We've been approved for a loan!!

Because they would only finance 75% of the loan, and the minimum amount they loan is 50,000, the purchase price would have to be a minimum of 66,666.67. That's a lot of 666's and just more proof that underwriters are the devil. To top it off, our interest rate would be a jaw dropping 12.5% and we'd have to have - with closing costs - twenty one thousand dollars to put down. When I swore on the phone and about slid out of my chair Michael was kind enough to suggest getting the sellers to pay the closing costs. Welcome to the world of sub sub sub sub sub prime rates. After I tried to absorb all that information I asked about a co-signer. Now he tells me that my debt to ratio isn't bad and that's what a second signer would be for. My problem according to this guy, is the 90 day late mortgage payments and the repo. Everything else he was able to overlook. I don't get how they can do that. Do they have magic eyeballs or what? Guess who's going to be renting? I'll give you three guesses...