Getting Married! (New House, Wedding, Honeymoon)
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 30% |
| Lender Rate: | 9% | Borrower: | kobw |
| Finished | State: | IL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-07-31 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Jul 31, 2008 | Current |
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Purpose of loan: This loan will be used to help finance the start-up expenses of getting married and buying our first home. My fiance and I were engaged on July 5 and have set about starting our lives together as a married couple. As with many soon-to-be newly-weds, we began "window-shopping" for homes and came across a great deal on a condo that meets our needs perfectly. It is now under contract for $132,000 (we simply couldn't pass it up). We are utilizing the FHA program to reduce our down payment, but the out-of-pocket demands are still approximately $8,000. Fortunately, the house will be completely furnished which will save us from needing to buy sofas, bedroom sets, dinettes, etc. and contribute to our ability to repay a Prosper laon Secondly, we are planning our wedding on a shoe-string budget. Unfortunately, our family situation does not bode well for much support from our parents as each are experiencing their own cash flow strain (my mom and step-dad are expecting quadruplets in less than a month and her dad has been in and out of Mayo clinic for six months...). We are seeking out all of our options (a Prosper loan being one of them) before we decide whether or not we can have a traditional wedding. She is Catholic and would be heartbroken if we aren't able to be have a traditional ceremony. Lastly, we have accepted that we will likely have to wait a few years for a true "honeymoon", but we are planning some sort of economical get-away. This, of course, will cost at least a few hundred dollars (we're thinking a "stay-cation"). Unfortunately I used a lot of my cash to A.) Buy the ring; and, B.) pay down debt. That leaves us with a bit of a gap that we need to finance and will primarily be used to fund our downpayment. My financial situation: I am a good candidate for this loan because I report an excellent credit score (~760) resulting from very responsible use of credit as I put myself through college, paid off auto loans, etc. I have NEVER made a late payment. I take a great deal of pride in these sort of affairs and guard my credit score jealously (I'm only 26! My score is actually adversely affected by two car notes that I co-signed for my two sisters. I am not responsible for the debt service on these and hope to refinance them out and remove my name in the next 12 months as they establish their own payment histories). Both my fiance and I have recently earned master's degrees (Kirby has a B.A. in Spanish and a master's in teaching and recently landed her dream job teaching second grade bi-lingual at a nice school here in town. I have a B.S. in Bus. Administration and my MBA - Finance is forthcoming this fall. I am working as a commercial lender for a not-for-profit certified development company and have excellent prospects if I wanted to transfer to a commercial bank, although it would be less rewarding). Our combined incomes are approximately $100,000 and will be more than adequate to service all of our debt - I have not calculated our DTI, yet. |
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