Looks like we'll have to wait (And Credit Info)

[brandip22]

But that's OK. I was worried about the credit process since we have a recent BK. We were approved with 30% down and a five-year term, but that would take all of my emergency stash and I certainly don't think DV is an emergency! For those that have had questions about the credit approval process, I may be of some help. They offered me two things(three, really): First- I could pay 40% down and do the 10-year term; Secondly, I could do 30% down and a 5-year term, which would only make my payments $50 more each month and would knock 5 years off. Sounded great, but I am not sure that I can come up with the difference. When I told her, I couldn't come up with 30% ($4005), she then told me that if I let them buy back the first year's points, they would use that and the other $5 per point incentive ($1500) to offset the 30%. They don't normally do this- they usually make you pay 30% of the whole $13350, then put the incentive on principal. Anyway, that means I'd have to come up with a total of $2505, and since I've already put down $500, I need another $2005. Well, I asked how long I could take to come up with that extra and she said she could probably stretch it to 60 days. I could do it, but it'd be tight, so I think we'll take 6 months and see then if we have the 30% (or more) down and take that route. Anyway, I know people ask all the time about the financing issues, so if y'all have questions, I may can be of service. I will stay on the boards, but will just have to wait for my Welcome Home. The best things are worth waiting for- we're not going until 2005 anyway.

 

[Disney-Kim]

The 6 months sounds like a good idea. We waited 4 years before we took the plunge and felt really comfortable with the costs. I am sure your info will help fellow posters.

p.s....I just wanted to say that I think we could have afforded DVC when we first looked but were afraid of the commitment. It ended up working out for the best. Keep your chin up.

 

[floridafam]

Thank you for sharing this information.

I think you've made the right decision. 6 months will go by quickly and you can decide then if you still want DVC.

Thanks again and good luck.

 

[kingj]

I thought Tigger was a Clemson fan.

John

 

[debbiedoo]

I had a friend who had a similar problem and she spoke with upper management to get her 6 month out - hop that helps.

 

[jonesmatNY]

The only thing to keep in mind is that prices may go up, my sister inlaw is looking into buying and was told that the prices right now are good for about 40 days, but once SSR get closer to opening, the incentives may disappear and once it opens, the price may go up. (And I believe that our Sales Person was being sincere, not pushing for a sale.) We waited about 4 years until we bought in, and it certainly cost us more, sorry we didnt do it the first time!