The Official Homeowners Thread

[muzikfrk75]

bout to sell my first house
bought it for 500k

hope to sell between 600-625

home owning sucks

I need to get them certs

 

[newarkhiphop]

I have a student loans from a bank that totaled to about $25k. This bank sold the debt off 7-8 years ago to a company and this company always calls me for payment, but I haven't made a single payment to them ever.

I have other student loans that I'm paying off aggressively as I want to be debt free. Oddly enough, my credit score is 750 anyway and I don't see the $25k debt that was sold over and over again anywhere on my credit report.

I want to own a home and everything looks good. My salary, credit score, and debt all look good but I just don't want this $25k to pop up while I'm deep in the process of buying a home.

What are my chances? I don't know what to do. I think if I start making payments to this company it will reset and be put on my credit report, which will drop my score. I told my self I'll settle with them when I save up the money but I want to buy a home as soon as possible.

I had your same exact situation, except that I eventually paid it off same amount to, and it didn't even come up in my mortgage process at all but much much smaller more recent paid off debts did

 

[The Refiner]

I had your same exact situation, except that I eventually paid it off same amount to, and it didn't even come up in my mortgage process at all but much much smaller more recent paid off debts did

Yeah, it feels like I'm in limbo. Don't want to start the home-buying process to have this shyt pop up.

Did you pay it off in a single payment or did you pay monthly? And if you paid it off monthly, did it ever hit your credit report?

 

[newarkhiphop]

Yeah, it feels like I'm in limbo. Don't want to start the home-buying process to have this shyt pop up.

Did you pay it off in a single payment or did you pay monthly? And if you paid it off monthly, did it ever hit your credit report?

It got sold a few times and then was just auto deducted from my pay check, it was on my credit history at one point along with a repossessed car, and many medical debts

Took many years and lots of work but I eventually cleaned my credit up, currently have a 765 score

 

[Amerikan Melanin]

I have a student loans from a bank that totaled to about $25k. This bank sold the debt off 7-8 years ago to a company and this company always calls me for payment, but I haven't made a single payment to them ever.

I have other student loans that I'm paying off aggressively as I want to be debt free. Oddly enough, my credit score is 750 anyway and I don't see the $25k debt that was sold over and over again anywhere on my credit report.

I want to own a home and everything looks good. My salary, credit score, and debt all look good but I just don't want this $25k to pop up while I'm deep in the process of buying a home.

What are my chances? I don't know what to do. I think if I start making payments to this company it will reset and be put on my credit report, which will drop my score. I told my self I'll settle with them when I save up the money but I want to buy a home as soon as possible.

None of that matters. Getting a home is based on your debt to income ration. If you owe 25k and make 100k per year you are golden. You only need a 640 credit score to get an FHA loan. Seems to me you are worried about nothing.

Use a house affordability calculator and then go on lending tree and let people fight for your business.

 

[The Refiner]

None of that matters. Getting a home is based on your debt to income ration. If you owe 25k and make 100k per year you are golden. You only need a 640 credit score to get an FHA loan. Seems to me you are worried about nothing.

Use a house affordability calculator and then go on lending tree and let people fight for your business.

That's exactly what I needed to confirm. Also, I live in NYC where the cost of houses is ridiculous. I'm sure I can get qualified, but I don't want to just "get by"....and I might even want to buy a multi-family home.

 

[Amerikan Melanin]

That's exactly what I needed to confirm. Also, I live in NYC where the cost of houses is ridiculous. I'm sure I can get qualified, but I don't want to just "get by"....and I might even want to buy a multi-family home.[/QUOTE

You need to talk to a mortgage broker or even better a financial planner.

You can get an FHA loan for multi families and 203k loan will cover the cost of renovation.

Go for it.

 

[The Refiner]

@Shook Thanks alot breh...solid advice

 

[muzikfrk75]

@Shook Thanks alot breh...solid advice

Good luck breh

 

[Disgustya Stallone]

Lol why you say that?

home owning is a lot of effort man... maybe i f*cked up, we ended up buying a house that has 4,000 sq ft for 2 people

that's a lot of house... i dunno.. i just dumped about 20k into the house to get it ready to put on the market... sh*t was a pain in the ass

 

[thaKEAF]

Finally found a house but there's two issues that the realtor pointed out. The wood on the porch would have to be replaced and one of the lights in a utility room aren't up to code. Besides that we like it a lot but it's up to the seller if they wanna fix that shyt.

 

[↓R↑LYB]

Yeah, it feels like I'm in limbo. Don't want to start the home-buying process to have this shyt pop up.

Did you pay it off in a single payment or did you pay monthly? And if you paid it off monthly, did it ever hit your credit report?

Don't contact the creditor. The company who owns it might not be reporting to the 3 credit reporting agencies (I've had that happen before on). Get your 3 reports and verify it isn't on there. If it isn't, just chalk it up to being lucky.

 

[The Refiner]

Don't contact the creditor. The company who owns it might not be reporting to the 3 credit reporting agencies (I've had that happen before on). Get your 3 reports and verify it isn't on there. If it isn't, just chalk it up to being lucky.

And if it's not on the credit report, what do I do with the debt? Do I pay it off? It's a student loan so I have to pay it, don't I?

 

[↓R↑LYB]

My basement is coming along nice but it's taking longer than id like but that's because I'm being lazy . Gonna work on it all this week and hopefully have the hardwood/carpet installed in a couple weeks.

Theatre Room:
Gotta paint the doors and ceiling black and do some small touch up paint, get some new sconces, and install carpet. This room will have a 120" screen, 7.2 speakers, and popcorn/cotton machine.

Living Room/Kitchen:
Just got recessed lights installed and im gonna do some touch up on the ceiling , remove the kitchen cabinets and breakfast bar, repaint the doors/trim, install the speakers in the ceiling, then install hardwood. Im gonna have my girl is gonna decorate this shyt, not sure what she's gonna put down there.

Game Room:
Just got the recessed lights installed and I just need to repaint the doors/trim/ceiling, and install the speakers/hardwood. I'm gonna have a flat screen on the wall, pool/air hockey table, arcade cabinet, and a skeeball table.

Hopefully everything should be finished by the end of October. I've been holding off on playing Uncharted 4 because I wanted to experience it right on the PJ. 120" projector, 7.2 speakers, and I'll cop a PS4 Pro.

Finna be a cold winter brehs

 

[newarkhiphop]

@bdizzle I might have missed it but how big / how much did you pay for your place