Home Buying in 22015>Question Details

Hossein, Home Buyer in Lingo, NM

Mortgage Approval

Asked by Hossein, Lingo, NM Tue Dec 7, 2010

I am new in USA and I am working here almost 4 years hourly and full time with the same employer,1st yr 10$/hr,2nd and 3th yr 14/hr and since first of this year 16/hr, for a mortgage approval should they count on my current wage or not because I talked with the loan officers in bank of america, wells fargo and suntrust and they all said they use my median income for this year and last two years.MY credit score is 740 and I have 60k to put for down and closing.
Thanks

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Hossein’s answer
Thanks everybody for the good comments I just wanted to mention that I am looking for a simple fee townhouse with the price of 250k and monthly tax and HOA 300$ so I need a 190-200k loan amount and I want a 5/1 ARM loan.
0 votes Thank Flag Link Wed Dec 8, 2010
BEST ANSWER
Here's what you, and every other borrower, has to contend with: Fannie Mae and Freddie Mac regulations. It does not matter what lender ( with two possible exceptions ) you choose, nor what state from which you apply. The broken lender-regulators who got us into this mess are still in charge, and they are just issuing regulations in a haphazard manner. The regulations are the same, nation-wide.

The first possible exception is to find an honest mortgage broker ( now, they all are Federally regulated ) who has access to funds from non-bank sources such as insurance companies or overseas, but this is really rare, and, when it does happen, is more likely to be in the over-$800,000.00 loan category with high asset and income requirements. This is just the way the world works now.

The other way, ant it's being used by 60% of borrowers nationwide, for reasons that you have just encountered, is to go FHA. Nothing stops you ( in fact, under the latest guidelines, this gets you a lower cost loan ) from making a high down payment for a FHA loan. It's been my recent experience that Wells Fargo is a really knowledgable FHA lender, and, maybe, you want to go back to them and seek a FHA loan.
0 votes Thank Flag Link Wed Dec 8, 2010
With all due responct John is so-o-o wrong about NACA. My daughter received a loan modification through them which she could not get through the bank. I also have attended the workshop they hold for agents in the DC office. NACA's money comes from banks who have agreed to fund them because of past discriminatory practices against low and moderate income people. I have several clients who are working with NACA now and they are pleased with the opportunity to save money. What is wrong with that? Initially, I too was skeptical of them but I sat in a few purchasers workshops and conducted my own research. I suggest you do the same. It is not for everyone, but it is an option for some.
0 votes Thank Flag Link Wed Dec 8, 2010
Hi Hossein,

Great question. I can answer your question and specialize in the 22152 area code.

Give me a call when you get a chance.

Keller Williams
Bill Hoffman
703-309-2205
0 votes Thank Flag Link Wed Dec 8, 2010
I would be very careful about getting involved with the Neighborhood Assistance Corporation of America ( NACA). They have no money of their own. They are like ACORN and other similar organizations in that the only way they can get mortgage money is by trying to intimidate lenders to make non-conforming ( no down payment ) loans. This, by the way, is a major reason we are in this mess now. Since the recent regulatory changes at the Federal level, this is virtually impossible. I think this and similar organizations, in the new Federal regulatory environment, are a total waste of time.
0 votes Thank Flag Link Wed Dec 8, 2010
If you are willing to take the time, you can get a no money down, no closing cost, no fees loan with NACA (see NACA.com). There are no income limits but there are limits on the sales price of the home. You must attend a workshop and meet with a counselor, and you are approved based on monthly payments. Check it out. Most agents don't know about this product. If you want more information on how it works call me at 703 679-8741. Good Luck!

Leila Brown
Keller Williams Realty
McLean, Va.
Web Reference: http://www.naca.com
0 votes Thank Flag Link Wed Dec 8, 2010
Banks are rigid because of company policies that come from someone high up and in your case in a different state. I recommend meeting with a loan broker as they can shop around to all the different banks and lenders. Because of this they have more flexibility and since they are typically on 100% commission they are more qualified than most banks' loan officers.
0 votes Thank Flag Link Tue Dec 7, 2010
The most flexible lender I know of is the guy below. He's good, he's above board - as is his company - but they also make reasonable exceptions in their standard policies and can likely qualify you for more because of that. Plus, their rates are generally the lowest AND if you happen to find someone lower they can almost always match.

Name Patrick Cunningham
Company Home Savings and Trust Mortgage
Address 3701 Pender Drive, Suite 150, Fairfax, VA 22030
Phone (703)851-2963
Fax (703) 352-1289
Email pcunningham@hstmortgage.com
Website http://www.hstmortgage.com/Default.aspx


Please let me know how else I can help you. VChrisner@kw.com
0 votes Thank Flag Link Tue Dec 7, 2010
They should use current income. As long as your income is rising, they shouldn't have any problem.

You should be able to get best rate for FHA loan or Conventional loan.

Call me 202-509-5606 or email me young1222@gmail.com
0 votes Thank Flag Link Tue Dec 7, 2010
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