a bucket full of water in it. The places where the water appears to be coming in are behind the oil tank, and behind the built-in workbench: the two places where I found it impossible to paint with DryLok™

Any suggestions? The best thing I've come up with is don't keep cardboard boxes or electronics on or near the floor in those areas.

(no subject)

My husband and I have been offered an interesting opportunity that will not only get us into a home but is a good investment for the other party involved. Here is the situation...

My uncle passed away a week ago, leaving a house in Kirkland, a upper middle class suburb of Seattle, WA. That average house prices in this area is $405,000. My parents have decided that they want to buy the house free and clear from his estate and then give us a loan to purchase half of the home from them. This is assuming the house gets appraised for the price they want, no more than $350,000 (it needs about $100,000 of work). They are looking at is as an investment, making money off interest from the loan, which I would much rather give to my parents than a bank, and the appreciation of the house. It will be a 30 year loan at 6.8%.

Few questions, does this sound like a good deal? I do have some concerns that will be addressed and written into contract. Such as, at what point we could buy their half, or sell ours.

Now for those of you who have paid a mortgage before, is it better to pay down the principle or invest the money in more liquid high interest (but higher risk) investments? 6.8% seems a little high compared to the current APR rates, what are you paying? We are still in the preliminary process of this, but I am trying to get a good grasp on what is involved in the purchase of a home mortgage.
dave

Introduction

Hi Everyone!

My name's Nicole and I'm 24 from Northeast PA.   I'm interested in buying a house in the very near future, but am unsure as to the process of buying a house.  I'll admit that I'm clueless and don't know where to start.

Does anyone have any book or website recommendations that discuss the process of buying a house?

Thanks for any info you can provide, and I look forward to sharing my journey with all of you.
audrey mask.

One week to go!

The countdown is on! We close on May 25th and I'm much more excited than I thought I would be. :) My landlord has turned into a you-know-what since I told her we'll be moving, so that's been annoying. But, I guess that's all the more reason to be excited about the move! :)

I heard today that the appraiser has estimated the market value of the home to be $130,000... we're buying it for $123,900.

I'm nervous about closing... I've been told that it's painless but long.