Home Buying in Ironwood>Question Details

gale, Home Buyer in Ironwood, MI

From Ca. to MI. Low Income but workable I hope. Who is best to contact?

Asked by gale, Ironwood, MI Fri Nov 9, 2012

I am interested in a home in MI for 43900. I'm looking for any program, rural, fha. My Income debt ratio is 34.8 percent. Who can I contact?

Help the community by answering this question:


to continue, my lates after bankruptcy were really not an issue either for some lenders.
What one denies, another will approve.

So I am down now to finding a lender in the MI area where they'll be willing to lend a lower amount, 43900 and would let me slide on my debt ratio of 34.8 which is really close to the max for an FHA.
I called Wells, I called Coldwell Banker. Can't really call Chase or BOA as those two I filed Bankruptcy on.
Any ideas, I would surely appreciate in or near the Upper Peninsula of MI.
0 votes Thank Flag Link Fri Nov 9, 2012

I would google "low income mortgage" or something to that effect in your area and see what comes up.

If you need more help, give me a call.

0 votes Thank Flag Link Fri Nov 9, 2012
Hi Eric,

I've been doing the Google dance for over a month. Citi knows my situation and might work with me. Before I found out my income will be reduced more then half of what I make now, Citi and I were talking figures. This was for a home under the 50k mark as well.
The only mortgage lender I have found so far that will lend under that amount.
I have been told so many different stories from different lenders why they couldn't lend to me.
Price of home too low was one of the biggies.
My filing bankruptcy in 09 was the first biggy on this home hunting road.
Late payments on a Nelnet loan after bankruptcy.
No one so far said my income was too low...yet.
The last was my income debt ratio was too high.
I've now learned all these scenarios falls with in each mortgage lenders guidelines so some may say yes, others no to some or all of these issues.
My credit, amazingly enough score wise falls in line with the FHA guidelines and all but two lenders said that wouldn't be an issue .
Flag Fri Nov 9, 2012
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