Ok, so I own my current home outright. I also have a business worth $100K+. No car payment. Pretty good income. My credit is recovering from a bankruptcy a few years back and isn’t great but is above 580 in all models across all 3 bureaus. Not a lot of liquid assets at the moment. I’ve been casually browsing properties for a while now but hadn’t actually planned to buy for another 2-3 years, so I haven’t done much research or planning. I came across a just-listed property today that looks, on paper (3 hour trip to see it in person), like it checks many of my boxes and is hard to come by in my price range. Is it even worth pursuing? I don’t even know where to start, and I’m sure it won’t last long.
Talk to a mortgage lender first and get pre-qualified.
Clove said:
Talk to a mortgage lender first and get pre-qualified.
Curious about what happens if I do that and then don’t end up getting this property? I anticipate that I would revert to my originally planned timeline of a purchase in 2-3 years and assume the pre-approvals expire?
If you are financially qualified and ready to buy, you keep looking. It doesn’t matter if the pre-approval expires, as long as your financial situation hasn’t changed. It’s quick to get it updated.
Why are you looking to move 3 hours away? Does that work for your lifestyle, for your business?
Zeke said:
Why are you looking to move 3 hours away? Does that work for your lifestyle, for your business?
My business is fully remote and I deplore the area I live in currently lol; I’m only here because I inherited the property.
Do you need to sell your house before purchasing this one? If not, a mortgage lender may be able to get you into a B-lending loan that uses your assets as collateral. It’s higher interest but would get you into a house until you’re in a credit position to refinance.
@Wei
My plan is to retain my current house. If possible, I would like to NOT have to use the equity in it as collateral since it seems dumb to not retain at least one free and clear home in case the fecal substance someday hits the oscillating mechanism.
If you were to sell the current house, would you be able to pay cash for the new one? If so, you may get lucky and get an accepted contingent offer. That’s what I did earlier this year. Since I was paying cash from the proceeds of the sale of my house, they accepted my offer.
You’ll be lucky to get a loan with a 580 credit score. Your interest would be so high. Not sure what you mean by $100K business. Does that mean you make $100K?
Jordan said:
You’ll be lucky to get a loan with a 580 credit score. Your interest would be so high. Not sure what you mean by $100K business. Does that mean you make $100K?
It’s higher than 580; I just thought that was the minimum which is why I phrased it that way.