Kindly_Boysenberry_7 OP t1_iu9a4um wrote on October 29, 2022 at 3:38 PM

Reply to comment by _RetroBear in RVA Real Estate AMA - "What The H*ll Is Happening?" Edition by Kindly_Boysenberry_7

What specifically are they saying? Is it because of credit - your credit score is too low? If your credit score is below a certain number you won't qualify for financing. Is it because you have too much debt relative to your income? There are limits on the debt-to-income ratio. Is it because you can't afford a house at a specific price point?

I need to know more about your specific situation. I will say a good mortgage lender should be telling you why you don't qualify, AND helping you come up with a plan to get qualified. Maybe you need to pay off some debt. Maybe you need to clean up your credit report. Maybe you need to have a larger down payment. A good lender will make sure you understand your issues and have a plan to fix them.

_RetroBear t1_iu9wcgn wrote on October 29, 2022 at 6:16 PM

It's just my income lol... Ive got more than enough to do like 25% down on a lot of the lower end houses... I only make about 45k a year

Kindly_Boysenberry_7 OP t1_iu9y3uk wrote on October 29, 2022 at 6:28 PM

Well if there are no credit issues your lender should be able to tell you how much you qualify for. It may be that the price point you qualify for is below what it is you want to buy, but under your scenario you should qualify for something, especially if you have cash on hand for a deposit.

Have you tried calling Housing Opportunities Made Equal ("HOME")? They have programs to help you get into a house, including free down-payment or closing cost assistance. At your income level you should qualify for some of the income-restricted purchase programs. Unfortunately there are not enough houses available in these programs to meet the need, but programs do exist.

I'd really suggest reaching out to HOME.

_RetroBear t1_iu9z7rt wrote on October 29, 2022 at 6:36 PM

Yeah ill look into it. Trying to find a home for my homeless mom and brother :( both are disabled i just can't live with them full time ill loose my mind. Hoping I could find a duplex or something to buy

Kindly_Boysenberry_7 OP t1_iua12ee wrote on October 29, 2022 at 6:49 PM

Well good for you for stepping up and taking care of them. They are lucky to have you.

I'd say your best bet for finding an affordable duplex would be in Church Hill, parts of Northside, or perhaps Manchester/Blackwell/Oak Grove. You might also ask your lender if you found a duplex, and your Mom and brother were going to pay rent to you for their unit, whether that income could be counted towards cash flow for the multifamily building. Especially since disability payments are guaranteed. It's certainly a unique situation. But if you could count them paying rent to you, it might increase what you could afford to buy. Good luck!

_RetroBear t1_iua1nza wrote on October 29, 2022 at 6:53 PM

I wish I could just buy the duplex im in right now in northside even though its a POS. Says its worth 300K+. Very VERY VERY obvious that it needs a new roof all new windows among other things. I enjoy the house and area I just don't want to deal with another move lol...

Kindly_Boysenberry_7 OP t1_iua2w9f wrote on October 29, 2022 at 7:02 PM

Have you asked your landlord if they are willing to sell? I've known more than a few people who have ended up buying the rental property they were living in. Sometimes in uncertain times investors will want to do some profit taking. Of course this will NOT work if you are renting from an institutional landlord than owns 100s of units. But if you rent from an individual, it's certainly worth the ask.