Any Vegas experts out there?

[Anonymous]

May you should ask her to find out what the realtor commission is on this place based on sales price.

Here are some cold hearted statements. When people say the market has hit bottom, I will use this case as an example, if a single mother with no savings, previously paying $800/month on rent can still qualify to borrow $200K on a dump the market has further to fall. How will she be able to handle issues that come up with the house (A/C, appliances, electrical, etc). How can she afford $1,500 if she is not able to save with a much lower payment? Until we reach a point where today’s sale is not tomorrow’s foreclosure the market will continue to fall.

[dharmagirl]

Actually, I dont know how much rent she was previously paying on her other rental house.

To be fair, she does earn between $70-$75K/year and does have a healthy amount of money stashed in a money market – but that money is the child support for her kid. She saves every dime so that he’ll have plenty of dough for college.

The “wrinkle” is that a hefty portion of her income is tips. And apparently Mr. UnderWriter doesnt like that.

The thing I most object to in this entire situation (besides the atrocious house) is that she doesnt seem to want to learn about the process and just wants her realtor to “take care of her.” Ugh!

When I ask questions, she does not know the most basic answers – e.g. “You are getting a home warranty, right?” (Answer: “what is a home warranty?”). I kid you not.

I bought a townhouse in 2003 on a lower salary and a lot of nerve. I ended up selling it in 2006 and making a profit. I also tried to be as informed as possible and learned a lot in the process.

So, in my opinion, trying to buy a house when one is….shall we say “informationally retarded” is almost worse than being financially stupid.

Ah, well. Thanks LVR for your feedback.

[dharmagirl]

Actually, I dont know how much rent she was previously paying on her other rental house.

To be fair, she does earn between $70-$75K/year and does have a healthy amount of money stashed in a money market – but that money is the child support for her kid. She saves every dime so that he’ll have plenty of dough for college.

The “wrinkle” is that a hefty portion of her income is tips. And apparently Mr. UnderWriter doesnt like that.

The thing I most object to in this entire situation (besides the atrocious house) is that she doesnt seem to want to learn about the process and just wants her realtor to “take care of her.” Ugh!

When I ask questions, she does not know the most basic answers – e.g. “You are getting a home warranty, right?” (Answer: “what is a home warranty?”). I kid you not.

I bought a townhouse in 2003 on a lower salary and a lot of nerve. I ended up selling it in 2006 and making a profit. I also tried to be as informed as possible and learned a lot in the process.

So, in my opinion, trying to buy a house when one is….shall we say “informationally retarded” is almost worse than being financially stupid.

Ah, well. Thanks LVR for your feedback.

[dharmagirl]

Actually, I dont know how much rent she was previously paying on her other rental house.

To be fair, she does earn between $70-$75K/year and does have a healthy amount of money stashed in a money market – but that money is the child support for her kid. She saves every dime so that he’ll have plenty of dough for college.

The “wrinkle” is that a hefty portion of her income is tips. And apparently Mr. UnderWriter doesnt like that.

The thing I most object to in this entire situation (besides the atrocious house) is that she doesnt seem to want to learn about the process and just wants her realtor to “take care of her.” Ugh!

When I ask questions, she does not know the most basic answers – e.g. “You are getting a home warranty, right?” (Answer: “what is a home warranty?”). I kid you not.

I bought a townhouse in 2003 on a lower salary and a lot of nerve. I ended up selling it in 2006 and making a profit. I also tried to be as informed as possible and learned a lot in the process.

So, in my opinion, trying to buy a house when one is….shall we say “informationally retarded” is almost worse than being financially stupid.

Ah, well. Thanks LVR for your feedback.

[dharmagirl]

Actually, I dont know how much rent she was previously paying on her other rental house.

To be fair, she does earn between $70-$75K/year and does have a healthy amount of money stashed in a money market – but that money is the child support for her kid. She saves every dime so that he’ll have plenty of dough for college.

The “wrinkle” is that a hefty portion of her income is tips. And apparently Mr. UnderWriter doesnt like that.

The thing I most object to in this entire situation (besides the atrocious house) is that she doesnt seem to want to learn about the process and just wants her realtor to “take care of her.” Ugh!

When I ask questions, she does not know the most basic answers – e.g. “You are getting a home warranty, right?” (Answer: “what is a home warranty?”). I kid you not.

I bought a townhouse in 2003 on a lower salary and a lot of nerve. I ended up selling it in 2006 and making a profit. I also tried to be as informed as possible and learned a lot in the process.

So, in my opinion, trying to buy a house when one is….shall we say “informationally retarded” is almost worse than being financially stupid.

Ah, well. Thanks LVR for your feedback.

[dharmagirl]

Actually, I dont know how much rent she was previously paying on her other rental house.

To be fair, she does earn between $70-$75K/year and does have a healthy amount of money stashed in a money market – but that money is the child support for her kid. She saves every dime so that he’ll have plenty of dough for college.

The “wrinkle” is that a hefty portion of her income is tips. And apparently Mr. UnderWriter doesnt like that.

The thing I most object to in this entire situation (besides the atrocious house) is that she doesnt seem to want to learn about the process and just wants her realtor to “take care of her.” Ugh!

When I ask questions, she does not know the most basic answers – e.g. “You are getting a home warranty, right?” (Answer: “what is a home warranty?”). I kid you not.

I bought a townhouse in 2003 on a lower salary and a lot of nerve. I ended up selling it in 2006 and making a profit. I also tried to be as informed as possible and learned a lot in the process.

So, in my opinion, trying to buy a house when one is….shall we say “informationally retarded” is almost worse than being financially stupid.

Ah, well. Thanks LVR for your feedback.

[Anonymous]

My assumption on rent as based on what an unit like that rents for. Technically in NV stated income loans were made illegal. If she has not been fully reporting her tips, and very few do, the underwriter is looking at her tax returns and determining her ability to pay.

I do not understand exactly what you mean she has saved for the kid. Wouldn’t it be a better situation to have a lower payment.

I am glad she is a saver, she can definitely afford this place. Of course the questions is whether she should afford this place, when there are much nicer places.

[Anonymous]

My assumption on rent as based on what an unit like that rents for. Technically in NV stated income loans were made illegal. If she has not been fully reporting her tips, and very few do, the underwriter is looking at her tax returns and determining her ability to pay.

I do not understand exactly what you mean she has saved for the kid. Wouldn’t it be a better situation to have a lower payment.

I am glad she is a saver, she can definitely afford this place. Of course the questions is whether she should afford this place, when there are much nicer places.

[Anonymous]

My assumption on rent as based on what an unit like that rents for. Technically in NV stated income loans were made illegal. If she has not been fully reporting her tips, and very few do, the underwriter is looking at her tax returns and determining her ability to pay.

I do not understand exactly what you mean she has saved for the kid. Wouldn’t it be a better situation to have a lower payment.

I am glad she is a saver, she can definitely afford this place. Of course the questions is whether she should afford this place, when there are much nicer places.

[Anonymous]

My assumption on rent as based on what an unit like that rents for. Technically in NV stated income loans were made illegal. If she has not been fully reporting her tips, and very few do, the underwriter is looking at her tax returns and determining her ability to pay.

I do not understand exactly what you mean she has saved for the kid. Wouldn’t it be a better situation to have a lower payment.

I am glad she is a saver, she can definitely afford this place. Of course the questions is whether she should afford this place, when there are much nicer places.

[Anonymous]

My assumption on rent as based on what an unit like that rents for. Technically in NV stated income loans were made illegal. If she has not been fully reporting her tips, and very few do, the underwriter is looking at her tax returns and determining her ability to pay.

I do not understand exactly what you mean she has saved for the kid. Wouldn’t it be a better situation to have a lower payment.

I am glad she is a saver, she can definitely afford this place. Of course the questions is whether she should afford this place, when there are much nicer places.

[dharmagirl]

I think her “base” income is around $40K. I think the rest is tips. But, I’m not 100% sure of the details.

If underwriters are only considering ~$40K annual income, with no down pmt and credit scores under 700, I can see why there might be a problem.

Again, I dont know all of the details about her finances. She mentioned that she religiously “stashes away” the kid’s child support money and essentially pretends it’s not there. She wants to be sure that he has a healthy college nest egg when the time comes. She didnt even want the bank to consider it as “income”. However, they told her she wouldnt be able to buy a house unless she did include it.

At one point, I suggested she try to buy a bigger, newer house (using some of her kid’s money) so that she could rent out a room and get help with the mortgage. I think that’s what I would do in her situation.

Unfortunately, she is very spun up right now and fixated on the fact that this is not working out – again. She has tried to buy a home three different times in recent years and each time it hasnt worked out. Even in the boom days when mortgages were being given to anyone with a pulse.

I suppose if the bank wont underwrite, there must be a good reason for it.

My biggest concern is not the fact that she was willing to buy a dumpy house, in a bad neighborhood, for too much dough…it’s her willingness to just walk into this blindly without considering all aspects of the purchase, being informed, etc. It is downright scary.

I passed on your comments to her. I said, “sorry if this hurts your feelings, but I think you should know what someone else familiar with your RE market thinks.”

Sigh.

[dharmagirl]

I think her “base” income is around $40K. I think the rest is tips. But, I’m not 100% sure of the details.

If underwriters are only considering ~$40K annual income, with no down pmt and credit scores under 700, I can see why there might be a problem.

Again, I dont know all of the details about her finances. She mentioned that she religiously “stashes away” the kid’s child support money and essentially pretends it’s not there. She wants to be sure that he has a healthy college nest egg when the time comes. She didnt even want the bank to consider it as “income”. However, they told her she wouldnt be able to buy a house unless she did include it.

At one point, I suggested she try to buy a bigger, newer house (using some of her kid’s money) so that she could rent out a room and get help with the mortgage. I think that’s what I would do in her situation.

Unfortunately, she is very spun up right now and fixated on the fact that this is not working out – again. She has tried to buy a home three different times in recent years and each time it hasnt worked out. Even in the boom days when mortgages were being given to anyone with a pulse.

I suppose if the bank wont underwrite, there must be a good reason for it.

My biggest concern is not the fact that she was willing to buy a dumpy house, in a bad neighborhood, for too much dough…it’s her willingness to just walk into this blindly without considering all aspects of the purchase, being informed, etc. It is downright scary.

I passed on your comments to her. I said, “sorry if this hurts your feelings, but I think you should know what someone else familiar with your RE market thinks.”

Sigh.

[dharmagirl]

I think her “base” income is around $40K. I think the rest is tips. But, I’m not 100% sure of the details.

If underwriters are only considering ~$40K annual income, with no down pmt and credit scores under 700, I can see why there might be a problem.

Again, I dont know all of the details about her finances. She mentioned that she religiously “stashes away” the kid’s child support money and essentially pretends it’s not there. She wants to be sure that he has a healthy college nest egg when the time comes. She didnt even want the bank to consider it as “income”. However, they told her she wouldnt be able to buy a house unless she did include it.

At one point, I suggested she try to buy a bigger, newer house (using some of her kid’s money) so that she could rent out a room and get help with the mortgage. I think that’s what I would do in her situation.

Unfortunately, she is very spun up right now and fixated on the fact that this is not working out – again. She has tried to buy a home three different times in recent years and each time it hasnt worked out. Even in the boom days when mortgages were being given to anyone with a pulse.

I suppose if the bank wont underwrite, there must be a good reason for it.

My biggest concern is not the fact that she was willing to buy a dumpy house, in a bad neighborhood, for too much dough…it’s her willingness to just walk into this blindly without considering all aspects of the purchase, being informed, etc. It is downright scary.

I passed on your comments to her. I said, “sorry if this hurts your feelings, but I think you should know what someone else familiar with your RE market thinks.”

Sigh.

[dharmagirl]

I think her “base” income is around $40K. I think the rest is tips. But, I’m not 100% sure of the details.

If underwriters are only considering ~$40K annual income, with no down pmt and credit scores under 700, I can see why there might be a problem.

Again, I dont know all of the details about her finances. She mentioned that she religiously “stashes away” the kid’s child support money and essentially pretends it’s not there. She wants to be sure that he has a healthy college nest egg when the time comes. She didnt even want the bank to consider it as “income”. However, they told her she wouldnt be able to buy a house unless she did include it.

At one point, I suggested she try to buy a bigger, newer house (using some of her kid’s money) so that she could rent out a room and get help with the mortgage. I think that’s what I would do in her situation.

Unfortunately, she is very spun up right now and fixated on the fact that this is not working out – again. She has tried to buy a home three different times in recent years and each time it hasnt worked out. Even in the boom days when mortgages were being given to anyone with a pulse.

I suppose if the bank wont underwrite, there must be a good reason for it.

My biggest concern is not the fact that she was willing to buy a dumpy house, in a bad neighborhood, for too much dough…it’s her willingness to just walk into this blindly without considering all aspects of the purchase, being informed, etc. It is downright scary.

I passed on your comments to her. I said, “sorry if this hurts your feelings, but I think you should know what someone else familiar with your RE market thinks.”

Sigh.

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