Buying our first real house
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 0% |
| Lender Rate: | 13% | Borrower: | atlzif |
| Finished | State: | GA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-11-08 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Nov 08, 2007 | Current |
| Nov 09, 2007 | Payoff in progress |
| Nov 23, 2007 | Paid |
|
Purpose of loan: We just got married a year ago and are getting ready to buy our first real house, making room for future kids, after having lived in my condo for the past year. With the recent mortgage market conditions, we can only qualify for a loan of 80% of the value of the house, which leaves us short by about $19,000 on the downpayment we need to have to close. If we're unable to close, we'll end up losing our escrow (which is $25,000), so we're really hoping that we can get a loan through Propser. I've actually been a lender on Prosper for a year and a half now, so it will be nice to try the other side of things. My financial situation: I can't document my income because I'm self-employed and my income is entirely from interest and principal on a loan I have to my business. My business only started to make money this year, and so last year's tax returns don't show much and I'm not on payroll since getting the principal I loaned to my company paid back isn't taxable (the interest portion is taxable, and I'm paying interest on that). On top of that, Propser won't let me count my wife's income (about $85k a year), so that is why this listing shows no income. This is also why we've had trouble getting a mortgage for more than 80%, as we're doing a no doc mortgage which aren't as easy to get these days -- but we have one approved (6.00% rate) and ready to go, assuming we can come up with the last bit we need for the downpayment on the house. The revolving credit balance is so high because Prosper has counted a home equity line that we have on our condo towards that for some reason (and we're keeping the condo and renting it out for additional income). We will be paying off this loan within a couple of months. This is just a way to cover us for the downpayment at closing and is why we're comfortable accepting a higher interest rate since we know it's a short-term solution. Monthly net income: $ 15,400 (this includes income from myself and my wife) Monthly expenses: $ 7,385 Housing: $ 5,160 (includes HOA's and home insurance) Insurance: $ 75 (health insurance) Car expenses: $ 250 (gas & insurance) Utilities: $ 200 (electric only) Phone, cable, internet: $ 0 (all paid for by my business) Food, entertainment: $ 1000 Clothing, household expenses $ 200 Credit cards and other loans: $ 500 (only 1 card with a balance) Other expenses: $ 0 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 300735 | Upgrading equipment | A | $24,000 @ 25% | Mar 28, 2008 | Withdrawn |
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