Question about mortgages and debt

iVillage Member
Registered: 06-03-2006
Question about mortgages and debt
15
Thu, 10-16-2008 - 10:51am
The town I live in just starting a program to help people people who work in our town and are first-time home buyers to buy a home. They help secure a very low rate and also help pay for closing costs and a down payment. My only concern is my debt. Right know, we are in debt about $15,000. (If it matters,

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iVillage Member
Registered: 08-22-2008
Thu, 10-16-2008 - 5:21pm

I remember that restriction, too, but I think it may have been changed-- if you have a letter proving it's a gift and not a loan.

iVillage Member
Registered: 07-22-2008
Thu, 10-16-2008 - 6:28pm
Also, I forgot to mention earlier that the federal government also has a first time buyer incentive program that expires in July 2009. It is based on income and is a 10% of the purchase price, a maximum of $7500.
iVillage Member
Registered: 10-02-2008
Thu, 10-16-2008 - 11:14pm

I encourage anyone with questions about credit scoring to check out this forum


http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654


Lots of great info and MANY people who have lots of experience with credit.


Good Luck!


Sarah

iVillage Member
Registered: 01-25-2006
Fri, 10-17-2008 - 10:53am

Wow, super helpful! That's the first place I've seen definitively say it is better to hold smaller balances over several cards vs. a bigger balance on one.

If you don't mind, I'm going to put this down in the resources area too so it is easier to find.

Peg

iVillage Member
Registered: 11-06-2008
Thu, 11-06-2008 - 7:42pm

We are hoping to get a down payment from our parents too.

WannaHome:)

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