All Forum Posts by: Eli Mohrland

My girlfriend and I are thinking about taking a loan out to purchase our first home, we've already been approved at churchill mortgage for a single income loan around 150k we have around 8 grand to put down ourselves and are in the privileged position of having family members who want to assist us with money.

We're Curious what the best course of action is with this gifted money, probably around $10,000 to maximize the benefits and avoid doing anything illegal!

Thanks for any advice we could really use it!

@Suzanne Player thank you for sharing these resources, I will scour them!

I've been approved for a 150k dollar loan and would like to discontinue renting as soon as possible. I'd like to find something that I can move into immediately but needs some work. I've worked in construction for five years and would be able to complete most renovations myself and would be willing to put around 50k total into the renovations.

I'm looking for areas where this price range could fly. I need to be within 30 minutes of a preschool and in a low crime neighborhood/area. I would be willing to move anywhere in the US for the right deal but would prefer to stay in the pacific northwest area as far south as Colorado.

Thanks for any insights!

@Michael Rutkowski wow, thank you so much for taking the time to write this up for me. Tons of new info, I really appreciate it.

@Elmer Foster our post tax income is around 4500 a month conservatively and we have 0 debt. The SUV is paid off, no student loans, no other financing, sorry I didn't make that more clear. What I'm worried about is that with 0 credit history between us we may be able to qualify for a manually underwritten loan but be given a terrible rate. Just wondering if there is any way to avoid that/ ideal lenders for my situation. Also wondering if it would be smarter to rent for a year and build credit before buying. Thank you for the information!

@David Avery the SUV is paid off! Sorry if that was confusing, I mentioned it because I've heard some banks will consider your assets when lending. Appreciate the info! We are not at all set on Bozeman but I know that the houses there are likely appreciating faster than other areas in the state and would like to make a good investment as well as have a place to live for the next few years.

Looking for advice on mortgage types that can be manually underwritten. My girlfriend and I are looking to buy our first home possibly in the Bozeman MT. area. We have atleast 10 grand to put down and would be happy in anything liveable with a yard. While we have "ghost" credit we have been renting for three years paying far more than we would be with a mortgage, we have no debt, bachelors degree and own a newer SUV worth around 22,000. Wondering if any loan would make sense or if the advice would be to continue renting. Frankly we are fed up with riding the rental market and paying other people's mortgages.