With this criteria I can get you into a FHA Loan with 3.5% down and a great rate and get you pre approved in less then 2 days. Then you can refinance in 6 months to a lower rate. Give me a call when you get a chance.
In House Lender
Other factors: income stream past 2 years? property type and condition? HOA fees and if condo is a lawsuit pending and occupancy levels of complex? owner occupancy? Liquid cash past 60 days?
1. It could be that there are additional taxes such as assessment district taxes
2. There could be association fees
These two items could raise the debt to income ratio and cause the ratio to go over 45% and cause a problem.
Another thing that happens is that the borrower may have answered an ad, advertising an interest rate that does not exist, several large companies do this. In order to make the loan with out losing money they have to claim that there was some reason the buyer did not qualify for that loan. Real sad, happens all of the time
- Borrower's annual income for last 2 years
- Debt to Income Ratio ( in other words what are the monthly debts divided by monthly income)
I would check with a local direct lender for pre-approval. They will gather all financial information needed for pre-approval. With pre-approval buyers know loan amount, down payment, sale price and etc..
Gail Mercedes Cole