All Forum Posts by: Ronald Rucker II

Hello BP Family! My name is Ronald and I'm going to jump right into it.

I'm currently looking to secure a joint loan with myself, my mother and fiance for a property in Houston, Tx.

A little about our situation:

I have the highest FICO score out of all of us @ 618. We are working with a credit repair program who has advised to reduce credit card debt and open a secured credit card to improve our score in addition to some disputes of inaccuracies. They are projecting an improvement within 6-8 months. Currently the others have FICO scores in the 500's.

Both my mom and fiance are employed making $41k yearly. However due to a work related injury, I'm currently on FMLA at my job only receiving 66% of my regular income without tax withholding until at least April 2019. Combined we have only $55k in savings which is primarily in my mom's 401k.

We are looking at options for a turn-key property ranging from $150k to $300k max. Ideally, we would like to live in the property for 1-2 years together and pull equity out of the property to purchase a second property. Possible areas we have considered are:

The Woodlands

Humble

Tomball

Sugarland

What we've done so far....

Attended the first time home buyers course at the Houston Urban League who has provided us with individual certificates that's good for down payment assistance from the city of Houston.

Started Credit Repair

Secured a Realtor and General Contractor

Concentrated search to specific areas in Houston

Questions for BP family

What is the best option for securing a loan?

Would a joint loan improve our chances to secure a loan?

Would a Conventional or FHA be the best option based on our current circumstances?

What time of dwelling would be the best option for all of us if we're only planning to live there for 1-2 years?

What would be the max amount recommended for us to safely secure a loan based on our individual and/or combined yearly income?

Thanks for taking the time out of your day to view this post. I'm grateful for any additional information you all can provide. We are always looking to connect with like-minded people who share information and knowledge.

THANKS BP FAMILY!!!!

@Stephanie Irto thank you for the sound advice! You’re awesome and much appreciated!!

Hello BP Family! My name is Ronald and I'm going to jump right into it.

I'm currently looking to secure a joint loan with myself, my mother and fiance for a property in Houston, Tx.

A little about our situation:

I have the highest FICO score out of all of us @ 618. We are working with a credit repair program who has advised to reduce credit card debt and open a secured credit card to improve our score in addition to some disputes of inaccuracies. They are projecting an improvement within 6-8 months. Currently the others have FICO scores in the 500's.

Both my mom and fiance are employed making $41k yearly. However due to a work related injury, I'm currently on FMLA at my job only receiving 66% of my regular income without tax withholding until at least April 2019. Combined we have only $55k in savings which is primarily in my mom's 401k.

We are looking at options for a turn-key property ranging from $150k to $300k max. Ideally, we would like to live in the property for 1-2 years together and pull equity out of the property to purchase a second property. Possible areas we have considered are:

The Woodlands

Humble

Tomball

Sugarland

What we've done so far....

Attended the first time home buyers course at the Houston Urban League who has provided us with individual certificates that's good for down payment assistance from the city of Houston.

Started Credit Repair

Secured a Realtor and General Contractor

Concentrated search to specific areas in Houston

Questions for BP family

What is the best option for securing a loan?

Would a joint loan improve our chances to secure a loan?

Would a Conventional or FHA be the best option based on our current circumstances?

What time of dwelling would be the best option for all of us if we're only planning to live there for 1-2 years?

What would be the max amount recommended for us to safely secure a loan based on our individual and/or combined yearly income?

Thanks for taking the time out of your day to view this post. I'm grateful for any additional information you all can provide. We are always looking to connect with like-minded people who share information and knowledge.

THANKS BP FAMILY!!!!

Hello BP Family! My name is Ronald and I'm going to jump right into it.

I'm currently looking to secure a joint loan with myself, my mother and fiance for a property in Houston, Tx.

A little about our situation:

I have the highest FICO score out of all of us @ 618. We are working with a credit repair program who has advised to reduce credit card debt and open a secured credit card to improve our score in addition to some disputes of inaccuracies. They are projecting an improvement within 6-8 months. Currently the others have FICO scores in the 500's.

Both my mom and fiance are employed making $41k yearly. However due to a work related injury, I'm currently on FMLA at my job only receiving 66% of my regular income without tax withholding until at least April 2019. Combined we have only $55k in savings which is primarily in my mom's 401k.

We are looking at options for a turn-key property ranging from $150k to $300k max. Ideally, we would like to live in the property for 1-2 years together and pull equity out of the property to purchase a second property. Possible areas we have considered are:

The Woodlands

Humble

Tomball

Sugarland

What we've done so far....

Attended the first time home buyers course at the Houston Urban League who has provided us with individual certificates that's good for down payment assistance from the city of Houston.

Started Credit Repair

Secured a Realtor and General Contractor

Concentrated search to specific areas in Houston

Questions for BP family

What is the best option for securing a loan?

Would a joint loan improve our chances to secure a loan?

Would a Conventional or FHA be the best option based on our current circumstances?

What time of dwelling would be the best option for all of us if we're only planning to live there for 1-2 years?

What would be the max amount recommended for us to safely secure a loan based on our individual and/or combined yearly income?

Thanks for taking the time out of your day to view this post. I'm grateful for any additional information you all can provide. We are always looking to connect with like-minded people who share information and knowledge.

THANKS BP FAMILY!!!!

Hello BP Family!  My name is Ronald and I'm going to jump right into it.  

I'm currently looking to secure a joint loan with myself, my mother and fiance for a property in Houston, Tx.   

A little about our situation: 

I have the highest FICO score out of all of us @ 618.  We are working with a credit repair program who has advised to reduce credit card debt and open a secured credit card to improve our score in addition to some disputes of inaccuracies.  They are projecting an improvement within 6-8 months. Currently the others have FICO scores in the 500's. 

Both my mom and fiance are employed making $41k yearly.  However due to a work related injury, I'm currently on FMLA at my job only receiving 66% of my regular income without tax withholding until at least April 2019.  Combined we have only $55k in savings which is primarily in my mom's 401k. 

We are looking at options for a turn-key property ranging from $150k to $300k max.  Ideally, we would like to live in the property for 1-2 years together and pull equity out of the property to purchase a second property.  Possible areas we have considered are: 

The Woodlands

Humble

Tomball

Sugarland

What we've done so far....

Attended the first time home buyers course at the Houston Urban League who has provided us with individual certificates that's good for down payment assistance from the city of Houston. 

Started Credit Repair

Secured a Realtor and General Contractor

Concentrated search to specific areas in Houston 

Questions for BP family

What is the best option for securing a loan?  

Would a joint loan improve our chances to secure a loan?  

Would a Conventional or FHA be the best option based on our current circumstances?

What time of dwelling would be the best option for all of us if we're only planning to live there for 1-2 years?

What would be the max amount recommended for us to safely secure a loan based on our individual and/or combined yearly income?

Thanks for taking the time out of your day to view this post.  I'm grateful for any additional information you all can provide.  We are always looking to connect with like-minded people who share information and knowledge.  

THANKS BP FAMILY!!!!

Hello everyone! I have a property that was inherited by my dad and he wants to gift it to me. However, there's three of his siblings that are also listed on the deed of the property as it was passed down from my grandparents. My dad is the only one that has lived in the home for over 20 years now with no financial support from any of the other owners. When we went to process the transfer of the deed, not all of his siblings were willing to relinquish ownership. Lastly, due to financial hardship, I also learned my dad fell behind on the taxes. My question is what actions can I take at this point to own this property despite not having the support of all the owners listed on the deed and taxes on the verge of default?