Beginning RVer: Is this Scenario Doable?
Hello, I am just beginning my research process into RVing full-time. My plan is to live in Wisconsin half the year and in Arizona during the winter traveling between the two a couple times a year. ...
Forum Discussion
bsteinagel wrote:RetiredRealtorRick wrote:
Surely you'll purchase it while you're still in your apartment (although very near the end of your lease) -- use that address.
Yes, but my credit union denied my loan application last month because they asked how much rent I paid and figured that into my debt-to-income ratio. That made my ratio too high and they denied the loan. I could re-apply and list my apartment address and rent as zero but that might look suspicious perhaps?
Well, considering most banks will allow a higher debt to income ratio than one should really maintain, either your CU is smart and strict, or you likely can’t afford what you’re planning to do.
In your 40s, don’t own a home, don’t have a job that requires you to be present in person, single, don’t have enough cash or equity in anything to take a secured loan against and wanting to live the #vanlife life and don’t have enough income to float an apartment and a glorified car payment (assuming your loan request was modest) are all signs that you may not actually be able to afford what you’re wanting to do.
PS they’ll require verification of expenses like rent so you can tell them whatever you want on the application but they’re not taking you at your word….
No different than any other loan. Have you not taken loans before?
