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Author Topic: Hi all! New here and new to Prosper!  (Read 4728 times)

boylen33

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Hi all! New here and new to Prosper!
« on: September 15, 2010, 10:58:10 pm »
Hi guys!  I'm a newbie!

I found this site on Google and thought it might be of some help.  Just looking for some feedback.

I recently created a listing for a loan on Prosper.  My husband and I are buying our first home and we need the loan for a down payment and closing costs.  We are doing seller financing and will be eligible for the first time homebuyer tax credit, so we plan to pay the loan in full within 4 months. 

So far, after two days, my loan is 26% funded.  Is this good or bad?  Also, what are the chances of the interest rate being bid down if my loan does reach 100% funding?  It is currently at a gaudy 30%, which is ridiculous, considering I have a 730 credit score with no problems whatsoever, plus my husband's income (which could not be included in the loan application).

So, what are the chances of my loan being funded 100%? 

Thanks guys!
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Urbi_et_Orbi

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Re: Hi all! New here and new to Prosper!
« Reply #1 on: September 15, 2010, 11:47:51 pm »
Welcome.

Do you have a link to your listing?
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triad

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Re: Hi all! New here and new to Prosper!
« Reply #2 on: September 15, 2010, 11:53:09 pm »
I see from your other post that you are buying a house from a seller who will carry the note.

It appears that your seller is unaware of how you are financing the down payment--since this isn't from savings, it's really an unsecured note (like a credit card).  The whole time you should be building up an emergency fund so that you can pay your seller should you lose a job, you will be paying back this loan.

There's a reason why the banking system wouldn't let you do this.  Statistically, your seller will get his house back.
« Last Edit: September 15, 2010, 11:58:21 pm by triad »
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boylen33

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Re: Hi all! New here and new to Prosper!
« Reply #3 on: September 16, 2010, 12:21:39 am »
We don't foresee job loss, barring an extreme unforeseen circumstance.  I am gainfully employed in a thriving business and my husband is self-employed, and his business is growing, not declining, even in this economy.  Plus, we plan on paying the loan in full when we get our tax credit back from the first time homebuyer's program, as we had this contract on this house in April and are set to close before the deadline. 

Even if we suddenly became unemployed, we certainly could sell a vehicle or something to pay for the loan.  We will definitely pay the loan back! 
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pioneer11

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Re: Hi all! New here and new to Prosper!
« Reply #4 on: September 16, 2010, 07:36:44 am »
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TJGbank

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Re: Hi all! New here and new to Prosper!
« Reply #5 on: September 16, 2010, 09:32:54 am »

,
« Last Edit: March 04, 2012, 06:18:56 pm by TJGbank »
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big-al

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Re: Hi all! New here and new to Prosper!
« Reply #6 on: October 02, 2010, 03:50:15 pm »
Please update us - did you close on schedule?
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