DVC financing question

[phorsenuf]

How do they decide if you are to put 20 or 30% down?
Our credit score has increased greatly since last time we looked into it so I'm curious if we would be able to qualify for the 20% now.
Does anyone know the numbers they use?

 

[brandip22]

Not really sure, but here's a bump for you. For reference, we were only 1 year post-bk when we first tried and were approved with 30% down. I called yesterday and asked my guide if she thought it would be better now. She said there wasn't really a way to know for sure w/o doing another app, but that the underwriter (Connie in my case) would most likely let me stretch out my down payment over as far as I needed to- up to when our points would be available, which I think was in June or July. hope that helps at least some!

 

[THESCHULTZFIVE]

Here's a blast from the past I'd like to BUMP to know the answer to

 

[brandip22]

Just an FYI- We did have to do 30% down. But, 10% (a little over) was through the $10 cash back promo with SSR. She also did let us stretch our payments. We did $500 a month until it was paid. Actually, I'm calling today to make my last payment which came from our Tax refund! yay! Let me know how it works out for you- BTW- they pulled Equifax on us, which is our worst scores- The scores were probably 620 or so. good luck!

B

 

[PocahontasLookALike]

Hmm, don't really know. When we bought, they only asked for 10% down. But here's a bump for you!

 

[TammyAlphabet]

If you buy into SSR, the incentive is part of the downpayment, right? If so, then 12 percent down becomes 20 percent down, right? And, 22 percent becomes 30 percent. They rarely ask for more than 30 percent. We just bought BWV through Disney, my score was 620 and my husbands was 675, not great, but not terrible, and we were approved with 20 percent down.

 

[THESCHULTZFIVE]

If you buy into SSR, the incentive is part of the downpayment, right? If so, then 12 percent down becomes 20 percent down, right? And, 22 percent becomes 30 percent. They rarely ask for more than 30 percent. We just bought BWV through Disney, my score was 620 and my husbands was 675, not great, but not terrible, and we were approved with 20 percent down.

My situation is like yours in that mine is worst than my husbands. since I don't work anyway, wouldn't it be better for him to apply solo so I don't drag him down any. Is this possible?