So, I make $100K today, $110K on 8/1/08, and $125K on 10/1/08 for a company I've been with for 3 years as of 10/1/08 (my starting salary was just $50K, so I've made signicant progress and have much more room to grow). I'm a lawyer. My wife makes $135K today, $150K as of 8/1/08 and she'll make approximately $250K as of 8/1/2009 (she's the 10th doctor in a group in which she will make partner, by contract, as of 8/1/09). We have $54K in the bank today because I've been a lawyer only 3 years, and she's been an attending physician only 1 year. My credit score is apprx 800. Her credit score apprx 750. However, we also have substantial combined student loans of about $230K, unsecured debt of less than $25K, and a current mortgage of less than $200K on the house we now own.
We want a magnificent new home of 4700+ Sq. Ft. of living space. It's a builder's model. It should appraise for no less than $484,000 (my most conservative estimate based on past experience as a Tax Assessor prior to law school at UCLA, plus having looked in the local market for the past year). The builder claims the house is worth $502K. We agreed to purchase for $415K, which is frankly a heck of a deal no matter who appraises.
The catch? The builder wants to rent the house back from us for a lease of $3,948 per month for approximately 1 year to 18 months, perhaps a bit longer, at the builder's option. That amount represents what the builder believes should be necessary to pay the taxes, insurance and loans, plus the builder is liable to perform all maintenance and repairs. The builder wants to use the house to continue showing it to prospective buyers in the subdivision. Therefore, we can't buy without an "investment" loan, because we won't take immediate occupancy, and we're being given different stories and a moving ball by the builder's recommended mortgage company. When we signed the contract to purchase, we were assured (after a phone call between the builder and the mortgage company) that we would qualify with just 5% down. Now, we're being quoted 10% down. I'm worried the quote will also go up before closing, which is supposed to be Sept/Oct '08 time frame, and we frankly don't have any more money to put down. We also don't want to lose our $10K in earnest money already deposited.
So, I want to borrow money from somebody for no more than 10% interest. The loan would be structured as a 30 year mortgage, but there would be a mandatory balloon payment due on or before 24 months, so really the money would be for no more than 2 years, unless the lender has a better idea. Both my wife and I would sign on the dotted line. We each carry substantial life insurance, and we will also authorize direct debit from our account. We just need to make sure we've got a lending committment from somebody who will take a chance on people who have gone to schools like Harvard, UCLA, USC, and don't forget...the lesser known Ivy League School I attended for undergrad...Idaho State University.
Please help my wife and I secure our dream. We're good for it if anyone in this world is. Please call my cell phone at (585) 621-8000 if you can help.
We want a magnificent new home of 4700+ Sq. Ft. of living space. It's a builder's model. It should appraise for no less than $484,000 (my most conservative estimate based on past experience as a Tax Assessor prior to law school at UCLA, plus having looked in the local market for the past year). The builder claims the house is worth $502K. We agreed to purchase for $415K, which is frankly a heck of a deal no matter who appraises.
The catch? The builder wants to rent the house back from us for a lease of $3,948 per month for approximately 1 year to 18 months, perhaps a bit longer, at the builder's option. That amount represents what the builder believes should be necessary to pay the taxes, insurance and loans, plus the builder is liable to perform all maintenance and repairs. The builder wants to use the house to continue showing it to prospective buyers in the subdivision. Therefore, we can't buy without an "investment" loan, because we won't take immediate occupancy, and we're being given different stories and a moving ball by the builder's recommended mortgage company. When we signed the contract to purchase, we were assured (after a phone call between the builder and the mortgage company) that we would qualify with just 5% down. Now, we're being quoted 10% down. I'm worried the quote will also go up before closing, which is supposed to be Sept/Oct '08 time frame, and we frankly don't have any more money to put down. We also don't want to lose our $10K in earnest money already deposited.
So, I want to borrow money from somebody for no more than 10% interest. The loan would be structured as a 30 year mortgage, but there would be a mandatory balloon payment due on or before 24 months, so really the money would be for no more than 2 years, unless the lender has a better idea. Both my wife and I would sign on the dotted line. We each carry substantial life insurance, and we will also authorize direct debit from our account. We just need to make sure we've got a lending committment from somebody who will take a chance on people who have gone to schools like Harvard, UCLA, USC, and don't forget...the lesser known Ivy League School I attended for undergrad...Idaho State University.
Please help my wife and I secure our dream. We're good for it if anyone in this world is. Please call my cell phone at (585) 621-8000 if you can help.
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