Will DVC turns us down based on income-UPDATE 7/31

[cottoncandyluva]

So my hubby and I put the down payment on 200 points at AKV and Fed-ex our paperwork, made a reservation for November 08 and then we get this letter in the mail asking for a copy of our paystubs or our contract will be terminated.

1) My hubby attends grad school, works part-time and I attend community college and work as a teacher's asst. We do not have any other outstanding payments except for our student loans (we pay nominal rent in a house that his parents own). And no car payments. But our income does not look good on paper. My question is will we get turned down? I asked our guide and he said that we could try to get a co-signer-but my hubby says no to that.

2) If we are turned down will we get our deposit back? The contract states we had 14 days from signing it and we signed on July 13. The letter came yesterday

 

[calypso*a*go-go]

Hopefully they will find a way to make it work for you, if not...you will get your deposit back. Good luck!

 

[hmansure]

So my hubby and I put the down payment on 200 points at AKV and Fed-ex our paperwork, made a reservation for November 08 and then we get this letter in the mail asking for a copy of our paystubs or our contract will be terminated.

1) My hubby attends grad school, works part-time and I attend community college and work as a teacher's asst. We do not have any other outstanding payments except for our student loans (we pay nominal rent in a house that his parents own). And no car payments. But our income does not look good on paper. My question is will we get turned down? I asked our guide and he said that we could try to get a co-signer-but my hubby says no to that.

2) If we are turned down will we get our deposit back? The contract states we had 14 days from signing it and we signed on July 13. The letter came yesterday

At worst I suspect they may ask for a higher downpayment.

 

[Mtnman44]

It's not about your income as much as your debt to income ratio would be my guess.

Someone who makes 10,000 per month but has 9,500 in debt payments each month is going to look a lot worse than someone who only brings in 3,000 per month but only has $500 per month in debt.

 

[honeymo78]

I'm assuming you financed - did you perhaps do it for a short term? Were you approved for preferred financing?

I hope everything works out for you. They got our fed-ex package on Friday and I'll be on pins and needles until closing. I'm sure I'm worried about nothing but I still worry. Even if you aren't financing, does closing still take about a month?

 

[cottoncandyluva]

Hopefully they will find a way to make it work for you, if not...you will get your deposit back. Good luck!

Thank you for your kind words and PM-we already had that taken care of prior to contacting DVC!!

Yes we are financing and the guide said that they would not ask for a higher down payment because of the incentives we took, DVC would simply refund our deposit...just worrying that it has been past the 14 days. Would love to have DVC but if not right now, don't want to lose the money we put down either. As another PP said-just sitting on pins and needles

 

[timandlesley]

You know this happened to us too, as I recall now I think I may have seen on the checklist that originally came something about paystubs. They told us over the phone we were approved and our guide keeps telling me all is well but when I got the letter this week requesting paystubs I was a little confused. I am able to provide pay stubs for exactly what I told him I made originally so I'm trying not to worry, just want to close on this deal officially!
Lesley

 

[calypso*a*go-go]

cottoncandyluva and timandlesley ~

Sending some pixie dust your way that you won't have to wait too long...that's got to be making you both so anxious! Just keep remembering the DVC wants to sell as much as you want to buy -- so I'm sure they'll do anything they can to make it happen. I hope it works out, but if it turns out that now is not the best time for you financially...you can always try again.

 

[kimberh]

So my hubby and I put the down payment on 200 points at AKV and Fed-ex our paperwork, made a reservation for November 08 and then we get this letter in the mail asking for a copy of our paystubs or our contract will be terminated.

1) My hubby attends grad school, works part-time and I attend community college and work as a teacher's asst. We do not have any other outstanding payments except for our student loans (we pay nominal rent in a house that his parents own). And no car payments. But our income does not look good on paper. My question is will we get turned down? I asked our guide and he said that we could try to get a co-signer-but my hubby says no to that.

2) If we are turned down will we get our deposit back? The contract states we had 14 days from signing it and we signed on July 13. The letter came yesterday

I agree with Hubby, I would not get a co signer either. If this is not the time, I am sure when you are both out of school, then it will be then. Here is wishing you pixie dust! Good luck with your education!!

 

[Nikisha421]

I think I have the best answer for you...since I believe this was my case...they could care less how much is on that pay stub...because in all actuallity they dont verify income for people with higher credit scores...they only verify for people with what they refer to as less than perfect Disney credit...so they just want to make sure that you actually DO HAVE A JOB...less focused on the debt to income ratio...i am not saying that this is a good thing but that just is what it is...I actually formed some type of releationship with my accounting/loan approval person in Member Accounting going through this process...they will ask you for an extra twenty down...which totals a 30% downpayment...if you dont have the extra 20% you get your money back and the reservations are cancelled...i was in the same boat...i had already made ressies for May 08 for my DH bDay...and August 08 for my end of summer vaca...and I didnt want to lose my ressies...well I did give the extra 20%...no big deal...for a piece of mind...however...the loan amortarization schedule will be amended and you will pay off in 8years and 3 months if you opted for a 10 year loan originally...GOOD LUCK tons of pixie dust

 

[timandlesley]

I think I have the best answer for you...since I believe this was my case...they could care less how much is on that pay stub...because in all actuallity they dont verify income for people with higher credit scores...they only verify for people with what they refer to as less than perfect Disney credit...so they just want to make sure that you actually DO HAVE A JOB...less focused on the debt to income ratio...i am not saying that this is a good thing but that just is what it is...I actually formed some type of releationship with my accounting/loan approval person in Member Accounting going through this process...they will ask you for an extra twenty down...which totals a 30% downpayment...if you dont have the extra 20% you get your money back and the reservations are cancelled...i was in the same boat...i had already made ressies for May 08 for my DH bDay...and August 08 for my end of summer vaca...and I didnt want to lose my ressies...well I did give the extra 20%...no big deal...for a piece of mind...however...the loan amortarization schedule will be amended and you will pay off in 8years and 3 months if you opted for a 10 year loan originally...GOOD LUCK tons of pixie dust

To be quite honest this has me nervous now. We don't have the greatest credit in the world but didn't get the prime rate of 10%, we got the 14%, I make good money though and that is on the stubs I sent in. Why would our guide tell me we are "all good" and "approved" if that isn't the case? I wouldn't have 20% down and now am worried, what is going to happen?
Lesley

 

[cottoncandyluva]

Just found out yesterday that we would have to put down 30%...that is not happening.

I was a little down, but hubby said that we will just save some more and purchase a smaller contract resale...so that made me feel better

DVC is refunding our deposit-which we are putting aside for the resale

 

[honeymo78]

I'm sorry to hear your news. I'm glad you still plan on getting DVC. I hope everything goes smoothly when you decide to purchase.

 

[calypso*a*go-go]

If it's something you truly want and feel you can swing it financially, why not just start out with 100 pts (or whatever amount less than 200 that will allow you to come up with the 30%). It may not be as many points as you wanted to start with, but once you are members you can add-on at anytime in increments as small as 25 at a time. But, like I said...that's only if you know for sure you can do it without creating any financial hardships for yourself.

 

[delmar411]

Just found out yesterday that we would have to put down 30%...that is not happening.

I was a little down, but hubby said that we will just save some more and purchase a smaller contract resale...so that made me feel better

DVC is refunding our deposit-which we are putting aside for the resale

I'm sorry.

I hope you are able to get a resale as quick as possible!

 

[Nikisha421]

To be quite honest this has me nervous now. We don't have the greatest credit in the world but didn't get the prime rate of 10%, we got the 14%, I make good money though and that is on the stubs I sent in. Why would our guide tell me we are "all good" and "approved" if that isn't the case? I wouldn't have 20% down and now am worried, what is going to happen?
Lesley

to be quite honest the guide has nothing to do with acconting...which i had to learn through this process. the guides job is to make the sale...he or she can tell u if you get the preffered rate or the regular rate... but that is about all...good luck

 

[keishashadow]

sorry, good luck on the resale Hard to wait, perhaps a good idea though; know i saved up for years to buy ours via cash (probably won't be able to with next add on though )

although (imho as a realtor) i'll venture that many no-document mortgage loans/stated income products are one of several main reasons that the mortgage industry is being bailed out now by our tax dollars ; such a mess & heartbreak for the homeowners who find they cannot afford to keep their homes

while i understand that DVC can take the TS back, there still are legal fees, etc involved that i assume are passed onto the members as administration costs

 

[lugnut33]

Just found out yesterday that we would have to put down 30%...that is not happening.

I was a little down, but hubby said that we will just save some more and purchase a smaller contract resale...so that made me feel better

DVC is refunding our deposit-which we are putting aside for the resale

Going the resale route seems like a better idea anyways for your situation. Just gettting out of school you never know what work will do to your vacation schedule. And besides there's a huge financial committment to Disney after purchasing the points... you've decided to spend your vacations for the next 50 years at WDW, and that in itself is expensive.

We just bought a 120 pt. SSR contract that we will use every other year for 10K.

 

[kimberh]

I am sorry, but 30% Wow! I would bide my time, finish school, get a good job See what the future holds for you. Disney will still be there and their will still be resale or new DVC's to buy. I would not get into any additional debt right now. The economy is to unstable. We had years with starting our own business, where buying DVC would not have been good for us. Shoot, buying anything would not have been good for us. It was all we could do to feed our family. It was hard, but we endured and made it through. These are growing pains, just as earning a education is. You are building your life now. It will all pay off in a few years. I wish you the best!

 

[cottoncandyluva]

I'm sorry.

I hope you are able to get a resale as quick as possible!

sorry, good luck on the resale Hard to wait, perhaps a good idea though; know i saved up for years to buy ours via cash (probably won't be able to with next add on though )

although (imho as a realtor) i'll venture that many no-document mortgage loans/stated income products are one of several main reasons that the mortgage industry is being bailed out now by our tax dollars ; such a mess & heartbreak for the homeowners who find they cannot afford to keep their homes

while i understand that DVC can take the TS back, there still are legal fees, etc involved that i assume are passed onto the members as administration costs

Going the resale route seems like a better idea anyways for your situation. Just gettting out of school you never know what work will do to your vacation schedule. And besides there's a huge financial committment to Disney after purchasing the points... you've decided to spend your vacations for the next 50 years at WDW, and that in itself is expensive.

We just bought a 120 pt. SSR contract that we will use every other year for 10K.

I am sorry, but 30% Wow! I would bide my time, finish school, get a good job See what the future holds for you. Disney will still be there and their will still be resale or new DVC's to buy. I would not get into any additional debt right now. The economy is to unstable. We had years with starting our own business, where buying DVC would not have been good for us. Shoot, buying anything would not have been good for us. It was all we could do to feed our family. It was hard, but we endured and made it through. These are growing pains, just as earning a education is. You are building your life now. It will all pay off in a few years. I wish you the best!

Thank you for the pixie dust and kinds words. I try to remember that it's not the end of the world and we have plenty of time to save and just purchase it without financing (hubby wanted it that way to begin with).