ianders1 Posted August 25, 2005 Report Share Posted August 25, 2005 I need some advice. I just moved out of my apartment two months ago because it went condo. Now my new place is going condo. I would like to buy, but I'm struggling with how to do it. I make about $75-80k and my wife will finish law school in a year, doubling our income. The condo will probably go for $250-300k (we pay $1635/mo rent), but I only have about $4k in the bank, and having just moved, I've got about $2.5k on my credit cards. I also have $2k tied up in a secured card.Should I pull some of the money out of savings and pay off all my cards to increase my score in the hopes of getting a better mortgage (with little or no down payment) or do I hold onto the cash for a measly 1-2% down payment.Any advice you could give would be greatly appreciated. Link to comment Share on other sites More sharing options...
firstsource Posted August 25, 2005 Report Share Posted August 25, 2005 I would suggest that you keep your cash, at least for a cushion. One major consideration however is that if the condo complex is just now being sold, there are issues that will prevent you from getting a prime rate loan, due to the length of time the Condo assn has been active, and due to the number of condos sold vs available.Charles Link to comment Share on other sites More sharing options...
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