How to get rebuild for Mortgage?

[buddha3569]

My wife and are trying to rebuild credit to get a mortgage... Here is our story:

Wife's....

Father fucked up her credit by stealing her student credit card long time ago... We been trying to rebuild her credit... started by paying off the debt her father created, got a secure credit card (Capitol One). Did the Capitol One for 7 months and then BMO send us one of those "You're approved!" letters... Wife applied got approved for a $1000 Mosiac card... been REALLY good about paying that. Wife only works 1 day a week, at the end of this month she will be joining me at my company. Will start at $14/ hour and 40 hours a week.

Me....

Declared bankruptcy 10 years ago over bad advice... didn't pay my bankruptcy fees. Trustee locked me in "sunny di". Just recently contacted trustee... currently working with trustee to exit out of bankruptcy and entering into a proposal. My employment record is been with this company for 8 months full time... $14/hour

So my question is WHAT can I do or HOW can my wife and I get approved for a $500,000 mortgage?

[adamc]

You are not going to get approved for $500k on that income.

[adam c]

^^^
get a different name

[USED1]

Good luck getting a mortgage for 500k making $14/hr. There is absolutely no way any bank will give you that kind of money.

[buddha3569]

well there will be 3 incomes all at $14/ hour... 3 adults going in on this together

[90s_tuner]

Private lender. No chance with a bank. PM Khalil.e as he knows a few lenders that can pull some strings.

[asuth077]

Originally posted by buddha3569
well there will be 3 incomes all at $14/ hour... 3 adults going in on this together

That is still only $80,000 household income, with bad credit, trying to borrow half a million. Private would be your only hope.

[buddha3569]

Originally posted by 90s_tuner
Private lender. No chance with a bank. PM Khalil.e as he knows a few lenders that can pull some strings.


Thanks dude!

[Clanche]

Don't mean to be insulting but why are you trying to get a $500,000 mortgage on that kind of income? Seems like its outside of your means so why risk it? Find something small for less... pay that mortage for 5-10 years and upgrade slowly.. most people don't start with a 1/2 million dollar house...

[max_boost]

^^^
WERD

Most people upgrade later when they build up more equity. $500k amortized over 30 years at around 8-10% (I don't see how you can get a lower rate) is pushing $4000/month. That is INSANE. :eek: :nut: :dunno:

[buddha3569]

Originally posted by Clanche
Don't mean to be insulting but why are you trying to get a $500,000 mortgage on that kind of income? Seems like its outside of your means so why risk it? Find something small for less... pay that mortage for 5-10 years and upgrade slowly.. most people don't start with a 1/2 million dollar house...

Because it is me, my wife... our 2 kids and my wife's mom and part time my uncle when ever he is in town....

And as I said before.... it's 3 x $14... 3 incomes and my uncle will pay all the utilitlies when he is in town...

[lint]

3 incomes at $14/hr ~ $85000/yr ~ $7080/month gross.
at 30% marginal tax bracket that nets ~ $5000/month.

a $500000 mortgage amoritzed over 25 years at 5.25% is just under $3000/month.

total mortgage payment ~ 60% of net income. BEFORE considering other expenses (property tax, utilities, and those pesky necessities such as groceries, toiletries, clothing).

Are you sure you've thought this over?


Originally posted by buddha3569

So my question is WHAT can I do or HOW can my wife and I get approved for a $500,000 mortgage?

Ummmm, you can't?

[ShOwOfF]

What kind of a downpayment do you have?

[max_boost]

Originally posted by buddha3569


Because it is me, my wife... our 2 kids and my wife's mom and part time my uncle when ever he is in town....

And as I said before.... it's 3 x $14... 3 incomes and my uncle will pay all the utilitlies when he is in town...

Yah that's nice but what if the wheels start falling apart?? One of you lose your jobs? That's a lot of risk! Not hating, it just doesn't seem too realistic.

[rith]

Original Post Removed. (Please read the Forum Rules and Terms of Use (http://forums.beyond.ca/articles.php?action=data&item=1) before posting again, or risk getting banned).

[Alex_FORD]

Originally posted by lint
3 incomes at $14/hr ~ $85000/yr ~ $7080/month gross.
at 30% marginal tax bracket that nets ~ $5000/month.

a $500000 mortgage amoritzed over 25 years at 5.25% is just under $3000/month.

total mortgage payment ~ 60% of net income. BEFORE considering other expenses (property tax, utilities, and those pesky necessities such as groceries, toiletries, clothing).

Are you sure you've thought this over?



Ummmm, you can't?

:werd: I'll bet that CMHC will not approve this mortgage

[Alex_FORD]

Originally posted by buddha3569

So my question is WHAT can I do or HOW can my wife and I get approved for a $500,000 mortgage?

$260 grand will buy you a 3 bedroom duplex and if you buy from a builder you can get it on an oversized lot for $10-15K.

Why would you want to carry the interest on an additional $200 grand mortgage? If you've got that kind of extra money kicking around, you should use it to pay down a more sensable purchase.

[buddha3569]

Well thank you for everyone's suggestion! I will try to figure out something :dunno: