So my family's trying to get a loan for a new house. (A huge and freaking awesome house. We have like 5 people living in a 2 bedroom house right now, and space is really tight.) My mom has great credit, my stepdad has horrible credit because he filed bankruptcy not too long ago. So here's the catch: We can only count my mom's income, which is roughly half my stepdad's income, which is about a third of the household income. The bank won't count household income. Which means that we probably can't get a loan for quite the amount we need. Although it's possible that we will, I'm starting to doubt it.

The house is appraised at roughly $114,000, and is exactly 50 years old. It's been reposessed, and the realty company is desperate to unload it, giving us the possibility of getting it for half that price, or maybe even less. They basically just said "make an offer." No restrictions. Since my mom has good credit, it's possible that the realty company will even take her lower offer even if there's other people making higher offers. That's what happened with our current house, although I'm not sure why since they had money on-hand and she didn't.

We've never wanted a house quite so bad. 4 bedroom, 2 bathrooms, huge dining and living rooms, outdoor pool, game room, office, some other rooms that I'm not sure of the purpose of, 2 car garage in front, oversized garage in back. And largely covered in knotty pine panelling with cedar closets, awesome light fixtures. It rocks.

If only there was a way to get the bank to count combined incomes we'd be able to get a higher loan. Any financial consultants around?

i would turn to a life of crime and selling drugs to pay for the house

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  do her}
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I believe Aaron's on to something. I too would rob and whore for cash. Cept I'd rob diners.

I'll ask my aunt this weekend. She does real estate for a living.

Where is this house? Any house like that around where I live would go for over $300,000 easily unless it was in a horrible state of disrepair. Unless its so cheap because of the reposess thing.

Man, that house could go for more than $750,000 here in the Bay Area, even over $1 million in some places.

I hope you get the house.

It's in great shape, actually. Except the basement is muddy because (for some reason) someone removed a section of the north wall, as though they were going to expand the basement, and didn't.

And this is located in a very small town, which would attribute to its inexpensiveness. Plus the bedrooms are somewhat small (except for the master bedroom) as well as the bathrooms, (compared with the rest of the house) which might contribute to it as well.

And the view is great. Sort of. It's in a town called Little America, which sits atop a hill.

You should buy some land in CA, then pay to move the house there, then reap the profits. (not that land in CA is cheap, but...)

1. Take pictures of the house in question and take it to the loan consultant so the bank can see exactly what you want to borrow money for.

2. If the bank turns you down for no apparent reason, then the bank might have already lended too much money for homes. A bank needs to keep a balanced loan portfolio, so they won't give out a loan that will off-balance their portfolio no matter how good the deal is. The bank won't tell you this, of course, but if you are turned down, take the same offer to another bank. If you're lucky, the other bank will need to GIVE you a loan to balance their portfolio.

3. If you're having bad luck with the banks, remember that there are other kinds of lenders available.


4. remember, banks WANT to lend you money b/c thats how they make their money. However, you have to sell them on the deal.

God where the hell do you live? A house just down the street, 3 bedroom 2 bathroom one story, small yard with nothing went for $650,000.

Our house, 5 bedroom, 3bath, 1/4 acre lot with in-ground pool is worth at least a million.

Yeah, I was thinking exactly the same thing. Damn expensive bay area.

I guess thats the price we pay for living in (what I truly believe) to be the most desireable place in the country.

Dunno about you guys but I wouldnt have it any other way.

Good luck with that house though, I really hope you get it.

*wobbles*

Hahaha, Rendar you're so unenlightened.
I live in a wonderful place, and a house that cost's $50,000 in my area would cost you upwards of probobly 200,000.

How can I be un-enlightened? Its only an opinion, its not like im saying everywhere else sucks and here rules, I've been to all kinds of places around the country where the people there have said it was beautiful but I still prefer it here.

Lets not turn this into a war :p

Bow down to California!