how long did you have to wait, were you still paying on your dc, and did you get a decent loan rate?

we were planning on paying off our 5mo dc obligation equalling $13k, but decided to move back to florida instead-which means we'd not be out of dc when we get back-putting us in a renting situation rather than buying.

have any of you bought a home while in dc?

what's been your experience?

i'm not a debt consolidator person....but why not wait the five months until you've paid it off and then move?

yes, they want you to be in DC for a year before you are able to buy.
feeling green again <sigh> need to run
heather

Originally posted by kerc
i'm not a debt consolidator person....but why not wait the five months until you've paid it off and then move?

by 5mo dc i meant we've only been in it for 5mos-not that we only have 5mo left to pay on it.

according to their schedule, we'll be in it for 3 yrs total.
(paying only the monthly mins & nothing extra)

herc-when ya get a chance & aren't green, come back and elaborate on your post, k?

thanks :)

lol eating now so oht, but aybe a smidge better. They wanted us to be in the program for a year before buying a house. We had been in abt 8m at the time, so we just slacked off on looking a little until we had been in a year, and then it wasn't a prob at all. This may have been the rule of that particular mortgage co, I am not sure, it seemed reasonable to me (shows your commitment to paying off your debt), so I didn't question it.
hth a little
heather

We had been in the program about 3 years (5 year program), and we had to end our involvement with the program to get the mortgage. We got a lousy rate and a ridiculous prepayment penalty before 36 months. Basically, we got screwed by the guy that did our loan, and we should have stopped it, but we did not. Please make sure you see everything in writing well before the closing of your house. We asked the guy (who was our neighbor) to bring over the paperwork, and he said, sure, sure, of course. He came over about 9:00PM the night before the closing, stoned, I might add, and showed us one sheet and briefly scanned over it with us. It did not show everything. He also told us he was going to help us set up an escrow after we closed on the house, but after the closing, we never heard from him again, despite our calls to him. So, our problems may have more to do with an slimy mortgage broker than our past credit history...I dunno.

btw, our mortgage was an fha bond loan through anchor mortgage, but regions is who actually owned it (until we refinanced) Because it was a bond loan, we actually got a point lower than the average, so it was at 6.89. we JUST refinanced it abt 6m ago, because the rates werent low enough to make a differnce until then.

oh and our debt consolidation was through genus credit management