Home Buying in Mayfair>Question Details

Heart4730@ao…, Home Buyer in

I was told I can't get a mortgage loan even though i have 45,000 in cash to put down because i don't have good credit and i don't have a credit score

Asked by Heart4730@aol.com, Sat Jun 1, 2013

is that true even when i am putting half down i only need to barrow 30,000 / 40,000 so now since i can't get a loan i need to find a nice livable home for 52,000 in cash and i feel like giving up its hopeless i have 3 children and i need a home asap.

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Javier Meneses’ answer
It's totally possible that you do not qualify. These days, the fact that you have close to 50% down-payment alone doesn't make you a qualified borrower. Lenders still need to see your income, credit and everything else.

You should be able to speak with a Loan Officer and see what you could do to improve your credit enough to qualify for a mortgage. That's probably your best solution. Good luck.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
1 vote Thank Flag Link Tue Jan 28, 2014
Heart, there are MANY solutions to your problem.
But, there is insufficient data to give any actionable guidance.
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For instance...is the source of the $45,000 documented? If not, it becomes unuasable in a conventionally 'FINANCED' real estate pruchase.
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If it is documented and traceable, and you have not yet taken the generous offer of those who responed before me, you may want to consider a consultation with a local lender who has a tract record of inventing in the local community through small business and home loans. These folks will also be good resources in getting you 'on track' to credit restoration.
Select an "A' or "B" graded local lender. Note the Big BAnks are all "F" graded
Go to: http://www.BankingGrades.com
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It is important you understand, there are no short cuts to fixing your credit!
You need a budget..and demonstarte the disapline to implement it fully.
You need to STOP spending.
You need to SAVE.
If you can't save you are unqualifed to be a homeonwer.
Unscheduled expenses will happen, taxes and insurance will go up, utilities and serviceds will go ;up, and if you don't have a reserve, you will lose the house.
YOU must increase your income and/or reduce your expenses.
The illusion of short cuts will place you in greater jeopardy.
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Finally, there are funding sources who will see a 50% equity stake as very attractive.
As a last resort, to acquire a $90,000 home for $45,000 loan (many banks don't want $45,000 business. Their overhead will consume all potentioal for profit and will find many ways to decline offering you a loan). Consider the Investor Club. This is peer to peer lending that can be way below traditional lending rates. It may be an alternative for low cap/high equity loans such as yours. However, do not breeze by the previous paragraph. ARe you ready and prepared to be a home owner? There are solutions, but if you are unprepared, these solutions can turn into a quagmire.
0 votes Thank Flag Link Tue Jun 4, 2013
Hello, Use the cash to improve your credit . You don't need to put as much down. Your main focus needs to be on improving your credit. Have a loan officer pull your credit report, share it with youa and give you tips on how to improve it. You may also want to get a trustworthy credit repair guy involved. You may be able to improve your credit and purchase in a couple of months . It all depends on what is on your credit report. It looks like you have plenty of money to put down so the other question will be what is your annual income vs your debts (debt ratio). If you Improve your credit and your income checks out you only need to work on your credit score. You can apply for a mortgage on my website: http://www.chadthemortgageman.com and I'd be happy to help.
Always feel free to call or email.
Chad
Chad E. Bahnsen- Mortgage Originator, NMLS# 127719
Mortgage Network, Inc.- Corporate NMLS# 2668
14 E. Stratford Ave Ste 3C
Lansdowne, PA 19050
Cell: 610-457-7262
Office: 610 622-2212
Fax: 1-866-590-3806
E-mail: cbahnsen@mortgagenetwork.com
http://www.chadthemortgageman.com
Licensed by the Pennsylvania Department of Banking and Securities
0 votes Thank Flag Link Tue Jun 4, 2013
I can understand your frustration.... Can you call me or Sheri Curci for a confidential conversation?

I love a challenge for helping people in this rough banking conditions.

Thanks John Curci EXPO 215-741-6887
0 votes Thank Flag Link Sun Jun 2, 2013
So try to link up with a Loan Officer who can explain the possibility of improving your credit. These days when you need a mortgage, need to have credit.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Sat Jun 1, 2013
Hey! Don't give up hope. Call me and I can help you get into a nice home with the cash you have. We have helped many people in a similar situation! 484-252-6325
0 votes Thank Flag Link Sat Jun 1, 2013
Good evening;
Don't give up hope! There are homes you can purchase for the cash you have.
It is correct a mortgage won't be able to be to be had but again the home you are looking for is within your reach.
Please call me or email.I am most happy to help you find and settle on your new home.
Don Sherman-SRES
Century 21 Advantage Gold-Castor
Cellphone-267-716-8228
Email-realtor94@gmail.com
0 votes Thank Flag Link Sat Jun 1, 2013
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