House hunting and mortgage woes
So I spent the last weekend over St. Patty's day looking for homes in Tulsa. After burning through nearly 30 homes, I'm spent. I narrowed it down to about 3 or 4 homes, with 1 that I thought was promising and 2 that are real nice, but maybe a little too far away from work.
The house I found is a small bungalow that is 5 minutes from the hospital, 1200Sq ft or so, with 2 bedrooms and 2 baths. Here is my dilemma: the seller is asking $120,000, which is definitely not bad, but I called the county assessor to verify a few things, and they told me that the house was purchased a year ago at $34,000 and now has been valued at $60,000. The owner claims that he did $50,000 in renovations, and it definitely looks nice, but I don't want to pay too much if I can't unload it in 5 years when I leave. On top of that, the bank won't lend me more than the appraisal value. It is also on the high end for houses in the neighborhood, with the majority selling from $60-$75,000.
Here are a few pics of the house:
The next step I guess is to make an offer, but I have to figure out the whole mortgage thing. I'm trying to apply for physician loans, because I don't have any income, these loans are the only ones that will allow me to have no down payment, and will let me close up to 60 days before I even receive a paycheck. Problem with this is that most of them require some combination of a credit score of 700. Some will take the middle number out of the three credit bureas, an average of the three, or just use the FICO score. My FICO score when I check a month ago was a 683, with various discrepancies on my credit report. I have fixed it with transunion and experian, but equifax is really starting to piss me off. Both the Transunion and Experian scores are above 700 but my Equifax score is at 640, and is what is killing me. For some reason, my credit report from them has no activity on all my accounts, it was like they are too lazy to gather any of the information. It is impossible to find a number or way to talk to someone from Equifax, so I have placed disputes online, and now I'm just crossing my fingers and seeing what happens. Has anyone else had problems like this or any idea of what I can do?
My timeline is closing in. I need to be moved by the first weekend of May, so that leaves me about 2 weeks or less to find a place and get things rolling.
I can't wait till this crap is over with and I'm hanging out in CA with everyone. This blows.
The house I found is a small bungalow that is 5 minutes from the hospital, 1200Sq ft or so, with 2 bedrooms and 2 baths. Here is my dilemma: the seller is asking $120,000, which is definitely not bad, but I called the county assessor to verify a few things, and they told me that the house was purchased a year ago at $34,000 and now has been valued at $60,000. The owner claims that he did $50,000 in renovations, and it definitely looks nice, but I don't want to pay too much if I can't unload it in 5 years when I leave. On top of that, the bank won't lend me more than the appraisal value. It is also on the high end for houses in the neighborhood, with the majority selling from $60-$75,000.
Here are a few pics of the house:
The next step I guess is to make an offer, but I have to figure out the whole mortgage thing. I'm trying to apply for physician loans, because I don't have any income, these loans are the only ones that will allow me to have no down payment, and will let me close up to 60 days before I even receive a paycheck. Problem with this is that most of them require some combination of a credit score of 700. Some will take the middle number out of the three credit bureas, an average of the three, or just use the FICO score. My FICO score when I check a month ago was a 683, with various discrepancies on my credit report. I have fixed it with transunion and experian, but equifax is really starting to piss me off. Both the Transunion and Experian scores are above 700 but my Equifax score is at 640, and is what is killing me. For some reason, my credit report from them has no activity on all my accounts, it was like they are too lazy to gather any of the information. It is impossible to find a number or way to talk to someone from Equifax, so I have placed disputes online, and now I'm just crossing my fingers and seeing what happens. Has anyone else had problems like this or any idea of what I can do?
My timeline is closing in. I need to be moved by the first weekend of May, so that leaves me about 2 weeks or less to find a place and get things rolling.
I can't wait till this crap is over with and I'm hanging out in CA with everyone. This blows.
posted by Jimmy at
2:24 PM
2 Comments:
Hey Jimmy!
Despite the morgage whoas, congratz on finding such a beautiful home! That`s awesome. How long will you be in Tulsa?
By
Scott, at 1:24 AM
Thanks for the congrats...hopefully things will work out once I make an offer. I will be in Tulsa for 5 wonderful years...actually 4 (my 4th year will be split between Cincinnati for pediatric orthopedics and Tampa for trauma). When do you get back to the States?
By
Jimmy, at 1:31 PM
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